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 Replies: 8 / Views: 1,395 |
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Pillar of the Community
United States
6130 Posts |
Specifically regarding popular denominations and designs, how are certain coins worth significantly more than other coins of comparable rarity?
As I posted a while ago, I was charged with appraising a coin collection for an elderly woman at my father-in-law's church whose husband passed away and left behind a sizable collection of silver coins. I was allowed to keep a few coins as payment. I have the rest of my keepers sorted out, but I am torn between an 1885-S and 1903-S Morgan. Both are rare (1.49 M for '85-S; 1.24M for '03-S), but the 1903-S is listed at quadruple the price of the 1885-S in similar grades. Both coins are similarly circulated, with the '03-S being in slightly worse condition.
Why the difference? Also, which one would you guys suggest I hold on to?
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Pillar of the Community
United States
1370 Posts |
With the 85-S and 03-S example (and with any coin really) you cannot look at the overall mintage, you have to look at the survival estimates and the population reports for the given grade. For the 03-S there are an estimated 124,000 remaining and of those only 6500 are estimated graded MS 60 or better. The 85-S has an estimated survival rate of 150,000 (almost the same) however 66,000 of those are estimated to grade at MS 60 or better. The 03-S is definitely a condition rarity.
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Moderator
 United States
23522 Posts |
Morgans are a bit of an oddity in the numismatic world. They were produced in such millions that they ought to all be melt-value even today, yet the vast majority of them ended up being melted and sold to Great Britain under the terms of the Pittman Act. That ended up creating some serious rarities. However, many of those rarities were coins which never circulated, leading to the curious condition that some Morgans are very tough to find circulated, yet common in Mint State. 1903-O is an example - it was perhaps the single rarest Morgan prior to the GSA sales, and then GSA dumped 90,000 Mint State examples into the market. I'll bet that angered a few investors.  1884-S is the opposite - almost impossible to find in Mint State, yet pretty common in circulated grades. Quite a few western issues are this way, as Morgans circulated much more commonly in the West than the East. The generality: To an extent, original mintages don't have a direct correlation to current rarity/value with Morgans. Yes, the lowest original mintages carry through as rarities, but some of the more common mintages do as well. It's just an issue where you have to learn specifics moreso than most others. |
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Pillar of the Community
United States
4415 Posts |
For what it's worth, a quick snapshot of ebay reports 543 (49 in XF or thereabouts) "results" for the 1903-S and 294 (16 in XF or thereabouts) "results" for the 1885-S. While it's fair to say that "results" may not translate to actual coins, the 1903-S's appear to be more plentiful. Admittedly, this is by no means a scientific survey, but the results suggest that the 1885-S's may be more condition "rare" in higher, circulated grades than the 1903-S's ... More surveys would certainly paint a truer picture. However, in uncirculated condition, the 1903-S is more condition "rare" than the 1885-S as shadowtrooper78 points out. |
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Pillar of the Community
 United States
4589 Posts |
You also have to consider interest. There are many series that nobody cares about and so whether the surviving population is 10 or 100 there's nobody looking to buy them and driving up the price. Similarly the keys in a popular series cost more than they 'should' because of all the interest.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
3486 Posts |
The 1913-S American quarter has the lowest mintage of coins made in the twentieth century, [40,000] yet it's price is not in step with many coins with higher mintages [1916-D dime, 1909-s VBD cent, etc.]
Popularity plus survival ship = the discrepancy in prices.
In the early 1980s the great coin melt destroyed many common date silver coins which are now uncommonly rare in high grades. People held on to the established rare coins and melted the rest. Quite ironic and puzzling to folks but that is the back story.
Edited by matthewvincent
10/08/2013 4:00 pm
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Pillar of the Community
 United States
6130 Posts |
I could see survival rates being a big issue there--I forgot the scale on which the silver dollars were melted during the early 1920s. I was a bit bummed when I saw that there were no mega-rare coins in that collection (I was hopeful when I was handed 40+ pounds of silver), but it's neat to help sell some semi-key coins. Would you guys suggest going to a dealer (I'll be going by there anyway to drop off the junk silver), or go the ebay route? |
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Pillar of the Community
United States
4415 Posts |
I typically take the dealer option on transactions like this; this, unless there are any scarce varieties to be moved. That way, there's less time, no fees to balance and less chance of problems. Then too, I find that dealers to whom I've sold coins often give me fine deals when I'm buying.
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Pillar of the Community
United States
4589 Posts |
The 1871 melt of obsolete business strikes means several dozen coins have higher survival in proof than circulated. So a PR-60 or PR-62 is cheaper than an XF-40!
But based on mintage it should be the opposite...
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Replies: 8 / Views: 1,395 |
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Posted 10/08/2013 1:01 pm
