Grading and Value of 1889 Morgan 0

[Jnorales]

I am looking through some coins collected by deceased father-in-law. Can you tell me if this coin is worth being certified? What do you think the grading is?

 

Thank you in advance

[EagleRJO]

That is a very common date Morgan that is not worth much even in better condition like that one, which might be an AU grade depending on how it looks in hand as the pics are blurry. Either way it wouldn't be worth the money sending it in to be graded as that would probably cost more than what you could sell it for.

If you are going to keep it and get into collecting, see this thread: 

And a start is to get a copy of the Red Book, which you can prolly borrow from the local library.

Edited September 4, 2022 by EagleRJO

[JKK]

EF cleaned. The latter is a little hard to tell due to the odd lighting but sure looks like it.

[Sandon]

    I agree with the others who have responded that this is a common date (1889 Philadelphia mint) Morgan dollar that has Extremely Fine to About Uncirculated details but was abrasively "cleaned", possibly with a pencil eraser.  Collectors find such "cleaning" undesirable. The coin contains about $13.50 worth of silver at the current price of about $18 per ounce, and a dealer might pay between that amount and $25 or so for it.  Therefore, it isn't worth certifying, as the NGC grading fee alone would be $23.

   If your father-in-law left a number of coins, I recommend that you purchase a current edition of the "Redbook" referred to in the article "Resources for New Collectors" to which EagleRJO provided a link, as it will give you some idea of coin values.  For example, an 1889 Morgan dollar with a "CC" (Carson City) mint mark would be worth hundreds of dollars even in the condition your Philadelphia (no mint mark) specimen is in.

   

[Jnorales]

Thank you everyone for the feedback. My father-in-law was an avid coin collector, and we are just now trying to determine value, if nay.

[JKK]

On 9/4/2022 at 10:04 AM, Jnorales said:

Thank you everyone for the feedback. My father-in-law was an avid coin collector, and we are just now trying to determine value, if nay.

Silver's always valuable. Expect the following:

• Your FIL might have been avid, but that doesn't automatically mean he had an expert eye for value or condition. He might have, but if it turns out he didn't, that's okay too. If he enjoyed collecting, that's great.
• Most US coins were minted and survive in enough quantity to be interesting but not especially valuable. Getting the red book, as Sandon advised, is a huge help because the valuable issues will stand out like neon signs.
• Values generally jump as you get back before 1900, but only so far for most coins--and that's when condition really matters. A worn 1880s IHP, for example, is rarely worth a lot. An uncirculated one is far less common.

It's important to learn the signs of cleaning. As a rule, it comes in two categories: abrasive and chemical. The first sign is an unnatural color for the level of wear, like a blast white Mercury dime with AG details or a worn Lincoln cent that's a weird salmon color. To assess abrasive cleaning, you need some good magnification to look for the little scratches, generally either lateral or circular. For chemical cleaning, a light dip often won't show signs, but a nasty dip in phosphoric acid surely will. Most cleanings don't fully remove all the residue from the coin, and strong magnification may reveal some in protected areas (next to raised devices). I've found that a good unofficial rule is light cleaning docks it about a grade in value, and nasty cleaning maybe two grades.

Most coins have three values: face/spending, metal, and numismatic. Demonetized coins' spending value is zero, leaving the other two. Biggest number wins.

[EagleRJO]

On 9/4/2022 at 1:04 PM, Jnorales said:

Thank you everyone for the feedback. My father-in-law was an avid coin collector, and we are just now trying to determine value, if nay.

Many avid collectors are also particular about keeping records of the coins they have (logs and/or receipts) which may include things like the grade, how much they paid for it, where they bought it, etc.  So, you might want to do a little digging to find any records he may have had for the collection.

If you are considering continuing the collection as a hobby, see the references and links provided.  But is sounds like you are considering just selling the collection.  In that case you are going to find prices vary greatly depending on rarity and grade.  Like that same Morgan if it were an 1879-CC would be worth thousands, not just a little more than melt value.  And for many other coins the grade can make a big difference, which is difficult to establish.  You can also take the collection to a few local coin dealers for value and focus on any coins if they want to break them out of the collection.  Good luck.

