The 93-S is the key of all key dates, IMO. I say that since Morgans are very popular among collectors and it's the one coin that most Morgans collector would love to own. I don't know much about SEGS, but I definitely would not buy this coin without certification from PCGS, NGC, or ANACS.
The prices for the key date coins are through the roof right now. At Baltimore a dealer quoted me over $8K for a 1893-S in a PCGS EF-45 holder. The EF bid/ask range is curently $5,350/$5,850. The coin was original, but the toning, especially on the reverse, was not what I would call attractive.
How high is too high for key date coins? I don't know, but everything has got its limits. And when the cruch comes, and there will be one, some folks might not be quite so happy with their purchases.
Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
At Baltimore a dealer quoted me over $8K for a 1893-S in a PCGS EF-45 holder. The EF bid/ask range is curently $5,350/$5,850.
Bill; Albeit I'm a novice, and know nothing regarding most coin pricing, I assume that when graysheet renders a price for a particular specimen and it's respective grade, especially in this case, and I'm assuming again; which is not good I'll add, that graysheet's price is for EF-40 not EF-45. The 5 points makes for a drastic difference in pricing, especially with super key dates...
What is money, in reality, but dirty pieces of paper and metal upon which privilege is stamped?
I often see coins with this much detail in PCGS or NGC AU-50 holders. It depends on the surface quality too. But this one does look a bit disheveled and probably only XF45.
I agree with Bill that we have been creating a key date bubble in the coin market, and when something goes up 2 to 3x. You can be sure it fall hard at some point once all the newbies leave and the dealer speculation ends. Glad to agree with you on this one Bill. But I'm just pis...d that seated and barber coins aren't doing better.
I suppose the "greater fool theory" of Wall street could just as easily apply to the recent price surges for key date Morgans, but consider if you are buying the thing to have a nice specimen for your set or speculating that it may go up even more and temper your decision based on those criteria. If you are buying it as a keeper then paying firm money for a nice coin isn't always a bad thing. If you plan to sell at a profit this one may not be for you. I would wanna see this one up close and personal.
A collector will probably tell you half of what the retail dealers are asking, and a dealer will probably tell you theirs no such thing as to much because a coins value is determined by what a willing buyer is willing to pay.
Les
The President claims he didn't lie about taxes for those earning less then $250,000 a year with public mandated health insurance yet his own justice department has said they will use the right of the government to tax when the states appeals go to court.
If you are seriously thinking about purchasing an 1893-s $, then do not buy an off brand slabbed coin especially in Xf and higher. There are several SEGS, and other brands that do not measure up to PCGS standards when it comes to morgans. You will often find them drabby, dull, darkened, AT, cleaned, overgraded, etc, but still holdered. These coins usually sell for considerably less than the PCGS counterparts to the educated buyer. 93-s's are not cheap, but depending on your budget, you can still find nice ones in all grade ranges. But look around carefully, as thier are many unattractive pieces even in PCGS holders.
Bill, I believe I saw the PCGS-45 Morgan you are referring to in Baltimore. The obverse actually looked fairly nice for the grade, but I remember something about the reverse that I didnt like. I never did ask about the price.
I currently have a PCGS-50 that is nearly white and has lots of luster remaining. The dealers that I have shown it to, always comment that it looks closer to a 53 than 50. I like it, but it wasnt cheap. Often I have thought about downgrading to an XF-45, but I really like the coin I have and to get a super nice 45 would cost about 9,500 now. There is a good price jump at the AU level and for reason as the population really drops off in problem free correctly graded AU-50. There also is a good jump in prices being asked from the different levels of AU 50,53,55, 58.
I attached a pic of my PCGS Au-50 for comparison. Sorry, this is the only pic I have in holder and had to reduce the size. I dont have the rev pic as it is blurry, and I havent had the time to get them out of the bank to photograph them like the should be. But it will give you an idea of the luster and surface's of a PCGS 50 as compared to the segs coin
No I am not thinking of owning own. Was just curious about the value of that one on eBay. From the responses it seems to be a mix some say yes and some say no. Boy it is nothing like the one you have. Very pretty. I can only dream!~!
Coins like that one are in the holders they are in cuz they likely won't cut it in a pcgs or ngc slab, but I guess even a segs is margnally better than nuthin.
Comments
Doesn't look AU to me!!!
The prices for the key date coins are through the roof right now. At Baltimore a dealer quoted me over $8K for a 1893-S in a PCGS EF-45 holder. The EF bid/ask range is curently $5,350/$5,850. The coin was original, but the toning, especially on the reverse, was not what I would call attractive.
How high is too high for key date coins? I don't know, but everything has got its limits. And when the cruch comes, and there will be one, some folks might not be quite so happy with their purchases.
Bill;
Albeit I'm a novice, and know nothing regarding most coin pricing, I assume that when graysheet renders a price for a particular specimen and it's respective grade, especially in this case, and I'm assuming again; which is not good I'll add, that graysheet's price is for EF-40 not EF-45. The 5 points makes for a drastic difference in pricing, especially with super key dates...
I agree with Bill that we have been creating a key date bubble in the coin market, and when something goes up 2 to 3x. You can be sure it fall hard at some point once all the newbies leave and the dealer speculation ends. Glad to agree with you on this one Bill.
But I'm just pis...d that seated and barber coins aren't doing better.
roadrunner
Les
Bill, I believe I saw the PCGS-45 Morgan you are referring to in Baltimore. The obverse actually looked fairly nice for the grade, but I remember something about the reverse that I didnt like. I never did ask about the price.
I currently have a PCGS-50 that is nearly white and has lots of luster remaining. The dealers that I have shown it to, always comment that it looks closer to a 53 than 50. I like it, but it wasnt cheap. Often I have thought about downgrading to an XF-45, but I really like the coin I have and to get a super nice 45 would cost about 9,500 now. There is a good price jump at the AU level and for reason as the population really drops off in problem free correctly graded AU-50. There also is a good jump in prices being asked from the different levels of AU 50,53,55, 58.
I attached a pic of my PCGS Au-50 for comparison. Sorry, this is the only pic I have in holder and had to reduce the size. I dont have the rev pic as it is blurry, and I havent had the time to get them out of the bank to photograph them like the should be. But it will give you an idea of the luster and surface's of a PCGS 50 as compared to the segs coin
1893-S_PCI