Newp: 1886-O Morgan DMPL
Picked up this coin in the latest Heritage auction that I'm a little excited about and thought would be a fun analysis for the forum. I've been working on my PL/DMPL Morgan set for over 10 years and recently got motivated to put some money and effort into upgrading the set closer to my goal grades, as I am now of the opinion that rare coins are about to have "their day" and prices will only continue to rise. This is a big purchase for me, but I'm at the point where I need to start buying the tough ones when the opportunity arises. Sale price with premium was $7200.
Greysheet Retail: $8120
Greysheet Whls: $6500
PCGS Guide: $4500
On one hand, I think I got a great deal, but on the other, I know I paid market value because this a fair open auction and the market set the price I paid. I was surprised it didn't go higher in this coin environment. But is this date and grade a "sleeper" due for some real appreciation? Or is a 61 DMPL perhaps just too gnarly for most collectors (who may avoid coins in the low 60's)? In my case, it's about the best 86-O DMPL coin I could ever hope to afford.
I'm curious on thoughts about the lines in the field on the reverse. Die polish lines or scrapes? They aren't that visible in the slab pic.
The 1886-O is a better date in Uncirculated condition, and it is famously one of the rarest dates in the Morgan dollar series with Prooflike or Deep Mirror Prooflike surfaces. This example displays brilliant luster with scattered abrasions pursuant to the grade, but the level of stark contrast produces ample eye appeal. A touch of central strike softness reminds the viewer that this is a New Orleans production.
The 2 Morgan Prooflike registry sets do NOT require PL or DMPL for 1886-O. I wonder how much if any this hurts the value?
Overall, this coin is rare in MS states as almost all coins were placed into circulation.
_Pop Report: _
Only 15 DMPL and 9 PL!
Only 3 DMPLs auctioned in the past 10 years. If you ever find one, you HAVE to grab it...
And only 2 PL's:
This one was Gold-Shield graded before TrueView was included so there is no TV. Grade is accurate IMO.
Anyone have any opinions on whether it would CAC?
PS... I will be selling my 1886-O MS61 (non-PL) soon. Let me know if interested.