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1878-CC Morgan Dollar BU Bought From Apmex Came Back AU58? Why?

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 Posted 07/16/2021  04:33 am Show Profile   Bookmark this topic Add Cheetle to your friends list Get a Link to this Message
Just looking for opinions

https://www.apmex.com/product/11825...an-dollar-bu






Its worth 469 to Ampex and worth less graded?
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 Posted 07/16/2021  08:38 am  Show Profile   Bookmark this reply Add Slider23 to your friends list Get a Link to this Reply
The coin is a nice AU58 with luster, but correctly graded. The cheek, neck, breast, hair areas show signs of circulation rub. The dealer most likely knew the coin was circulated but passed it off as BU. It happens a lot with Morgan's better dates selling raw.
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 Posted 07/16/2021  09:02 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Agree. I'm no fan of APMEX.
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 Posted 07/16/2021  09:08 am  Show Profile   Bookmark this reply Add Zurie to your friends list Get a Link to this Reply
APMEX is fine for bullion, but I wouldn't trust them to grade a coin.
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 Posted 07/16/2021  10:18 am  Show Profile   Bookmark this reply Add TobyJ to your friends list Get a Link to this Reply
The lustre on the obverse is not amazing, but regardless... this coin is MS60 to me.
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 Posted 07/16/2021  10:27 am  Show Profile   Bookmark this reply Add Ty2020b to your friends list Get a Link to this Reply
With Zurie, I wouldn't buy anything besides bullion from them. Everything's Ive seen, coin wise, is overpriced, and usually lower grade than listed. Grading is subjective, APMEX may have seen this as low MS. They sort and go through so much inventory, mistakes also happen. Whether intentional or not, we'll never know.

If I'm buying anything over a few hundred bucks raw, I have to either:
1-feel pretty confident in judging a coin based on the photos listed, grade for myself, and hope I don't overpay.
2- buy an already slabbed, graded example, and STILL grade for myself, bc it's an opinion.
3- buy it raw regardless of price bc I like the coin and if I overpay, I overpay.

You are more than welcome to post pictures here for grade opinion BEFORE purchases.. we're just another opinion, but may help in the process.

Edited by Ty2020b
07/16/2021 10:29 am
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 Posted 07/16/2021  10:36 am  Show Profile   Bookmark this reply Add Oldfordman to your friends list Get a Link to this Reply
Au58 due to minor wear.
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 Posted 07/16/2021  3:39 pm  Show Profile   Bookmark this reply Add panzaldi to your friends list Get a Link to this Reply
photos are a little small to see everything. the 79(CC) should be sharp and bold and the eagle breast is mostly flat. looks like the luster is broken across the cheek. could be AU58 or MS63
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 Posted 07/16/2021  5:43 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply
OP, what did you expect?
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 Posted 07/18/2021  2:00 pm  Show Profile   Bookmark this reply Add suipakpaikungfu to your friends list Get a Link to this Reply
I'd also think about cracking it out and sending to NGC,
maybe you will get a low MS grade. No need to send it
back into PCGS with the true view, the grade will not change.
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 Posted 07/18/2021  2:13 pm  Show Profile   Bookmark this reply Add jimbucks to your friends list Get a Link to this Reply

Quote:
I'd also think about cracking it out and sending to NGC,
maybe you will get a low MS grade.

And maybe you will get an even lower grade as you rack up grading and postage fees. It is what it is. If you wanted an assured MS grade, the only way to get that is buy one already graded.

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 Posted 07/18/2021  8:26 pm  Show Profile   Bookmark this reply Add Jaobler to your friends list Get a Link to this Reply
It does appear to have enough friction rub on the cheek in particular to keep it from MS consideration. Recent auction prices for AU-58 according to Coin Facts are at or below $300 for certified examples so it seems you overpaid for what you got. I'd return it if possible.

The only coin I ever bought from APMEX was a "VF" raw 1923-S Walking Liberty half dollar offered on eBay as a BIN. The photo was very nice but the coin I received was a different, less attractive coin which I returned. The seller used a stock photo but did not state that in the listing. Kinda soured me on APMEX as a source of raw collector coins.
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 Posted 07/18/2021  8:50 pm  Show Profile   Bookmark this reply Add fenton to your friends list Get a Link to this Reply
Looks 63 to me from the pictures. PCGS isn't perfect. I've seen on EBAY prices vary from $100 to $500 for Morgan and Peace dollars with literally the same PCGS grade so the fact they called this AU-58 doesn't mean it won't fetch great money in an auction with good photos. Buyers love luster and will bid on the coin not the slab.
Edited by fenton
07/18/2021 8:53 pm
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 Posted 07/18/2021  10:40 pm  Show Profile   Check BH1964's eBay Listings Bookmark this reply Add BH1964 to your friends list Get a Link to this Reply
It appears to be a commercial uncirculated piece. AU58 pieces often are, and on a higher dollar piece like this one, APMEX won't be selling you a Choice Mint State coin when buying a BU. A 61 or 62 is the best you'll get and 58 is often what you end up with. They are a bullion house. Don't buy collectible coins from them.
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 Posted 07/20/2021  11:34 pm  Show Profile   Check westcoin's eBay Listings Bookmark this reply Add westcoin to your friends list Get a Link to this Reply
See this post I just made, exactly the same thing. http://goccf.com/t/404272&whichpage=2#3460024

It was an UNC coin in pre-1985 world, not today unfortunately.

I'm in full agreement with PCGS on this one. Check (link below VAM World)to be sure you don't have a VAM-24 or VAM-24A that could help you out if they are, more collectors want them and they have a slight premium.

http://ec2-13-58-222-16.us-east-2.c...1878-CC_VAMs
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013!
ANA Life Member #3288 in good standing since 1982, EAC Member #6202, C4, & NBS Member, 2 variety collector.

See my want page: http://goccf.com/t/140440
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