The 1889-CC GSA dollar

A picture of the only known '89-CC dollar in a GSA holder was posted on Coin Universe. It is graded MS62 DPL. At least one person who has seen this coin commented that he did not believe the coin was close to DMPL. Has anyone seen this coin?

It has an odd look in the photo, looks AU. Obviously Todd did not take this photo.

I have seen the coin. In my opinion, it's not the strong deep mirror proof like. The devices did not have a ton a contrast either.

Then, there are the marks.

If you're expecting an ultra-deep mirror in the sense of the anacs udm specification, forget it. Don't forget, there are brilliant prooflike as well as cameos, with plenty in between. Nevertheless, I think the coin is graded fairly.

Mitchell

Mitchell,

I have not seen the coins, but would certainly like to for historical reasons, if for none other.

Question... The NGC grade on the coins is "DPL". Is this an intermediate proof grade of some sort? I thought the designations were as follows;

•Prooflike (PL) - 2 to 4 inches of reflectivity

•Deep Mirror Prooflike (DMPL) - More than 4 inches

•Ultra Prooflike (UPL) - At least 8 inches

Belay Off

It is NGC's version of DMPL.

This is the image I took of the only 1889-CC Morgan silver dollar in a GSA holder when it was offered to me at the 2008 Baltimore ANA convention for $1.25 million:


The obverse has more green in it than the image illustrates. The surfaces are marked with abrasions, typical of the MS-62 grade. As Mitchell commented, the mirrors are not very deep—nothing like what you would see on a blast-white black-and-white-cameo "CC" Morgan dollar. The toning is blotchy and distracting. If the date were anything other than an 1889-CC, collectors would not have much interest in the coin.

The reverse has more eye appeal; it is close to the MS-64 grade, and the Prooflike surface displays more contrast.

If this coin were not in the GSA holder it would be worth about $29,000. Its lackluster eye appeal would not excite many buyers.

It gets its value from being the only 1889-CC silver dollar in a GSA holder. Still, I believe that low-population GSA dollars, which are significant for set builders of the GSA series, are worth about 10 times what their value would be out of a GSA holder. This puts the value of this 1889-CC GSA dollar, graded MS-62DPL by NGC, at about $300,000; maybe a little bit more.

I have heard that its price tag has dropped considerably over the past few years, way under the original 7-figure level.

Rusty

Thanks for the story behind the story on this special coin Carsonite!


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