I was thinking about buying an 1884 CC Morgan dollar from my local B&M for my B-day present to myself. The coin in question is in a GSA black box holder and is definitely proof-like (coin is labeled as a "proof") and in my opinion is DMPL but with some marks on the mirrored surfaces. When I return to the coin shop, I plan on using the "finger test" to try and verify my DMPL opinion. I would give the coin an overall grade of MS63. Greysheet bid for an MS63 DMPL is $375. Is this a fair price to offer or is the coin any more valuable in the GSA box? More importantly, if upon reinspection, the coin fails to achieve DMPL and only qualifies as a nice PL coin, what would be a fair offer? Nighthawk
With the GSA issues, collectors like the COA, and Presentation Box, and the delaer will try to sell for more, but the price should reflect the coin and not the trimmings. When I want a "real world" value, the best for a popular item like GSA dollars is eBay. Using the advance search, you can see what price range was acceptable if you were selling. here is a 63DPL graded by NGC http://cgi.ebay.com/1884-CC-Morgan-GSA-Holder-NGC-DPL-63-w-display-box-cert_W0QQitemZ190246119221QQihZ009QQcategoryZ39465QQssPageNameZWDVWQQrdZ1QQcmdZViewItem As you can see it is close to the price you mentioned. If the coin you are looking at is this good or better, then the $375 is a fair price. If not, and lesser mirrors, you can see the price drops fairly fast to a "frosty" coin for less than $200. The 1884-CC GSA is not a real rare coin. Good Luck, Jim
The finger test won't quite cut it. The NGC test for DMPL is that the coin's mirror's must be reflective enough to be able to read written text in them at a distance of 6 to 8 inches. In other words, hold a piece of newspaper 6 to 8 inches away from the coin. If you can read the text at that distance it will qualify as DMPL. If you can read it at 4 to 6 inches it is PL.
I could be wrong, and usually am, but it is my understanding that these 1884 CC were issued from the mint in the 1970's during the Nixon era. They were NOT issued as PROOF coins, but were COA as uncirculated condition. Most E-Bay bids are running around $ 200.00 -$ 300.00.
Hi MojaveDave, You are correct, there were no proofs released from the mint storage, but many were PL ( proof like) in condition. Nighthawk's dealer is wrong if he just labeled it as a proof and not proof like as Nighthawk correctly judged it. If it is PL, it will be a premium over a non PL coin of same issue. I would say you are right on with the prices for the non PL coins of that issue. As I remember, it was a bidding situation for some of the releases by the GSA, I remember sending in the best bid I could having just started "Real Life" at that time and didn't place high enough. Ah, the "good old days " I was just collecting from rolls then. Jim
Hi ! Desertgem - Jim, I too live in the desert, which I assume you do from your address. The only problem living in these out of way communities, is that there is never any coin shows. Do you remember what the offering price of those CC's were in those days ? Was 1884 CC the only year the GSA sold ? Dave
You can read about the GSA sales here Dave - GSA Dollars - if I recall the prices ranged from around $30 to $60.
Hi Dave, Yes, I live in the desert area north of Mexicali, Mexico. I often drive to Flagstaff as we have property there. There is one very small ( about 20 members) but very family oriented coin club in the county. The president goes to a Sna Diego Coin store to get some auction material or I would never see "in hand" stuff !The nearest Coin shows are San Diego and Plam Springs area. I usually can make one a year. http://www.coinresource.com/articles/gsa.htm here is the whole story also. I am now sure that the bid I remember was the 1979 " Last of the CC" sale. Anyway, I didn't get any with my bid. Now that I read it again it does tend to disturb me that maybe I was one lost in the cracks. Oh well, I am happy with my place in Life Nice meeting you. Is the 220 loop done yet? Jim
Thanks GD & Desertgem, those are fine informational articles on the sale of the GSA CC silver dollars. I just can't help thinking how many neat silver dollars I went through in Las Vegas. I used to buy them by the rolls $ for $ only to slip them into the nearest slot machine. Back in the late sixties, I even use to give bright shiny new silver dollars to my co-workers who collected coins in those days, never once thinking of the escalating prices.
I remember one Morgan expert saying that his parents used to take him to the casino ( Reno I believe) and the friendly vault manager would let him rummage through the bags and coin carriers of Silver dollars for him to find some to add to his collection at face value ( late 50s I believe). I always think of Scrooge McDuck in his money bin But then again, when all money is plastic cards, think of our great great grandkids disbelieving we could go to the bank and get real metal coins at face and search through it ! Jim
Right you are Jim, except even today it is becoming harder and harder to get coins from the banks. They act like it's a pain in the b--- to do any thing extra, as if they don't get paid by the hour anymore. Almost wants to make you transfer your accounts to someone more cooperative.
