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WOW - PCGS grades a 1934-D MS67+ Peace Dollar
BryceM
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In December of 2013 I started https://forums.collectors.com/...tid=26&threadid=906481">a thread where I asked why there were no Peace dollars graded MS67+ but 207 with an MS67 grade.
For quite some time there have been two MS68 graded examples, a stellar 1924 and an equally impressive 1925. Almost as if in response to my question, in Feb of 2014 our hosts graded a 1925 coin at MS67+, which sold via HA a couple of months later for only $9100. I never saw the coin in-hand, but I talked with people who saw it in the auction and they did not see it as worthy of being designated the third-finest Peace dollar ever graded by our hosts.
While cruising CoinFacts today, I saw that a 1934-D had suddenly appeared as an MS67+ coin, with only a single MS67 coin (clearly not the same coin from auction photos) in the pop report. Three 34-D coins have earned an MS66+ grade.
The 1934-D was a generally well-made issue, but virtually the entire extant population of MS67 coins (222/242) comes from the four early Philadelphia issues. This coin is clearly an exception. The number of MS67 Peace dollars has gone from 207 in Dec of 2013 to 242 coins today.
I'd love the opportunity to see this coin in-hand, but in my mind, the carbon spot above "ONE" by itself is enough to keep this coin out of an MS67 holder, let alone 67+. Is this specimen one of the four finest extant Peace dollars? There are also luster grazes on Liberty's neck, a minor scuff on the chin, a hit near the hair bun, two contact marks on the eagle's head and neck, some minor hits on the eagle's tail feathers near the leg, and some minute rim dings. I know it's a common mistake to focus too much on hits when grading from photos, but still..... The coin seems otherwise "all there" with a hammered strike and strong luster.
The MS67 coin traded at $46k in 2006 and again at $86k in 2009. Someone got an early Christmas present.
I see that there is now a new MS67+ 1926-D as well. This coin sold at auction in an OGH in 2002 as an MS67 for $19,550.
For quite some time there have been two MS68 graded examples, a stellar 1924 and an equally impressive 1925. Almost as if in response to my question, in Feb of 2014 our hosts graded a 1925 coin at MS67+, which sold via HA a couple of months later for only $9100. I never saw the coin in-hand, but I talked with people who saw it in the auction and they did not see it as worthy of being designated the third-finest Peace dollar ever graded by our hosts.
While cruising CoinFacts today, I saw that a 1934-D had suddenly appeared as an MS67+ coin, with only a single MS67 coin (clearly not the same coin from auction photos) in the pop report. Three 34-D coins have earned an MS66+ grade.
The 1934-D was a generally well-made issue, but virtually the entire extant population of MS67 coins (222/242) comes from the four early Philadelphia issues. This coin is clearly an exception. The number of MS67 Peace dollars has gone from 207 in Dec of 2013 to 242 coins today.
I'd love the opportunity to see this coin in-hand, but in my mind, the carbon spot above "ONE" by itself is enough to keep this coin out of an MS67 holder, let alone 67+. Is this specimen one of the four finest extant Peace dollars? There are also luster grazes on Liberty's neck, a minor scuff on the chin, a hit near the hair bun, two contact marks on the eagle's head and neck, some minor hits on the eagle's tail feathers near the leg, and some minute rim dings. I know it's a common mistake to focus too much on hits when grading from photos, but still..... The coin seems otherwise "all there" with a hammered strike and strong luster.
The MS67 coin traded at $46k in 2006 and again at $86k in 2009. Someone got an early Christmas present.
I see that there is now a new MS67+ 1926-D as well. This coin sold at auction in an OGH in 2002 as an MS67 for $19,550.
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Comments
Coin has great blast, sharp strike, strong eye appeal. I would expect a couple hits on her neck and/or face for a 67+. After all, it's not a 68 coin. It will be a rocky road for a while as they populate the 67+ spectrum. How many 34-d Peace dollars look better than this? If it's the best of the 67's, and puts the 66's to shame, then maybe it's ok for the +.
The fields look amazing free of hits (MS68 for that). And the upper 95% of Liberty's face/cheek/jaw is free of abrasions. Those are important features. Some coins change little in price if they are they are the only MS67, and then get a + later on. This one is already priced at $75K in MS67. How much more can they add for the +?
The 26D has an amazing strike but the inconsistent field textures on the obverse are distracting.
OINK
This one appears to have some dip residue, hits on lower neck, dings on rim, and a much mushier center strike. Yet it's the one that fetched $86K in a lousy market in 2009.
2006 auction appearance of MS67
Note the same gash in the hair by the bun, and a similar one under the "P" in Pluribus where it meets the sun's ray. Definitely the same coin as the current 67+. Appears to have a stronger center strike. Sold for $46K in April 2006.
Now the more that I look at them, they appear to be the same coin. Identical carbon spot above the "L" in Liberty and the gash/streak above the ray under "P" in Pluribus. Funny what lighting can do for you. The annoying reverse carbon spot doesn't show up on either photo. Does that mean it has grown there since 2009? The photos show other indications of spotting from dip residue.
So what does the other MS67 look like? Judging from the high price the 67+ coin fetched in 2006/2009, some people were willing to pay whatever it took to buy it. Joe Thomas probably bought it in 2006. But, someone different bought that in April 2009 when no one wanted to pay real money for any coin following the Jan-March 2009 crash. Even with the 67+ grade today, could this coin still realize $86K in today's market?
Cheers, RickO
Heritage recently featured a 67+ NGC Peace dollar, with an embarrassing fingerprint on it.
Thanks for sharing.
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
market grading is a wonderful thing.
Yes. As is the massive amount of Gradeflation we see in the current market.
First, don't get me wrong. They are VERY nice Peace dollars. The question is are they $20k nice or $80k nice? At the very top, the presence of a plus makes them the finest-known branch mint coins out of millions. The financial implications are enormous
Second, those who equate MS-67+ Peace dollars to Morgan's at the same grade are missing the point. It's about as easy to make an MS67+ Peace as an MS68+ Morgan.
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If a coin was a 67, why will it now be a 67+ ????
Maybe instead of grades, the TPGs should just put prices on coins. Everybody expects prices to go up or down, right?
I'm amazed at how weak the word IN is on the 1926-D.
Looking at the strike on the 26-D you can see the prominent jaw jumping out at you.
Very nice, thanks for posting the eye candy BryceM!
The 34-D is a MS66+ and the 26-D is a MS65+
I dont like the spot or the dip residue.
MS67 Peace $ are rare and should remain so.
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[URL=http://s595.photobucket.com/user/leothelion_04/media/32927563_1000x1000b.jpg.html]
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection