What is the premium for Proof Like Morgans?

AnkurJ

Say in grade MS 65 a Morgan is valued at $300, what will the value be when it is Proof Like? And is there a major difference for the high end Morgans that are proof like such as the 1893s?

Ankur

ABC123

Check Certified Coin Dealer Newsletter for all PL prices@www.greysheet.com

roadrunner

For common dates the premium can be very small. In some cases the coin may not be a true PL and command even less premium.

Some dates are extremely difficult even in PL, such as the 1883-s.

Check the pops and the CDN to get an idea of how PL designation adds to individual dates. Considering that very few 93-s Morgans are PL, I would suspect one of those would have a healthy premium attached.

roadrunner

AnkurJ

Roadrunner:

If a grading company such as PCGS or NGC assigns PL to the coin, then there is no big question about it right?

ABC: I have a gray sheet subscription so the prices on their are accurate for what to pay?

Ankur

coinguy1

<< <i>Roadrunner:

If a grading company such as PCGS or NGC assigns PL to the coin, then there is no big question about it right?

ABC: I have a gray sheet subscription so the prices on their are accurate for what to pay?

Ankur >>

Designations such as PL can be just as subjective as numerical grades. Not all PL's are equal. No price guide is entirely accurate. Please check out auction results and various websites to get a good feel for what you should have to pay, before you spend any $ on such a coin. Also, if you can let us know what the date is we can probably give you some sort of rough idea of fair market value.

Coxe

It depends greatly on the date and then on the level of prooflikeness. A common date has no magic formula that can be consistently applied even. The number of prooflikes will depend on the number of fresh or repolished die pairs used, regardless of the overall mintage. Survival rates also vary considerably. Several dates are prohibitive to buy for most collectors: 93-S, 94, 04, 01, 92-S, 03-S, 21-S ... and I am not even talking about gems. You just won't find them and when one does appear there is no contest against specialists. 1921-S is a good example. It is reasonably affordable in MS65. You don't have to spend $1,000 even to get a nice one. If an MS65PL or MS65DMPL were to hit the market, forget the sheet price...it would set a new price that is higher.

dizzlecc

You have asked a very tricky question. Different dealers price proof like coins using different scales.

Some will use the greysheet and split the difference between the dmpl price and the regular price. Others look at populations and price history.

Other price factors include the depth of the mirrors and even the holder.

morgannut2

The price guides do have guideline numbers for prooflike non DMPL =Morgans rvery few months--it's for coins that don'tt make the DeepMirror Prooflike (DMPL) grade list every month. It is a LOT more complex than that. PCGS will often reqiuire full 8" clear mirrors with no polish marks, NGC will sometimes go with jut 6 inches or better for DPL , an ignor very minor polish---then other times=== they are as tough as PCGS. Then there's the green PCGS and old "fatty" NGC holders where some people are now seeing a return rate of 50% PL grades, on coins that were origially graded DMPL and DPL. Yea they got the one point upgrade OK, but stull lost money!!
And that's just the mess in part of Morgans--We eve now have a reverse buyer effect where there are PCGS graded PL coins-- that show good 5.5++ inch clear reflrection and such nice cameo. sOddly Some smart dealers are recommending long term clients buy these PQ coins---saying the crazy inconsistancy can not go on forever--and you get a really DMPL looking coin at a cheap PL small premium for the time being anyway!----

Is that clear enough?

AnkurJ

I have to re-read that last post very slowly :-)

What would be fair market value on this one? I am waiting to snipe it.

78cc Morgan MS 63 PL


Ankur

Coxe

About 20%-25% over MS63 for that one. Attractive but bear in mind that is not a PL fresh off of virgin dies. Those dies were clashed and repolished. Note the heavy polishing in the field at the jaw/neck junction and at the back of the bonnet.

IMHO, it is already overvalued in that auction. If you think it would go 64PL, it would be a deal, but getting PCGS to give PL these days ain't easy. Never know though. It is in and around the right price, but at the high end in my opinion.

edit >>>> I wouldn't consider a bid approaching $400 a snipe bargain. There are opportunities for this coin frequently enough. If you can get it delivered under $400 and it is for your collection and not intended as a profitable flip, you are probably good. Good luck if you decide to go for it!

dizzlecc

the coin closed for 371.67 plus shipping around 380 +, which is about average on ebay for a pcgs 1878 cc in 63 pl.

Coxe does bring up a good point about looking for polishing lines.

It is difficult to judge depth of mirrors from a pic but his advice is helpful in determining the quality of the fields.

AnkurJ

Thanks so much to everyone once again!

I am very glad that I joined this messege board as I have learned so much priceless information about the market!

Ankur

Coxe

<< <i>the coin closed for 371.67 plus shipping around 380 +, which is about average on ebay for a pcgs 1878 cc in 63 pl.

Coxe does bring up a good point about looking for polishing lines.

It is difficult to judge depth of mirrors from a pic but his advice is helpful in determining the quality of the fields. >>



Yes, it went for a pretty fair price.

As for the fields, another issue to look out for is 1883-CC. It is VERY hard to find a DMPL of that date that does not exhibit those repolishing characteristics. A real, fresh off new dies DMPL is quite difficult to locate even though that is an exceptionally common date.