1893 P morgan dollar, whats a good price for this coin?

Here's a 1893 P morgan dollar I have the chance to purchase locally. He wants $200 for this coin. Do you guys think this price is fair price for such a rare coin? These are the pics/scans he sent me, not the best but they show its condition. Thanks in advance for your insight. :thumb:

 

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It's not a genuine 1893-P Morgan. The biggest giveaway is the date, it looks nothing like the genuine 1893 numbering (1893-P VAM) The denticles on the reverse are also another giveaway, especially by the OF and ONE.

 

It looks to be somewhere in the F/VF range. Numismedia lists it at $192 in F and $210 in VF, but these prices are closer to full retail. Make him an offer between $150-$175 and see what he says. Let the negotiations begin!

I have an 1893-CC that is raw and grades F12. I purchased it at the FUN Show a couple years ago. The dealer was asking $280 for it, and I offered him $225 which he accepted.

Don't be afraid to make an offer, and don't get upset if the dealer flat out refuses your offer. That's where polite negotiation begins. Remember, you can catch more flies with honey than you can with vinegar, so don't focus on negative aspects of the coin. Instead, tell the dealer it's the most you can afford, and it's the year your (great?) grandmother was born. It's okay to fudge a little bit, sometimes. Who knows, he may accept your first offer.

Chris

 

Im leaning towards counter fit on this one, that date looks really crappy, something the chinease would do also, the OF looks really funky, I would not buy this coin!

 

Nice pickup, raider! I didn't even think of questioning its authenticity. I just checked my 1893-CC, and the date on this 1893-P is definitely all wrong. The didgits are too close together.

Chris

 

Thanks so much, the coin is not worth the risk. I will pass on buying this one. Thanks so much

 

Yeah, the date just gives it away. I would pay more and buy one that has been certified and avoid these risks. But you're still not 100% safe when buying slabs. They have been trying to counterfeit slabs and serial numbers, which really scares me. That's why I am glad that I can verify the certification number on the website of whoever slabbed the coin.

 

Have you given any thought about going back to that dealer and telling him what you learned? It's possible that he doesn't know, and it could save him some embarrassment if he sold it to someone else only to find out, later, that it was fake. If he gets very indignant with you, then you should "write him off" and never go back. However, if he is thankful for your feedback and honestly didn't know, you may have just developed an excellent source for good purchases down the road.

O/T! Of course, there are some people on these forums who think the dealer probably got just what he deserved when he bought the coin in the first place.

Chris

 

I did inform him of the feedback I recieved and all of the authenticity concerns. I have never purchased from him & probably never will now. As I do not this gentelman very well, I'm not sure if he's aware its fake. I have yet to recieve a response & not expecting one from him. Im just glad for this website is here to assist others w/ issues such as these.

 

With everyone and their brothers & sisters selling morgans for melt these days, it's very possible the dealer just didn't catch it , when they purchased it. Return it, I'm fairly certain they should not argue about refunding your money or giving credit toward another purchase.

 

I had not purchased the coin from him. I contacted him looking for a 1893 morgan dollar. He offered to sell this coin to me for $200, but Im very glad I checked here first before I made a deal w/ him.

 

If that were genuine, $200 is not too bad a price for it as it's the 3rd rarest of the 93s, with 378,000 minted that year.

 

It's worth taking the next step, and seeing the coin in hand . At such time, you can address any concerns regarding the " Counterfeit " issue. If he truly is a reputable dealer , he certainly won't knowingly sell you a " Fake " .

 

He did respond to my email this morning! He stated he studied the coin & agrees that its a fake. He said he simply overlooked it w/ as many morgans as he deals with. He was apologetic and said he would take it off the sales floor. So it seems he really did not knowlingly try to sell me a fake, I hope.

 

I was thinking the exact same thing about the price. But Im glad I checked it out here first!

 

Happy to hear he agreed with the keen eye of Raider . At least he now knows your on your toes, so to speak .

 

Now, maybe you should drop by his store and introduce yourself. Tell him how sorry you are that he was conned into buying a fake (but at the same time, look to see if the coin is still in the display case).

Chris