I doubt it's a PL in an SF mint but maybe. My guess is MS64 no PL, would prob get a star designation in a NGC slab but if we are talkin PCGS that's my guess. To many bag marks for a 65 but its close IMO.
I was actually going to say 62, but pinning MS grades on Morgans is not my forte. Nice luster but awful baggy on focal surfaces.
" 1880-S Morgan PCGS undergraded? " You ask if it is under-graded. That implies to me that you think it is. OK, tell us why ? But before you do I want to ask you a question. Are you aware that the early date S mint Morgans, in particular the '79, '80, and '81 are graded to a much tougher standard than other dates/mints Morgans ?
I wasn't aware that those early dates were graded harder than other issues. The reason I thought it was undergraded was because it has very clean fields. I know it has a few hits on the cheek but when I compared it to my other slabbed Morgans that were 64s they looked similar. Here it is
I said MS 64 PL. If it were not in a "rattler," I would bet that it would have graded 64 PL at a later juncture.
Because there is a rule in grading that the grade of a coin is determined by the known characteristics for that specific date/mint. This rule applies to all coins of all denominations. In other words, the S mint Morgans that I mentioned above are known for being especially well struck, having exceptional luster, and exceptional eye appeal. So when grading them stricter standards are applied. Or as an example of the other end of the spectrum, some of O mint Morgans are known for being weakly struck, having subdued luster, and poor eye appeal. So when grading them looser standards are applied.