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Toner Premiums remain strong (a Morgan primer via GC)
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<p>[QUOTE="ddddd, post: 26089054, member: 22377"]Any speculation of toner premiums going to zero are premature-at least from my vantage point (there was a thread on the PCGS forum where this was discussed).</p><p>This past Sunday featured some nice toned Morgans that I was following. While I was hoping for some "deals" in my favor, it was not destined to happen. In fact, several coins sold higher than their previous auction appearance. Some were only marginally higher and likely led to a small loss to the seller when considering fees. However, they still cost the new buyer more (and a significant premium over guide). Below I will cover six of the better coins that I was following.</p><p><br /></p><p>1) We start with this 1881-S; it is a gem (65) with nice rainbow colors. The coverage isn't complete enough to consider it a monster but it is a strong coin. Bidders thought so too and took it to 1,800 (with the fee). This coin had sold a whopping four times previously in the 2017 to 2024 time period. The low point was a Legend 2019 sale at $852 and the high was $1,560 at Heritage in November 2024. The GC result was higher than all of those. It does not appear that a lack of "freshness" impacted the bidders.</p><p><br /></p><p>Result vs Guide (using PCGS guide as of 2.24.25): 1,800 vs 185 (9.7x premium)</p><p><a href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1754328%2F1881-S-Morgan-Silver-Dollar-PCGS-MS-65-Toned" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1754328%2F1881-S-Morgan-Silver-Dollar-PCGS-MS-65-Toned" rel="nofollow">https://www.greatcollections.com/Coin/1754328/1881-S-Morgan-Silver-Dollar-PCGS-MS-65-Toned</a></p><p><br /></p><p><img src="https://us.v-cdn.net/6027503/uploads/editor/88/cj0ed03mbc6w.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>2) Next up is a vivid 83-O in MS 64. Again we have nice bright colors but it falls short of monster toning. I think some people might question this one although I'm good with calling it market acceptable. It has sold before: $815.62 in 2017 and $2,306.25 in 2019 (both times at GC). The current 2,531.25 isn't a big increase over the 2019 result (down if we want to account for inflation) but still shows the strong premium has not gone away.</p><p><br /></p><p>Result vs Guide (using PCGS guide as of 2.24.25): 2,531.25 vs 115 (22x premium)</p><p><br /></p><p><a href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756288%2F1883-O-Morgan-Silver-Dollar-PCGS-MS-64-Toned" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756288%2F1883-O-Morgan-Silver-Dollar-PCGS-MS-64-Toned" rel="nofollow">https://www.greatcollections.com/Coin/1756288/1883-O-Morgan-Silver-Dollar-PCGS-MS-64-Toned</a></p><p><br /></p><p><img src="https://us.v-cdn.net/6027503/uploads/editor/31/h5rffgaemqd1.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>3) Our only confirmed drop compared to a previous sale, this 1884-O MS 66 brought 3,150 compared to 3,642.50 at Legend in 2022. It has a hint of textile and color across the entire obverse. This is also a higher grade with CAC approval. It wasn't my favorite among the options (can't quite say why besides it not drawing me in on first impression like some of the others did) but was still a solid coin.</p><p><br /></p><p>Result vs Guide (using PCGS guide as of 2.24.25): 3,150 vs 450 (7x premium)</p><p><br /></p><p><a href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756289%2F1884-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756289%2F1884-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned" rel="nofollow">https://www.greatcollections.com/Coin/1756289/1884-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned</a></p><p><br /></p><p><img src="https://us.v-cdn.net/6027503/uploads/editor/1o/nab3cikkyhcc.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>4) Just short of a gem, this vivid 64+ hammered at well over 4k! I know it used to be in an NGC 64 star slab and I believe it sold on Instagram a few years ago for below the current result (but cannot confirm for certain).