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 Replies: 13 / Views: 1,377 |
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Pillar of the Community
United States
1554 Posts |
Happy T-Day all! I need help with a ballpark value of an 1896-O Morgan. This coin is graded AU58. I see in my newest issue of NN it is valued at $150 in AU and $1,450 in MS60. I do know that the 1896-O was supposedly the worst struck of the New Orleans Morgan Mintage....Thanks ahead for any and all ideas/help!!
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Pillar of the Community
United States
689 Posts |
numismedia has it at $390
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Pillar of the Community
United States
4989 Posts |
230 at recent auction. Retail will be higher perhaps 300
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Moderator
 United States
23522 Posts |
Depends on who's grading it.
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Pillar of the Community
 United States
1554 Posts |
SuperDave....Could you elaborate please...Thanks
Thanks for the other info, Jake and Fenton...I found the Numismedia website, I'd forgotten about it.
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Pillar of the Community
United States
4989 Posts |
Price will vary depending on the reputation of the third party grader. PCGS tends to be the best followed by NGC and then ANACS. That said, the Third Party Grader ratings are most important when you have a weak photograph or are buying from a seller you don't know well. If the seller is highly reputable and the photography is real and high quality, an NGC coin can be very competitive with PCGS and, in cases, exceed it based on eye appeal (i.e. the NGC "*" designated coins)
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Pillar of the Community
United States
1534 Posts |
Quote:
If the seller is highly reputable and the photography is real and high quality, an NGC coin can be very competitive with PCGS and, in cases, exceed it based on eye appeal (i.e. the NGC "*" designated coins) Generally, NGC is almost always "very competitive" with PCGS. The key is to learn to judge the coin by yourself and not rely on what a TPG graded it. 1893S, who graded the coin AU58? Or is it just in a flip or 2x2 marked AU58? |
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Pillar of the Community
United States
4989 Posts |
I have seen many reports of people buying a coin for say $1500 at auction (NGC), reslabbing it as PCGS, and then selling for $3000. I'm not sure if that is common but there is definitely some PCGS premium at auction due, probably, to a perception that they are more strict. The effect is obvious in MS-70 modern grade issues (dramatic price premium for PCGS) but it is evident for older issues as well particularly, as an example, high grade Liberty nickels. |
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Pillar of the Community
United States
1554 Posts |
I can't show a photograph because I can't seem to post photos with the camera and computer I have. I have tried! Plus it doesn't help that I'm basically computer illiterate.....The coin is in a 2x2 cardboard flip and I have looked at it for over an hour. The only thing I can see that keeps it from grading MS60 is a very minimal gray spot, say a quarter to a third of high spot breast feathers (not a quarter of all breast feathers) and 3 of the talons aren't as detailed as I would expect from a MS60. But with that being said I have MS63's with talon problems.. The obverse shows no real graying only some dullness to luster that doesn't appear to be from wear. In Wayne Millers book he states that "No other Morgan dollar is consistantly deficient in luster, strike, and degree of surface abbrasions as the 1896O. A fuuly struck piece is rare; an 1896O with minimum bagmarks is even more unusual." He goes on talking about the "slider" problem....I'm thinking the gray spot on the breast could just be abbrasion or scuff. This is really a dilema as I can pick this up fairly cheap and would like it because the other 96O I have is only a VF coin..... |
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Pillar of the Community
United States
1554 Posts |
I should also say that I've known this person for quite some time and have had many favorable dealings with him both ways. He and I both see this coin basically the same way but he wants $750 and I don't think he'll go much lower.
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Bedrock of the Community
United States
12437 Posts |
Anyone wanting $750 for a raw 1896-O is, quite frankly, nuts. The 1896-O Morgan is one of the hardest to grade in the entire series with a huge difference in value over only ten points of wear. That is a coin that absolutely must be graded and slabbed to get proper value for it. Even if the coin was truly AU58, that is still a ridiculous number. I recently sold an NGC graded AU58 to a dealer for $285 and most of the recent Heritage auction results were in the mid $300s for PCGS and NGC graded coins. There is also the slim chance that the coin is truly uncirculated and you would get a killer deal but that is a bet that I would not make  |
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Pillar of the Community
United States
1554 Posts |
Thank you biokemist6. Neither me or my coin friend go to TPGs for grading, I guess we're both stubborn that way. I think on one hand he thinks it's a MS60 but can't see to charge full price bacause of what I previously stated about the appearence of wear and he wants $$$ in case it is MS60..... It sure looks good to me other than the talon issue and poor luster. I'll give it another look and keep in mind your post as $750 is a long ways from $300...thanks
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Moderator
United States
23522 Posts |
What you have here in a nutshell, 1893S, is the best reason for the existence of TPG's. We all have opinions of their usefulness - that's not the point here - but they certainly can alleviate situations where an honest collector and an honest dealer simply don't agree on the value of a coin. I'm hoping you choose not to purchase this coin for the reasons already presented, not because it's a poor coin but because the cost/risk ratio is so high. Furthermore, down the road you'd find it very hard to liquidate as a raw coin. |
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Pillar of the Community
United States
1554 Posts |
OK Dave, makes sense for down the road...thanks
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Replies: 13 / Views: 1,377 |
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Posted 11/25/2010 9:06 pm
