Just bought a CC Morgan for $0.88 UNDER melt!

I wish there were coin shops here. I tried this place that boasted lots of gold coins, but there were none when I got there.

There is a pawn shop less than a mile from my house that claimed to have silver coins for sale, so I stopped in for a look. The guy behind the counter showed me a rough '70 JFK half and quoted me a $40 price. I replied by telling him that I had a few 70s halves that I would let him have for $15 each, he said no, so I said, "$10?"

 

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If you're running a busy shop, you don't have ten seconds to spend on every coin in a pile. You'll run through them quickly, setting aside the ones that might be more valuable. Every once in a while, you'll miss one.

 

Nice find. I looked it up on VamWorld.com I believe you have a VAM-17 variety. "Line in Eye, Very Wide Doubled CC". It's hard to tell from the photos and wear, but look for a line in Ms Liberty's eye. I see in the photo what might be evidence of the line. With the wear it's hard to tell if the CC is doubled or not. Other options are VAM-19 and 19A, but both have the MM much lower then your example as your's touches the wreath. I'm not an expert either (ref: Michael K), but I collect Morgans and have stayed at a Holiday Inn Express (lol). I find VamWorld a great resource on varieties for Morgan and Peace dollars.
Thanks for sharing.

 

@Mike Thornton - I was think VAM 17 as well. I don’t see the doubled features but with the amount of wear maybes that’s not surprising. Mint mark location clearly fits for VAM 17. Thanks.

 

'CM' = CC Morgan, of course - 100+ years ago, dealers just engraved the coin description on the obverse

 

Genuine
LCS probably saw the damage and didn't even bother flipping it over. Probably felt like you did them a favor.
Regardless your coin will probably net $40-55. considering your cost that's a nice profit.

 

I wouldn’t pay spot price for it, the graffiti kills any value this coin had before.

 

To each his own. I'm just telling him what it'll sell for on feebay.

 

eBay and other venues say otherwise. I understand that you don't like it, but you are not the market.

 

I guess “the market” doesn’t care about quality, but only about price? Thank god I am not the market.

 

Do you care only about quality, but not price? Of course not. You probably want the best coin you can afford. Buyers of impaired coins are no different.

Of course, you and they have different opinions of what's "best".

 

Please tell me, how can a coin be “best” when it has severe man-made issues such as graffiti? I wouldn’t mind a couple of hairlines, a small scratch or even corrosion (e.g. on an old copper coin). However fingerprints, holes and graffiti are among the worst problems in my opinion. And the only reason why people buy those coins is because they’re cheap. I’d rather pass and save the money for a better specimen.

 

Great question!

And great answer!

 

People go crazy for CC Morgans, no matter how common or damaged. I sold an 1880 CC with graffiti, a harsh cleaning, and a slight bend for $50. People like CC Morgans, and not everyone can afford a nice problem-free one. There is a demand for even damaged ones.

If the graffiti was on a 1798 dollar, would you still say it was worth melt? How about a 1995 W ASE? Of course you wouldn’t, and the market would agree. And they would go for more than melt, 100% of the time. There is a demand for these coins, and such coins would go in the hands of those who cannot afford problem-free specimens. There’s absolutely nothing wrong with that.

 

If I wanted a 1793 Chain Cent or 1796 Quarter for my collection, and I wanted to see the details on it (VF or so), the best I could afford would have the severe problems that you are too good for. Maybe the complete lack of detail on the best problem-free specimen I can afford is more bothersome to me than the initials someone carved into the VF details coin. Who are you to say I am wrong in my preference? Sure, it is an unwise move with future resale in mind, but pure collectors don’t care.

 

Interestingly enough I actually didn't buy it to collect. I don't like the Morgan series and only buy them when I know I can make money. So I paid $13.30, should easily get $25-30 for whenever I sell it meaning they basically gave $1 face in 90% silver (what I can buy with the locked up profit) for free. You don't have to love the coin to love the opportunity it presents. I buy coins I don't necessarily want or even like all the time. And then I get the coins I want or like essentially for free.

Not really sure how some people aren't seeing that.

 

Joe spend another $10 bucks, Mount that tails up in a dollar size money clip and ask $100 on the bay.