[Jnorales]

I purchased the red book when my wife first showed me the coins, however, a book is only as good as the person who can understand its content. As a newbie, your experienced eyes will give me far more insight, than the book can.  I have done tons of "research" since, but as I have seen and read, the value of coins is based on everything you all have mentioned, but it also seems like right place right time kind of thing. Additionally, based on the "research", for a coin to have any legitimacy, it needs to be graded, which is how I ended up on this website. 

We are not looking to sell, but we are looking to organize, because these have to be split between 3 siblings. That being said, we do not want spend money on coins that in the end will not be worth the more than what it will cost to grade.

Again, thank you for you input today, and any you may provide in the future.

[GoldFinger1969]

On 9/4/2022 at 1:04 PM, Jnorales said:

Thank you everyone for the feedback. My father-in-law was an avid coin collector, and we are just now trying to determine value, if nay.

Single out silver and gold coins for starters.

[Jnorales]

Here are some of the many different sets, and individual coins. We have a few of the steel 1943 pennies, buffaloes. We have silver certificates, black eagle bills, it goes on and on.

[JKK]

On 9/4/2022 at 10:45 AM, Jnorales said:

I purchased the red book when my wife first showed me the coins, however, a book is only as good as the person who can understand its content.

Here's where the red book shines. Suppose you are going through your Mercury dimes. You review the price listings for them and determine that in worn condition only a few are with significant premiums, older ones tend to have modest premiums. Whether the prices are up to date is beside the point; the question is relative values. Knowing this, you can rip through your Mercs and figure out which ones, if any, merit a closer look. The rest can be a lower priority. For example, you will be totally on the lookout for 16-Ds. You don't even have to know much about coins to look over the tables and see what stands out from a value standpoint.

[Sandon]

    Under the circumstances you describe, your best option may be to have the collection professionally appraised, at least once you make a preliminary determination that it has substantial value. Most coin dealers will provide this service for a fee, as will some auction houses that accept routinely accept consignments of coins and some advanced collectors. In that way you will avoid disputes over whether each of the siblings received an equal share.  Additionally, the laws of many states require such appraisals before such property can be distributed from a deceased person's estate.

   You should be easily able to determine the approximate value of mint issued items like the 1975 proof set you show from a recent edition "Redbook", which is $9 in the 2022 (last year's) edition.  You are also showing what appears to be an uncirculated 1941-45 "short set" of "Mercury" dimes, the value of which may vary widely based on the market grade and striking quality of each of the coins, which we can't assess from photos and which requires a fair amount of grading experience.  An average (MS 63-64) set could retail for $150-250, while one with many coins that grade MS 66 or higher or have "full split bands" on the reverse could be worth many multiples of that.  If you aren't planning to become a serious collector yourself, you should consider having the collection appraised for this reason as well.

[EagleRJO]

Sandon beat me to the punch as I was just about to suggest the same to avoid disputes with just an interested party accessing the value to split it up.

[Henri Charriere]

[Fleeting observation... this is precisely the intra-family squabbling the OP of the topic regarding what arrangements have you made for your heirs, sought to have collectors avoid. One member said, ideally, divest yourself of any collections. It'll be a whole lot easier divvying up money than collectible coins. I definitely see the wisdom in that.

P.S. The last Red Book I remember owning was dated 1968; there were no spiral editions back then.  One highly-respected member said, if you no longer own a single coin book, Red Book or not, you've absented yourself from the coin collecting fraternity.]  😉 

Edited September 4, 2022 by Quintus Arrius
Closing bracket.

[EagleRJO]

Just do what I have been doing and keep a log for each of your coin collections/sets with year/mark, description, grade, purchase/find date and price (if you bought it) and keep that log with the coins.

Anyone doing an appraisal of a collection is probably going to ask for such a list anyway with as much of that filled in as possible.