?that keep me coming back for more.

Dear Journal:

I?ve been looking to upgrade my 1885-O Morgan Silver Dollar in the GSA holder to MS66 from MS65 for some time. Although this is the most common non-Carson City dollar in the GSA holder, with 137 coins graded as of this writing, finding one graded higher than MS65 is nearly impossible. 31 had been graded MS65, but only 2 were certified as MS66, and none were graded higher. For registry players, this is the Holy Grail they search for.

I first spotted the ungraded coin at the Long Beach Coin Show in June 2006. It looked nice and borderline MS65/66. But I am no expert, and I was not comfortable buying the coin for a small premium over MS65 value. If I had it graded and it came back MS65, I would have lost money on the coin, plus the cost of grading. Since I already have an MS65, I don?t need another. I passed on the coin.

Since then, one of the coins graded MS66 was offered to me at a substantial premium over MS66 value not in a GSA holder. The Morgans in the GSA holders tend to sell for premiums over retail for non-GSA coins, but I do have my limits. As a registry player, one way I analyze a potential purchase is to determine the cost per registry point. It is one factor I use, but not the only factor. If the cost per point is significantly higher than other similar open market sales, or significantly higher than I had paid in past transactions, it raises a red flag for me.

I decided to pass on the MS66 graded coin, and instead wanted to take another look at the ungraded coin I saw at the coin show. I was delighted that the dealer and the coin were back at the Long Beach Show in February 2007. With a little more experience in the grading process, and having seen more coins graded MS66, I had a better idea of what it takes to make MS66. I took a hard look at it again, and in my opinion, it had a realistic possibility of making MS66.

I bought the ungraded coin for the same price as previously offered to me, and sent it in for grading. To my delight, it came back MS66!!! Yaaahooo!!! It entered the population report on July 9, 2007 as the 3rd coin for this date in a GSA holder graded MS66. I call that a Home Run!!

Though it was not a particularly rare coin, and only added 485 points to my registry score, it was surely one of my most satisfying acquisitions. All told, it was over a year from the date I first saw the coin to the date it made its permanent home in my registry set. My ungraded coin purchases don?t always turn out like this, but it?s moments like these that keep me coming back for more.