Confirm Value 0

[marinecorp96]

Can someone please confirm the value of this coin. I looked it up on NGC it stated $70.00, Also I thought all coins got a grade. I dont see any grade, what am I missing? Thank you

[EagleRJO]

Welcome to the forum!

That coin is graded, but it just has an adjectival grade of BU or Brilliant Uncirculated.  See the attached table and the following link for adjectival grades ...

https://www.ngccoin.com/coin-grading/grading-scale/adjectival-grades/

A coin graded BU means it would be MS60 to MS62 (see the notes at the bottom on the linked page and attached table).  Then there is Choice Uncirculated (MS63 to MS64), and Gem Uncirculated (MS65 to M70).  Note that you have to kind of read between the lines to get those numerical grades, but those are the accepted values.

Adjectival grades are sometimes used with a bulk submission to save a few dollars per coin as it only requires the TPG to give a range instead of a specific numerical value, typically for lower grades like BU.

About the value look at the following table from NGC and it will be between MS60 to MS62 depending on the mint mark which I can't really read through the cellophane bag, but might be a small CC mark.

https://www.ngccoin.com/price-guide/united-states/dollars/49/

Edited April 8, 2023 by EagleRJO

[JT2]

usually you will find these at the lower end of the uncirculated scale.  which means in the 60 - 62 range.  they were bulk submitted for a cheaper slabbing fee and are distributed as "Brilliant Unc"  but if you think that it will be in the Gem classification you will only be disappointed.  if you go in with the thought that you will be getting a low end unc coin then you will be doing fine.

[marinecorp96]

Thank you JT2 and EagleRJO for your answers. I won this coin in a raffle for my sons high school football team. You know buy 1 ticket for 5.00 or 5 tickets for 20.00 kinda thing. I got 5 tickets. I did not expect the coin to be big money. What got me curious was the date of 1886. I know nothing about coins except I have a jar I put them in for spare change. I was thinking because of the date maybe 100.00. EagleRJO I looked at the coin and saw no CC mark but then again I would not know where to look. I took better pictures in case you see something. And the links you sent me I could not find anything (then again I really dont know what to look for) I put the serial # in NGC price guide it said 70.00. I just wanted to confirm that with someone that knows what they're talking about. Thank you

[EagleRJO]

It's from the Philly mint since there is no mint mark.  Also, about the grade, there are a lot of smaller bag marks or "chatter" on both sides of the coin, particularly on and around the cheek and face area which is a real negative for uncirculated Morgans.  With a BU adjectival grade meaning it is 60 to 62, and TPG's typically not issuing 60 grades, I would grade the coin MS61

Accordingly, I would value the coin at around $85.  However, if you went to sell the coin a dealer would likely offer considerably less to have a profit margin.

https://www.ngccoin.com/coin-explorer/united-states/dollars/morgan-dollars-1878-1921/17167/1886-1-ms/?des=ms-pl

Edited April 8, 2023 by EagleRJO

[Sandon]

     Morgan and Peace silver dollars are unlike most other coins made for circulation in that they were largely produced as backing for former U.S. currency known as silver certificates. Hundreds of millions of them were retained by the Treasury and remained in uncirculated condition and were not released to the public until as late as 1964. The 1886 (Philadelphia mint, which had no mint mark at that time) is one of a number of extremely common dates, most of which like yours are uncirculated but have a number of nicks and scratches from storage in thousand-coin bags that were stacked on top of each other, resulting in their existing the lower range (MS 60-62) of mint state (uncirculated).  They are hyped by mass marketers as somehow being "rare" and in my opinion are currently grossly overpriced.  

   The Carson City mint ("CC" mint mark) struck Morgan dollars dated 1878 through 1885 and 1889 through 1893. There are no "1886-CC" Morgan dollars.  

   If you want to learn more about Morgan dollars and other U.S. coins and how to evaluate and collect them, see the following topic:

 

   

   

[marinecorp96]

Thank you for your answers and I learned something today. Just one more question EagleRJO how could you tell it was from the Philly mint? 

[Sandon]

On 4/7/2023 at 12:31 PM, marinecorp96 said:

how could you tell it was from the Philly mint? 

  I think you were really asking me this, as I'm the one who said that the coin was minted in Philadelphia. Generally speaking, coins that have no mint marks like this 1886 Morgan dollar were struck at the Philadelphia mint, which is the main U.S. mint. Before 1942 mint marks appear only on U.S. coins struck at branch mints. The exceptions would be for coins dated from 1965 to 1967, when the Denver and San Francisco mints also struck all coins without mint marks, for cents struck from time to time since 1975 at the San Francisco and West Point mint without mint marks, and for the non-collector versions of bullion coins made since 1986, which are struck at the West Point mint without mint marks. The Philadelphia mint used a "P" mint mark for the first time on wartime alloy five cent coins dated from 1942-45, on small dollar coins beginning in 1979, and on all circulating coins except for cents beginning in 1980. The "P" was also used on 2017 cents to commemorate the 225th anniversary of the establishment of the U.S. Mint in 1792.

   Morgan dollars were also made at the New Orleans and San Francisco mints in 1886. These are designated respectively as 1886-O and 1886-S. The "O" or "S" mintmark would be on the reverse below the small ribbon that unites the two sides of the wreath, which is above the space between the "D" and "O" of ''DOLLAR". 

  The "Redbook" referred to in the topic I previously referenced contains basic information like this.  If you want to understand the basics of U.S. coins, you must obtain at a bare minimum a current or recent edition of it. It can be bought from its publisher at whitman.com.

[rrantique]

Morgans with various mint marks below wreath on reverse

SEMPER FI

 

Edited April 7, 2023 by rrantique

[EagleRJO]

On 4/7/2023 at 12:31 PM, marinecorp96 said:

EagleRJO how could you tell it was from the Philly mint?

Because there was no mint mark present as Sandon explained.