| Author |
 Replies: 7 / Views: 1,221 |
|
|
Pillar of the Community
United States
1450 Posts |
What accounts for the amazing difference between the value of an 1884-S Morgan in EF and MS60? The coin is not rare. I have been looking for one in AU and the price is 5X the price of EF and 120 times the price of EF in MS60. Beyond MS60 it is crying time again.
|
|
|
|
Pillar of the Community
United States
7618 Posts |
I always heard that most of the mintage of 84-S dollars was dumped on the banks and saw brief circulation. As there was a proliferation of dollars in circulation the Treasury then rebagged the coins and shipped them to Washington for storage. They then sat undisturbed in a vault for 75 years. ((Along with a boat load of New Orleans and Carson City Morgan's, too!))
During the run on dollars in the early 1960's many bags of lightly circulated 84-S dollars were then released and flooded the market. It is a very easy coin to find in AU, but true "Uncs" are tough to find.
Whether that story is true or not I don't know. Maybe one of the silver dollar "experts" will chime in.
|
|
Rest in Peace
United States
10625 Posts |
I would agree with @westernsky and add that if there were bags of uncirculated coins in storage they were likely among the 270 million silver dollars that were melted down during the Pittman Act.
|
|
Pillar of the Community
United States
4469 Posts |
If you go to the population totals for the 1884 S at PCGS, the coin is on the rare side in grades of MS60 and up. PCGS has graded 1391 coins in the grade of XF45, 1281 in AU50 and 1950 in AU55. In the grade of MS60 there are only 60 coins, 111 in MS61 and 134 in MS62. At one time the 84S was considered high-raity dollar in MS condition. NGC will have about the same population counts. If you want a nice example with luster, the AU55 is available for a reasonable price. This coin shows a pattern that most of the coins were put into circulation, so there are very few coins saved by collectors in MS condition and no mint bags were later discovered. The 1904 O has about the same mintage and at one time was a rare coin in MS, but bags of 1904 0 were later discovered, and today the 1904 O is common in MS condition. If you want a truly conditional rare coin, PCGS has only graded 4 1884 S in PL condition and none in DMPL. Edited by Slider23
07/30/2016 11:21 am
|
|
Pillar of the Community
United States
4409 Posts |
As the condition for this date increases coins there are some individuals that buy lower grade examples and doctor them in an attempt to get a higher grade.
|
|
Pillar of the Community
 United States
1450 Posts |
I got an 1899 Morgan in MS60 for $225 from my LCS. Now that is a pretty low mintage coin and yet it is cheap compared to many others with much higher mintage. It must be what you all have said that some of the other coins were not circulated because 1903-S has mintage 1.24 million and sells for around $1600 in AU. Every coin has a story but I am getting sick of Morgan prices. Maybe I will wait for the mania to pass if it ever does. By the way I had an 1889-S and I somehow lost it. Has anyone else ever lost a coin inside their own house? It is not so much the money as the bewilderment of losing the coin and having no idea how?
|
|
Pillar of the Community
United States
4469 Posts |
Was the 89s raw or in a slab that you lost?
The 93s will make you really sick of Morgan prices, it took me a year to get well after my purchase of 93s in VF 30.
|
|
Pillar of the Community
United States
1450 Posts |
I found my coin. I had accidentally put it into the wrong hole in my Dansco set. I am already sick of Morgan prices. There are so many that have unique history such as being melted down or kept in vaults for 100 years.
|
| |
Replies: 7 / Views: 1,221 |
|
Posted 07/30/2016 10:50 am
