1904-O Morgan

Here's where the "differing grading standards" comment I made in your other thread comes into play. New Orleans Morgans are known for a wide variance in strike quality, and the norm is a fairly weak strike. Between it being a 1904-O, and knowing you acquired it from Littleton, who are known for relatively accurate grading, I could believe it's a Mint State coin.

Now, there are a couple things which catch my eye as being a little "off" if we're going to call this coin Uncirculated. First, although the flat hair is characteristic of a weak New Orleans strike, the ear is a little strong by comparison. It should be a little weaker to match the hair over the temple. Second, on the rerverse, the two major leaves at the bottom of the wreath (the ones pointing straight to the sides) tend to be the first indicator of a weak strike. There seems to be too much detail in them compared to the relatively weak breast feathers.

O-mint Morgans are as tough as it gets to differentiate between AU and MS.

Above about AU50, you can expect circulation wear to be less uniform than a weak strike, which is going to show uniformly on all of the high points of the coin, simply because the dies aren't coming close enough together to finish the strike. So, you're exactly right when you say that the key to the distinction is knowing where a Morgan wears first, and how much.

I cannot more highly recommend a free membership at Heritage Auctions (http://coins.heritageauctions.com/), which gives you access to their huge database of completed auctions. You can literally bury yourself in photographic examples of what we're talking about, and learn on a much steeper curve than gathering your own coins or just posting here.

OK, figure AU-53 to AU-55. For me, the marks are the determining factor which make me lean toward circulation as opposed to Mint State.

If you really are getting serious about Morgans, the definitive reference is Q. David Bowers' The Official Red Book of Morgan silver dollars , 2004, Whitman Publishing Co. About $14.95, probably available for less on ebay or at Amazon.com. It is very readable, combines history of the period with the minting process and the nation's economy of the time with descriptions of each year and each mint. For example, it will tell which years the New Orleans mint had weak strikes and which years had very weak strikes and what the chances are of finding a stronger strike in any particular year. A "must have" for the serious Morgan collector.

Fred

Terry, I may be wrong, but I see those puckesses on Liberty's face as the heavier impacts from circulation, e.g., marks made by contact with a cash register or with a pocket knife in someone pocket or from being dropped onto something on someone's desk rather than from contact with other coins in a mint bag which are usually lighter and longer, reflecting contact with other Morgan's rims. Those little round marks on Liberty's forehead and above her eye, for example, cannot be obtained through contact with other Morgans in a bag. It very well may be that the coin got these marks from some other handling source outside of the bag and still remain uncirculated, but I think those marks by their nature would take them out of a Mint State grade. Again, I could be wrong and it may be that the scan exaggerates the depth and type of marks as scans often do, but I still lean toward AU rather than MS.

Fred

I'd rather have the coin in my hot fat hands. Mailing address will be sent off-forum...

Q.David Bower's book is great, I've got it and I consult it a lot when I'm deciding about whether or not to buy a certain morgan. He'll tell you which dates are notoriously weak strike. I picked a copy up at Barnes and Noble, any book store should have one.

Michael, I haven't officially welcomed you to the forum, so WELCOME! You seem to be another Morganophile, so you're doubly WELCOME! We sometimes get into it hot and heavy here, so be forewarned. However, we have an awful lot of fun.

I don't have a very high opinion of Littleton. They've been around for a lot longer than have I (and I'm almost 61). Even as a kid, I bought coins and stamps from them and ended up on their "on approval" list wherein I started receiving unsolicited coins and stamps in the mail, a practice which I understand they still continue, so as a result, I also don't approve of their business techniques. Further, I have seen too many coins, especially sliders come through Littletons which were just a little too over-graded and a little too over-priced, so an MS-60 from Littletons doesn't impress me. In a PCGS, ANACS, or NGC slab, I'd be considerably more impressed.

Fred