US Coins

Market Analysis: When MS-62 nears MS-63, it's PQ

Collectors are willing to pay a solid premium for nice Mint State 62 coins that approach the MS-63 grade, as seen in this 1884-S Morgan dollar graded Professional Coin Grading Service MS-62 with a green Certified Acceptance Corp. sticker that brought $19,800.

The San Francisco Mint issue is well-known as a condition rarity in even mid-range Uncirculated grades, and population reports confirm this. PCGS has recorded 132 in MS-62, just six in MS-62+ and only 53 in MS-63, although those numbers are likely somewhat inflated by multiple submissions of the same coin that have not been removed from the records.

A nice MS-63 example with a green CAC sticker sold for $36,000 at Heritage’s January Florida United Numismatists auctions in Orlando, so there’s lots of price pressure on appealing MS-62 representatives that can fit in among higher-grade coins.

Heritage called the subject coin “quite spectacular,” observing, “Incredibly radiant cartwheel luster reveals no major abrasions, and a loupe uncovers only light handling marks on the cheek and in the field.” The price was especially strong compared to the lot that sold before it, an 1884-S Morgan dollar graded PCGS MS-62 with essentially fully brilliant surfaces that brought $14,400.

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