45 is the appropriate grade, I think. Surfaces are....curiously nice; it's either cleaned or was PL in an earlier state of circulation. Want to see something lovely? Look at the (undergraded) MS67 I found while attributing this one: http://coins.ha.com/itm/morgan-dollars/1892-s-1-ms67-ngc/a/1158-7328.s
that's really nice. I doubt it ever saw the inside of a bag, probably was presented to someone straight off the press.
You guys are good. It's currently in a righteous new label xf45 slab. What you are seeing as a light cleaning is just circulation marks and maybe a slight wipe or two but unless it's a super obvious cleaning or heavy hairlines, key dates and better dates are usually given the benifit of the doubt as in this case. Now, why I posted. Dave700 nailed it. I think this girl has a good shot at squeezing a 50 out on a crackout sub. Might take a couple tries, might make it on the first, but with the decent jump from 45 to 50 I'm thinking it's worth at least a 2-3 times resub game gamble. It's just too pretty to be relegated to a 45 label imo. Whatcha guys think? I've seen almost exactly similar wear, look in ngc 50 so... And @SuperDave nailed the cameo contrast methinks. Probably was a pl/dmpl at one point.
Frankly, I believe it wouldn't Bean at the grade, and is at its' ceiling as-is. And keep in mind, this is one of the rarest of all Morgans in PL/DMPL, so if it once was that it was undoubtedly a fresh strike from a new die and we therefore must assume that anything which looks like wear, *is* wear.
I'm thinking 45 also. 92-S comes well-struck, so the lack of feathers on the breast, hair over the ear, and detail in the lower cotton leaf is wear. XF45 has a wide window of quality. There are coins that look AU in these holders and coins that look a bit more dingy. I did recently have one upgrade to 53, but I don't think AU would be appropriate for this coin.
This is a coin I have been looking at and believe it may have a shot at 45. I have seen others higher with alot less eye appeal.
Well. If both messy & dave disagree I think I'll pass on trying for an upgrade for now. Thanks for playing guys