</p><p><br /></p><p>Result vs Guide (using PCGS guide as of 2.24.25): 4,443.75 vs 150 (29.6x premium)</p><p><br /></p><p><a href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756292%2F1886-Morgan-Silver-Dollar-PCGS-MS-64-Toned" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756292%2F1886-Morgan-Silver-Dollar-PCGS-MS-64-Toned" rel="nofollow">https://www.greatcollections.com/Coin/1756292/1886-Morgan-Silver-Dollar-PCGS-MS-64-Toned</a></p><p><br /></p><p><img src="https://us.v-cdn.net/6027503/uploads/editor/cv/jxsdj0zydv3r.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>5) This textile toner might border on being a monster. The 63 grade did not scare bidders off and it went for 3,487.50. This beat out its previous GC result of 2,963.12 in 2021 (no TrueView photo back then though as the coin was reholdered in the interim).</p><p><br /></p><p>Result vs Guide (using PCGS guide as of 2.24.25): 3,487.50 vs 90 (38.8x premium)</p><p><br /></p><p><a href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756291%2F1885-O-Morgan-Silver-Dollar-PCGS-MS-63-Toned" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756291%2F1885-O-Morgan-Silver-Dollar-PCGS-MS-63-Toned" rel="nofollow">https://www.greatcollections.com/Coin/1756291/1885-O-Morgan-Silver-Dollar-PCGS-MS-63-Toned</a></p><p><br /></p><p><img src="https://us.v-cdn.net/6027503/uploads/editor/p8/hwocds8e0h8r.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p><br /></p><p>6) Last but not least, is one more that I consider on the brink of being a monster toner (you can probably give it the designation). This 66+ has the right colors plus a cool triangle pattern. It sold for 7,368.75 compared to "only" 4,700 at Legend in 2020.</p><p><br /></p><p>Result vs Guide (using PCGS guide as of 2.24.25): 7,368.75 vs 650 (11.3x premium)</p><p><br /></p><p><a href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756290%2F1885-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned-Roadrunner-Collection" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756290%2F1885-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned-Roadrunner-Collection" rel="nofollow">https://www.greatcollections.com/Coin/1756290/1885-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned-Roadrunner-Collection</a></p><p><br /></p><p><img src="https://us.v-cdn.net/6027503/uploads/editor/uj/higw5drsthdd.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></p><p>And a bonus 7th item...I wanted to get a reverse toner into the mix too. This MS 63 1879-S has full reverse coverage and appears toe be quite vivid. The final price of 1,086.75 was greater than the February 2024 823.50 (also at GC).</p><p><br /></p><p>Result vs Guide (using PCGS guide as of 2.24.25): 1,086.75 vs 100 (10.9x premium)</p><p><br /></p><p><a href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1758869%2F1879-S-Morgan-Silver-Dollar-PCGS-MS-63-Toned" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1758869%2F1879-S-Morgan-Silver-Dollar-PCGS-MS-63-Toned" rel="nofollow">https://www.greatcollections.com/Coin/1758869/1879-S-Morgan-Silver-Dollar-PCGS-MS-63-Toned</a></p><p><br /></p><p><img src="https://us.v-cdn.net/6027503/uploads/editor/yf/io0kpg2h5t3m.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" />[/QUOTE]</p><p><br /></p>
[QUOTE="ddddd, post: 26089054, member: 22377"]Any speculation of toner premiums going to zero are premature-at least from my vantage point (there was a thread on the PCGS forum where this was discussed). This past Sunday featured some nice toned Morgans that I was following. While I was hoping for some "deals" in my favor, it was not destined to happen. In fact, several coins sold higher than their previous auction appearance. Some were only marginally higher and likely led to a small loss to the seller when considering fees. However, they still cost the new buyer more (and a significant premium over guide). Below I will cover six of the better coins that I was following. 1) We start with this 1881-S; it is a gem (65) with nice rainbow colors. The coverage isn't complete enough to consider it a monster but it is a strong coin. Bidders thought so too and took it to 1,800 (with the fee). This coin had sold a whopping four times previously in the 2017 to 2024 time period. The low point was a Legend 2019 sale at $852 and the high was $1,560 at Heritage in November 2024. The GC result was higher than all of those. It does not appear that a lack of "freshness" impacted the bidders. Result vs Guide (using PCGS guide as of 2.24.25): 1,800 vs 185 (9.7x premium) [URL='https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1754328%2F1881-S-Morgan-Silver-Dollar-PCGS-MS-65-Toned']https://www.greatcollections.com/Coin/1754328/1881-S-Morgan-Silver-Dollar-PCGS-MS-65-Toned[/URL] [IMG]https://us.v-cdn.net/6027503/uploads/editor/88/cj0ed03mbc6w.png[/IMG] 