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Coin and Paper Money Collecting/perfect morgan - except for 2 places on rim that are cut or nicked

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Expert: - 11/2/2010


Question

Clear view of left cut
I have a 7 TF Morgan Silver Dollar that I would rate in AU condition. The problem is that while taking close up pictures, I noticed 2 places on the front edge of the coin's rim that have a V shaped cut or snip type cut.
It does not go all the way through the edge to the back - just on the front edge, but one is kind of deep (comparatively). What caused it? Is it a error? Is it valuable?
My fear is that it's a fake that was removed incorrectly.
Finally, how can you tell a fake?
Thanks - I know it was a long question, but I do not want to sell it if it's fake, or for less if it's an error that's valuable.
The cuts are next to the L in Plurieus and between the U and M of UNUM.
Thank you!
Charlie

Answer
Hi Charlie:

Thanks for your question. The "V" shaped cut marks appears to be damage, and not an error. While it is difficult to tell from a photo, I doubt that your coin is counterfeit. That is usually done on rare coins, and the 1878P 7TF $1 does not fit that criteria.

From your photo, I would guess your coin to be Extra Fine rather than Almost Uncirculated. Grading is very critical in establishing value. With the damage, your coin would likely grade a net Very Fine. As such, the retail value of your coin would be in the $30 to $35 range to an interested collector, according to a recent issue of "Coin Values" Magazine.

Your coin contains a little over three fourths an ounce of pure silver. The dollar was struck in .900 fine silver. With silver at almost $25.00 a troy ounce, your dollar has a melt value of about $19.25.

See Link for melt value: http://www.coinflation.com/silver_coin_values.html

To grade your coins: http://coinauctionshelp.com/How_To_Grade_Morgan_Dollars.html
              
For date and specs. see: http://coinauctionshelp.com/page44.html
               
Values and mintages: http://coinauctionshelp.com/Morgan_Dollar_Mintages_Price_Guide.html

You may want to check ebay listings under US coins in the Morgan dollar category to see what these coins are going for. If you live close to a coin shop, they should offer you an opinion as to the condition, and value at no charge. Always try and get at least two opinions and try and deal with PNG dealers if possible. If you should decide to sell your coins to a dealer, remember they will offer about 50% to 60% of the retail value. Here's a link to find one in your area: http://www.pngdealers.com/dealersearch.php

For dollar history and facts, see: http://en.wikipedia.org/wiki/Morgan_dollar
                           
Hope this helps. Please remember to go to the experts site to rate this answer. Check the nomination box on the rating page below any comments you may have.

Thank You and Good Luck in your collecting.

Ronald Fern

Expertise

I can answer most all questions relating to US coins, tokens, and currency. I'm not strong on world coins or ancients. Primary field of expertise is errors and varieties. Over 55 years experience in coin collecting. Part time dealer since 1976. Employed by McDonnell Douglas/Boeing for over 34 years as an Industrial Engineer/Technical Specialist before retiring in 2002.

Experience

Worked weekends for "Lonesome" John in the late 1960's to mid 1970's processing error coins, packaging, and preparing orders. Worked with John Devine and Fred Weinberg on several California Error A Rama's in the early 1970's. Served as display judge at annual Error-A-Rama coin shows. Opened and operated mail order coin business DBA "CAL ERRORS" in 1976. Contributer to Alan Herbert's "Official Price Guide To Mint Errors" and Fivaz/Stanton "Cherrypickers' Guide". Worked Saturdays at Huntington Beach Coin Exchange 1980-1999. Had table and sold coins at a number of coin and gun shows in So CA, AZ and NV. Sell coins, tokens and currency currently at my space in the Pomona Antique Center. Past "Errorscope" Editor. Presently CONECA Examiner.

Organizations
ANA, CONECA, CWTS, NLG

Publications
Errorscope, Numismatic News, Civil War Token Journal, Error and Variety News

Education/Credentials
AA Degree LBCC pre Engineering, 1964 BS Degree CSULB Ind Technology, 1968

Awards and Honors
1st Place EAR Trophy for Civil War Token Errors, NLG Author of Year Award for best monthly coin column "Error News and Views" in small Numismatic paper, owned and published by Ray Anthony.

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