Expert: PAPAJACK - 2/23/2009

Question
I have an 1893-s morgan silver dollar. All of the markings are very legible but there are two small gouge marks on the rim of the back side of the coin.  I know you cant really make an exact estimate but I would like a roundabout estimate.  How rare is this coin and whats the most reliable way to have it graded? I reside in the pacific northwest.

Answer
Hello Kasey,              

This is one coin you should get authenticated, or buy already graded by PCGS, NCG or ANACS.
There are many fakes and copies of this issue.
It may be too costly to depend on your own judgment there are some detection pointers for the genuine 1893-S Morgan coin that a professional looks for.

Coins are valued on a scale from 1 to 70. And on how rare a coin is. With no or little experience it is sometimes easier letting another collector look at them, and even most coin shops will help for free on one or two pieces.
 
In each series of coin type like your "Morgan Dollar" there are some quick reference points of wear to be seen on the high points that are known to show wear first.
Most of these are covered in the RED BOOK. See if you can borrow or use at your library a copy of the book it is titled "A Guide Book of U. S. Coins" by R. S. Yeoman, has pictures and descriptions showing the difference from grade to grade. It uses the 1 to 70 scale recognized by all professionals since the 1970's.

Most circulated coins range from Good (grade-G4) to Almost Un-circulated (grade-AU50) on the scale. Below are some values listed for authentic coins from a recent price list.

Good (Grade 4) = $2,800
Very Good (Grade-8) = $2,100 to $3,500
Fine (grade-12) = $4,800 to $6,500
Extremely Fine (grade-40) = 12,500
Almost Un-circulated (Grade-50) = $18,900 to 22,000

I found no coins that had been graded over grade 60 sold to list you a price for. If your coin is that high of a quality It must be examined.
Again these are values for authenticated raw coins each was graded on its own merits and included eye appeal as well as the technical grade. Yours must be examined to be evaluated
Thank You and Good Luck

If you need help finding a dealer in your area write me back.

PapaJack