GTG: 1921 Philadelphia Morgan Dollar.

Ok, I think people have had plenty of great insights into the coin. Before I reveal the grade, a bit of backstory. I bought it for its uniqueness— in all of my years of collecting Morgans, I have never seen a coin quite like this— very clean surfaces, and dazzling luster, with so many die issues on one coin. It has, I think, 9 die cracks, a couple of polish or grease strike throughs, several die marker artifacts on the reverse, die striating on the reverse, plus a bit of rear die off-centeredness. It is practically a walking advertisement for a mint error coin. The die pair had to be in awful shape, yet it produced a very attractive looking, interesting coin.

The average grade that people came up with here is a bit above 65. I don’t know where PCGS came up with this grade. I would only guess that all of the die deterioration impacted upon the eye appeal aspect of grading in their opinion. It does not matter to me, as I paid low 63 money for it, and love the coin, just the way it is. I thought the incredibly poor die state, with attractive surfaces, and brilliant luster made it a super interesting coin.

At any rate, here ya go:

 

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...but which is it? In this photo it really looks like something going on with the metal, not just the insert, at least to me.

 

The pics make it look like a gem coin. 64 seems silly to me.

 

I agree. The photos are are accurate.

 

I think it is a die clash, from the slightly off center strike.

 

I would have to go with wat ever Morgan dude says. In the past we have seen many coins that when sealed it heats up the insert and sometimes it looks a little melted.
Could very well be a slight misaligned issue or a slight collar issue.

 

I think it moved a little, just a tiny bit. Or it wasn't seated all the way in. The collar was lose and couldn't hold it for the strike or it ejected out somewhat cockeyed and didn't finish like it should have.

 

That sounds like a good possibility. It would create a coin a tiny bit off center with the strike, and a small die clash in the rim area. It slipped the collar slightly.