Raw Local Dealer vs PCGS grades

greymars

Still fairly new to the boards. Thought I would throw this out, just to see what everyone's experience has been in terms of dealer grades vs PCGS grades. The following is a breakdown of my local dealer grades compared to PCGS grades, after submitting for slabbing:

Morgan Silver Dollars:

Date Local Dealer Grade PCGS Grade

1886 MS63 MS64

1890S MS63 In-process

1896O MS60 In-process

1921 MS61 MS63

Peace Silver Dollars:

1922 MS64 MS63

1924 MS62 MS64

What have you found to be the difference?

Gary

ddbird

Picked this up as a MS60

nwcs

My local guy overgrades and doesn't always disclose problems. Thankfully I'm smarter than his average customer. But this guy also doesn't understand varieties or toning. So I've snagged some great deals off of him without him realizing it.

LindeDad

Looks like you ran into a rare bird. A dealer that actually grades close to the pros. In my experience most dealers grade one to two grades high when selling. And the reverse when buying, especially if they list it on eBay. BTW not calling names just saying what has been my experience. There are also collectors that do the same thing. Also many of us are more knowledgable on a certain type of coin than others, and very few are totally profecient on all of them.

morgannut2

Sadly some dealers will sell raw coins at lower grades as long as they can get the same money as a higher grade minus the cost of shipping back and forth, the grading fees, and cost of money. Others are just conservative even where there is a price jump to the higher grade. The trick is to know which type of dealer it is, and coins you're dealing with raw. A lot of old time dealers used to buy common date Morgans in rolls and sell them as "MS-60+", which means anything from 61 to 64 depending on the coin you selected out of the roll.

greymars

My local dealer usually grades within a point or 2 of PCGS, when I buy them raw. I bought a 1890S at his grade of a MS63, and I feel it looks like a solide MS64, and hopefully a MS65

I need to make a correction...the 1899O, that I show listed, needs to be corrected to a 1898O...my typo error
I saw the coin the day it came into his shop from PCGS, and the dealer sent it out figuring it would be at least
a MS64...I grabbed it, and put it on layaway..will pick up in a week or so, and enter it into my PCGS Morgan Registry

It takes time and patience to look through the raw coins for the PQ ones.

I am hoping the 1890S grades out at PL



Gary

greymars

ttt

Betta285

And obviously, some people will grade certain series better than others. I feel I can get Morgans down to a point or two, but show me a Merc or a Barber and an XF is the same as VF. My dealer specializes in Saints, but fortunately, his Morgan grading is usually a little conservative

jim

TommyType

I've only submitted to ANACS, and only once, but I got some nice Morgan grades on coins bought from one dealer:

1879S, bought as 64, graded at 65
1896O, bought at 45, graded at 58 (!) Big $ spread here!

Pays to know how to grade....(although, I was more lucky than smart at the time)

alergar

Looks like you got lucky, most dealers overgrade thier coins.

You must have a beter eye than your dealer, don't tell him about the undergrades and just keep picking out the good ones

coinkat

Best of luck on the 1896-O... not the easiest coin to grade

TommyType

<< <i>Best of luck on the 1896-O... not the easiest coin to grade >>



Guess my tortured English wasn't clear.....They are already in ANACS holders.

To be perfectly honest, I think ANACS overgraded by about 2 steps. I'd give it a 53 myself. But for what I paid ($30), I figure anything from AU-50 up is a nice upgrade.


Added: I mixed up some references, and 1896O's......

greymars

Just as a side note...bought the 1896O for only $9.00 raw

Interesting more-so, is that it was a local auction through the local coin club
It was listed only as a 1896

When I got home, and studied the coin further, I found the O mintmark...the guy that sold it did not know it had the O mintmark

Sent it for PCGS grading...it may come back "cleanned"

Will post notice when received

greymars

ttt

greymars

tttt