Scarcity Barrier in Compiling MS-67 Dollar Prices

8^th NSDC

Oct. 29 – Nov. 1, 1987

St. Louis, Missouri

Scarcity Barrier in Compiling MS-67 Dollar Prices

By David A. Carter

With superb gem (MS-67) dollar prices moving steadily upward during the first part of 1987, a review of the availability of this elite material, and a definition thereof, should be of interest to buyers (and sellers) especially those who are new to the marketplace.

It is becoming very difficult to assemble a current price listing for these superb dollars.  As time goes by, less and less specimens appear at major shows or auctions.  Dealers who specialize in this material are the first to admit that the price is secondary (to a degree) when selling these pieces.  The major problem is trying to obtain them in the first place and then trying to replace them when they are sold.

A major barrier that one is confronted with in compiling these prices is the relative unavailability of many of the pieces.  In many instances, a dealer who specializes in dollars will have a number of ready buyers for this material among his regular customers.  Consequently, when the dealer acquires an MS-67 piece at a show, it will more than likely be put away and later offered to those clients rather than be displayed in the dealer case with a specific asking price.  This is especially true for tougher dates and mint marks.  Numerous major collections are continually being upgraded as finer specimens are located by a dealer representing such collectors.

With various dates being unknown beyond gem condition, let alone in MS-67, it is obvious that the average buyer attending even the largest coin show, is not going to come across an MS-67 cameo prooflike 1893-CC Morgan dollar.  Virtually unknown in that condition, it is estimated that if one were to surface at this time, it would bring bids to purchase in excess of $50,000.

However, at most major shows there will usually be a sprinkling of MS-67 dollars, both regular and prooflike, from the so-called common date issues.  These would be the early S mints (1879-S, 1880-S and 1881-S) and early P mints (1885, 1886, and 1887), the relatively common Carson City dollars (1882-CC, 1883-CC and the 1884-CC) and lastly the more common New Orleans mintages.  Even these new dates, when located, will sell very fast and are expensive.  They are very much in demand by collectors and investors alike who prefer to have their money in “no question” coins.

Before progressing further we might examine some of the recognized prerequisites for an MS-67 dollar.  Obviously, we one would imagine, it is of better quality than an MS-65 as the numerics indicate, but in what way?  It is a coin that at times has been described as having “pizzazz,” being a “wonder coin” or a “chest grabber,”  all of which are nice expressions but of little help to the occasional show visitor.  While being blinded by dealers’ lights and the reflections from the thousands of coin surfaces, he needs something more than expressions to remember.

Rather, I prefer to look upon an MS-67 dollar as being a pleasing coin with no major detractions, having full mint luster and lots of eye appeal.  An MS-70 it is not, buy you can see from the following that it is much better than an MS-65.

Definitions of an MS-67

1. No bag marks on any of the devices, especially the face and eagle breast.  On the Peace dollar, the entire eagle should be free of marks.

2.  Full mint luster.

3.  Full strike, particularly the hair over the ear and breast feathers.  On the Peace dollar, the eagle feathers including legs should be fully struck.

4.  Light or no toning so that conditions 1, 2 and 3 are clearly visible.

5.  No major rim nicks.

6.  Only one or two minor bagmarks allowed in the fields, in inconspicuous places.

In summary, an MS-67 dollar should be pleasing to the eye, have lots of appeal with no major detractions.

I would like to add some thoughts on these pride-of-ownership coins that one might be wise to remember.

• MS-67 dollars are very expensive.
• Either know your coins or your dealer.
• A coin with MS-67 papers does not make it an MS-67
• Lastly, never forget that old adage:  If it’s too good to be true, it probably is!

About the Author

            David A. Carter is a rare coin dealer who specializes in silver dollars.  He is a life member of the American Numismatic Association and the National Silver Dollar Roundtable.  He is author of an analysis of Mint State 67 silver dollars which was published in the July 1985 Monthly Summary of the “Coin Dealer Newsletter.”  He is a contributor to the Coin World and the N.S.D.R. Journal.