Finding Rare PL Morgan Dollars in the Wild: A Cherry Picker’s Guide

Uncovering Hidden Gems in Circulation

You don’t always need a dealer to find this. Here is what to look for when searching through circulation or bulk lots.

The Thrill of the Hunt

As a roll hunter and cherry picker, I’ve learned that some of the most exciting finds happen when you least expect them. That’s exactly what happened at a recent local coin show, where I stumbled upon a remarkable collection of Proof-Like (PL) Morgan Silver Dollars that most collectors would have overlooked.

What Makes These Coins Special?

The coins pictured are a series of Morgan Silver Dollars with Proof-Like designations – a quality that makes them stand out from standard business strike Morgans. When you’re searching through bulk lots or estate sales, these are the coins that catch your eye because they have an unusual brilliance and mirror-like fields that standard Morgans simply don’t possess.

Identifying Key Markers

When you’re examining coins in person (or even in photos), look for these characteristics that indicate a PL designation:

• Deep, reflective fields that mirror light
• Sharp, frosted devices that contrast with the fields
• Exceptional eye appeal that makes them “pop” compared to standard strikes

The Importance of In-Hand Examination

As I noted in my original post, these coins look way more Proof-Like in hand than in photos. This is crucial advice for any cherry picker – don’t rely solely on photographs when making purchasing decisions. The cool factor and visual impact of these coins is significantly higher when you can examine them directly under good lighting.

Understanding the Market Value

Several commenters noted the prices seemed high, but there’s more to consider than just the raw grade. When I evaluated these coins, I considered:

The prices weren’t terrible basing on what these go for at the assigned grades from PCGS if they are truly PL designated. Without factoring in an upgrade. I also factored in the cool factor/holder premium.

The “Cool Factor” Premium

One experienced collector commented that these are “stud coins” worth every bit of what I paid. Another specifically noted the breast on the 2002-O was “Hammered” – collector slang indicating exceptional detail and quality. This is the kind of specialized knowledge that separates casual collectors from serious cherry pickers.

Conservative Grading Considerations

I mentioned that I haven’t seen coins of this quality in these holders before, suggesting the grading might be conservative. This is actually good news for buyers – it means there might be upside potential if the coins were to be resubmitted for grading.

Where to Find Similar Treasures

For those looking to replicate this kind of find, focus your efforts on:

• Local coin shows where dealers might not recognize the full value
• Bulk lots at estate sales where coins are sold by weight rather than grade
• Circulation finds from banks (though PL Morgans are rare in circulation)
• Dealer bargain bins where eye-appeal isn’t properly valued

Investment Potential

While one commenter lamented that “you can’t get much for $500 these days,” these PL Morgans represent solid collectibles. The combination of:

• Historical significance (Morgan Dollars are cornerstone American coins)
• Relative rarity (PL designations are less common than standard grades)
• Visual appeal (they truly stand out in any collection)

Final Thoughts

The dealer moved a fair amount on price, which tells me they recognized the coins were special but perhaps didn’t fully understand their market value. This is exactly the kind of situation where a knowledgeable collector can benefit. As one commenter wisely noted, it’s been a while since seeing coins of this quality – that rarity factor alone makes them worth pursuing.

Whether you’re a seasoned cherry picker or just starting out, remember that the best finds often come from developing your eye for quality and being willing to act when you spot something special. These Proof-Like Morgans are exactly the kind of coins that make the hunt worthwhile.

Related Resources

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