A good deal? 1903-S Micro S Morgan PCGS XF45

GoldenEyeNumismatics · August 15, 2010 12:34PM

I put in a lowball bid and forgot about the coin. I was really surprised to see that I got it. The coin looks like an absolute turd, but a real junky PCGS AU50 just sold on heritage for $6325, and in 2008 a PCGS XF40 sold for $2990 and a PCGS XF45 for $3220. It looks like this coin could be a good flip. Thoughts?

ebay link

Update: When I got this coin in hand, the thing was UGLY. The toning which some folks thought may turn out to be attractive was nothing but "dip stain" toning from an improper rinse. It appeared that the toning was covering some bright patches on the surface, so I was worried the toning may actually be covering up some patches of cleaning. Nevertheless, the coin looked much nicer than an XF45. I spent about two weeks deciding, but finally cracked out the coin and sent it through a few rounds of diluted dip to remove some of the toning.

Success! The coin came out great. What was previously hideous poo-brown toning is now pleasing gold. The luster is now much stronger and the coin looks like an AU53. It will go off to PCGS with some other coins tomorrow.

Rampage · August 15, 2010 12:39PM

<< <i>I put in a lowball bid and forgot about the coin. I was really surprised to see that I got it. The coin looks like an absolute turd, but a real junky PCGS AU50 just sold on heritage for $6325, and in 2008 a PCGS XF40 sold for $2990 and a PCGS XF45 for $3220. It looks like this coin could be a good flip. Thoughts?

ebay link >>

I am a little surprised you are posting this so quickly after the auction ended. Remember what happened some months ago with someone who won an IKE dollar error struck on a foreign planchet. He came on here bragging about his $300.00 win just have problems occur with the seller after someone informed the seller of the "great deal". Of course, he eventually got the coin and listed it on eBay for $35,000 to $40,000, but just the same, that should have been a lesson to many on these forums. I don't think the coin sold for that amount of money. Don't get me wrong, it certainly was a good score, but more in the $2,500 range rather than $35K.

To answer your question, the coin does not look bad at all. In fact, I bet once you get it in hand, you will find it quite appealing. I just do not think the lighting was good when the pictures were taken, so that is why it looks the way it does. Depending in its luster, it might make for a nice upgrade candidate. Good luck with it.

TPRC · August 15, 2010 12:42PM

The coin looks decent. I know the seller and he is reputable. I shouldn't think you'll have any problems. I saw this coin but I had no idea it was worth that much.

DennisH · August 15, 2010 1:02PM

From XF45 to AU50 is where the Micro-S takes a HUGE jump in price. Even so, you paid about VF35 money, which is about half of what the few XF45s tend to go for in PCGS holders.

You got a screaming bargain.

messydesk · August 15, 2010 1:15PM

Probably not a big flip. While 1903-S Micro S is a very tough coin with an actual grade on it (they're very often problem coins), no doubt VAM buyers were looking at it. Perhaps they someone forgot to bid, much as you forgot you had bid. I'd get it reholdered with the attribution on the label when convenient.

coindeuce · August 15, 2010 1:35PM

I won't agree that you got a screaming bargain unless you already have a buyer at pre-existing market levels. This is not an ultra rarity as the Morgan VAMs are ranked, and the market for less than ultra rare VAMs over the course of the past 18 months has been less than impressive. As the number of set collecting lists of VAMs has been expanded(TOP 100 Morgans, HOT 50 Morgans, TOP 50 Peace, TOP 30 1878-S, HIT LIST 40 Morgans) over the course of the past 15 years, the number of choices of coins for VAM enthusiasts to seek out has IMHO diluted the interest level that seemed to have peaked in the early part of the past decade. And that doesn't even take into consideration the effects of the current economy, and the changes in the demographics of VAM collectors from the earliest days of the 1960's.

DennisH · August 15, 2010 2:29PM

I'm sticking by my "screaming bargain" assessment because I have data to support it. (The most recent sales records I have in better grades are shown below).

1903-S 2 45 PCGS Mar-09 E $3,424
1903-S 2 40 PCGS Mar-09 E $2,175
1903-S 2 40 PCGS Jan-09 E $1,980
1903-S 2 40 PCGS Jul-09 H $1,955
1903-S 2 35 PCGS Oct-09 E $2,200
1903-S 2 35 PCGS Aug-09 E $1,600

Wolf359 · August 15, 2010 2:39PM

Slow summer week and the Words "Micro S" not on the PCGS label resulted in a huge bargain as stated.

GoldenEyeNumismatics · August 16, 2010 9:41AM

bump

coinkat · August 16, 2010 9:46AM

Bargain-

Congrats

ajman · August 16, 2010 9:49AM

Nice coin for the money. While the eye appeal is suspect to some, I think you more than made up for it in the price that it went for. Congrats!

GoldenEyeNumismatics · September 10, 2010 10:25AM

bump

anablep · September 10, 2010 10:29AM

Nice score, good luck with the grading...

coinkat · September 10, 2010 10:34AM

DennisH

I wrote bargain... it is a screaming bargain as you said... with or without the past auction records

but do bargains actually scream?

lkeigwin · September 10, 2010 10:38AM

Sounds like it turned out very nicely, Will. Congrats. Now, how about some "after" photos?
Lance.

GoldenEyeNumismatics · September 10, 2010 11:18AM

<< <i>Sounds like it turned out very nicely, Will. Congrats. Now, how about some "after" photos?
Lance. >>

The coin has way more luster than this picture suggests, and I couldn't get a decent reverse photo for my life, but this one at least shows the color pretty well.

ColonelJessup · September 11, 2010 4:35AM

Couldn't see what the seller took to consumnate the deal. Skillfully done !

Your judgment and risk on the financial and grading risks as to crackout and cleanup.

I agree with other posters about premature or even any disclosure of any aspect of this incident.

Twe're me. Picture before and after without reference to provenance 3 months after sale. No mention of percentage or amount of profit other than hopefully "healthy profit". Many "You Suck's to follow.

Channeling JCM: "Drink carefully, my friends"

astrorat · September 11, 2010 6:22AM

An early disclosure about picking up this coin held no risk for Will. The seller is an upstanding, honorable, and VERY knowledgeable dealer. There is no way he would have done anything shady to simply make a few more bucks.

Well done, Will.

Lane

lkeigwin · September 11, 2010 11:53AM

<< <i>Couldn't see what the seller took to consumnate the deal. Skillfully done !

Your judgment and risk on the financial and grading risks as to crackout and cleanup.

I agree with other posters about premature or even any disclosure of any aspect of this incident.

Twe're me. Picture before and after without reference to provenance 3 months after sale. No mention of percentage or amount of profit other than hopefully "healthy profit". Many "You Suck's to follow.

Channeling JCM: "Drink carefully, my friends" >>

A good deal? 1903-S Micro S Morgan PCGS XF45

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