Are my emotions getting the best of me?!?

Discussion in 'What's it Worth' started by Kevinfred, Mar 20, 2014.

  1. Kevinfred

    Kevinfred Junior Member

    I've been looking for an 1878 8TF for months now. Despite many coin shows and a constant eye on eBay, nothing has struck me. It see these coin(s) being very baggie and many have a weird whitish film - obviously some type of toning.

    Anyway, there is an AU58 on ebay right now that I've fallen in love with... and already the bidding is past $130. This is much higher than my research suggests that it's 'worth'. I can see myself getting downright stupid on this one. I understand the concept of, "something is worth what someone is willing to pay" - yet I can't escape the feeling that I could way OVER pay.

    All this said, am I correct on my value assessment or is the ceiling on a PCGS AU58 1878 8TF even higher??
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  3. tdogchristy90

    tdogchristy90 Dieu et les Dames

    well doing a quick eBay completed listing they ranged from 100 and 700. The most reasonable price being around your $130. If I was you is find a value I was willing to pay, factoring in your love for the coin and a "love tax" of sorts and plug that in and walk away. If you win it you win it. I guess what I'm saying is that if the ballpark is 130/140...and because of you're love you're willing to pay say $180 I'd plug that in and walk away and hope you win. Chop the $50 premium to a tax you're willing to pay for something you so much enjoy.

    Now I'm no expert on Morgan's, just giving my two cents.
    thomas austin and Kevinfred like this.
  4. Tom B

    Tom B TomB Everywhere Else

    The appear to sell in the general range of $100-$150 and are fairly common. On the one hand, you might want to wait for the "perfect" coin because they are out there. However, you should also be willing to pay a bit extra for a coin that really speaks to you. You seem obsessed with the issue.
  5. Detecto92

    Detecto92 Well-Known Member

    If other people are having the same issue as you (finding a nice example), then maybe it's going for more than normal price due to it being a nice example.
  6. Kevinfred

    Kevinfred Junior Member

    I'm digging the "love tax" ;) Tom B. I've been patient, I really have... Obsessed might be an understatement. I guess my thought is that it is going to be the 'first' coin in my Morgan set (possibly the first coin I'd or anyone would see) so I want a nice example. I've put aside more money for the 8TF but have found even higher grades to be difficult. Do get my wrong, I know they're out there but ones with great eye appeal are few and far between (imo)
  7. Detecto92

    Detecto92 Well-Known Member

    Coin price guides are just an approximation of value, not a absolute answer.

    A rainbow toned MS-65 morgan dollar will far outsell a MS-65 morgan with splotchy black toning.

    If you like the coin, buy it, don't feel bad for overspending. All that matters is you like it, and you can't put a price on that.
  8. jaceravone

    jaceravone Member

    I am also in the hunt for a nice 8TF Morgan. The prices on these have sky rocketed lately in my opinion. I don't know why. Maybe its just the "Cycle". I plan on finding one in Baltimore next week. It will be replacing the one that I currently have in my collection. It was one of the first Morgans I bought. I bought it as an UNC Morgan, but now would grade it a solid AU58. Pictures aren't the best on my site cuz I took them years ago, but you can see the details.
  9. cpm9ball

    cpm9ball CANNOT RE-MEMBER

    The 8TF with the engraved wing feathers is one of my favorites of the series, so much so that I have 6 of them.......1 - ANACS 63, 1 - NGC 63, 2 - PCGS 63, 1 - NGC 62* & 1 - NGC 62. The one I like the best of these is the 62* because the obverse is PL.

  10. jaceravone

    jaceravone Member

    The other thing that I wanted to mention is that nowadays a AU58 is no longer an AU58. Its basically an MS64 with some rub on it, but dealers are still charging MS64 prices even though the slab says AU58. Maybe they are in to the coin too much. Who knows. Thats the trend I am seeing lately.
    Kevinfred likes this.
  11. aubade21

    aubade21 Well-Known Member

    I've been in your shoes many times, Kevinfred. I think it's true, patients is key. However, I've never been very good and holding off when I see a coin I like. If you've ever been to a Heritage auction (or seen it online) you know that people like us are not uncommon and can drive prices through the roof. Heck we have threads on CT that point out that very fact.
    Still, it seems that every time I bid up a coin I like, or splurge on a 'buy it now' coin that is a bit overpriced, it never fails that soon after the purchase another coin nearly identical, or even a little better gets listed short after. I will then stare at the new coin and fret over how much it will sell for, and what I just overpaid to own it a week or so sooner.
  12. GDJMSP

    GDJMSP Numismatist Moderator

    It might be toning, or it might not. Many Morgans are known for being "frosty", that could explain what you describe as a weird whitish film. But they came that way from the mint.

    Another couple possible explanations are the weird whitish film could be dip residue, or even the result of the coin having been rinsed in acetone.

    Bottom line, if you don't like the look then don't buy the coin. No matter how good of a deal it might seem to be.

    Continue being patient, it'll be worth it. Patience and knowledge are the two most valuable things a collector can have ;)
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