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Replies: 13 / Views: 1,750 |
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Valued Member
63 Posts |
Hey guys, I'm new here! After careful consideration, I've decided to invest time and money into coin collecting. I'm currently bidding on a 1886 Morgan dollar, from Spain, since it's the best looking one I've found yet! Can you please grade it? Also, there are a lot of fakes out there,do you think this one is authentic?   Edited by TheDepreso 05/01/2011 10:03 am
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Pillar of the Community
2224 Posts |
Looks authentic and nice but damaged. MS 63. Deep scratches on the reverse. If you're desire is to invest, buy one in this shape or better without the damage.
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Valued Member
 63 Posts |
Thanks! My bid is 42$ without any competition right now, auction ends in 2 hours! A great find in my opinion!
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Moderator
 United States
23522 Posts |
Quote: A great find in my opinion! No, it's not a great find. It's damaged, as southsav said. The scratches render it ungradable. It has almost no numismatic value beyond melt value because of those scratches, and $42 is only worthwhile because the silver in it is currently worth $37. I hate to welcome you to Coin Community under such circumstances, TheDepreso, but I don't wish to see you begin your collecting activities with a poor purchase. There is much to learn about what constitutes a worthy coin for your collection, and I urge you to invest more of the "time" part you mentioned before the "money" part.
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Valued Member
 63 Posts |
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Valued Member
 63 Posts |
btw, my current budget is 50$ tops. I can't go full throttle and buy a CC or something.
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Moderator
 United States
23522 Posts |
I like the 1887-S - it shows just a little bit of honest wear and is a less-common date. There appears to be a mark of some sort in the hair, near the junction of head and neck. Tough to make out in the photograph, and not in a prominent location, so unless it's a deep gouge it isn't a dealbreaker. The 1892-O is one of those dates which seems to sell for more than its' intrinsic value. 1892-1893-1894 are perceived as rare - 1893 and 1894 actually are, but 1892 isn't - and this one's probably a pass at $40. The scratches to the left of the profile are distracting, and the damage in the eagle's lower right (viewer's left) wing would prevent grading by a reputable third-party grader. $40 is OK, but only because silver is at a historic high - will it stay there? If I sound like I'm being picky, it's because I am. This is what coin collecting is about. There are, literally, millions of Morgan dollars still extant, and even at the relatively low price point you've chosen, good deals can be had.
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Valued Member
 63 Posts |
Thank you for your help, Dave! Because of the uncertain economic state right now, precious metals are going to be sky high, as always. Too bad I can't retract my bid right now on the first one, thought it's a good deal since it's MS. oh well, not a big loss.
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Moderator
 United States
23522 Posts |
Well, at $42 it's not going to break your back. Every Morgan dollar is worth being held by someone who appreciates its' intrinsic beauty, and aside the scratches the '86 is a nice coin indeed.
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Valued Member
 63 Posts |
I have been outbid, thank god! Anyone knows any good places/websites where I can buy good silver coins? I'm also interested in medieval coins too!
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Bedrock of the Community
United States
14454 Posts |
there are not allot of dealers that sell raw coins on their website so if you have a coin dealer near you that would probably be the best place to go and get the best price. You can get some coins on ebay in the MS-60-63 grade range for around 40-50 bucks but as silver rises so does the prices of these coins that usually sell for around silver value. If you are looking for nice coins you can get graded examples (from a reputable Third Party Grader like ANACS,NCG,PCGS, I do not suggest others for a beginner collector) and that way you will know if it has problems and you will not end up with a coin like you thought was a beautiful coin that someone that actually knows can see it has been damaged and not worth more than silver value. The downside with this is that usually graded examples cost a little more but that also will sell for more if you ever decide to sell. You can find raw examples on ebay that are nice but just not worth the grading fee's for around the price you bid on the one above that do not have the problems but still as the price of silver changes so does the price of the coins so about $42.00 would probably be the least you would expect to pay right now for a Morgan dollar because its worth that just in silver alone. Do not make any last second decisions and if you have any questions we are here to help, just ask
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Valued Member
 63 Posts |
Are there any key years I need to look out for? I heard that 1888 is a nice year. Also, I've seen a CC 1880 G-4 Morgan for 65$ at my local antique store. Should I go for it?
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Rest in Peace
United States
9104 Posts |
Quote: I've seen a CC 1880 G-4 Morgan for 65$ at my local antique store. Should I go for it? To start, bookmark http://www.numismedia.com It will answer most of your questions, and prolly give you a few new ones. The 90cc g4 would be a decent buy, but only if it is full rims, natural color, and no damage. Of the three pictured, the 87 is the best, both in appearance and value. The 86 is the worst. There's no way you can call a coin ms-anything if someone's initials are carved in it.
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Pillar of the Community
2224 Posts |
Depresso, read, look, read and look some more. You are going to buy coins and get burnt, but thats part of learning. Just do your homework so that you reduce how much you get burnt. You see something that excites you, don't buy or make an offer. Look at other exact year coins and compare. Check out Numismedia like bigfred said, and NGC, PCGS, there are thousands of sites. Buy the Red Book for Morgan silver dollars and keep it handy. Read it and reference it. Take your time, the Morgans will be there when you are ready. And, Good luck, welcome to our world!
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Replies: 13 / Views: 1,750 |
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