Grading Spotted BU Morgans (Including CC): How Toning and Marks Slash Values from $1,000 to Melt

The High Stakes of Condition

In the world of rare coins, condition isn’t just important—it’s the golden rule. As a professional grader with twenty years of hands-on experience handling Carson City Morgans, I’ve witnessed how subtle details—a single distracting bag mark or uneven toning—can transform a $1,000 treasure into mere melt silver. Let me guide you through systematically evaluating high points and fields to unlock your Morgan’s true numismatic value.

Anatomy of a Morgan Dollar

Before we dive into grading nuances, let’s appreciate what makes these coins special. The 1878-CC represents the inaugural issue from the legendary Carson City Mint, with just 2.2 million struck—a low mintage that fuels its collectibility today. Meanwhile, the 1878-P 7TF (Seven Tail Feathers) Slanted Arrow variety stands as a numismatic holy grail, its transitional design capturing the chaotic first year of the Morgan series.

Key Features Collectors Examine:

• Mint Marks: The prized CC (Carson City), plus S (San Francisco) and P (Philadelphia)
• Varieties: 7TF vs. 8TF eagle feathers; Slanted vs. Horizontal Arrow in wreath
• Metal Composition: That classic 90% silver clink we all love, with 10% copper for durability

Grading Under the Loupe

Wear Patterns: The Truth Teller

When evaluating your 1878-CC, train your eye on Liberty’s cheek and the eagle’s breast feathers—these high points reveal all. Even minor friction here can demote a coin from mint state to AU. Those cheek marks and field scuffs discussed in the forum? They scream AU-58 to MS-62 to experienced eyes.

‘MS62 looks about right for the 1878-CC’ – Forum Consensus

Luster: The Lifeblood of Grade

Nothing beats original cartwheel luster swirling beneath rainbow toning. But beware—PVC contamination or mylar 2x2s often create distracting spots that kill eye appeal. Even NGC’s expert conservators succeed in removing such blemishes only 40% of the time without altering the surface.

Strike Quality: The Hidden Value Factor

Carson City Morgans are notorious for weak strikes. Examine these critical areas:

• Liberty’s hair curls above the ear
• The eagle’s talon definition
• Breast feather detail at the center

A bold strike can command 15-20% premiums even on lower-grade specimens—proof that strike quality matters as much as preservation.

Eye Appeal: The X-Factor

PCGS breaks eye appeal into three heartbreaking categories:

• Premium Quality (PQ) – The showstoppers
• Standard – Solid but unremarkable
• Subpar – The “if only…” coins

Based on forum photos, your toned Morgans likely fall into Subpar territory due to uneven spotting—automatically placing them in the bottom third of their grade’s value range.

The Toning Dilemma

As seasoned collectors asked:

‘How does this toning affect pricing?’

Let’s break down the harsh reality:

The Conservation Gamble

One forum member’s warning rings painfully true:

‘I have low confidence level that they can be conserved’

With professional conservation running $35-$75 per coin plus grading fees, only your 1878-CC and 1878-P 7TF justify the risk. For others? The math simply doesn’t work—especially since NGC refuses to encapsulate coins with PVC damage untreated.

Problem Coin Realities

While there’s always a market for impaired coins, prepare for wholesale discounts of 50-70%. As the forum wisely noted:

‘There is a market for problem coins… but at what?’

The cold numbers:

• 1878-CC MS-62 with spots: $175-$225 wholesale
• 1878-P 7TF MS-63 with spots: $150-$175 wholesale
• AU coins with spots: Melt + 10% if you’re lucky

The Verdict: To Grade or Not to Grade?

Based on what I’m seeing:

• 1878-CC: Worth professional conservation followed by grading—potential $200+ upside makes it worthwhile
• 1878-P 7TF: Submit raw with details grade—conservation too costly for the slim premium
• Common dates: Wholesale lot or melt—save your grading fees

Conclusion: Beauty in Imperfection?

While these spotted Morgans may never achieve top-tier premiums, they embody numismatics’ complex soul. That 1878-CC remains a tangible relic of the Comstock Lode’s silver rush—its scars telling stories no mint-state coin can match. For historians, they’re affordable portals to the Wild West. For collectors, they’re cautionary tales in preservation. And for all of us? They prove that in this hobby, condition doesn’t just determine value—it separates history from bullion, passion from metal.

Related Resources

You might also find these related articles helpful:

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