My friend brought a Morgan Dollar into work today and asked me how much I thought it was worth. I was telling him about the toned coin discussion we had here and he told me he had several morgans that were given to him by his father and one was toned in such a way. He brought it in today and I am not a big fan of Morgans (ugly manly woman and less than regal looking eagle) but this one is quite attractive. It is 1882 with no mint mark (philly)...there is no real wear that I can see so I believe it is uncirculated...one tiny scratch on the obverse...all details are crisp and clear...and it is toned dark around the edges, goldish in the middle with blues and purples in a circular pattern (not terribly bright colors but very evident). He is wanting to know the value and with most world coins I could easily give him a value but I know American coin collectors are a lot more "nitpicky" and prefer to catagorize something as MS whatever and since I dont really do that, I wouldnt know as I would just grade it a very attractive FDC so I think it would grade pretty high. As for the toning...he has had the coin for close 50 years and cannot remember if it had this toning when he got it...either way, he did nothing to try to tone it and wouldnt know how if he wanted to (he isnt into coins but is curious as to the value) I am going to try and get a photo of it today and post it....thanks.
Well, now that I look at it in a photo (which isnt that great...sorry) I am thinking its not as high quality as I thought it was as I can see some more scratches than I noticed in hand...what do you think?
The 1887 philly's aren't particularly valuable coins. I'm not good enough at grading Morgans yet, so I won't even take a guess. I guess a bigger question is whether or not someone into toned coins is willing to pay more for it.
I know morgans from this mint and date arent very rare but I know the price goes up a bit the higher the grade and thats what I am wondering...I dont want to quote him way too low or high ( I am not buying it BTW)...a rough grade estimate is all I am looking for from someone who know a bit better about these (with the understanding that the photo isnt the best)...I was thinking it would be MS something...
Wholesale value, selling to a dealer for cash is about $12 (or just a bit above melt value). Retail value (what a dealer will ask for the coin) might be all over the map. Typical retail at an average dealer might be $35 to $50, but at a dealer that specializes in toners he/she might mark it up to $100 or more and hope for a fish to bite. Though that doesn't mean the coin will ever sell for that higher price. It looks MS63 or so, the reverse looks a bit funky, the way the toning frames the neck and head of the eagle, so it may not certify. From those pics, impossible to determine a precise grade. Certification would help the value if it grades MS65 or better. That is a slim possibility because less than 10% of random uncirculated Morgans will go MS65 or better, but at the higher grade, it would retail for $200+. So I gave a range of $10 to $12 all way up to $200--not much use I know, but a lot depends on where the coin is being sold, who is doing the selling and who is doing the buying, and also the possible certified grade (which is impossible to determine from those pics).
okay, thanks for the educated guess...My guess was similar to yours, low MS-60's and told him I thought it was probably worth well under 100 USD but I judge a coin by these grading standards so seldom I am not the best person to ask. As for the toning...there is no doubt that no one purposefully toned this coin as the current owner has had it wrapped in a paper towel and stored in a jar for almost 50 years (which IMO probably caused the toning)...he cant remember if it was toned like this when he got it as he was a kid then and wasnt that interested and the previous owner (his father) certainly didn't do anything to it. I know that means very little to anyone looking to buy (he isnt selling it, just wondering it value). He has a handful of other morgans given to him by his father but this is the only one toned in this way, the others are blackish toned. Nice looking coin for a Morgan regardless of the value and if anyone else has any other opinions, I am interested...thanks
I like the coin, but can't really tell the grade from the angled photos. That said, the cheek looks very clean, so I suspect the coin is at least a 64 and maybe higher. If I were the owner of the coin and I wanted to ascertain the grade/value, I would send it to PCGS or NGC -- in this case I think the cost of grading could be worth it.
I think the coin has some very light wear on the reverse, but I suspect a TPG would grade it MS anyway. What would hurt it grade wise IMO is that the luster doesn't show through the toning well. But personally, I like the coin a lot. And Mike, I told you I'd point one out when I saw it, well there it is. I believe that coin to be NT all the way, and it doesn't follow the color progression everywhere.
