My newest Morgan

After getting the 1878 7tf coin with the slanted arrow feather, I decided I also wanted the 8tf with the slanted arrow feather. But my dealer only had it with the parallel feather, so I bought it. But I think I paid too much at $50 with the condition it's in. What do you think?


I need to know how best to clean it, too.

 

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This is going to sound harsh, but you need to hear it. It’s up to you if you listen. I think you need to stop buying coins until you learn enough about them to know if the purchase was worth it. The edges tell me this was once a jewelry piece mounted in something. The holes on the right side 3 o’clock of both sides are also concerning. I have it at VF30 details. If you can take it back, do so. If you can’t, it’ll be a learning piece for you as you grow with the hobby. Save your money and spend it on a book or two and really get to learn about Morgan’s before buying them raw.

 

NO CLEANING!

 

What @Seattlite86 said is good advice. I started out buying raw Morgans, hoping for scores, and quickly figured out that sellers' photography skills usually trump my untrained eye. So for the moment, only graded coins for me, and I think it's ideal to stick with one company, for consistency's sake. With a "lesser" series, i.e. Franklins, I like to have everything raw, as even relatively high graded coins are not uber expensive. If I'm going to pay over 150$ for a coin, it'd better have been looked at by someone more knowledgable than I.

 

Excellent advice from @Seattlite86

I’ll take it a step further. Until you know much more, buy slabbed coins. Otherwise you are fated to pay too much for altered, cleaned, counterfeit and other assorted junk.

 

Now that the frost has melted from Seattlite86's reply, I have a couple of points to make. See, I post these coins to get feedback from those with more expertise than me. I have the books, like Bowers' book on Morgans, another on both Peace and Morgan dollars, and both the Red and Blue books. If there are other books out there that talk about what was pointed out, I'd like to know about them. And I don't have the money to buy slabbed coins, and any coin worth being slabbed is worth more than I, being on a fixed income, can afford.

I have looked again at the coin, and although I see a dimple at the three o'clock position on the obverse, the reverse shows a mark of some kind that, if it was in a holder, is a bit further from the rim than the other one on the obverse. As for the rim, I see nothing there that indicates anything other than it being a rim. Once again, if there is a book out there that talks about this indicator, please let me know and I won't be bothering you all. Otherwise, do me a favor and explain what you see instead of brushing me off. I'm here to learn what isn't in the books.

 

What? You mean a simple soak in acetone is forbidden?

 

If you are willing to buy common dates, you do have the money. Time was these coins could be bulk graded at bargain prices, and they are out there.

Maybe you should try to find some local shows. When you buy on the Internet on places like eBay, the seller has a lot of commission overhead that he has to pass on to you.

I confess that I'm not in that market, but when I was dealer, I'd buy them, when a dealer wanted to "blow them out" and I'd made a few bucks when they disappeared, usually within a show or two. I was more than happy to make small gross margins on a "quick flip."

I don't think that you need any more books. The references you cited are more than adequate.

 

Acetone does not cause hairlines. The piece you have has been worked over with something well beyond acetone.

 

OK. Consider this idea. I assume your budget had room for a $50 purchase. Over what time frame is that? For example, if you set aside $50 a month for coin purchases, wait a couple of additional months. According to the CDN price guide, an AU58 in that coin comes in just under $150. You won’t collect as fast, but you will be able to buy some nice circulated Morgans.

VF30 and VF35 run around $100.

Does that help? A lot of collectors do precisely that.

 

When I was young collector in the 1970s, I used to put aside $200 a month. I had a full time salaried job, of course, in Boston. When the big shows came along, I'd go shopping. There was also a bid wall in Boston that came up with wonderful items. One of the first coins that I purchased is my avatar. Here it is total.



I only bought a couple big coins a year back then, and it took a long time to build my collection, but now I've got some good material.

 

You ask for feedback, and feedback you have received. If it stings a bit to hear the truth, that's part of the learning. What @Seattlite86 said is sound advice.

When I read this, I jumped on cheapslabs.com and did a quick sort. There's PCGS graded mint state Morgans to be had on there for $42. I think you need to slow down and not impulse buy. Most of the people on this forum share their knowledge in the hopes that new collectors do not make the same mistakes.

 

That coin has many signs of a bad encounter with silver polish. A friend of mine destroyed some nice circulated Morgan and Peace dollars with it.

 

The only reason for me to purchase a Morgan in this condition would be if it were a rare variety. Being it's an A2 reverse it is not a valuable variety.

 

I haven’t brushed you off, just given you “what I think”. I did say it would sound harsh, because I knew it would. If you want more details, here are some photos. I see hairlines, which tell me it’s been cleaned. So does the fact that there are darker areas in the recessed areas of the coin, it it’s lighter and cleaner on the raised and flat surfaces. The rims have a lot of hits, which looks like it was a jewelry piece, but could also simply be from being mishandled. Either way, I would think the rims would prevent a straight grade. But so would the rust? or whatever discoloration is there. There are lots of divots and scratches. Let’s also not forget the gunk that has not been cleaned off on the edges of the coin. I see this as a details coin and would have passed. I am sorry for offending you, but subtlety isn’t my strong suit and this coin is a problem coin. My advice entails learning coins instead of spending money just because you have it. My monthly coin budget is $50. I have to save several months for something really nice. I would not waste money on a details coin just to buy one. Save your money, bide your time, and get something you’ll be proud of 5 years from now. I can count on one hand the number of coins I’ve bought 5 years ago (with a HUGE coin budget) that I’m still proud of. Most of the others are problem coins I’ll never recoup my money from. I’m just trying to save you from that route. If you have more questions, please ask.

 

The glossy gray surfaces indicate that this coin has been cleaned. It also looks like someone beat the obverse with the edge of another coin. Unfortunately, this coin is VF details at best.

 

This is what happens when you settle to fill a hole or go “yes...but” with a coin. If it is not something you really want, then you will regret your purchase. Because you have the money to spend does not mean you have to spend it. Be a lot pickier about what you buy, and you will find yourself not regretting purchases.

 

I do go to local shows. I have yet to buy online, and doubt I ever will.

 

My time frame is like two months. But this time I had been saving for about four months, which allowed me to buy the 1878 7tf Morgan I posted recently.