1903-O Morgan

I had a really tough time trying to capture this coin. Over her eye looks like a slide mark. There is a quite a bit of chatter on the obverse, but it isn't noticable in hand like it is in the pic. Here's a better shot of the area above the eye...

Becky, bag marks considered and given that scans and photos are all too likely to enhance marks and reduce luster, I'd estimate MS-61 or -62 based on the images. But, it may look a lot different in hand and could conceivably go MS-63 or even -64, even though it's a weak strike. I like the toning, but some people might lower the grade because of it. In terms of value, there isn't a lot of difference between AU-50 and MS-64.

The continued toning after encapsulation is interesting. I might presume it had been stored in an album with high sulfer cardboard and that the residue continues to tone it.

ANACS gave her a MS62. I'm with the 63/64 grade too, I think they were a little tough on her. Like most MS Morgans, the reverse is nicer than the obverse.

Thanks for the replies

PCGS and apparently ANACS (I can't speak from experience on ICG and NGC) have really tightened their standards on Morgans over the past year or two. Coins which I have submitted to PCGS that I was certain were going to grade at one level, based on comparison with other PCGS-slabbed Morgans in my collection came back at a lower grade (usually one grade lower). I've found this true in both MS and circulated coins. I suppose it may be argued (and justifiably so) that Morgans graded earlier tended to be over-graded and that they are just returning to more conservative standards. Forget crossovers; there ain't no way a Morgan from one TPG will crossover at a higher grade at PCGS and it's quite likely to come back at a lower grade. I have no problem with these tighter standards, but the Morgans caught in the transition are taking a licking in the market. I have long since readjusted my thinking on potential purchases to reduce my initial grading impressions by at least one grade so I don't overpay.

I mentioned 1879-CC Morgans in another thread as good examples of these tighter standards. I'm shopping for several raw lower circulated coins: I want a couple 79-CC Morgans which will grade F-12 to VF-20 at PCGS. While there are many 79-CCs in lower circulated grades on ebay, most are in what I am certain PCGS would grade Poor, Good, or Very Good only, albeit their sellers are calling them everything from Fine to even Extra Fine. Further, many or most coins or their auctions have problems (cleaned, damaged, poor seller feedback, poor images, etc.) although they are still selling at more (sometimes far more) than "market value". What few are already in PCGS slabs are selling for premiums, e.g., VF prices for F grades.

This is my long-winded way of saying that the TPGs are tightening the screws on Morgan dollars.

Fred