Is it Normal for a dealer to have coins graded several times?

I went to a local dealer today and looked at a Morgan. Already have one but this was a 1921 said it Graded MS-69 for $490.00 I almost am certain it had an appearant light scrach but may of been the inside holder. The the girl at the counter said the owner sent the coin off seven times and always got it back MS63 & 64. She said the previous gradings were NGC & PCGS but they now use ANACS since they grade better and gave them a MS69. Most all thier coins including that one was in a ANACS Case. Just wondering if this is common practice to have the coin graded that many times to acheive a MS69.

 

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Many dealers resubmit coins for grading when and if they disagree with the grade the coin was given by a grading company such as PCGS, NGC, or ANACS. In some cases, their motives are not sincere, in others they are.

You have to figure, the grading professionals at the major grading companies are human and a variety of factors can contribute to their grading a single coin differently on a given day than they might on another day. If a dealer honestly feels that a coin is say, an MS65, and it comes back as an MS64, they may resubmit it again in the hopes that it meets their grade.

In the case of the coin you mention, it does not sound like the motives were pure. Coins in the state of preservation that you reference demand a SERIOUS premium. I would doubt that this 1921 Morgan is an MS69 or anything close to it. As a matter of fact, I have NEVER seen a Morgan Dollar that was graded MS69 or that I could truly call an MS69 coin.

 

You sure it was ANACS? A Morgan in MS-69 would be far better priced than a few hundred dollars. For 1921-P MS-67 bids at $8,500 in MS-69 well that would certainly be reaching. I can say with complete peace of mind that NGC and PCGS would not be off 6 points on a MS coin.

If I were you, I would forget the address of that dealer. Sounds pretty scary to me......

 

And just on the off chance that the coin is an MS-69 coin, it wouldn't be in any of our collections!

It would be in someone's registry set collection, which are almost always at an MS-67 level for the Morgan dollars. Look up the Jack Lee collections, as an example.

Hope this helps.

 

For 1921 all mints, the highest graded at NGC currently stands at MS-67 That includes 1 coin minted in "D" and 1 coin from "S". The highest "P" mint is MS-66

 

There are currently NO MS-69 Morgan's by PCGS or NGC. There are a handful of Proof-69 Morgans.
MS-68 is the best you can get. They aren't cheap.

 

"better" in this store's vocabulary would be = "looser" in a higher quality store.

Another piece of excellent advice from National Dealer.

 

MS-65 Morgan's

Current ask for 21-P $110
Current ask for 21-D $255
Current ask for 21-S $1,175.

 

I would be very leary.

 

I went back today and the coin was in a Slab but it wasnt a ANACS i dont think It looked as if it was a PC generated tag. I compared 1 that appeared a genuine slab. This was a white sticker paper printed and had 1921P Morgan Printer in Middle, Under that said MS69 in the right lower it had this in small print [ANACS Standards]. But the girl sure said they graded it yesterday. She was off today I guess I did not see here. Looks to me as if it was graded by someone who thinks that it was to ANACS standards. Not sure. But I will stay far away from it. I was going to question the store owner about it but didn't want to be rude.

 

Well, that should be the last time you visit that dealer. Sounds like they are trying to sell an MS 63 or 64 1921 Morgan for $490. Greysheet is around $25. That' quite a mark-up!

 

I guess I should of figured I was in the wrong place
the Silver Eagle below I asked for a replacement holder since the original was cracked and she opened a Silver Eagle Proof Govt Box and said if you like silver eagles then proofs are the way to go. I told her yeah thats why I want to protect this one its a proof. She said "Oh Thats A Proof". Well yeah my kids destroyed the package. I guess she couldnt tell by the deep cameo appearance it had

 

Or more precisely, by someone who wants a buyer to think it was graded to ANACS standards.

 

With my limited knowledge of coins, most of my info comes from "TV" coins, I would dare say that the "dealer" you are referring to is not on the up and up.

Where I work we sell NGC and PCGS graded coins and a quick search on the net revealed that a NGC MS65 Morgan with no guarantee of year or mm sells for $229.95 plus S&H.

A NGC MS66 Morgan with no guarantee of year or mm sells for $529.95 plus S&H.

1881S Morgan NGC MS67 $1,399.95

MS 67 is the highest grade offered at this time.

 

$229 for a MS-65? We have to get you off those TV prices. Either that, or I will sell you an awful lot of MS-65 for $229. Many of the common dates run about $125 to $135