Well... it closed at $391. I think a fair price for this coin, based on Heritage sales, would have been in the $200 - $250 range. That is where toned 66s of this date have previously sold. But, as I mentioned, this particular seller is very well known and very popular, especially on the PCGS forum. He has a very strong following, and his auctions routinely sell for a strong premium. I'm not terribly surprised by this result, although I certainly would not have paid it myself.
This is an interesting coin as it sold for over $2,000 the first time around. The first photo from the second sale was not there initially and there was no mention of it being dull straight on. It appears that the buyer returned it and then the photo and description was changed to be more in line with what the coin looked like in reality. First auction: Second try:
I was watching it the first time around and thought it had potential (it looks like I wasn't the only one). The generous return policy must have made people feel safe enough to bid high the first time around. I wouldn't be surprised if this coin pops up again and resells for more than the ~$400 from the second auction.
It’s amazing what lighting and photo angles will do. The coin looked pretty good in the first auction photo. I can only imagine what the buyer though when he received the coin in hand. I wouldn’t buy the coin either way as I don’t do Morgans with or without toning. Reed