Here's a photo of my first graded coin purchase. I sold 3 common date Morgans in lesser grades (in my collection, I already had examples of these dates in better grades). I used the $60 to buy this coin, an original PCGS "Rattler". The 1881-S is a common date..but being my first graded coin..it's special to me.
It's the benchmark company for grading.. PCGS. This is one of their original holders back in the day when dot matrix printers ruled the world.. The slang term for this type of holder is "rattler", because there's enough side play in the holder for the coin to rattle around.
I don't know if I'd say they are the sole "benchmark" as NGC is just as good IMHO. Based on the obverse I think it would. Now, a picture of the reverse is needed...but the coin has the typical excellent 1881-S strike and the fields are very clean. I don't see any noticeable hits to Liberty's cheek either. But, the photo is small. If the reverse is the same though...I could see this coin gaining a point.
A couple of weeks ago I was at ANA Headquarters when a guy happened by with an 1894-S Morgan that he wanted grade opinions on. He had the grade covered but it was in an OGH. I looked it over and thought it was a solid 64 with a remote shot at 65. He peeled off the sticker covering the grade to reveal MS-61. I'm sure he paid more than 61 money for the coin but that is a pretty serious jump in price from 61 to 64 for that coin. So . . . your coin may have a legitimate shot at a bump. Let us know how it turns out.
Interesting question by yourself and Hobo on possibility my coin could grade higher.. First, as far as "benchmarks" I see PCGS mentioned more often..maybe their profile is higher than NGC. What matters of course, is how they are regarded by collectors. In both cases, I believe collectors think highly of both companies. I understand that PCGS were very strict in their early years and as a result, frequently coins were undergraded in the original "rattler" holders. To break this coin out of its slab, I would require the opinions of several experienced collectors telling me that it had a high probability of attaining a higher grade. Even then, I might not do it if it meant going from MS-64 to MS-65. While I was at the show, I saw a Carson City (can't remember the date) Morgan that was a MS-66. Other than itty-bitty imperfections, there were no breaks in the luster on both sides of this coin. I almost drooled on the slab looking at this coin. I am 99% sure my coin would not attain this grade. As far as my coin goes, the reverse is if anything cleaner than than the obverse. Both sides have a deep prooflike luster. I'll try putting a few more pictures on this thread tomorrow. Thanks for your comments.
If you want to know how the collectors on this forum regard both PCGS & NGC, take a look at the poll in this thread and be careful not to drink the kool-aid. http://www.cointalk.com/forum/t49474/ Now to the coin. I really think we need some closeup photos, but from the photo in the OP, that coin looks very good for an MS64.
I just got a quick question...these rattlers...is there now wear on the top edges along the obverse and reverse sides? Obviously a design flaw..but just wondering....
Sadly, I think they were graded correctly, and things went from there to "Market grading" and grade inflation. Same as in academic where "everyone is much better than average". PCGS however, is not the only one, the same is true for early ANACS and NCG coins. I have found that many old PCI coins would upgrade to higher current PCGS. Unfortunately, this information is now well known and fewer upgradeable "Rattlers" are available for "grade" prices than before. Jim
Well..here are some closeup photos..I don't think I'll be breaking it out of the slab..could it be that down the road having the coin in an original PCGS holder could add a premium?
Hard to tell..I was wondering the same thing. If you look at the cheek of Liberty, I was wondering if the breaks in the luster here were from the coin jiggling back & forth. Liberty's cheek is the highest point on the obverse.
I wasn't offering an opinion on which grading service was better..I'm not experienced enough to know. I just think their name recognition and "brand" is the most recognizable. I posted closeups today back a few posts. Thanks for your comments.
I think you're right about the creeping grade inflation. It does help push prices up... That's one reason I'm thinking of keeping it in this slab. In the long run, it may add credibility to the grade and if there are fewer original holders around due to all the coins being busted out for possible upgrades, the holder itself might add a premium to the price due to its rarity. At the end of the day however, this is a pretty common date for a Morgan..so it's never going to finance my retirement!
