I bought this 1892 S Morgan from a yard sale for $22

I'm kind of new at the whole coin thing, (1 1/2 year) even though i'm starting late in life i really enjoy it. I know a little about Mercury dimes and nothing about Morgans except this is a key date.
Since i got it for $22 at a yard sale i'm hoping and thinking it's not a fake?? It appears to have at least one planchet flaw, what appears to be a hole near the edge and the second i don't know if it's a flaw?? The edged seem to have a slight chamfer all 360 degrees, i have seen others that seem to be light of stock on one side or the other. Does anyone know 1) is this a real Morgan?? 2) The approximate grade?? 3) Does the planchet issue affect the value negative or positive?? 4) what it might sell for?? (i know what coinflation and red book says)

 

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$22 too much, sorry.

 

There's a dozen little details out of whack, but it makes a good pocket-piece to prevent you from buying another.

 

So it's a fake??

 

Perhaps this will be of more help:

http://coins.ha.com/c/lot-image.zx?saleNo=1204&lotNo=10436&lotIdNo=191018&inventoryNo=0&id=11154385

While there are many issues indicating this is an absolute and poor counterfeit, start with the date.

 

I was unable to pull up the link with the date. (thanks anyway, i will try to enter the link myself) I went to two coin shops trying to see if it was fake and they both made me an offer. 1 offered $50 and the other one was $115 one said it was in fine and the other in very fine condition, but i just figured they were ripping me off. Maybe they just don't know much?? Which would not surprise me because the same two coin shops swore the Mercury dime i had was not a 1942/1 but it was.

 

Here's an eBay 1892-S to study -- #291149265067

For starters, compare the dates. Just search for that number, without the #.

 

That hole! Many of the letters and the date look bad.

 

Thanks, I'll take a look. I appreciate all the help!!

 

The coin you posted is cast, rather than struck. The chamfer all around the edge you mentioned is a sure sign of that, as are the grainy looking surfaces and little extra blobs and also that flaw.

 

Yard sales and flea markets are notoriously great places to pick up fake coins. If that's what you're in to.

 

Weight, diameter, thickness. Check all three of those and you will have your answer.

 

On this coin, fair point, it has obvious flaws. My post was more of a general comment in checking to determine if your Morgan Dollar is real or fake. But thank you GDJMSP.

 

Counterfeit.

 

Was the yard sale in China?

 

It's definitely a fake. Also, I would have a hard time believing that dealers would offer $50 or $115 for this coin with or without a hole in it even if it were authentic. As a full time dealer, I buy and sell Morgan's in larger quantities quite often. I buy them from big name wholesales and I routinely find 92-S's in bags.

 

Counterfeit

 

Yeah right! You bought a fake coin for $22 dollars and you knew it was fake. As far as the offers you mention, only in your dreams. Sorry to be so hard on you but if I paid $22 for a coin and somebody offered me $115, it would be theirs. The coin is fake, you learned a lesson. No big deal, you're lucky it was under $25.

 

This is the kind of coin that newbies must avoid. This one isn't even a good fake. There are lots of excellent counterfeits out there, that could fool experienced collectors, but this isn't one of them.