2) Next up is a vivid 83-O in MS 64. Again we have nice bright colors but it falls short of monster toning. I think some people might question this one although I'm good with calling it market acceptable. It has sold before: $815.62 in 2017 and $2,306.25 in 2019 (both times at GC). The current 2,531.25 isn't a big increase over the 2019 result (down if we want to account for inflation) but still shows the strong premium has not gone away. Result vs Guide (using PCGS guide as of 2.24.25): 2,531.25 vs 115 (22x premium) [URL='https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756288%2F1883-O-Morgan-Silver-Dollar-PCGS-MS-64-Toned']https://www.greatcollections.com/Coin/1756288/1883-O-Morgan-Silver-Dollar-PCGS-MS-64-Toned[/URL] [IMG]https://us.v-cdn.net/6027503/uploads/editor/31/h5rffgaemqd1.png[/IMG] 3) Our only confirmed drop compared to a previous sale, this 1884-O MS 66 brought 3,150 compared to 3,642.50 at Legend in 2022. It has a hint of textile and color across the entire obverse. This is also a higher grade with CAC approval. It wasn't my favorite among the options (can't quite say why besides it not drawing me in on first impression like some of the others did) but was still a solid coin. Result vs Guide (using PCGS guide as of 2.24.25): 3,150 vs 450 (7x premium) [URL='https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756289%2F1884-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned']https://www.greatcollections.com/Coin/1756289/1884-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned[/URL] [IMG]https://us.v-cdn.net/6027503/uploads/editor/1o/nab3cikkyhcc.png[/IMG] 4) Just short of a gem, this vivid 64+ hammered at well over 4k! I know it used to be in an NGC 64 star slab and I believe it sold on Instagram a few years ago for below the current result (but cannot confirm for certain). Result vs Guide (using PCGS guide as of 2.24.25): 4,443.75 vs 150 (29.6x premium) [URL='https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756292%2F1886-Morgan-Silver-Dollar-PCGS-MS-64-Toned']https://www.greatcollections.com/Coin/1756292/1886-Morgan-Silver-Dollar-PCGS-MS-64-Toned[/URL] [IMG]https://us.v-cdn.net/6027503/uploads/editor/cv/jxsdj0zydv3r.png[/IMG] 5) This textile toner might border on being a monster. The 63 grade did not scare bidders off and it went for 3,487.50. This beat out its previous GC result of 2,963.12 in 2021 (no TrueView photo back then though as the coin was reholdered in the interim). Result vs Guide (using PCGS guide as of 2.24.25): 3,487.50 vs 90 (38.8x premium) [URL='https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756291%2F1885-O-Morgan-Silver-Dollar-PCGS-MS-63-Toned']https://www.greatcollections.com/Coin/1756291/1885-O-Morgan-Silver-Dollar-PCGS-MS-63-Toned[/URL] [IMG]https://us.v-cdn.net/6027503/uploads/editor/p8/hwocds8e0h8r.png[/IMG] 6) Last but not least, is one more that I consider on the brink of being a monster toner (you can probably give it the designation). This 66+ has the right colors plus a cool triangle pattern. It sold for 7,368.75 compared to "only" 4,700 at Legend in 2020. Result vs Guide (using PCGS guide as of 2.24.25): 7,368.75 vs 650 (11.3x premium) [URL='https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1756290%2F1885-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned-Roadrunner-Collection']https://www.greatcollections.com/Coin/1756290/1885-O-Morgan-Silver-Dollar-PCGS-MS-66-CAC-Green-Toned-Roadrunner-Collection[/URL] [IMG]https://us.v-cdn.net/6027503/uploads/editor/uj/higw5drsthdd.png[/IMG] And a bonus 7th item...I wanted to get a reverse toner into the mix too. This MS 63 1879-S has full reverse coverage and appears toe be quite vivid. The final price of 1,086.75 was greater than the February 2024 823.50 (also at GC). Result vs Guide (using PCGS guide as of 2.24.25): 1,086.75 vs 100 (10.9x premium) [URL='https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fwww.greatcollections.com%2FCoin%2F1758869%2F1879-S-Morgan-Silver-Dollar-PCGS-MS-63-Toned']https://www.greatcollections.com/Coin/1758869/1879-S-Morgan-Silver-Dollar-PCGS-MS-63-Toned[/URL] [IMG]https://us.v-cdn.net/6027503/uploads/editor/yf/io0kpg2h5t3m.png[/IMG][/QUOTE]
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Toner Premiums remain strong (a Morgan primer via GC)
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