I saw a posting on ebay for a 1880 P morgan at MS 65. I see from my brand new red book that it is valued at 750$ but i saw it in the auction for close to 70$. I am sure I am missing something, cant figure out what?!!
1- Let me guess - - - The coin is not slabbed, or at least not by one of the top 4 TPGs. Does the seller say the coin is MS-65? If so, that is only his opinion and I strongly suspect he has grossly overstated the grade. More likely the coin would only grade out at MS-63 or MS-64 (or perhaps even AU). 2- 1880 Morgan Dollar is a conditional rarity. In other words, the price jumps significantly from one grade to the next. Grey Sheet for this coin in MS-63 is $44, in MS-64 it is $124 and in MS-65 it jumps to $775. Is there any question why he wants you to think it is MS-65? 3- Red Book prices are only to be used as a guide. The prices listed in the Red Book are almost always high and very out of date. Use the Red Book only as a guide and for things like mintage figures. You need to find another, reliable source for pricing information.
If its the USCG coin I see then it has: AN altered picture Not Even close to the grade posted on the coin It is regarded as RAW in that holder to any knowledgable buyer Probably has been cleaned or mishandled otherwise it would be in a real holder ( PCGS/NGC )
Now your lession begins. I saw a posting on ebay for a 1880 P Morgan at MS 65. I see from my brand new red book that it is valued at 750$ but i saw it in the auction for close to 70$. I am sure I am missing something, cant figure out what?!! Now your lesson begins. The other posts are right, think and learn what they are saying about this one coin. The good news is you will be a semi-expert after this on the 1880-P Morgan Sliver dollar if, you do not buy this coin but find a properly graded MS-64 one and look thru a bunch of sliders of this same date, study the mintage's, find out about the varieties, learn the grading reports, etc. and there is a lot of etc. The bad news: Every coin is like this to some degree or another - these are the fine points of grading, marketing, buying and selling and yes, it is that in depth but it is also that challenging and rewarding a hobby. You will now understand the folly of a person picking up a Red Book finding the coin his grandad left him and going to his local coin shop to convince them of what he has and what it is worth. Welcome to coin collecting!
Thanks People. The Coin was slabbed and was graded by "International Numismatist Bureau" and had a MS65 written on top of it. Here's an example of such a sale that is on ebay right now. But this is for another morgan dollar. The one I mentionned in my original post was exactly the same except for the year. http://cgi.ebay.com/1898-P-MORGAN-DOLLAR-19-OTHER-COINS-PCGS-BOX_W0QQitemZ370174516427QQcmdZViewItemQQptZCoins_US_Individual?hash=item370174516427&_trksid=p3286.c0.m14&_trkparms=72%3A1205%7C66%3A2%7C65%3A12%7C39%3A1%7C240%3A1308%7C301%3A0%7C293%3A3%7C294%3A50 Also which would be a better guide that reflects the price of these coins? Red book 2009 prices seem to be "way" higher than the street price.
Their grade is meaningless. Odds are the coin is at least one or two points lower than that. PCGS, NGC, ANACS and ICG are the most respected TPGs. DGS is building their reputation. Practically all others are suspect. I would NOT depend on INB's grade when buying an expensive coin. Coin World publishes Coin Values monthly. You can check coin values on-line at various sites.
Hi BC, and welcome to the forum. Tricky guy, shows PCGS box and "INB" coins. check this article on INB http://reviews.ebay.com/INB-open-a-roll-Gradethem-MS70_W0QQugidZ10000000002179738 Jim
