These 2 coins, and the Grades given by us, are a good example of how Grading Morgans is not an exact science. Coin #2 the Slabbed coin is in my opinion the perfect example of a 1882-S PL. The 1882S is known for Sharp strike, brilliant luster, and somewhat baggy/abraded/nicked surface. The Prooflikes of this coin are almost always Brilliant Prooflikes, with very few if any real Cameo Prooflikes. When I first looked at your #1 coin I thought high grade AU but as I looked closer I could see it was MS. It has a average to poor strike in my eyes for an 1882S, the Luster is bland, and also not many abrasions which is why at first I thought it was exhibiting chacteristics of an AU coin with the abrasions being rounded/rubbed so to speak. Grading is deffinately not an exact science. If I were to choose between the two coins I would pick up the NGC Graded coin in a heartbeat and pass on the first coin as it is uncaracteristic of an 1882S.