It's taken me some time to update this thread. I got the coin back a little while ago. When it arrived, it was in an AU53 PCGS slab. Looking back at this thread and then considering where I have gone with my collection of Morgans (involvement, study, examining specimens, etc) I am both unsurprised at my initial exhuberance and lack of ability to accept that this was not an MS coin. Seeing the value of an MS specimen can make anyone hope for the best. It is also a good lesson that you can want something to be a certain grade, but nothing can change the facts of the matter. I'm glad that I got it graded by PCGS and that when I go to sell it sometime in the far future, that there will be no mistake exactly what the grade is... THAT was the mistake for which I had to pay. In full disclosure, I paid $650 for the coin in raw state. There is tuition to pay at any school. And the school of numismatics is no exception.
There are a couple of things to be grateful for from this experience, and there are probably few of us that haven't been where you are tonight ( I have). First it didn't take you long to learn from your experience and second, your acceptance of reality means that you should have much more restraint and caution in subsequent buys, and that value will pay off your "tuition". You seem very much a gentleman, and I hope you participate more often. Jim