Question about PR Graded Morgan Dollars

[josephcolorado]

I have a question...I have recently seen some PCGS/NGC graded and slabbed Morgan Dollars as PR 50 listed for $2K-ish. To me (very little experience), they look more like AU 50. They look circulated, and to me, they definately do not look like a proof. What is going on here? Thanks.

[Coin Mule]

Hi J, pics or it didn't happen. True proof Morgans can be rare, for example 1878 8 TF there were an estimated 500, but this is an estimate and there are no official records. Also low grade examples lack eye appeal.* this info is from red book guide book of silver Morgan dollars*. Believe it or not, the PL coins, in general, with an MS 63 look better than a Proof 50.

If you want to get involved with Morgans get the book I mentioned, see if you can get it from Daniel and throw him a bone for all he does.

[Daniel]

Proof is not a grade, proof is a die finish and determined by certain die characteristics and strike as well as the planchet is sometime specially treated with square rims. A proof can be circulated but it better be graded by PCGS, NGC, ANACS or ICG or I would not take the coins seriously. If you look at PCGS and NGC price guides you will see values for PR30 and PR40, etc.

[josephcolorado]

Here's the certification number that shows under PCGS verify: 09986712 (PCGS has made this info public, obviously). The PCGS verify shows the coin worth $850, but it does show the "Grade" as PR50. That's what I am confused about. I don't know where "PR" fits in with the XF, AU, MS, etc.

[Daniel]

PR50 is a grade. Proof finish is not. PR just signifies the coin as a proof and not a business finish.

[josephcolorado]

That makes sense. So at what point does a circulated proof strike wear to the point of not being able to tell the difference between it, and a business strike. Basically, I am curious how graders can tell that a PR40 or PR50 proof strike, is not just an AU40 or 50 business strike? Case in point, some business strikes can look "proof like" in their original form. There must be something besides the surface between a proof and business strike that is a tell that a circulated coin once was a proof strike, versus a business strike, even after considerable wear. I'm just assuming, though.

[Daniel]

As I wrote above previously, the dies or collar die (reeding) and planchet preparation and often the design itself is slightly different. You're asking a question that takes years to learn. Just trust the professionals and in the meantime study each series' proof versions to begin learning.