1893 S Morgan. Details grade for your opinion and would you consider it for your collection?
Vetter
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I know many on here would never consider a details grade coin for their collection and I understand that. With that in mind what are you thoughts on this key date Morgan graded as cleaned Good. Is the cleaning that distracting?
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I'd pass on it. The 93-s is common enough to wait for another one.
It all depends on the price.
It depends on what you want to spend. I've seen low grade and problem examples pop up in the $2K-$3K range.
I'm not too offended by that cleaning, at least it isn't bright and shiny.
If I was making an album set this would be a perfect crack out candidate IMO.
Collector, occasional seller
When you buy a problem coin, you just bought someone else's problem. Why do that?
You can't ask us if the cleaning is that bad. Do you think it is that bad? It may not bother me, but you might hate it.
If the price was right and was cracking it out for a album, I might
Not even close to the worst I've seen, but I'd pass. I'd rather a clean G4 then a netted G6, even if I have to pay a little more. Also the obverse rims from 9:00 to 3:00 almost look like an AG with that scrubbing done, but Liberty doesn't look too bad.
As said previously it’s all about the price. If you buy it right it can act as a stepping stone to a better one when it comes along if you know the pricing and get it for what similar examples bring at open auction or less. If you over pay you will take a hit but the thing is that applies to nicer examples too.
That coin even as is is fairly liquid so figure out the price floor and accept a deal if it makes sense. It is not a bad cleaning in the scheme of things. If the price of better examples is prohibitive this is an excellent strategy to build up. Some of my biggest % wins in the hobby during resale have been on problem coins when bought cheap.
11.5$ Southern Dollars, The little “Big Easy” set
As crypto says, a problem coin is whatever it is -- but if you can get it at the right price, and can unload it for a better example later at hopefully a profit, you'll be OK. Key being to get it cheap enough.
If your on a budget I understand, but I would pass on any coin with an issue, very hard to get rid of down the road, unless you discount it heavily, being that, this coin actually dosnt look that bad.
Pass
Yes
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Don
Only if I insisted on filling every hole in a set but I don't buy "hole fillers" even though I don't insist on the higher or highest quality coins for my sets either.
I can't find a recent sale to match the OP's illustrated coin. The closest I can find is an ANCS AG-3 on eBay which sold for $2499 on January 25th. Heritage also sold a PCGS G-4 for $3120 last September.
I also infer it's an outlier quality wise vs. the rest of the set. I'd rather do without.
Would you like to buy a Ferrari with a salvage title for the same price of one without a salvage title? No.
How about a salvage Ferrari with salvage title that runs and drives for a 25% of the cost of one with a clean title? Tempting.
Typically I would not buy a car with a salvage title. But that doesn't mean that at some price/value I can change my policy on that. That, and of course, my ability to afford a problem-free full-priced car (coin).
If that is what you can afford (not everyone is rich including myself) and want one then yes buy it better to own a rarity and key coin that not.
But if you afford a numerical grade even a G-04 then wait for that. Save up some more if possible and buy a G-06 or VG-08. Again if that is possible in your financial situation.
Just make sure there is no PVC on the coin. It is common enough to wait for an example without PVC. I am not sure your image has any it is hard to tell.
Unless you plan to crack it out then if it does have PVC simply do an acetone bath with pure acetone.
If someone is "stretching" to buy this coin as I infer from the OP, there is a big price difference between a G "details" coin and a G-4 or between a G-4 and G-6 or VG.
Middle ground of buying one now and upgrading to a better one is an option but with noticeable potential "slippage". It's my understanding that common US key date coins (like this one) experienced noticeable proportional price increases a few years ago but that's over for now.
Since this isn't a difficult coin to find except in the absolute highest grades, I'd save up even if it took longer. I infer anyone with the financial means to complete the series can do that, at some point.
Agreed buy the best you can for the moment (for key dates and rarities) or if possible save up and buy a better coin. This coin will not go up in value that fast the buyer will have time to save up if he can financially that is. If not then buy and keep the coin you can afford.
I have a PCGS G04. I held it next to the picture of your coin. At arms length the quality looks similar. When you look close, you can see the differences because of the cleaning.
For me, it would all come down to price.
