124Spider

I'm not sure about "All Morgan dollars are common." There were only 880 1895 Morgans released by the Philadelphia mint, all proofs. They are rare by any standard. Add to that the fact that Morgans are a very popular series to collect, and that coin is included in all albums, and I think you end up with "rare by any standard." And the 1893-S certainly is rare in mint state. And I question (only on general principles) the statement "Comparing it [1942/41] to generic dates isn't an equivalent comparison." It seems to me that a reasonable definition of "rare" for coins involves some combination of number made, survival rate and demand, independent of whether it is a "standard issue" or not. To me, "rare" means that the date/variety/mint mark/condition I'm looking for is difficult to find anywhere. To me, there can be condition rarity of a coin that is not "rare" in other conditions. Mark

Thank you very much; this is very helpful!

My bad; yes, it's a PCI. Thanks. But I still ask the same question.

Hi, I made the mistake some time ago of buying a coin slabbed by ICG (we all make mistakes, and that we neither my first nor my last). I believe that the grade is reasonably accurate, but I have since come to understand that ICG is not a quality TPG, and that the version of ICG that did this slab was horrible. My question is simple: Would I be better off cracking open this one, on the theory that it has more value as a raw coin than as an ICG slab (especially this version of ICG)? Thanks. For reference, here are the relevant photos.

When I'm searching for where I might buy a particular coin, the search engine always puts up a bunch of Etsy listings (rarely for the coin I'm looking for). I'm gobsmacked by the prices people are asking for uninteresting coins, often making up out of thin air why it's a "rare" coin. I'm talking tens of thousands of dollars. I understand the $10 glass of lemonade story (kids selling lemonade for $10 a glass; guy says, "That's pretty expensive!" The kids answer "Yes, but we only have to sell one...."). But is anyone stupid enough to pay real money for a nothing coin?

My CC and O dollars have moved to "label created." Interestingly, they're shipping UPS instead of USPS; I don't remember the last time they sent me something by UPS (at least last year).

Also, of course, a peculiar effect of auctions is that it only takes two to tango. If there were two well-heeled bidders at that particular auction, both more focused on "winning" than on the price, funny things can happen.

All my orders are still "processing." How does it look?

Agreed. But I've generally been pretty good at deciding before I engage in an auction how much I'm willing to pay, and stepping off when it gets higher than that.

To me, "rare" implies "difficult to find," not just expensive. If I wanted to buy a 1916 standing Liberty quarter in XF40, I would have to look long and hard for one for sale (typically); that's "rare," to me. OTOH, a coin like the 1889-CC Morgan dollar is quite expensive, but readily available in most any condition (short of top pop, of course). Perhaps it's as simple as there are very few 1916 standing Liberty quarters, in absolute numbers, and, even though there are few people looking for them, the demand always outstrips the supply (because there are so few of them). So it's "rare." But there are lots and lots of the semi-key date Morgans, whose prices are kept up by strong demand, but there's always a ready supply because there are so many of them. Not "rare," as I think of the term, but "expensive" because of market forces.

Yeah, when you're talking rare coins, I agree. Right now, I'm just chasing non-rare coins that cost a lot of money; I'm confident that they're available whenever I care to buy, and that there are enough of them that the market is fairly steady. I have chased a few rare coins (e.g., the fairly high-grade buffalo nickel I mentioned earlier), and I do strike when I find what I'm looking for. But I am a bit mystified as to why some very expensive coins aren't rare (e.g., semi-key date Morgan dollars), and some fairly rare coins aren't so very expensive (fairly high-grade 1942/41 Mercury dimes).

I'm only comfortable buying one "expensive" coin a month, so I have lots of time to do plenty of research, to know what the next target is to be. I find, oddly, that the chase is almost as much fun as the capture.

Thanks; this is VERY helpful. At this stage I'm only buying expensive, but not rare, coins (think, e.g., Morgan dollars not minted in Philadelphia or San Francisco in 1895). Someday, I'll be looking for a 1916 Standing Liberty quarter, and I'll be more ready to overspend to get the coin I want (as I was when I bought a 1918/7-D buffalo nickel in VF35 condition--CAC approved, even--after a long search). And, yes, I've done enough research, and recorded it, to know what each coin I'm interested in costs at various coin shops, in what condition. So I know what I'm willing to pay.

Ok, thanks. I'll just look at them as another reasonable way to buy coins, as long as I remember the buyer's premium, and don't get caught up in "winning" the auction. Thanks!

FWIW, my normal proof Mt. Rushmore quarter does not have that line; neither does my silver proof Mt. Rushmore quarter. Nor does either my P or D regular-strike versions. OTOH, that line looks very much like the other lines in the rock.

Hi, I have reached the stage where many of the coins I really want are expensive (to me, "expensive" means a few hundred dollars up to many thousands of dollars). Until now, I've bought the expensive coins at reputable dealers, certified by PCGS, NGC or ANACS. But it appears to me that auction prices are lower than retail prices (presumably because dealers get their coins at auction). So I'm considering trying GreatCollections and the other high-end auction sites. Is this safe (their photos aren't very good, and I like to see a good photo of an expensive coin before buying it)? Also, are auction prices often significantly below retail prices at dealers (yes, I understand that I determine how much I'm willing to pay, by putting an upper limit on how much I bid, but I'm curious if the hammer price typically is lower)? Thanks. Mark

Another GSA Morgan!

Thanks for this; it's an interesting thing to learn. I have (so far; the ones I don't have are expensive, and take time to get) 23 different years of New Orleans-struck Morgan dollars, varying (by my non-expert grading) from XF40 to MS63, with most in the mid-to-high AU grades. Every one of them shows wear/strike characteristics on the obverse that match reasonably well with the wear/strike characteristics of the reverse. By chance, one of the better samples I have is the same year as OP's interesting coin, and I find nothing soft about its strike. Please understand, I'm not disagreeing with you; I'm just surprised that there could be such variability in coins with only a few million struck.

I have an extra "O" coming, and one fewer "CC" than I wanted. I'd happily do a swap.

I understand that this is a "damaged die" obverse coin, so I guess it's not too surprising that the obverse isn't as pretty as the reverse. But the obverse looks to me to be significantly worn (like, XF45 quality), not just poorly struck. Could you perhaps explain that to me? Thanks. Mark

We would walk from law school on Washington Square South to the ball fields on the East River for intramural softball Friday afternoons (balls hit over the fence in center field, into the East River, were outs). We always stopped at Katz's on the way back to Washington Square. It's a long-time legend.

Katz's Deli; same city.

I went through a few dozen rolls of quarters a year ago, trying to fill out my states and parks quarters albums (I did!). Here in Seattle, coins minted in Philadelphia are relatively rare, so I asked my sister in Maryland to send me a bunch of rolls (almost of of which were P-minted). In all those quarters, I did not find one W. But I did find all the parks and states, so it was a win.

I'm old enough to remember this, and I grew up in the DC area. I love the "GSA Hoard" Morgan dollars! https://coinweek.com/education/numismatic-history-the-gsa-cc-morgan-silver-dollar-coin-hoard/

It's always amusing when someone goes to the trouble to post his disdain for a product that is getting so many others excited. I'm hoping [sic] up and down over your superiority!