Help with 1893-s Morgan to settle estate

[nathan104]

Ive had the unfortunate task of dealing with my grandfathers estate after his passing. He has been a coin collector his entire life. I have been helping with valuations and thee division of his collection between the two remaining heirs. It was about a $15k collection which I was able to divide equally for them. There were two coins in the collection not included in the division. One of the heirs wishes to buy out the other heirs half of this 1893-s Morgan dollar. This was my Papaws prize coin and he carried it in hiss pocket for a long time. I do not doubt its authenticity, but advised the heirs that it would be a good idea to have the coin certified to be positive before cash is exchanged due to the extremely high value of the single coin. Would appreciate opinions on the best way to go about getting the coin authenticated and establishing a value as a small grade increase in this coin precipitates a large rise in value. Thanks for any help.

 

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[Captain Caveman]

I would send it to PCGS. PCGS.com - PCGS Submission Center

 

[Mackaydon]

I agree, get it authenticated and graded, but IMO, I would not expect an MS grade; perhaps not even an AU-50.
I would keep for its greater value (sentimental).
As you wrote: "This was my Papaws prize coin and he carried it in his pocket for a long time."; a great remembrances versus some cash.
Don........

 

[nathan104]

It IS being kept by one of his kids. But as everything is being split 50/50, she has to pay the other sibling her half of its value. And, before that happens, want to reassure both of them with its authenticity so no issues can arise from it.

The grade really doesn't matter other than knowing what to value it at.

 

[Captain Caveman]

Again, I think PCGS is the way to go. As far as I'm concerned, they are the most respected grader so their grade will be honored. It will cost you $40+ to get it graded, but I think this coin is worth A LOT more than that, so.... it would be worth it IMO. It would also solve your value question. Am I missing something else?

 

[Nitric]

Take it to few different dealers, see what they offer for it. Average them and that's your actual value in this case. That's just an opinion.....If you go by what they sell for at auction,book,price sheet, or on ebay? you have to deduct what the seller had to pay in percentages too or their time to prep for sale.

 

[dejapooh]

I agree, get it authenticated and graded, but IMO, I would not expect an MS grade; perhaps not even an AU-50.
I would keep for its greater value (sentimental).
As you wrote: "This was my Papaws prize coin and he carried it in his pocket for a long time."; a great remembrances versus some cash.
Don........

I would be looking at a Fine 15. Maybe Very Good 12. I could be wrong, I've been out of the game a LONG time, but that coin has some serious wear on it. I would absoluetly send it to PCGS for grading and authentication. I would not use any other service. You can then get the price from Morgan Dollar (1878-1921) Value - PCGS Price Guide . I would then drop the price from that site by about 10% to 20%. Selling the coin on Ebay would cost that or more. Given all of that, I would think about $3500 now... Please do NOT go by my word. Send it in...

 

[baddbluff]

The coin looks legit, but it is hard to tell from the pics. It is fairly easy to authenticate with a good magnifying glass. All genuine 93s's have a diagonal die gauge inside the T of LIBERTY. It would likely grade VG10. PCGS prices it at $3350, but I would expect it to sell on eBay for about $3100 in a PCGS holder.
This is one of my favorite US coins. I was fortunate enough to buy a nice VF20 in a PCGS holder, paid for 100% with CRH finds!
What's the story behind the coin? How did your grandfather come across it? Very cool.

 

[nathan104]

Thanks for the replies and thank you very much for the info on the die crack in the T. Its not easy to see with the magnifying glasses I have but it is definitely there! That has convinced me that this coin is authentic. SO, I might forgo having it graded now as the main reason I was going to do that was to verify authenticity. So, now I need to come up with a cash value of the coin as it is. Looking on ebay at ungraded examples, Im thinking a cash value would be around $2600. Can I get some opinions on that estimate? Its important I get the cash value correct so that the sibling being bought out gets her fair half of the coins true value. Im already having to get through to them that even though it has a book vvalue of $5000, when coming up with a cash value, its a lot less than that.

 

[Mackaydon]

Nathan,
I was in a similar situation with a diamond ring previously owned by the deceased and wanted by two of her daughters. The procedure I used was to first have the stone authenticated and graded by GSI. The daughters were then given enough time to research for its value. I then let the two daughters bid on the ring. The 'winner' had to agree that 1/2 the winning bid would be deducted from her credits in the distribution of the balance of the estate. I set up the same procedure and 'ground rules' for all the personal property of the deceased that was not previously and specifically allocated by the deceased.
Don...

