Grading Morgan reconsideration: The Difference Between $10 and $1,000

Condition is everything. Here’s how to look at the high points and fields to determine the true grade of this piece.

When examining a Morgan dollar for potential upgrade, the devil is in the details. This particular specimen presents an interesting case study in how subtle variations in luster, strike quality, and surface preservation can dramatically impact both grade and designation.

Wear Patterns and High Point Analysis

The first step in any Morgan dollar evaluation is examining the high points for evidence of circulation or mishandling. On this coin, the cheek area shows minimal disturbance, which is critical for achieving a 65 grade. The hair above Liberty’s forehead and the eagle’s breast feathers should display full detail with no signs of flattening or contact marks.

Professional graders at PCGS and NGC use magnification to detect even microscopic wear. The presence of planchet flaws, as noted behind Liberty’s neck, can complicate grading. These are not necessarily detracting marks but must be evaluated to determine if they’re mint-made or post-production issues.

Luster Quality Assessment

The luster on this Morgan appears to be original and undisturbed, which is essential for DMPL (Deep Mirror Prooflike) designation. The mirrors should be deep and reflective, with a black-and-white contrast when the coin is tilted under light. The frost on the devices needs to be strong and unbroken.

A light haze, as mentioned in the discussion, can be problematic. While it doesn’t necessarily preclude DMPL status, it may indicate toning or environmental exposure that graders will scrutinize. The mirrors must be clearly visible through any haze for the DMPL designation to be awarded.

Strike Quality Evaluation

Morgan dollars from the Philadelphia mint typically exhibit strong strikes, but variations exist. The eagle’s feathers, particularly on the breast and legs, should show full detail. Liberty’s hair should have clear separation between strands, and the cotton bolls should be well-defined.

The presence of contact marks or abrasions on the cheek or fields can prevent a coin from achieving a 65 grade, regardless of its other qualities. Even small marks in critical areas can be the difference between a 64+ and a 65.

Eye Appeal Considerations

Beyond technical grading, eye appeal plays a significant role in both grade and market value. This Morgan shows strong contrast between the mirrored fields and frosted devices, which is highly desirable. The overall balance and harmony of the toning, if present, contributes to the coin’s visual impact.

Professional graders consider eye appeal as part of their evaluation, though it’s not a separate category. A coin with exceptional eye appeal might receive consideration for a higher grade, while one with distracting marks or toning might be held back despite strong technical merits.

PCGS/NGC Standards and Plus Designation

The PCGS grading scale includes plus designations (64+, 65+, etc.) for coins that approach the next grade level. These coins must meet all criteria for their base grade while showing qualities that suggest they’re on the cusp of the next tier. The plus designation can add significant value, as seen in the price differential between 64PL and 65 grades.

For DMPL designation, graders look for specific criteria: deep, reflective fields with mirror-like surfaces, strong contrast with frosted devices, and overall preservation. The designation is separate from the numerical grade, meaning a coin can be a 64DMPL or a 65DMPL.

Value Implications

The value differential between designations is substantial. A 64PL Morgan might be valued around $840, while a 65 grade could reach $3,800. DMPL designations often command additional premiums, though specific values depend on date, mint mark, and overall rarity.

The VAM 41A 7/8TF variety mentioned is particularly interesting due to its low population numbers. Only 30 total examples exist in both PL and DMPL designations, making this a conditionally rare coin regardless of its specific grade.

Conservation and Reconsideration Process

Professional conservation can address issues like light haze or toning, potentially improving a coin’s appearance and grade. PCGS conservation services include a regrading component, making it an efficient option for coins being considered for upgrade.

The reconsideration process allows submitters to request specific designations or grade ranges. For DMPL status, checking the appropriate box signals to graders that this is the primary goal. However, conservation must be considered first, as cleaning can affect both grade and designation.

Final Assessment

After thorough evaluation, this Morgan dollar presents a compelling case for potential upgrade. The strong contrast, deep mirrors, and minimal wear suggest it could achieve either a 65 grade or DMPL designation. The planchet flaw behind Liberty’s neck requires careful consideration but doesn’t necessarily preclude either outcome.

For collectors, the decision to submit for conservation and reconsideration should balance the potential value increase against the cost of services and the risk of receiving the same grade. Given the coin’s current 64+ status and the price differentials involved, professional evaluation seems warranted.

The ultimate goal should be maximizing the coin’s potential while preserving its historical and aesthetic qualities. Whether it achieves a 65 grade, DMPL designation, or remains a premium 64+, this Morgan represents an excellent example of American numismatic artistry worthy of careful preservation.

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