What a shame about that scratch! That's really the only thing wrong but it's a biggie. Probably why it was in the junk silver. Lol but now it mine. An 1886-S Morgan with only 750,000 minted. Definitely a tougher date to find. But it was only $14.25 so that's fine with me.
$14.25 you say? Finding any silver dollar under $20 is hard to find. I would have paid that for a common date.
For $14.25, any Morgan dollar is a good deal at today’s silver prices. I would have snagged that one also. Good find!
Yep, that’s right. I do not usually buy damaged coins. However, in this case, with the current conflation melt value of $17.57 for a Morgan, I would have snagged it just for the silver value alone. Plus, I love Morgans!
So, let's say it grades VF details. I think that might be slightly generous, but give it the benefit of the doubt. Heritage sales indicate that a problem free, certified VF-20 is an $80 coin. The problems on the coin instantly cut the value in half. Major gashes across the obverse are an incredibly unattractive problem. Honestly, I'd be amazed if you could get $40 for this coin. Well, how many people are going to pay a premium for this sort of damaged coin, when they could get a problem free coin for just a few dollars more? Not many. Sure, a morgan dollar's' silver value right now is $17.57, so you bought the coin for slightly under melt... but it isn't worth much more than melt. This date isn't scarce enough that low-grade problem coins will sell for premiums. This coin isn't an exception... you paid a bit less than retail for a horribly damaged coin that nobody wants. Sorry if I sound mean, I just can't congratulate you on this buy.
I don’t see any reason to urinate in the OPs Cheeroes. He got a coin for less than spot. That alone is nice. It’s always fun to find a semi-key date in junk silver no matter the condition. Could he turn around and sell this coin for more than melt...I’m certain he could. I’ll bet he could get $25-$30 for it pretty easily. Not a kings ransom but it is double what he paid. So what’s wrong with this. He found a semi-key date in junk silver. That’s cool. Enjoy it for what it is.
A semi-key Morgan is nice no matter what grade in my opinion. And coinsidering the time period of these coins, you always wonder the stories behind the scratches or holes.
Yes, I like coins that look like they have had a good, honest life in commerce. I wonder how many hands have held them and what things might have been purchased with them