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 Replies: 25 / Views: 6,255 |
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Pillar of the Community
United States
5855 Posts |
I made an impulse buy at APMEX last week. I was checking to see what they were selling Morgans for and noticed they had a listing for some "1878-1904 Brilliant Uncirculated (MS-60 - MS-63)" Morgan dollars with "Prooflike finishes". They were listed at $82.39 each (with no picture) and the notation was that they were just listed and there were only two in stock. And so, I bought them both. Had this been an ebay auction I would have passed, especially with the lack of pictures, but I figured APMEX was a reputable dealer... Anyway, the coins just arrived today and I have taken some high-res macro photos that show off all the imperfections but also the shine:     Anyway, my first question is what the heck does "prooflike" mean, anyway? I'm assuming it's not the same as "proof" and hoping it's not the same as "polished." My second question is whether "prooflike" Morgans are worth more than regular Morgans in the same grade, or did I just pay a bundle because of hype? Thanks! |
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Pillar of the Community
United States
1704 Posts |
A proof like coin has the background surfaces similar to a proof coin and are considered early die strikes and are very common in some date/mint Morgans and very scarce to rare in others. The 1880 and 1881 S mint dollars are well known for having proof like surfaces. Proof like dollars do command a premium over dollars of the same date and condition so not to worry about over paying for these coins. The O mint dollars are typically not well struck and have little to no feather detail on the eagle's chest and your 1885-O has better than average detail for the date. The 1887 is also a very nice coin and has a typical strike for the date. Philadelphia mint coins are usually well struck. The price you paid for each was reasonable as both coins would probably get an MS-63 grade from any of the grading services. Depending of the depth of the proof like surfaces they would be either PL (prooflike) or DMPL (deep mirror prooflike) with DMPL having a higher premium than PL. Very nice pair of dollars for your collection.  Ed ANA LM-3175 |
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Pillar of the Community
 United States
5855 Posts |
Thank you for easing my mind there, Ed. These two really do look much better in hand than the pictures indicate, and I think I will keep them separate from my other Morgans which are all in rolls.
In general, I prefer proof coins to regular coins, and these are no exception.
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Pillar of the Community
United States
2661 Posts |
You may have over paid for those just a bit, but now I can relax knowing who beat me to the punch on those two. These Ladies will only gain in value. I would be satisfied.
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Pillar of the Community
United States
1151 Posts |
They look good, I like em.
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Pillar of the Community
United States
5855 Posts |
Heh. I'm a firm believer in "he who hesitates is lost." Unfortunately, that sometimes means buying something before I've figured out what it's actually worth. As I said, though, I figured that APMEX was a trustworthy enough source and I probably wouldn't get ripped off too badly. It does make me feel better knowing that another collector here was interested in them! |
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Pillar of the Community
United States
5854 Posts |
From the pictures, it looks you got a good deal on the pair. They both seem to DMPL.
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Pillar of the Community
United States
1298 Posts |
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Pillar of the Community
United States
5855 Posts |
OK, just for giggles, I decided to try and figure out just how "proof like" these coins actually are. Photographing it was a bear, since the camera kept autofocusing on the coin itself which meant the reflection would be out of focus. I think I finally got a representative picture, though:  I am totally in love with these coins. In fact, a month after I first got the pair, I noticed APMEX had some more in stock so I bought two more. And I just bought another two more a few minutes ago. It's easier to justify the expense if I only buy two every month, right? Interestingly, the price for these did not come down at all, despite the fact that silver seems to be in free fall today. Hopefully, this means they will retain their value over time regardless of what the silver market does. |
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New Member
United States
2 Posts |
I always thought if you can clearly read off them, they're prooflike.
I bought a PCGS slabbed MS63 1885-o morgan a few days ago from a local dealer for $95. So you got a not so bad deal I think.
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Pillar of the Community
United States
5855 Posts |
Quote:
I always thought if you can clearly read off them, they're prooflike Well, these would definitely be prooflike then, eh? Seriously, though, I meant I was trying to figure out if they were DMPL or just regular PL. |
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Pillar of the Community
Canada
1610 Posts |
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Bedrock of the Community
United States
11951 Posts |
Nice coins.
As I was reading this thread I was thinking how I am not the only one, early this week
I bought a 1882 S at a local coin shop. It really caught my eye with proof like surfaces.
After getting it home, I started seeing the hits and started wondering if I made a mistake.
I paid $80 for it. After reading the comments here, I feel a little better.
I really like your pics showing the reflection of the print ... good job.
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Valued Member
United States
171 Posts |
I believe these places sell these prooflike coins raw because they won't slab. Some would say dip them but then what do you have? The spots make me wonder. In order to be DMPL they need to have the black and white contrast, these do not. I do agree they LOOK nice.
Edited by streg2
09/22/2011 10:35 pm
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Moderator
 United States
23522 Posts |
Determining Prooflike and DPL characteristics of a coin is an objective process, requiring specific conditions to be met. It's not a judgement call.
If your coin can reflect 12pt newspaper type sharply and clearly from every point in the fields of the coin both obverse and reverse at a distance of 4", it's PL. If that reflectivity is equally clear at a distance of greater than 6", it's DPL. Note, this standard seems to be tightening over the last few years; you might want to use 8" as the defining distance for DPL.
That's all there is to it. If barryg's coin reflects both faces like it does in the pic he provided, it's an easy PL.
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Pillar of the Community
United States
5855 Posts |
All right, I am officially obsessed with these coins! I realize I'm not exactly getting a "bargain" buying them off APMEX, but I keep checking back every so often and whenever they have another small batch for sale I've been buying them. I now have 19 of them and am looking to buy one more so I can have a complete roll of 20. And then I'll stop, I swear... |
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Replies: 25 / Views: 6,255 |
Posted 08/19/2011 5:01 pm
