Shot Myself in the Foot (Again) - Another Lesson Learned

LESSON LEARNED (or in this case REMINDED OF):

Thanks to NGC's labeling method and my inattention to details I goofed.
I was after a 1927-S Peace dollar.
Saw what I thought was one on eBay for a fair price.
But I didn't look closely enough.
The format for NGC's method of labeling Peace dollars is "date mm S$1" with the "S" meaning "silver".
So when I saw "1927 S$1" in the grade I wanted and for a good price I jumped all over the BIN.
Oops!
I got what I saw but not what I wanted.
What I wanted would have been labeled "1927 S S$1".
So I overpaid for a 1927.
I'll keep it and list it later for a reasonable price.

My bad.
I knew but had forgotten.

It's a really nice AU-58; if not for the slight rub I think it would have been a -64 or -65.
Very mark-free coin.
But I happen to already have a -63 in my set.

And I dropped NGC a note suggesting they consider modifying their labeling on such coins to help avoid this sort of confusion.
Don't think they'll do anything about it, but ...

Since I'm going to the ANA school soon and taking the grading classes I'll take this coin along and get them to show me where the luster breaks are.
This is what I REALLY need to learn about.

 

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Ouch! Sorry that happened. Not sure why they have to put an S for silver on the slab. I can see if there were clad versions like in the Ike series but all Peace dollars are 90% silver. You should have no trouble moving that 1927. :smile TC

 

I'll remember that when I buy slabbed silver dollars. didn't the description say a 1927? Was there pictures?

 

PM me and I'll probably be able to take it off your hands.

 

NGC uses S$1 to distinguish a Silver Dollar (S$1) from a Gold Dollar (G$1). Morgan Dollars (S$1) and Gold Dollars (G$1) were both minted through 1889. Perhaps NGC wanted their designation for Morgan Dollars and Peace Dollars to be consistant so they decided to use S$1 for both (even though Gold Dollar production ended long before Peace Dollars were produced). Or perhaps NGC did not want there to be any confusion between a 1922 Peace Dollar (S$1) and a 1922 Grant Memorial Gold $1 (G$1).

 

Hello Kanga,
Thanks for the lesson.

 

Kanga, those grading classes are great. You will learn a LOT.

Hope to see you at Summer Seminar. I'll be there both weeks.

 

Hmm. One would think that your average collector could look at the coin and figure out what it is.

 

What grading class/ week are you going to be there, Kanga.

I'll be in Grading Part 2, week 2.