I recently bought an 1893-s morgan off ebay. It was graded by ANACS to be EF40 with a notation that it was whizzed. I paid $5800 for the coin. I started having second thoughts and contacted the seller. He stated that if I returned it I could not get my money back for 4 weeks. I feel that I overpaid for the coin. Any thoughts?
Grey Sheet for an 1893-S Morgan Dollar graded XF is $6,850/$7,500 (Bid/Ask) and VF is $4,850/$5,250. It would appear that the price you paid reflects the whizzing. Whether the discount from XF pricing was sufficient I cannot say. As a general rule it is best to buy problem-free coins whenever possible. A problem coin will always be a problem coin.
Thanks for the advice. I have recently started collecting coins again after a 25 year hiatus. Hobo, is it resonable to think that I would be able to get at least VF pricing on this coin?
My thoughts: Before you go bidding on eBay, or any other online auction site, you should invest some of your time into researching values so you have an idea of what things are worth. As Hobo stated the Bid/Ask for this Morgan in XF is $6800/$7500, but because it's been whizzed, you paid a fair price for it.
man oh man ... why would somebody whizz an 1893-S morgan? imagine taking sandpaper to the Mona Lisa to "smooth out all bumps and make it shinier" are people insane?
Reminds me of a buddy of mine who purchased an original 1860 Springfield at an auction. He called me over as he thought I might be interested in buying it from him, which I was excitedly, but when I got over to his place to look it over he was in his garage, with a wire brush and cleaning solution of some kind, and I asked him what he was doing, he said he was cleaning the rifle up for me, making it all nice and shiny. He had scrubbed the natural patina off the barrel, and I said too bad you shined it up, it's worth considerably less than what you paid for it, and now I'm no longer interested in it.
