Does anyone understand this auction result?

U1chicago

Does anyone have an idea of why this toned Morgan brought such a strong result?
The color is on the darker end; the holder is not rare, and the sticker is only green.
5 bidders were willing to go at least 2,000 before fees. So it wasn't just two people that really wanted the coin.

Cougar1978

No - Another zany auc result. Guy must be real rich. Perhaps a qtr moon shaped tarnished coin for his GF. How did the tarnish get that dark, shape? It badly needs a dip. I think the bright part of the coin covered by another coin (hence the curvature) , the part exposed to the atmosphere tarnished (decades). Who knows could have in a box in garage for decades.

In terms of it being bid up - toner craze. Bid war. A huge bonanza for the seller. The buyer - end user.

MasonG

@U1chicago said:
5 bidders were willing to go at least 2,000 before fees. So it wasn't just two people that really wanted the coin.

More than two people really wanted the coin then. I couldn't say why that might be so, you'd have to ask them.

RedRocket

There is a niche collector base seeking out Morgan dollars with this exact type of toning. Another Morgan rests on top of this one allowing the toning to take on this specific 'look'.
Apparently, the type of collectors looking for this landed on this listing and were willing to place whatever bid(s) necessary to win.

coinkat

It really does not matter what I may think. I suspect it might have something to do with the sharp quarter moon contrast. And perhaps the color is more vibrant in hand. This is a coin that I like but but it would not register at that dollar level given my collecting priorities.

RedRocket

If someone makes 10X what you do it is a $351. coin to them.

(This Morgan presents well. Great holder, in pristine condition. Stickered. Gem surfaces.)

david3142

Toned Morgan collector here: I saw that one and am similarly baffled. I would think that’s a $400-$600 coin. It’s an old holder and stickered but it’s not an early rattler or something where the holder should add that much. The contrast is unusually stark, which I suppose is interesting. Grade-wise it looks like at least a solid 65 to me (and probably even better) but it only has a green sticker. And even if it did have a gold sticker (or grade 66) that result still seems high. I own this one that has more vivid color covering more of the coin’s surface and I wouldn’t have valued it anywhere near what the 84-O sold for:

SeattleSlammer

A cool toner given the very crisp crescent and green/green combo. But it’s a $500 max toner to my eye given the grade. Don’t know why it went bananas. 🤷🏼‍♂️

Walkerfan

It deserves a premium, but not an ultra-galactic one! I’m sure the sticker and the OGH played a role..

Based on the images, it’s much too dark for me.

Barndog

I don’t collect those, but I think that Coin is gorgeous so whoever wanted it probably thought the same

Coin Finder

Not for me but could be the excitement and passion of the coin auction got the better of two or three bidders. Have looked at GC to see how the bids fell in time?

Dave99B

Ahhh…the beauty of auctions. It only takes two. Beautiful Morgan.

Dave

scubafuel

My guess is that It sold for a premium because it’s really cool and striking. That level of contrast is really unusual.

TomB

I had this coin on my watchlist at GC and would have paid $1k for it if it stayed in that range. Additionally, if the reverse were either a more even shade of white or a little more attractively toned I would have gone higher.

It's not a rare coin and it's not a rare holder and it's not a rare sticker, but the strength and cleanliness of the line of the arc on the obverse paired with the dramatic nature of the toned vs. untoned areas on the obverse make it exceptionally attractive and eye catching if you like that kind of appearance. In my opinion this is an example of a coin being worth more than the sum of its parts.

dcarr

I think with different lighting, the dark area might appear more vibrant blue/purple. If so, that would make a big difference in the price, of course.

Also, would anyone pay a premium for a holder with the greenish silicone rubber retaining ring ?

MsMorrisine

i have never heard of a discolored ring premium

Rampage

For that price, I could buy almost half of an MS63 1879-CC Morgan.

BillJones

Toner madness, but if they want to spend there money on that, it might leave more opportunities to buy really interesting coins.

MEJ7070

Data point number 7432 suggesting Great Collections is a superb option for selling coins.

U1chicago

@dcarr said:
I think with different lighting, the dark area might appear more vibrant blue/purple. If so, that would make a big difference in the price, of course.

Also, would anyone pay a premium for a holder with the greenish silicone rubber retaining ring ?

I’m not as convinced. GC does a solid job of showing a coin accurately and the Great Photos (the non slab photo) tend to use the needed angle/light to bring out the best of a toner.

U1chicago

@david3142 said:
Toned Morgan collector here: I saw that one and am similarly baffled. I would think that’s a $400-$600 coin. It’s an old holder and stickered but it’s not an early rattler or something where the holder should add that much. The contrast is unusually stark, which I suppose is interesting. Grade-wise it looks like at least a solid 65 to me (and probably even better) but it only has a green sticker. And even if it did have a gold sticker (or grade 66) that result still seems high. I own this one that has more vivid color covering more of the coin’s surface and I wouldn’t have valued it anywhere near what the 84-O sold for:

That was my thought process as well. It is interesting overall but just not 3k+ interesting. You start approaching some higher end/borderline monster toners in that price range and this coin does not fall into that category.

