Finding 66 on the Ugly Scale in the Wild: A Cherry Picker’s Guide

The Thrill of the Hunt

You don’t always need a dealer to find exceptional coins. Sometimes the best treasures hide in plain sight, waiting for a sharp-eyed collector to rescue them from obscurity. This is the story of one such find that demonstrates why roll hunting and cherry picking remain essential skills for serious collectors.

The 1885-O Morgan Dollar: A Classic Hunt Target

The 1885-O Morgan Silver Dollar represents one of those dates that can still be found in circulation or bulk lots, making it a prime target for roll hunters. With a mintage of just 1,000,000 pieces from the New Orleans Mint, this coin carries historical significance beyond its silver content. The “O” mint mark indicates production at the historic New Orleans Mint, which operated from 1838 to 1909 and played a crucial role in American coinage history.

Understanding Toning: Natural vs. Artificial

When examining circulated Morgans, toning becomes a critical factor in determining both aesthetic appeal and value. Natural toning develops slowly over decades through exposure to sulfur compounds in the air, creating beautiful rainbow hues or deep, even patinas. Artificial toning (AT), however, involves chemical acceleration that often results in harsh, uneven colors that collectors immediately recognize as problematic.

The coin in question shows what many experienced collectors identified as artificial toning – harsh, dark coloration that suggests chemical intervention rather than natural aging. This distinction matters enormously when cherry picking from bulk lots or estate sales.

Red Flags for Cherry Pickers

Several warning signs emerged in the discussion that every roll hunter should memorize:

• Poor Photography: The images showed the coin in a way that obscured rather than revealed its true condition. When examining coins from online sources or even in person, always request clear, well-lit photos from multiple angles.
• Harsh Coloration: The dark, uneven toning suggested chemical treatment rather than natural aging. Natural toning typically shows gradual color transitions and often includes attractive rainbow effects.
• Questionable Slabbing: The PCI holder raised immediate concerns. While PCI (Professional Coin Imaging) had a respectable reputation in the 1990s for conservative grading, recent iterations appear to be self-slabbing artificially toned coins, essentially creating their own market for problem coins.

The PCI Controversy: What Every Collector Should Know

The discussion revealed important context about PCI that every collector should understand. The original PCI company from the 1990s was known for accurate, sometimes conservative grading. However, the current iteration appears to be a different entity entirely – one that self-slabbs artificially toned coins that have already been treated.

This represents a classic case of brand dilution, where a respected name is repurposed for a completely different business model. For roll hunters and cherry pickers, this means extra vigilance is required when encountering PCI slabs, especially on platforms like eBay where these coins are reportedly common.

Technical Analysis: What Went Wrong

Several experienced collectors offered technical insights into what likely happened to this particular coin:

“The coin is artificially toned. There are a couple dozen or more on ebay in those new PCI slabs. If they are indeed put out by the real PCI company, I will be disgusted. They had a history of accurate if not conservative grading back in the ’90s.”

Another collector suggested the coin might have been “dipped, not properly dipped and now the residue is ruining it over time.” This describes a common problem where cleaning chemicals are incompletely removed, leading to progressive deterioration of the coin’s surfaces.

Market Impact and Value Considerations

For collectors hunting through circulation or bulk lots, understanding how artificial toning affects value is crucial. A properly toned 1885-O Morgan in genuine MS-66 condition might command $300-500 or more, depending on the quality of the toning. However, a coin with artificial toning, especially in a questionable holder, might struggle to sell for bullion value.

The “66+ on the ugly scale” comment, while humorous, underscores a serious point: grading services and collectors alike penalize coins with artificial toning, regardless of their technical grade. This particular coin’s combination of AT and questionable slabbing likely makes it nearly unsalable to serious collectors.

Lessons for the Modern Roll Hunter

This case study offers several valuable lessons for collectors who enjoy searching through rolls, bulk lots, and estate sales:

1. Trust Your Eyes

If a coin looks wrong, it probably is. Harsh, unnatural colors, especially in Morgans, often indicate artificial treatment. Natural toning develops gradually and shows subtle color transitions.

2. Research Holders and Companies

Not all third-party grading is created equal. Research the reputation of grading companies, especially newer or less-established ones. The PCI situation demonstrates how a respected name can be repurposed in ways that might not serve collectors’ interests.

3. Look Beyond the Grade

A high technical grade means little if the coin has problems. Many collectors focus solely on numerical grades, but the overall eye appeal and originality matter more for long-term value.

4. Be Patient and Selective

The best finds often require examining many coins. Don’t rush to purchase anything that raises red flags, no matter how attractive the price might seem.

Finding True Treasures in the Wild

While this particular 1885-O Morgan proved to be a cautionary tale rather than a treasure, the hunt itself remains valuable. Every examination builds your expertise and sharpens your ability to spot genuine gems among the common coins.

For roll hunters specifically, Morgans remain one of the most rewarding series to search. Even common dates in circulated condition can carry significant silver value, while better dates or high-grade examples can be truly valuable. The key is developing the knowledge to distinguish between natural beauty and artificial enhancement.

Conclusion: The Art of Cherry Picking

The art of cherry picking requires patience, knowledge, and a willingness to walk away from questionable opportunities. This 1885-O Morgan, despite its impressive “66+” grade, serves as a perfect example of why technical grades alone don’t tell the whole story.

For collectors who enjoy the thrill of the hunt, searching through circulation, bulk lots, and estate sales remains one of the most rewarding aspects of the hobby. Each examination builds expertise, and occasionally, a true treasure emerges from the ordinary. The key is knowing what to look for – and what to avoid.

Remember: in coin collecting, as in many things, true beauty and value come from authenticity and natural development over time. Artificial enhancements might provide temporary appeal but ultimately diminish both the coin’s beauty and its market value. Trust your eyes, do your research, and happy hunting!

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