I recently picked up this Morgan at an LCS where I paid a lot less than what an MS64 in a first world holder would be worth. I’m not much into Morgans but the toning on this one caught my eye, along with the older slab. I was hoping to get some feedback, including: 1. Would this toning be considered market acceptable at PCGS/NGC? 2. Does the toning carry a premium? 3. Would crossing this common date coin to PCGS/NGC be value added? It seems the 64 grade is a stretch with the amount of marks but perhaps a new slab even at a lower grade would give legitimacy to the toning?
First of all, this is the later PCI green slab that isn't highly regarded (new owners were trying to capitalize off the old fairly conservative green PCI slab era but luckily didn't copy the old slab correctly)
As far as the questions: 1) It looks market acceptable to me; nothing about the color screams AT. Some of the toning might be from the label as many PCI holders were known to cause the coin to tone inside (most evident on silver Eagles that say 100% white on the label). 2) Someone might like it and I think you could get a small premium. As a toned Morgan collector, I'm not the biggest fan and wouldn't personally pay up for this coin (but again that does not mean someone else in the market for toners wouldn't pay up). 3) I see no benefit of crossing it. You will spend $25-$35 (if subbed with other coins; a lot more if subbed by itself) and have no guarantee that it crosses. Even if it did at grade, I don't see anyone paying that much more for it. Left as is, you are just as likely to find a buyer that wants one of these holders for their collection as someone that would buy it for the toning.
This lines up with what I have read about PCI. In fact, I saw one with a gold label in the same dealer’s case this one was in and remember avoiding it because I knew it was a basement slab. At least the dealer wasn’t trying to get PCGS money for my coin or the gold labeled one. Sometime I’d like to have one of their original photo slabs.
It is definitely market acceptable toning. I would not call it premium toning, but it is certainly attractive enough. As regards grade, I think it is accurately graded at MS 63-64. I would see no reason for sending it to PCGS or NGC. Leave it just as it is, IMO.
I like the color myself, not enough to pay a premium. I certainly would not agree with the grading on it. If what I am seeing on the obverse is bag marks and not some odd splotchy toning, I would call it a 62. If I purchased the coin, I would not try to cross it. I'd probably crack it out of that holder and put it in my own blank slab to protect it and keep it raw. I think that holder only brings more questions than it would if it was not it. But, that's just my opinion.