As for adding it to my collection, I would hold off for a more original one. Even with the OP coin shown, which isn't as bad as some of the ones I've seen straight graded, it will still cost a decent chunk of change. If I were putting out this amount of money for one coin, I would make 100% sure that I'd be happy with it and to never question myself ever about my purchase.. JMO
Looks okay to me as a lightly cleaned circ coin.
The question would be, how much are you saving by buying this coin instead of a straight grade G-4 ?
30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!
The obv appears to be harshly cleaned and then artificially toned over to cover the Brillo like hairlines. So that is the problem for me and one which you would inherit too. If that fact doesn't turn you off then go for it assuming a heavily discounted price because when you go to sell the buyer will want the same large net pricing
That’s harsh all around, it looks like slide marks and of the period at that what ever they are, not a Brillo and the toning looks fine.
Discounts are volatile and different at different markets. Actions vs retail vs wholesale. As the market tries to dynamically correlate the imperfection to the discount, opinions will vary. If you catch right coin with the right problem in the right venue and know your pricing, opportunities will present them self no different than nice coins do with their pricing spectrum.
11.5$ Southern Dollars, The little “Big Easy” set
If you aren't sure, pass! You will have a problem coin that will be a problem coin when you go to sell it.
You could very well be right, I tried to blow up the image but I had some difficulty discerning the surfaces clearly off the op's photo.I am very suspect when I see an obviously cleaned and at the same time early toned large silver coin in this money takes all environment that we find ourselves living in
If it doesn’t bother you and price is right I say buy it.
I don’t collect Morgan’s but that one actually has pretty good eye appeal. If I did collect Morgan’s I might be interested in this coin if the price is good.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
It is a dog coin. It’s unsuitable for inventory. Cleaning marks very obvious. Just start it at 99c on the bay and let her rip. Just think you could put that money in a CACG coin.
I would pass. These are available despite the low mintage. Waiting will likely get you a straight graded piece within your budget.
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If you look at the numbers the 1893-s population is large, but because every Morgan collector needs one and there are a ton of Morgan collectors the price is ridiculously high even though it ain't rare in the least
Yes, it’s distracting. I don’t buy problem coins, especially, in lower grades.
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My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Agree, plus many of the survivors are dogs, the numbers of nice original 93S are smaller then any pop report reflects. One of the highest details net-graded Morgans there is. Agree with others, not the worse & if the price is right, <$2K, might be worth buying since it would have limited downside risk.
I think the cleaning might be all you see.
Not for me, unless at a ridiculously low price.
You either didn't read the OP or missed the point entirely.
The OP didn't claim to own the coin. The OP presumably is asking about this coin because they either can't afford or don't want to spend more for a better 1893-S to complete their Morgan dollar set. The OP didn't give any indication of being a dealer or caring whether it's suitable for inventory.
Pass. If I’m going to spend big money on that date, it has to be on my terms for the condition it’s in. Cleaned or details grades don’t cut it for me. I’d rather wait and save more money for that date & mint mark.
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For me, this cleaning is distracting and I would pass.
Joe.
No and let me explain why- While it is best to have an 1893-s in a holder just for authentication purposes and resale, there are many slabbed examples to choose from. The 1893-s not as rare as collectors think. And it is the demand that creates the price spread at all grade levels. One must be patient in selecting this date.
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Perhaps you don’t understand his posting style yet, but it doesn’t involve reading the OP, or giving advice relevant to the topic at hand.
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I have ALWAYS found that when I have bought (I don't do this anymore) a problem coin in low grade and with major issues it has never worked out for me and it felt like I was always the last one standing when the music stopped. Now I am patient and will always wait for the right one to come along and pass on the problem ones
I always felt if you need a second opinion, enough doubt to purchase is probably already in your thoughts. Kind of like asking others to convince you of an already doubtful purchase.
Not for me at any price.........
Mike
My Indians
Danco Set
Go for the wholesome original look. The 93-S is rather harder to come by though when searching for one with this criteria. Hold out for "that one" and sooner or later you'll find it. Too much $ to put out for just an average example of this date.
@LeeBone
That is a very nice F15/VF20 example of an original 93-S. Thanks for sharing.