Did I pay too much?

Hi everybody,

I'm a newbie and discovered this site on Google (where else?) Anyway, I bought a coin through a magazine ad, (sorry) and wanted to know if I paid too much.

MS 63 through NGC which is a 1883 Morgan Dollar.I think it's a Liberty Head and Eagle on the other side. I paid $41. I think it's silver?

Thank you for any advice from the experience side of coins.

John

 

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As long as it is truly an authentic NGC slab and authentic 1883 Morgan, then you did otay. :thumb:

Ribbit

 

You are awesome Toaddy! Thank you so much for the quick reply. Is there a site that would tell me what's is worth? Not interesting in selling it, Grand daughters college fund (part of it of course)

Thanks again! JR

 

Ps: Welcome to CoinTalk John! :hail:

Pps: It's worth in the neighborhood of fifty bucks.

 

Thank you Toad for the welcome. Just like all things getting older the value goes up. Except for me of course :mouth: I wish my body was like a nice bottle of Bourdeux. Talk to you soon!

JRR

 

It is silver. Morgan Dollars are 90% silver and 10% copper.

 

Thanks Richie,

I thught it was, but are Morgan dollars also minted in gold? thanks so much for the quick reply.

John

 

No, 90% silver (.773 oz silver) and 10% copper.

 

Thanks Julien,

I appreciate the qiuck reply ! Nice site BTW!

 

Toad you forgot to say ribbit when you were done.

 

I don't usually Ribbit when I "Ps" although I will when I pees.

Ribbit

 

Lol

 

Welcome to the Forum. You did fine with that purchase. But I would suggest staying around here and learning as much as you can, so you continue to make good purchases in the future.
Also, any chance of seeing some pics of that coin? We love nice coin pictures here

 

Welcome to CT , I say you did real good , hope it's a start of a long rewarding collection .
rzage

 

Welcome to CoinTalk. You'll learn a lot here.

 

Hey JC, welcome to cointalk. You'll really like it here. All the members are great and very knowledgeable.
First thing if you are going to be or are a coin nut then go out and get a Red Book--A Guide Book of U S Coins. After looking through it many, many times you'll be able to answer alot of the questions yourself.
As to your 1883 Morgan MS63 the Red Book lists it for at least $50 dollars.
LOOK TO SEE IF IT HAS A MINT MARK(MM). iT WOULD BE UNDER THE TAIL FEATHERS ON THE REVERSE SIDE(TAILS).
No mm means --philly mint just 1883---$50
1883cc--carson city mint--$225
1883O--$50
1883s---frisco mint---$2,750
Hope this helps zg

 

The quick answer to that is no, there were no Morgan gold coins. But, that's not completely true...George Morgan (the designer of the Morgan Dollar) never created a gold coin that circulated. However, he did create several different gold design patterns that were produced but not adopted for circulation. They tend to have similar design features to the Morgan Dollar. Probably the most famous gold he did was the $4 stella gold piece. There are 2 designs for this coin, a Flowing Hair design (created by Charles Barber) and Morgan's Coiled Hair Design.

Here is an image of the Coiled Hair Stella:
http://www.coinfacts.com/patterns/1879_patterns/judd_1638.htm

You'll notice that many of the facial features on the obverse of the Stella are similar to that of a Morgan Dollar.

All Morgan gold patterns are very valuable today.

 

Stella! Did somebody say Stella! I swear I will get one or die trying. One in auction right now. I am a little short, anyone want to lend me $200K.

http://coins.ha.com/common/view_item.php?Sale_No=1117&Lot_No=2038

 

Sure no problem!!...Ooops stock market dropped...settle for $2??? Love that coin in the link.

 

Hi JC. Welcome to cointalk.

I just looked up the normal mint state 1883-Ps on NGC's numismedia price guide.

As far as population, NGC has graded 14,732 standard 1883-P Morgans. 2,724- MS63's 7,253- MS64's 3,424- MS65's 707- MS66's 97- MS67's and somewhere out there, exists 3 that graded as MS68's. That's the top for them this particular year.

The price guide for them went as follows:
MS63- 51.60
MS64- 67.20
MS65- 225.00
MS66- 630.00
MS67- 2,560.00
MS68- 16,880.00

These are general prices. 41.00 is about right for one. As you can see there are many more that graded higher that wouldn't cost much more to own. The MS64 would represent a better value/bang for the buck IMO.

I would recommend that you learn a little more about coins before purchasing too many more because it's easy to get burned if you don't know what you're buying or what to look for in a counterfeit. Not that an 1883 Morgan would be. But it's possible. The chances are very slim but we have seen fake Morgans on here that have fooled me without very close, thorough review.
Normally if it's slabbed, you are much safer, but not 100% safe.