 

[huntsman53]

I agree with the VG10 details grade! However, there are several rim dings which will adversely effect the value and grade. IMHO and in all reality, the best price based on a Net Grade would be around a VG-08 due to the rim dings. It would be best to check the prices of "Sold" listings on eBay for the same coin in VG-08 and one grade below and above that for the best average.


Frank

 

[dejapooh]

Im already having to get through to them that even though it has a book vvalue of $5000, when coming up with a cash value, its a lot less than that.

There is no "Book." The prices of coins change regularly and rapidly. The "Books" (the red book, the blue book, whatever), all base their prices on "Best guess for the year coming up considering it is now June, and the book will hit the market in November... Oh yeah, retail prices you would pay in a NYC or Beverly Hills Coin Store." The ONLY valid information you can get from any of the price books is, "Most of the date and Mint Mark coins like mine are $50, but mine is $500, That means Mine deserves more research." The opposite COULD be true, "They are mostly $50, and mine is too." You can ONLY learn if your coin is rare and needs more research, or is common to type, and thus should be easy to price.

Since most of the people who seem to know are coming back with VG 8 or 10, that puts the price between $3000 and $4000. I would certainly put the coin through grading to certify, then compare with similar grades on Ebay, and the gray sheet (if you can get it). I would then discount the price 10% from that (selling a coin, you will get 50% to 65% of the sales price... if it is an easy sale).

 

[nathan104]

/values for the collection were all derived from the 2015 Red Book of coins.

Yes the coin does have the rim dings, one bigger and one small one.

From searching SOLD examples in similar grade on Ebay, Im coming up with a cash value of around $2500

 

[enamel7]

Redbook is suggested price you can buy it for, not sell.

 

[huntsman53]

/values for the collection were all derived from the 2015 Red Book of coins.

Yes the coin does have the rim dings, one bigger and one small one.

From searching SOLD examples in similar grade on Ebay, Im coming up with a cash value of around $2500

You are in the right ball park range if you have it certified as that average price is primarily based on PCGS and NGC certified 1893-S Morgan Silver Dollars! If basing the value in raw condition (not certified), then I believe that the value should be more in the $2,200 to $2,300 range. However, since you are responsible for determining the value, you should value it as you see fit and if the two parties agree that the value is fair, all should be well.

Good luck!


Frank

 

[nathan104]

Thanks for the value opinions. I went back through ebay last night and wrote all the completed listings down and I believe you are closer to the actual cash value around $2200.

 

[dejapooh]

/values for the collection were all derived from the 2015 Red Book of coins.

Red Book is at least 30% above retail. It is only good to see if you have a key date or detail. It should not be used to price anything.

 

[nathan104]

Well, the s bought out of her half on the coin did not agree with my valuation. SO, Im going to be sending it in the PCGS to be encapsulated and graded so there will not be any disputes over the grade. I think its thee fact they have always heard it was a $5k coin and thats what they are expecting. Im trying to make them understand the difference between what the valuation says in the Red Book, What people are asking for them on ebay, and what they actually SELL for.

Ill update post in a few weeks when it gets back from PCGS.

 

[huntsman53]

Well, the s bought out of her half on the coin did not agree with my valuation. SO, Im going to be sending it in the PCGS to be encapsulated and graded so there will not be any disputes over the grade. I think its thee fact they have always heard it was a $5k coin and thats what they are expecting. Im trying to make them understand the difference between what the valuation says in the Red Book, What people are asking for them on ebay, and what they actually SELL for.

Ill update post in a few weeks when it gets back from PCGS.

I understand that you are trying to be fair to both parties! However, if they both feel that the coin is worth $5,000, maybe you should just let them settle it at that value. When they find out differently on the value, well that is their problem and not yours! The problem is, if currently one does not agree which would likely be the Buyer of the coin.


Frank

 

[el padron]

For some strange reason I constantly come across $20 coins that have been slabbed and graded by PCGS.
It makes no sense at all.
Here you have a potentially valuable coin whose market value will certainly only increase once it is registered and graded.
Nice coin. The absolute certain thing to do is to get it PCGS graded and slabbed.