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 Replies: 15 / Views: 7,044 |
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Press Manager
 United States
1420 Posts |
 Record Price for a Morgan silver dollar: More than $1 Million for an 1893-Sby Greg Reynolds for CoinLinkWhen the Norweb 1893-San Francisco Mint dollar was auctioned for $355,500 in Nov. 1988, collectors were stunned. Nobody then thought that a Morgan dollar could be worth more than a quarter of a million dollars. Indeed, until the Norweb III auction, a Morgan dollar had probably never before sold for as much as $150,000. Morgan silver dollars were minted from 1878 to 1904 and, again, in 1921. None of the business strikes (as opposed to Proofs and other special strikings) are very rare. Several dates, however, are extremely rare in MS-65 and higher grades, the gem quality range. In April 1997, when Jack Lee bought the Eliasberg 1889-Carson City (Nevada) Mint dollar for $462,000, the coin collecting community was surprised. The 1889-CC Morgan is not nearly as scarce as the 1893-S, which is clearly the most elusive business strike Morgan. The Eliasberg 1889-CC does seem to be the finest known of this date by a substantial margin. Even so, a low grade 1889-CC could easily be acquired for less than one thousand. In October 2008, a Morgan dollar broke the million dollar barrier. It is not the Norweb 1893-S nor is it the Eliasberg 1889-CC. This 1893-S has been graded MS-67 by the Professional Coin Grading Service (PCGS). It was earlier in the collection of Cornelius Vermuele, which is possibly pronounced 'Virr' and then 'mule' like the animal. Much of the Vermuele collection was auctioned in New York in Nov. 2001. The Vermuele 1893-S realized $414,000 in 2001, a price substantially less than the $462,000 realized by the Eliasberg 1889-CC more than four years earlier. Reportedly, the Norweb 1893-S, long before then, had sold privately for significantly more than $414,000. Both the Eliasberg 1889-CC and the Vermuele 1893-S were in Jack Lee's primary Morgan dollar collection. Lee later owned the Norweb 1893-S as well. The Jack Lee estate has consigned the Eliasberg 1889-CC to the January 2009 FUN auction to be held in Orlando. It is plausible that it will realize more than a million dollars. On Oct. 14, 2008, Chris Napolitano sold the Vermuele 1893-S to Laura Sperber of Legend Numismatics. Napolitano was acting as an agent for a collector who "likes to buy really neat coins." This 1893-S was in a display case at the table of Napolitano's firm during the Sept. 2008 Long Beach Coin, Stamp & Collectible Expo in Los Angeles County. Napolitano declares that the Vermuele coin "is the best '93-S out there"! Read Full Story | All Recent News
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Pillar of the Community
United States
5318 Posts |
A One Million Dollar Morgan?  Where's Dr. Evil? And yet--it's in a 50 cent plastic case.  Couldn't somebody like Tiffany's be contracted design to a more appropriate box for those ultra-bling coins? Like a hand-made titanium box with sapphire crystal windows? A perfect job for a Swiss watch maker. Just kidding--but not completely. I find coins like this amazing, baffling, and mind-numbing...simultaneously.  |
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Pillar of the Community
United States
2540 Posts |
Hey, that one is almost as nice as mine.
Except that mine is nice and new and shiny, that silver polish does wonders.
J/K I wish I had one, any grade.
Edited by TreasHunt
11/17/2008 12:56 pm
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Pillar of the Community
United States
1130 Posts |
Mine is just a whole 61 points lower than that...
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Valued Member
United States
207 Posts |
Its a very nice coin (I could use a cool million or a 1893-s MS-67..lol) to have but honestly I do not like the toning. I guess this one for me is up to the eye of the beholder. I like morgans coins DMPL even though I know a 67 from 1893 San fran is a dream  Its not like I would trun this down if it was offer to me for a few grand..lol |
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Bedrock of the Community
United States
14454 Posts |
I think the mystique of owning a coin that was in the "Jack Lee" collection is what pushed this coin over the edge. Since his death he will do nothing but become more popular in the collecting world and as long as it has that pedigree on the label it will only grow with his reputation as eliasberg and norweb has
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Pillar of the Community
United States
3184 Posts |
The Norweb coin looks much nicer than the Vermuele except that the Norweb 1893S was dipped. Some collectors do not like the fact that a coin was dipped and neither do I.
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Valued Member
Canada
464 Posts |
I wouldn't pay $1 million for that coin.... Unless I knew I could sell it for as much, or more. For $1 million I would expect the coin to be one of a kind, and superior in every possible way.
Which of you would buy this coin (lets pretend we are all millionaires)for $1 million?
Edited by gawd0wns
11/27/2008 5:44 pm
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Pillar of the Community
United States
3184 Posts |
If I had a million dollars, I wouldn't buy this coin because I could buy so many other coins totalling 1 million than spend it on one coin. I like quantity over quality :D
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Pillar of the Community
United States
5604 Posts |
1ST- I would love to be able to just have the chance to have this coin or one that is so RARE.I would also not be looking to sell the coin, which would after all is said and done, with the history taken into account, be worth more as time goes on.I on the other hand also wonder who was the original owner who had what was for sure a unique chance to have the fore sight to just get one, and if this person only knew the path this coin was to take.THAT OF COARSE, IS JUST MY OPINION,...
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Pillar of the Community
United States
869 Posts |
Edited by coindexter
11/28/2008 8:27 pm
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Pillar of the Community
United States
1807 Posts |
What's the "CAC" sticker on the slab. Does it mean that those grading it could not agree on the grade?
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Pillar of the Community
United States
5604 Posts |
CERTIFIED AUTHENTIC COIN?
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Pillar of the Community
United States
869 Posts |
I looked that up also. CAC is a regrading company.(They only grade the highest quality coins$$$$)also they only accept coins that have been pre-graded by the other top companies. I'm not shure how they regrade them with out cracking open the other companys sealed slab?
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Moderator
United States
16677 Posts |
It means it's "choice" for the grade. I am not a fan of CAC. But this little sticker adds value they say at auction? I don't get it. I think it's another ploy to make it's creators rich. I read an article that the average value of a TPG coin submitted to CAC is $6000! swcoin.ecrater.com
Edited by vermontensium
11/28/2008 5:14 pm
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Pillar of the Community
United States
5318 Posts |
Quote:I think it's another ploy to make it's creators rich. I read an article that the average value of a TPG coin submitted to CAC is $6000!  --as well as further segment inventory (upwards) for auction houses, which is why CAC exists (imo). I'm sure a MS67 + "CAC" brings more than a "base" MS67, and a little more buyer's premium. Are there any more hairs left to split on grading, such as a decimal point...MS65.5, etc.  Yeah, I'm a little cynical of the whole thing, lol...sorry 'bout that. |
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Replies: 15 / Views: 7,044 |
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Posted 11/17/2008 12:56 pm
OK now that I have said that the value of his Morgan has just dropped from lack of interest. Now it's only worth $999,999.
