Got my first batch from NGC back today

[stgecko]

Thought I'd share my dissapointing results with you all. When I purchased these Morgans they were suppose to be grading at MS63 or better. Of the 10 coins I sent in, two were body bagged and five were graded at the MS level and another three were graded at the AU58 level. I'll show pics of the MS's only, so here there are.

[BULLY]

Out of curiosity, who said they were supposed to grade at MS63 or better?

 

 

Thought I'd share my dissapointing results with you all. When I purchased these Morgans they were suppose to be grading at MS63 or better.

[stgecko]

The huckster who also said they were part of the "Reno Hoard."

I have yet to find a reference for that.

BTW this was my first purchase of Morgan's and I was kind of excited about it. In any case the gentleman and his company are getting an angry letter from me.

If you pm me I'll tell you where I got them other wise my shame prevents me from saying.

[James_OldeTowne]

Please take this as respectful, constructive criticism, but I would have strongly recommended against certifying the coins imaged. To this day, I do not understand why collectors send in such common coins for certification. Without a slab, as commercial BU coins, they are worth around $30. Add on a $20 slab, and you have a coin that is now worth ..... $30. There simply is no added value, and the cost of the certification should be considered prohibitive for coins in this value range. And quite frankly, there is a point at which such certified coins become worth less than un-certified coins. Many dealers would rather handle a roll of "commercial BU" coins than ten or twenty coins in individual slabs.

 

As for the AU-58s, while it may be disappointing to see them come back in less-than-MS grade, if they were additional common dates, the truth is that an AU-58 is hardly worth any less than an MS-62. Indeed, there are many collectors (myself included) who frequently consider AU-58 to be a better grade than MS-62 in terms of desirability.

 

I am sorry you feel disappointed with your purchase, but you have learned two lessons here. First, continue to strengthen your grading ability. It is something that can only help you in the future. Second, consider carefully the added cost of certifying a coin, particularly common ones. A good rule of thumb starting out is not to slab a Morgan dollar that is worth less than at the very least $200.

 

Please don't be discouraged! I sincerely hope nothin-g I've written comes across as a negative.

[CHABSENTIA]

I can't imagine who told you that they were all MS63 or better.If I had to guess then it would be one of the Coin shows on T.V There have been numerous posts on these Forums about these people. Even the ones certified in a slab by NGC etc have a minimum of a 40% mark-up.People need to run from these T.V. shows for many reasons.

 

I subscribe to "Coin World: for the articles and information but I made the mistake of buying two Morgans from one of the Advertisers.Luckily they were common coins. Anotther poster on here had a problem with a different advertiser out of Cojn World about attitude.

 

You can get better prices on the slabbed coins that are certified by NGC on EBay but you are rolling the dice there on raw Morgans. I had a problem with a Dealer on there by the name of TRB Coins at the last.This guy claimed that two other people with 40 years experience checked the coins etc etc. The first three or four where okay but then he sent me an improperly cleaned coin that I couldn't detect.The problem is that the dealers on E Bay only have a 7 day return privlege and by the time you send them for grading then you are out of Luck.

 

 

Having said that then I would not even have sent the ones you scanned for grading. Dont take this as criticsm as all of us at one time especially att he beginning had to start at the low end of the learning curve.

 

 

I am through with raw Morgans. I only two dates to complete my set and will eventually get them in slabs which are the 1893 and the 1895 which are the most expensive. The only one that I see that might have a little premium is the 1884 O if it was a vam hot 50. The Probelm is that you have probably already spent too much money on the coin. If it is a HOT 50 and the chances are slim then it would cost you another $7.00 to have NGC add it on since it is already graded but it probably isn't one.

 

 

Good luck

 

 

[stgecko]

Everyone thanks for the great comments.

When I did order these it was in the first three months of my hobby and those weren't my brightest months hehe. They were learning months however. I'm not actively collecting Morgans at this point in time but will again in the future and your comments will be helpful. I especially like the 200$ rule. I almost never, now, buy raw coins w/o having seen them in person. When on ebay I stick to the graded unless I'm just awed by a picture which happened yesterday with a 1926 Oregon commem. I will get it graded and I'm hoping for a MS65 as it is a very striking coin and the price I paid allows for a grading fee according to the price charts I used.

I have had limited success getting raw coins graded that highly but I have had one that I really liked and it got MS65.

 

My rule of thumb, of late, is too pay no more than half of what the coin is worth, according to a couple of web sites I use for prices. Oh this rule only applys to pregraded coins. It's hard for me to guess a value when there's no grade and I don't get a chance to grade the coin myself. So then I have to decide if the coin, as a work of art, is desirable enough for me to want it. That's my toughest decision to make, "Do I really want this?"

 

Well I'm rambling so I'm out of here.

 

No hard feelings on anyones comments as I found them to be helpful and constructive.

 

[ant]

when i hear " dont send common coins" i laugh! without the "common" coins being sent in we wouldnt be collectors we all would be flippers. if you look in the regestry set it doesnt just have the slots for the $200 coins it has a slot for just about any coin. and to boot we "collectors" need the "common" dates to finish our collections/help others finish.

 

so i will say it! if you needed those coins for a set dont listen to the $200 rule get them graded and put them in your set. but if you are flipping for resale then stick with the $200 rule

[James_OldeTowne]

when i hear " dont send common coins" i laugh! without the "common" coins being sent in we wouldnt be collectors we all would be flippers. if you look in the regestry set it doesnt just have the slots for the $200 coins it has a slot for just about any coin. and to boot we "collectors" need the "common" dates to finish our collections/help others finish.

 

so i will say it! if you needed those coins for a set dont listen to the $200 rule get them graded and put them in your set. but if you are flipping for resale then stick with the $200 rule

Bear in mind, though, that being common coins, there are already thousands, if not tends of thousands already certified. If you are putting together a registry set, why not buy coins already in holders? Then, you simply pay your $30, and let someone else take the hit of the slabbing fees. This is a more economical approach than buying the coin raw for $30, then paying an extra $20 for the privilege.

 

[ant]

when i hear " dont send common coins" i laugh! without the "common" coins being sent in we wouldnt be collectors we all would be flippers. if you look in the regestry set it doesnt just have the slots for the $200 coins it has a slot for just about any coin. and to boot we "collectors" need the "common" dates to finish our collections/help others finish.

 

so i will say it! if you needed those coins for a set dont listen to the $200 rule get them graded and put them in your set. but if you are flipping for resale then stick with the $200 rule

Bear in mind, though, that being common coins, there are already thousands, if not tends of thousands already certified. If you are putting together a registry set, why not buy coins already in holders? Then, you simply pay your $30, and let someone else take the hit of the slabbing fees. This is a more economical approach than buying the coin raw for $30, then paying an extra $20 for the privilege.

 

i see where you are coming from.