Opinions of Peace Dollar Requested

Tassa

Last week my employer must have noticed that I was reading an issue of "Coin World." He later asked a coworker if they knew whether or not I collected or knew anything about coins.
Apparently he had about 300 or so Morgan and Peace dollars that his father had left him. His dad was not a collector, but purchased silver coins as an investment. Unfortunately, he purchased them a little over twenty years ago when silver was somewhere around $50/ounce.
Today he brought the coins with him and asked if I could take a look at them. I told him I'd be happy too, but with that many, it might take a while. He told me I could take them home. He left them at the front desk and when I returned, another employee was picking through them and rolling them around on the desk. Then she said she was going to sort them out by date and try to clean them so that they'd look better. My boss was standing right there when she said it, and probably wouldn't have objected to the idea. I think I startled her when I shouted "Noooo!" Hopefully, I didn't offend her. I explained to her that cleaning a coin was one of the worst things you could do to it.
Well, I get the three boxes of coins home tonight and start going through them. Most were common dates ranging from VF-AU condition.
Near the bottom of the first box I spot a bright one. It appeared to be a 1921-D PL Morgan. I set it aside and start on the second box. More common dates. Then I spotted what appears to be a 1928 Peace dollar in better condition than most of the other coins I'd handled tonight.
Here is a picture of it. I'm not sure why the word "Peace" on the reverse doesn't show clearly in the picture, it does on the coin.




I've set this coin aside, also.
Peace collectors, I need your help. What are your opinions of this coin? Do you think I should make an offer to buy it? If so, what do you think would be a fair price to offer?

Thanks in advance.

Placid

I can't grade peace dollars from a picture worth a dang but it looks nice and probably a 63 tops if it is mint state

Is there something with the date? Looks like maybe some doubling or something with the 9.

If I were going to buy it right now based only on the pictures I would only go au50 money $180-200.

sinin1

What was your boss wondering? whether they were worth much, whether you wanted to buy them/some, if you would give a free appraisel?


The 1928 looks very well struck with nice color and eye appeal - the nicks on the nose and cheek probably drop it to near ?MS63?


If you don't like your job or boss, you could probably switch one and they probably would not know it - or else fire you and charge you with theft.

If you offered him something for 1 coin, he would be really suspicious I think and try to find the value on that coin - maybe offer him $300 for 10 of them, explaining that most are only worth melt price, but silver has been climbing lately.

Suggest he use them as performance bonuses or rewards for ...., and maybe you will get it anyway

Tassa

<< <i>I can't grade peace dollars from a picture worth a dang but it looks nice and probably a 63 tops if it is mint state

Is there something with the date? Looks like maybe some doubling or something with the 9. >>



Placid-It's a key date Peace.

Placid

<< <i>Placid-It's a key date Peace. >>



Someone stuck a key in the 9?

Its probably just a cud but might it be a certain vam that might increase its value.

zenny

Greysheet bid in fine is $182, xf is $210, au is $215, 60 is $220 and 63 is $310. It's obviously worth between two and three hundred dollars, depending on the severity of the hits in the prime focal area.

Depending on your relationship with your boss I think the offer should be between melt and 200. (Had a raise lately?)

z

originalisbest

Tassa, that's a nice '28 to be found in someone's "pile of old coins". As you might expect, invariably if you find a better date it's been scrubbed up or something.

Judging from the photos though, I don't think it makes MS, just a nice, uncleaned AU which is just fine. I would explain the value of that coin as a better date and offer to buy it for a fair AU price, whatever that may be currently, greysheet, etc. Someone here will surely help you arrive at an appropriate value to offer.

FrattLaw

I'd go AU55.

Looks like it had an old cleaning. And there appears to be a little rub. It's probably nicer then most MS60s, but I would go no higher then AU58 money.

Michael

crito

The obverse looks low end MS to me, and I've been collecting the series for a while. They all have weak hair detail. The reverse picture is too blurry to say for sure, but I've marked the area to look for rub on your picture. I'd probably dip it to remove the fingerprint and black crud too... have a feeling the color is from your lights anyway, they don't usually tone red/rose... but if it really is that color, I'd leave it alone.

Baley

I'd probably dip it to remove the fingerprint and black crud too... have a feeling the color is from your lights anyway, they don't usually tone red/rose... but if it really is that color, I'd leave it alone.

I would not dip this coin unless I was SURE that A. it was uncirculated (no wear) AND B. all the toning would come off without scarring the coin. Even then it would probably look better like this than dipped.

Certainly AU 58 and possibly as high as MS61 but I doubt higher. Nice coin for what it is and it's story!

wingedliberty

Solid MS62. Nice story Tassa. Thanks for sharing.

nwcs

I'm thinking AU-58 or MS-62. Try rinsing it in acetone first to see if that improves the coin since you can do this without damaging it. It's amazing how many good coins can wind up being in people's hands who aren't collectors -- just waiting for that collector or collectress to find them.

Neil

wallstreetman

MS62, the reverse could possibly bump it to 63!

nwcs

Nope, reverses never bump a grade. The obv is a max 62. Probably 61 or 60 as I look at it more. May even be lightly cleaned on the neck.

razorface1027

PLEASE..For GOD'S sake, DOOOOOOOOO NOOOOOOOOOOT DIP!

SDCollector

<< <i>Then she said she was going to sort them out by date and try to clean them so that they'd look better. >>



Sounds like she doesn't watch the Antiques Roadshow!

(i.e. *Well sir it's a shame you refinished this 19th century piece of furniture because instead of $100k, it's now worth $20.*)

wallstreetman

nwcs, thats like saying the reverse doesnt count! So if the reverse was treated with a file and hammer, it wouldnt hurt the grade either, its only the reverse!

nwcs

Yes, the reverse can hurt a grade but it cannot help it. That's Grading 101.

wallstreetman

Common sense says that if a grade is teetering, the reverse can make the final decission either way, not just one way! Common Sense 101!

Tassa

Well, I called my boss this morning to ask if he plans to sell the coins. He wants to sell and he wants me to help him. I told him about the two coins I set aside and offered him $200 for the Peace. He accepted the offer.
He has given me permission to take the Morgan to a coin show this weekend to get some more opinions.

BTW-The Peace is rose toned, there is a just hint of wear (I'm thinking AU 55-58), the black spots don't bother me, and there is no way am I going to dip this coin.

crito

There's no sign of cleaning in the picture, the hairlines on neck are going in different directions, they'd be parallel if it had been brushed. The reed mark on the face is a good indication of where they came from, being in a bag. But Neil is right the reverse won't bump the grade. If there's wear in the area I marked on the pic, however, then likely will grade AU. And if you've never dipped a coin before, send it to a professional, like the people at NCS. Acetone won't remove the black gunk and probably won't remove the fingerprint either, if it's been there for a while. Experience 601.

crito

"The Peace is rose toned"

Then leave it alone, that's an uncommon color for a peace $.

Peaceman

Crito, the area you marked should not be the first place to look for rub on a reverse. The area you marked is an area of weak strike (which many 28p's have). Rub first shows on the top right shoulder of the eagle. Without holding it, it looks 58 to me or about the right price you paid.