You Vs PCGS 1891-S Lsd

I don't see much wear, I'd say MS-60

I'm going to give you all the reveal now and I will post the slab pic early next week when it arrives

this is a great educational piece and has led me to learn what I think is the following lesson:

first, and I can say this since I know the grade and you do not, there is way too much mint luster present on this coin to hit lower AU range. Even by these pics if I look close enough, I can see wisps of luster that at worst would be present on an AU58 coin but I do not believe I have seen a PCGS LSD AU53/55 with so much luster present even in pics on auction archives.

second, knowing how much luster is present I turn my attention to the wear. I can see, and will see even better under 1200x magnification upon arrival, that the wear is frictional and not rubbed as would be from circulation handling. Those are bag hits and bag rubbing of coin on coin.

I can see the fine nicks on Liberty's legs, breasts, belly and arms. These nicks remind me of bag hits that I have seen and judged when discerning an MS61 Morgan from an MS64 Morgan. As most know I have an extensive LSD collection and I have PCGS AU from low to high and I can see circulation handling wear versus bag hits when comparing those coins to this.

Again, this is all my opinion that developed when trying to ascertain why most of you were going AU53/55 on an MS62 coin.

Thanks for looking as always and offering me your feedback

My guess was going to be AU-55.

Looks AU53 to me. Maybe 55, but there are clear signs of rubs and contact marks on the device's high points and the fields are disturbed as well. The reverse looks stronger than the obverse in the images and very close to MS.

P.S. Bag marks are completely different on large, heavy coins than they are on small, light coins. Small light coins like dimes usually do not get bag-mark breaks. Also, AU50 and AU53 coins can have much mint luster, 100% if they're dipped and/or very well preserved. If your coin graded MS it shouldn't have been IMHO.

it is amazing how subjective grading is in our hobby. even with a coin slabbed by the highest of holiest, beauty remains in the eye of the beholder. none of you, except one, see an MS coin here. this is what makes this fin for me, its a non stop learning experience. thank you again for all of the input, it is well received and very appreciated.

Guess that's why they say buy the coin and not the holder.

I'm full on mint state on the reverse, but I'm seeing wear/rub down the leg, her cheek, breasts and right arm. Unless it's the lighting I see different color of silver which is why I'm not MS on this piece, the luster looks like MS62, the marks on the obverse scream light circulation to me, too many rub points (discoloration) and little hairlines in the fields and some tiny scratches as well.

Not to belabor the points that have been addressed but there are other possibilities besides PCGS "missing" this one.

The market grade of this coin could have been deemed MS62 even though light circulation is present. Market grading AU55 and AU58 coins into MS holders is a well documented phenomenon. NGC went so far as to state publicly they would holder AU coins as MS when justified. Yes, this applies more to 4 and 5 figure coins but has been applied to coins of all price levels.

My gut feeling is that the OP's coin will possess full mint, or very nearly full mint, luster in-hand.