1921-s Prooflike (PL) Morgan Dollar Sold on Heritage tonight

ProofCollection

The 1921-s Morgan is almost impossible to find in PL or DMPL. There are just 8 in PL and none in DMPL graded by PCGS. Amazingly, 2 have been to auction in the last month.
This MS61PL sold tonight. Kudos to anyone lucky enough to grab it. It is the bottom PL coin with a pop of just 1.

https://coins.ha.com/itm/morgan-dollars/1921-s-1-ms61-prooflike-pcgs/a/1372-3404.s?ic2=mybidspage-lotlinks-12202013&tab=MyBids-101116
It has a PCGS guide price of $5250 and greysheet retail of $6250. But I realize because these trade so rarely, these are only estimates. It was at the top of my list of next coins to acquire. I was probably naïve but I was prepared to stretch my coin budget to $12k. If successful, this would be the most expensive coin I've ever purchased. Unfortunately the bidding ripped past me to settle at $15.6k total. I have a feeling that even if I bid more than this the actual buyer was prepared to go higher. Oh well, you can't win them all. I found this interesting though as the DT Miller sale a month ago an MS64PL sold for $19.2k:

https://coins.ha.com/itm/morgan-dollars/1921-s-1-ms64-prooflike-pcgs/a/1371-4704.s?ic2=mybidspage-lotlinks-12202013&tab=MyBids-101116
Based on this I thought for sure $12k would be good enough for an MS61PL.
I admit I really like the look of this MS61, as probably did the other bidders. As far as 61's go, it is pretty attractive. But I do feel it's accurately graded. It's not in a shield holder so it was graded at least a few years ago. I feel it is accurately graded at 61 but maybe a 10-20% shot at MS62 on a good day at PCGS. While people like winesteven would assume this one has been to CAC, I would definitely give it a shot had I won and I think it would have a good shot at a sticker. Mirrors are hard to judge but the deep dark blue in the fields tell me this one had good/great mirrors. Maybe that's why it went for what it did?

Comparing the two I would have been thrilled to own the MS61PL for $12k, but rather than $15.6k I would have rather go back and pick up the MS64PL for $20k, assuming that the next bid would win it. I'd be curious to try a restoration to clean up the haze and crust on that 64PL but I have a feeling it's as good as it will get.

sweetwilliet

I too watched that coin, had thoughts of bidding, but went above my budget as well.

TomB

I'm going to guess, and this is just a guess, but the fact these are so scarce and one went off a month ago left the folks who missed out on that coin with extra incentive to get this coin even if it didn't feel like value or "a bargain". Regardless, I would have thought your $12k bid had a decent chance of winning prior to the auction, as well.

1madman

I think there’s a higher chance this coin would slip into the AU grades versus going up to a 62 if cracked and submitted raw. Consider yourself lucky you didn’t end up paying 2-3x price guide for this example.