Hi guys,

I've been disappointed recently in a number of things:

1) An inability to find barber dimes in XF-low UNC conditions
2) No where and no time to buy coins/notes at school
3) A thermo final (why did I take a grad class in a subject I'm bad at... for fun?)

So I've been browsing Heritage Auctions (only online site I really trust) just for good deals or anything the looks interesting. I realized that I could have a fun time making a low-grade registry set of a sort. So, I found a nice P01 Morgan dollar... no, not one of the super rare morgans, but a common date. I bid on it, was willing to pay $30 for it (more than twice as much as VG grades).

I got outbid.

Look how much it went for against 8 bidders.

P01 Morgan Dollar sold on Heritage

It looks like I'm not the only one with this idea. I mean, usually the lowest grade non-rarities on Heritage is XFish.

Click to view attachment
Click to view attachment

I went to the link but did not see a price. What did it go for?

$80.50 with Buyers premium.

8 bidders

PS. Of the 6,500 + morgans of this date and mint submitted to PCGS and NGC, only 2 received this grade. 6500+ higher.

You'll have a problem with the PO-01 grade, since there are a lot of folks going specifically for sets in that grade, so the bidding does not surprise me. If it was an AG-3, that would have been a disappointment to the submitter looking for the coveted PO-01 grade and probably would have gone cheap.

"Coveted" Who knew that all this garbage that is essentially worth less than even bullion value has value when it gets into plastic?

I'm waiting to see a PR-01 1895 morgan. Could you imagine the bidding war on that?

Sounds like some of the estate sales I have went to. They advertise antiques and even the junk goes for outrages prices. Some people will bid high prices on low end stuff if others keep bidding.

I don't think i agree that its the plastic, though for some that may be the case. I find these well worn coins quite interesting. How long did this S$1 have to circulate to get to this point? How many hands did it pass through? While garbage to some, a coin like this has a lot of history. I would certainly not pay $80 for it but I think its worth more than an AG-3.

More than likely it was somebodies pocket piece for a very long time. It does take a lot of wear to get to that point, that is not circulation wear.

I recently sold a PO01 1928 peace dollar for close to full good money to someone looking for it for their registry set

I totally agree. I was just thinking that I've never (if ever) seen a coin in circulation that was that worn. If I saw one, it was a penny from the teens. That's astonishing that it could stay in and out of circulation that long.

I don't think its the plastic that makes it valuable. It certainly helps, but how great would it be to say that you have the lowest graded, readable coin of an issue. That's cool. And it allows people to form cheap registry sets that aren't easy to assemble. Quite an affordable challenge... how many of those do you see in the coin world these days?

But I was willing to pay $30 for that piece, maybe more now that I see its that hard to come by, but $80????

It's not TOO hard, go and grab some P03 coins, and make them your pocket piece. I'm having a nickel copper coin as a pocket piece and that's going to be hard to wear that coin down