1895 Morgan Dollar value - with pics

Branchmint

I recently submitted an 1895 Morgan dollar to PCGS for a client who inherited it from his father. It had been in a safe deposit box for years, and he just wanted to put to rest whether or not it was real. There was quite a bit of wear, a small thin obverse scratch, and a rim ding at 4:00. I just got notice from PCGS that the grading has been completed. It came back 1895 PR Genuine, Fine Details (95-Scratch). I couldn't find any Heritage auction comps at this grade level, so I'm seeking opinions from the experts on this forum as to what you would think the value of this coin really is. While I don't have the coin to take photos (it hasn't been shipped from PCGS yet), it does have decent eye appeal given the issues noted. My client basically wants to know how much insurance is needed. Thanks for your help !

PICS NOW POSTED - Thanks Catbert !

Nickcap

Here is the PCGS Price Guide for 95p PR.

Branchmint

Thanks for the link. I'm wondering what the scratch and rim ding (details grade) will do to the value?

coindeuce

Not much spread in the PCGS Price Guide in the range of details from PR6 - PR15, and the feature of a scratch is probably going to limit the coin to a value well below the price posted for PR-6. Even in an up market, it probably would trade closer to 20K.

Branchmint

Thanks for your assistance !

Wabbit2313

I would love to know the story of how that baby got into circulation to the point of becoming a "fine".

USMarine6

Just curious did you know it was a proof when you sent it in?

USMarine6

Kidding of coarse. Did you take any pics before it was sent out ? If not be sure to post some when you get it back

Branchmint

I was skeptical that it was an 1895 because I knew all of those were proofs. This one looked just like any other circulated Morgan dollar to me.

Branchmint

I would be happy to post some pics when I get it back. I'll probably need Catbert's help to get them loaded up so you can see them !

DennisH

There are too many people who want one to allow that coin to get away real cheap. My gut feeling is $18-$20K.

ricko

Interesting find.... look forward to pictures...Cheers, RickO

LindeDad

One of only a handful of coins that value will not be cut back by the "Genuine" holder.

Branchmint

Thanks to all for your input !

messydesk

<< <i>There are too many people who want one to allow that coin to get away real cheap. My gut feeling is $18-$20K. >>


I agree with this. Much will depend on the severity of the damage. If it's minor, it's possible that a Fine details could become a problem free VG someday. The $28K price tag on a VG8 gives someone willing to take the chance at playing with that coin the prospect for some upside if it sells for $20K.

crypto79

<< <i>Because the question pertains to insurance coverage, I'd not go lower than the published level for one PCGS 'notch' down, or $28,000

>>



Not sure this is good advice. If he declares 28k of value he will pay for 28k worth of insurance but in the event of loss, they will pay for a 1895 in PCGS GEN with a scratch which they will come up with their own value indifferent to his declaration in 99.9999% of policies out there. If you don't agree with their value then you would have to appeal or sue. No point paying for insurance the company will never pay out on, one of the bigger misconceptions out in the public about insurance IMHO.

Bayard1908

I agree with the $20K assessments.

Wabbit2313

If it looks like a fine coin with a scratch on it, there is no way this thing sells for 28K. It will sell, but not there!

BLUEJAYWAY

If pickup is an option and the distance not overly far I'd drive,fly, or take a train and pick it up in person if it was me.

Baley

<< <i>I would love to know the story of how that baby got into circulation to the point of becoming a "fine". >>



Could very well have been a pocket piece for many years. I agree with your skepticism that it could circulate that much for that long (enough to be Fine) without being noticed and withdrawn.

Same with most low grade commemoratives, and unlike things such as bust, seated, and barber coins, which were spend over and over for decades.

Looking forward to pictures. Sounds like it's worth 20-25K.

Overdate

<< <i>I was skeptical that it was an 1895 because I knew all of those were proofs. This one looked just like any other circulated Morgan dollar to me. >>


How easy is it to tell whether a well-worn Morgan is a proof rather than a business strike, especially for dates other than 1895?

Nickcap

<< <i>

<< <i>I was skeptical that it was an 1895 because I knew all of those were proofs. This one looked just like any other circulated Morgan dollar to me. >>


How easy is it to tell whether a well-worn Morgan is a proof rather than a business strike, especially for dates other than 1895? >>



each Morgan is a VAM. Look at the VAMs marked as a Proof. Some proof dies were used as business strikes, so good luck.

BLUEJAYWAY

Back in the early 70's I found a Jeff. Nickel in circ. It was very "prooflike" in appearance, but wasn't sure it was one. I sent it to Coin Worlds Coll. Clearinghouse for my friend Ed Fleischmann to get his opinion. He stated/labeled it as an "impaired" Proof. Other than it's bright/not regular unc. surface lustre,I would not have known it was an "impaired" Proof, but knew it was "different" enough to take pause. Only one I ever found. Still have it.

Catbert

<< <i>I would be happy to post some pics when I get it back. I'll probably need Catbert's help to get them loaded up so you can see them ! >>

Wolf359

Rim Ding is minor, scratches not too bad and worn over.

Man, PCGS could have net graded it VG. It's all opinion you know.

Rampage

That's awesome! Congratulations. I do not know its vale in that condition, but certainly a rare find nonetheless, and the owner should be more than happy. He can probably pay a few mortgage payments with it.

DennisH

<< <i>Rim Ding is minor, scratches not too bad and worn over.

Man, PCGS could have net graded it VG. It's all opinion you know.

>>

I very much agree Jack.