And I would expect your example to sell for more if both were placed in the same auction (but I would not guess either would come close to 3k).

1madman

Isn’t that black terminal toning an overall negative for a coin? I’d argue this coin should’ve sold at a discount rather than a premium.

I suspect this will be one of those coins where it’s resold within a year and the next sale result will be dramatically less.

Copperindian

While I can’t comment on the wisdom of the purchase (to each his own, right?), I can understand why this coin might bring “moon” $$$, while the one below did not:

The coin depicted was one I sold years ago. I recall it brought a small premium but nothing great like the “OP” coin.
“My” coin did not have the sharp toning outline like this one (refer to @TomB comment above). Plus, there was no subtle reverse toning like the “OP” coin.
Moreover, “my” coin was sold even before anyone knew of CAC. And, as @dcarr mentioned, GC’s photos will show the coin in a favorable light. I had no such skill years ago, not even close. I still don’t!

johnny9434

something not for me, jmo

Proofmorgan

I think the crisp line on the crescent makes it somewhat unique. That and the old holder, undergrade, and sticker likely contribute. Anecdotal evidence suggests that GC is a really strong venue for nicely toned coins. I have seen this from coins I've sold, as well as, coins I've sold at other venues that ended up on GC later on and sold for much more.

The whole collection of fresh OGH and Fatty coins that was recently sold went for very strong money....as you would come to expect when 30-40 year old collections come to market.

bammbamm

Results such as this tells me it might be a good time to consign my toned Morgans to GC.

BLUEJAYWAY

Bidders must of got into a bidding frenzy on the night of a full moon chasing this crescent piece. Strange things happen on those nights ruled by Luna. Could call it moon money for a crescent.😀

U1chicago

@TomB said:
I had this coin on my watchlist at GC and would have paid $1k for it if it stayed in that range. Additionally, if the reverse were either a more even shade of white or a little more attractively toned I would have gone higher.

It's not a rare coin and it's not a rare holder and it's not a rare sticker, but the strength and cleanliness of the line of the arc on the obverse paired with the dramatic nature of the toned vs. untoned areas on the obverse make it exceptionally attractive and eye catching if you like that kind of appearance. In my opinion this is an example of a coin being worth more than the sum of its parts.

I can see your perspective as the total package is interesting. And while I think 1K is above what I would expect, that price would not have shocked me.

U1chicago

@Copperindian said:
While I can’t comment on the wisdom of the purchase (to each his own, right?), I can understand why this coin might bring “moon” $$$, while the one below did not:

The coin depicted was one I sold years ago. I recall it brought a small premium but nothing great like the “OP” coin.
“My” coin did not have the sharp toning outline like this one (refer to @TomB comment above). Plus, there was no subtle reverse toning like the “OP” coin.
Moreover, “my” coin was sold even before anyone knew of CAC. And, as @dcarr mentioned, GC’s photos will show the coin in a favorable light. I had no such skill years ago, not even close. I still don’t!

Around 10 years ago, the more generic toners had small premiums. I would see $20-$30 premiums above untoned quite frequently. Nowadays even the lightly toned examples tend to bring quite above average untoned prices. Your example is nice and is a less common date for color. I am not surprised the premium was modest in the past but I would guess it would bring a solid premium today.

ElmerFusterpuck

Had this coin on my watchlist, since I'm looking for arc toners for my coin clock project. I already have a nice 3 o'clock toner like this, but watched it for fun. I'm pretty shocked at the price, but the seller must be happy.

I just need an arc like this in the 8 o'clock position, my last slot. But probably not for moon money.

MasonG

Another example of "People who pay way more money for coins than normal people think is sane are surprised that other people pay way more money for coins than they think is sane."

coinbuf

I find the coin very unattractive, why it sold for that will remain a mystery for me.

nags

It seems to me that the photo has a ton of light. My guess is that in hand the toning is extremely dark, possibly terminal.

Acarroll

@1madman said:
Isn’t that black terminal toning an overall negative for a coin? I’d argue this coin should’ve sold at a discount rather than a premium.

I suspect this will be one of those coins where it’s resold within a year and the next sale result will be dramatically less.

From what I've gathered, black toning isn't necessarily a negative, as long as it's glossy and you can see luster underneath.

BillJones

I don't even like the coin which started this thread because the toning has gone too far. It's close to a step away from dull, dead, terminal black.

cameonut2011

There are people that like darker shades that have not reached terminal toning. Two of them likely ended up in a bidding war. I use to collect toned coins, but I would have zero interest in this coin as it is too dark for my taste.

291fifth

Odd toning with a fingerprint hiding in the toned area. Worth a big premium? Not to me.

breakdown

It is a Morgan and it has vibrant, uncommon toning (which in this case may or may not appeal to an individual collector). Significant deviation range for price is therefore chasm-like.

blitzdude

Needs cracked and dipped IMO. Rid her of the nasty. Personally I would have paid about $75 including BP. RGDS!