My Grading Journey with the Awaited ’86 GTG Morgan

I recently had the pleasure of grading an 1886 Morgan dollar – the one we’ve been calling the “awaited GTG” – and it really got me thinking about the nuances of our hobby. As a collector, I always enjoy examining coins like this, especially when photos reveal those small details that can swing a grade one way or another.

The Grading Spectrum Debate

Looking at this Morgan, I saw collectors landing all over the map on its condition. Most of us, myself included, pegged it as MS64, but some folks made a solid case for MS65 based on its attractive luster. Here’s where opinions split:

• That mark on Liberty’s jawline is a classic MS64 stopper – it often keeps coins from gem status
• A scratch across the eagle’s breast feathers stood out clearly in photos, another common grade-killer
• A few sharp-eyed collectors argued for MS65, pointing to the strong strike and minimal wear – proof that even with nice Morgans, grading remains an art

Spotting Critical Flaws

From what I’ve learned, certain flaws carry more weight than others. The jaw hit and chest scratch aren’t just minor blemishes – they’re often enough to drop a coin from MS65 to MS64 territory. I recall a PCGS MS65 Morgan with a similar distracting gash that left me scratching my head. That’s why I always recommend: study photos under good lighting to catch these details before money changes hands.

Toning’s Tempting Premium

The light rim toning on this Morgan was a welcome surprise – it gives the coin real character. In my experience, toning like this speaks to specialty collectors who’ll pay extra even for an MS64 coin. It’s a good reminder that market value isn’t just about the number on the slab. Unique features can make a coin more desirable and drive up prices when it’s time to sell or trade.

Practical Collecting Wisdom

This whole process taught me a few market truths. While MS65 coins command big premiums, flaws can erase that advantage fast. My approach? Focus on eye appeal and consistency when evaluating photos – pay extra attention to marks on high-relief areas like the face or eagle. And don’t underestimate the fun of the wait! Anticipating the grade reveal, like we did with this GTG, is part of what makes our hobby special. Here’s hoping your next find brings just as much excitement!