I found an ad for an 1879-S Morgan with the 1878 reverse. Isn't this considered the "Second Reverse"? They are asking $169.00 and calling it a "Gem BU", which is supposedly better than their "Select BU". I have bought from them before and consider their grading to be somewhat fair. I have to assume that the best this coin is going to grade is probably MS-61 or 62 at best. In the past I have used their return policy and gotten better coins out of it. The Red Book does not list this coin, that I can see (unless it is listed as Second Reverse) so I don't know if this is a good price. Is this a fair price? TIA edited to add: if any dealer on this board has this coin at a siimilar price, I would much rather buy it from them (if that is allowed).
Far too often sellers use the wrong term to describe their coins. A "gem BU" - at least in my book - should grade MS65. Any coin that would grade MS63 would be BU. MS62 or less - UNC. Now for the coin you mention in MS62 - the price you quoted is not bad. It's not great - it's not really overpriced. But if it is not MS62 - it is overpriced by nearly double. Anything more than MS62 and you have a bargain.
The 79-S with the reverse of 78 is considered by most to be the second reverse. I would be careful of descriptions. The terms are being thrown around very loosely these days. Here is what it should be: BU- Brilliant Uncirculated. MS-60-62 Select BU. MS-63-64 Gem BU. MS-65 or better. With the number of collectors entering the market, many people selling coins have also entered. This is good and bad. If have been satisfied in the past, I would say do it again. Ask the dealer/seller if they stand behind their grade. Never hurts to ask.
Before I get too many responses, let me add this. No dealer can ultimately guarantee what a grading service will grade any given coin at. I can't even guarantee that a certified coin will come back in the same grade from the same service. With that said, the dealer should be able to guarantee authenticity and original non-cleaned. A grade should be close. Usually within one point. Because of the difference in values for this particular coin, if any doubt exists, have the dealer certify it. Be prepared to pay the difference if it comes back in a higher grade.
What grade/holder/price are you looking for? I have a few I'll sell. I happen to have about a hundred of them.
