I need some help. I have attached a photo for all to see, but I just got the camera yesterday and I haven't got the lighting right and I need a tripod.(Not Attached file is too large and I haven't fifured out how to shrink) I paid $27 for a 1904-O Morgan at a pawn shop which has a nice coin collection. It was raw and the flip noted MS-63. As I bought a few coins, when I got home and really looked at them under the lighting I'm accustomed to, I think this coin is more than likely a MS-61, a 62 at best. I'm no expert grader but I've learned a lot the short time I've been at this site. The appearance of the coin looks ok it but appears to have been dipped because the lustre is not very good. The coin has a cartwheel effect but not like my other MS-63/64s. The cameo has frosting around the edges, but the field is not frosted. Also the cameo has a small amount of rainbow colored toning on the face which can't be seen without a 5x magnifier and holding the coin a certain angle. My question is should I bring the coin back ( I'm a hour away from the shop) or is the $27 a fair price for a 61/62.
According to David Bower's official Red Book on Morgan Dollars, here is what the Whitman Coin Guide (WCG) has to say about the 1904-0 Morgan: Mintage: 3,720,000 EF40: $25 AU50: $28 MS60: $40 MS63: $45 This was relatively rare Morgan until the Treasury release of 1962 (look what we found in the back of the bank vaults!) where hoards of these coins were released including what was then rare, the 1903-O and 1898-O. Many are found today in Brilliant and very attractive condition. $27...keep it. Chalk it up to a learning experience. Anyways, with time and travel cost, you will never break even much less end up ahead.
If you are unhappy with the appearance of the coin and don't want it in your collection, I would return it and state the reasons. Some types of cleaning are difficult to detect and maybe the dealer genuinely did not realize it had been cleaned. You dealt with him face-to-face so you're in a better position to judge his character. If your collection is based on grade and you are searching for MS63 or better coins, obviously an MS61 or 62 will not compliment it. You are the only one who can judge what would best suit your collection, but you should not feel obligated to keep it if you are not happy with it. JMHO
I doubt that a pawn shop will take returns....I was in one yesterday that was going out of business and everything was 50% off..no coins but a nice guitar that is now mine I'd keep it cause you still got a good deal. Speedy
Coin Digest lists this coin at 30.00 for the MS-60 and 38.00 at the 63 grade,,, dealer cost is about 20.00 by blue book standards,, Without being able to see the coin its hard to estimate, Like has already been stated it is ultimately up to you,, if the coin has been cleaned like you suspect then the only way to get hurt is to try and resell it to someone you will ultimately lose a few bucks.
Buying raw unc morgans is always a calculated risk but at $27 that's a pretty fair price if it's a real unc. Show it around to some dealer collector friends and if they think it's unc you might go shopping at that pawn shop again Nick
