Grading a Morgan

[Bennett]

Almost bought a Morgan today. It was graded MS 63PL in an old, tiny ANACS holder. Only problem was there was a small, dark rub on Liberty's cheek. There wasn't any other wear on any of the usual places you'd expect to see it on a circulated coin. The dealer said it was a rub probably caused by contact with other coins in a roll, and it was still uncirculated. I left it that, but didn't buy it because I thought that any rub or wear, no matter how it was caused, knocked a coin from unc. to AU. Who's right?

[jgrinz]

Almost bought a Morgan today. It was graded MS 63PL in an old, tiny ANACS holder. Only problem was there was a small, dark rub on Liberty's cheek. There wasn't any other wear on any of the usual places you'd expect to see it on a circulated coin. The dealer said it was a rub probably caused by contact with other coins in a roll, and it was still uncirculated. I left it that, but didn't buy it because I thought that any rub or wear, no matter how it was caused, knocked a coin from unc. to AU. Who's right?

 

The dealer is : You can have a certain amount of 'damage' and still be uncirculated either rub marks or abrasions even scrapes - depends on volume /how deep etc If its holdered by the OLDER ANACS I would have bought it .. they grade fairly decently back then and PL coins are always pleasant to look at ... What did he want for it if I may ask and what year and Mint - I would guess early 80's and "S"

 

 

[Bennett]

Almost bought a Morgan today. It was graded MS 63PL in an old, tiny ANACS holder. Only problem was there was a small, dark rub on Liberty's cheek. There wasn't any other wear on any of the usual places you'd expect to see it on a circulated coin. The dealer said it was a rub probably caused by contact with other coins in a roll, and it was still uncirculated. I left it that, but didn't buy it because I thought that any rub or wear, no matter how it was caused, knocked a coin from unc. to AU. Who's right?

 

The dealer is : You can have a certain amount of 'damage' and still be uncirculated either rub marks or abrasions even scrapes - depends on volume /how deep etc If its holdered by the OLDER ANACS I would have bought it .. they grade fairly decently back then and PL coins are always pleasant to look at ... What did he want for it if I may ask and what year and Mint - I would guess early 80's and "S"

 

 

 

It was an 1881s and he wanted $70. It was a really pretty coin, but the rub had me freaked out.

[WoodenJefferson]

There are times when "stacking rub" can and does occur with coins of various sizes and denominations. Of course, the larger the coin in weight the more apt your going to have some rub on those high spots.

 

This can be from vertical stacks or stacks of coins laid on their side, like in old time bank trays or even gravity fed counting machines.

 

ANACS was probably correct in their assessment of this coin as Mint State, you have to put your trust somewhere, put it with the established grading companies.

 

[BillJones]

It was an 1881s and he wanted $70. It was a really pretty coin, but the rub had me freaked out.

 

The price is too high. The 1881-S dollar is one of the easiest coins to find in P-L, and there are a great many of them that are very nice. This is not hard coin to find in MS-65, and the vast majority of them come with bright luster. You don’t need to buy one with a spot that bothers you.

 

The Gray Sheet bid on a Deep Mirror Proof-Like in MS-63 is $68. If the coin you will considering was only a P-L, $70 is too much money.

 

If I were to buy a Proof-Like of this date, I would not look at anything less than an MS-64. In that grade the number of marks gets down to the point where they are not distracting. Most lower grade P-L dollars are unattractive because of the marks, which show up worse on the mirrored surfaces.