I won this coin on a non eBay auction site and from the pictures it appears this could easily upgrade to MS-63. Would it be worth the grading fee to resubmit the coin for a regrade or send it to CAC to get a green or possibly a gold sticker?
With those pics I think it would make a 63 . If the luster is all there and not impaired in the obverse fields like it looks to me maybe a 64 .
It looks like a 63 anyway The reality is it's such a common date even in very high grades I think the value especially if it gets a gold bean is the same or better in the old holder which appeals to many
Exactly this. To the OP, I'm not sure how much CAC submissions run, but I'd imagine they'd be less than PCGS grading fees. If that's the case, go with the cheaper route, because in the end the resale value--of it being green/gold beaned in an OGH, or it being upgraded to MS63--will be about the same.
Mainebill, tmoneyeagles, that is what I was sort of leaning toward. Now, I need to find someone to send it to CAC for me.
Don't forget, the early S mint Morgans are graded on a stricter basis than other date/mint combinations. So the coin may be graded correctly graded or even over-graded as it is. And since the coin is still in that old holder and not already cracked out, one of those two is likely true.
I had four 1881-S and one 1882-S Morgan dollars in this type holder graded MS-64. I cracked them out and sent them back to PCGS. Four came back as MS-65 and one MS-65+. If your statement is accurate then why do the majority of coin dealers say the grading standards were stricter in the mid-late 1980's crack them out and resubmit them for a higher grade, just sell them at the next higher grade or, add a premium equaling the difference between the grade on the label and the next higher grade. I was very active in collecting coins in that time period and many coins that I see now grading MS-65 was a typical MS-63, possibly an MS-64 back then.
I think that the coin would probably grade higher, but keeping it in the OGH maintains the same exclusivity as having it in a newer holder with a slightly higher grade. If it were a rare date, with a huge jump in price for being a one or two grades higher, I'd say crack it out, but ion this case, being such a common date, I would say to enjoy the OGH and a beautiful coin. I personally think the coin is a 64, and disagree with a harsher grading of it.
No argument that the grading standards were tougher back then. But the consensus opinion is that after all of these years that just about all of the coins in the old holders have been examined many times by now. And that any coins that are still in those old holders are either graded correctly or over-graded and thus not worth spending the money to have them regraded. In other words, all, or just about all, of the coins in old holders worth sending in for a regrading, have already been sent in long ago. Also, with this coin, as I stated earlier, they are graded more strictly than ordinary Morgans. So with this date/mint, what looks like a 63 in another coin, is only be graded as a 62 with this one. And, as said by others in this thread, with that coin, even assuming it were regraded as a 62, a 2 point upgrade, the increase in resale value would not even equal the fees you would have to pay to have it graded again. Bottom line, it's not worth the effort sending the coin in.
I think as a general rule you are probably right. I still give the coins and good look just to be on the safe side...as some may have been in private collections for a long time and may never have been examined. But, in general I think this is accurate. IMHO, based on the photos of this coin...I might get a 1 point bump but I don't think it's worth the money and the risk. They are awful strict with 1880-S Morgans.
Check here first: http://www.caccoin.com/submission-centers/ I know someone who knows someone if you want to submit through them. You can PM me if you want.
I'd say send to cac is half the price of resubmit and a gold bean commands as much premium as a higher grade and a green bean you know its accurate and quality for the grade
CAC is where it will go then. It would probably take less time to get there and back than PCGS anyways. Thanks for all the opinions and recommendations. Ed
