1878 7/8 Tf Question

I wouldn't necessarily call it a down side. Some of the 3 tailfeather varieties are very desirable. Especially if it is a VAM-32. That's about all I can tell you. I've only just begun to learn.

Wornslick ... Every Morgan and Peace dollar is a VAM. 95% are very common, the other 5% are ooh la la! VAM 32 is an ooh la la!

That's extremely strong money for "close to MS64." As in, twice what I'd pay. The seller obviously knows about VAM's; therefore, you can assume this one isn't a real value-added variety. 7/8TF's are neat, but not all carry huge premiums, and I'd take a pass on this one unless you can identify something significant he's missed.

the only way I would pay that much for a 63 is if it was some type of rarer VAM. I love 1878 Morgans but that is high to me even if greysheet says its worth that much. 63's are very common and can be found raw in that grade with e ASE

Especially with regard to Morgans, I am very leery of printed price lists. It must be said first: all published price lists are written by those with a vested interest in coin prices being high. I say this not as a moral judgment - there are as many honorable men among them as anywhere else - but to illustrate what might be a bit of bias, even a subconscious one.

When you hear me quote a price here at CCF, I base my opinion either on recent personal experience, or the recent real-world results of actual coin sales as I see them at Heritage, Teletrade or ebay. I subscribe to no list. I read no list. I consult no dealer asking prices. Coins are worth what people are paying for them today, not what some publisher says they're worth.

In the real world, the great majority of 1878 7/8TF VAMs below MS65 are not value-added pieces. They're insufficiently rare. Inflated prices you might see paid for one are either someone with more money than brains, or a misattribution which the buyer knew more about than the seller. A 7/8TF Morgan must be accurately attributed to the specific VAM before any price decision is made - some are rarer above MS63 than others, and depending on how bad you want that specific one for your collection a small premium might be in order for it - but again, most are common enough that they do not command extra money.

PCGS' Strong/Weak labels are useless with regard to pricing. Furthermore, the 3 and 4 tailfeather types vary by strike, showing the feathers in more or less detail, making them difficult to attribute by just that feature. I pay no attention to the tailfeathers on any 7/8 except those advertised as "0" or "5." The unique attributes to each are sufficient to make a tailfeather count irrelevant.

If you want "just a 7/8TF Morgan" for your collection, as a type piece, wait until the coin you like the looks of is available at a non-premium price for the grade. And, at least with Morgans, don't let anysheet be your guide.

As you mentioned offline, 1879-S Rev 78's are a different story in Mint State. These do carry a premium, but again it can be expected to vary by VAM. Some are vanishingly rare in Uncirculated condition. Attribution is key.

Morgan dollars, to my mind, are a very different animal than most other type coins. Only Bust Halves and Lincolns have anywhere near such a large, dedicated following, and Morgans are unique in that most of the varieties have yet to be counted where the rubber meets the road. For all but the rarest, nobody actually knows how many there are, and most published rarity figures are probably too conservative. The body of work regarding Morgans is very much still a work in progress. Even though they were melted in the millions, they still also exist in the millions, and figures as accurate as those for Bust Half varieties will probably not exist in my lifetime.

HEAR HEAR!! fabulous..Reading...its pertains to collecting in general.... with exception to certain coins the numbers are not exact. in fact as Dave points out they seem to be readily available....It takes time and aquired knowledge to know weayther any coin s a great buy, and most we would be over paying for in 20 years of so this could be different.....the price could go up.....if the number of collectors expands beyond the demand for common coins....

Rather than a Holy Grail, look at it more like a wish list for dealers. It should have nothing whatsoever to do with what you actually pay for a coin.

"Real world" is the completed listings on ebay, or what a coin sold for on Heritage. If you want a weak 1878 7/8tf, see what previous coins of this description have sold for recently. Let things like this be your guide.