Grading this 1902 S Morgan? $24 find

Hey, new on these forums! I recently found my most expensive coin for $24. A 1902 S Morgan in AU 50? condition. Had a couple of coin shops look at for me. This would be my first grade worthy coin!! However...... I just noticed this problem of the reverse rim. Funny thing is none of the coin guys ever said anything about it once. I feel like if I were to get it graded it would come back at a lower grade or as rim damage of some sort. The chip looks odd to me, must've been a machine that did it. I still got a great deal regardless but sort of bummed out because of the chip. Let me know what you guys thing thanks!

 

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I wouldn't read too much into the small rim nick on the reverse and I don't think that it would get a details grade because of it either. It seems like an honest lightly used coin to me and I agree with your grade of AU-50. You did very well for $24. Welcome to CT.

 

Fairly graded, I think, maybe even a bit low due to the luster and a terrific acquisition at $24. This is a coin which trades for well over $150 in a slab.

 

Interestingly enough, NGC's price guide has it at $40, but their auction listings show a couple at $130+, and only a couple of details coins that trade near $40. I think it is an error in the guide. PCGS auctions have none over the past year at less than $165, but their price guide is a little high at $270.

OP, the rim bump on that coin is no big deal, partially because it's not very visible head on, so it doesn't detract from the eye appeal. You got a nice score at 2x melt.

 

I consulted PCGS' Auction Prices page for this thread (as per usual habit) and they show only five of the last fifty AU50's (going back to 2012) as having sold for under $150, from all services. All were Details coins.

 

Aha. I see the mistake I made. I searched for '1902 S morgan silver dollar' and ended up on NGC's page for 1902, not 1902-S. Their guide price is actually $275.

 

Thanks guys! The luster is very nice, has the cartwheel effect as well. Only other thing about the coin, one of the guys told me it has very light adjustment marks. You can sort of see them next to the left wing on the reverse.

 

At the time this coin was struck, it had been decades since adjustment marks were necessary for US coins. I think the latest you'd find them was 1830's-vintage coinage.

 

I think they are roller marks then!

 

VAM-it! Kinda looks like it may have a 2 olive rev. Can you see any doubling on date specifically the 0 and 2 or doubling on her face profile? http://www.vamworld.com/1902-S+VAM-7

 

Nice score!! I'd send her in to get graded. I could see it as an AU-53.

 

02s, unlike early s mint coins, usually comes weakly struck with lifeless luster. This one is nice and from the pics I can see a technical slider. I would like better pics though. And what is that on liberty's neck?

 

Definitely a Vam-7 Jay-Ar! Are they rare?

 

It's not extremely rare but the interest level is a 3 and the rarity level is a 3 as well. It defiantly adds a premium. It's a super nice find at that price as well. Here's a link to the VAMworld site and also a link to the 1902 S VAM list. Be very carful when viewing the site......it's extremely addictive! You may catch the Vammer's disease, there is no cure. My very 1st morgan purchase was similar to yours, bought it off eBay for $29 cause it was shiny. 1900 O, turned out to be a VAM 8A O/O/CC ANACS Grade of MS63. Someone on this very site pointed me to VAMworld, I've had the disease every since Good luck my friend! Again great find. OH, here's the links:
http://www.vamworld.com/home
http://www.vamworld.com/1902-S+VAMs

 

None of the 02s Morgans are list VAMs and as such carry no premium. The premium on this one is being a semi-key date at high grade if it straight grades

 

Took it to a reputable coin dealer in my area who has been in the coin business for quite some time. He said confidently that it is AU for sure and the ding shouldn't be a problem. He said it didn't even look like something that would happen from dropping it or PMD... He thinks it should grade nicely without a Details or Damage grade. However, you can never be sure until you get it back. Should I go with NGC on this one? Also, if I get it graded it will be around $60-70 and if it comes back as damaged or details I think I still got a decent deal no? If this were one of your guy's coins would you grade it? I would love to have it graded for my collection as a coin I FOUND in the wild!

 

Well, why are you interested in getting it graded in the first place? That should be the first question.

 

I don't like that rim dingo on the reverse. Ain't gonna grade. Keep it raw and tactile.

Finally, a new member who knows how to hold a coin.

 

Yeah, raw.

 

Im interested in having it graded because its the first valuable coin I have found outside of a coin show or store and I think it'd be cool to have a graded coin in my collection that I found! I wouldn't be selling it.... but I also don't want to have it sent back as damaged, details, or worst of all a body bag. Is there anyway I could contact NGC and at least see if they say the ding is really bad? I doubt it but worth a shot.