Wednesday, September 28, 2011

Buying Prooflike and Deep Mirror Prooflike Dollars

So! You are a collector of Morgan Dollars and you love the Prooflike and the Deep Mirror Prooflike coins, like me. On okay, there are at any given time 50-75 coins listed in PCGS holders, 75-100 in NGC holders, and 500-600 in all holders and raw. This is a very important statistic and one that should raise eyebrows if you are a collector and you don't want to get burned.
Here is the rub--a great number of Morgan Dollars display significant contrast between the devices (ie, the face) and the fields, and through some very crafty photography tricks (read: Photoshop), they can be made to look very much Prooflike or even Deep Mirror Prooflike. Be very cautious when bidding on raw coins, especially if one of several things is apparent in the picture. First, if the coin looks grainy, or extremely black and white, with very bright whites and black blacks, it has very likely been over adjusted in contrast, sharpening, gamma, etc. This "trick" can really enhance a coin's look. If the coin has obvious die polish on either the obverse or reverse, it will likely never receive a DMPL grade from either PCGS or NGC, even if the coin has mirrors of 4-6" as required for the grade. If the coin has an obvious cartwheel effect, then it will likely neither PL or DMPL. These two things are regularly seen on some of the most gemon dates of the PL/DMPL coins and while the coins have great contrast and eye appeal, they will not make the grade. Check out the 1879-S, 1880-S, 1881-S, 1882-S coins for this. You will see a BUNCH of raw coins with these dates that will likely be called MS65DMPL coins, when they are actually MS64 coins or possibly MS64PL coins. This can be a value difference of $500 or more.
So, in conclusion, if you are new to buying PL coins on okay, be cautious and look very closely at the PCGS DMPL and PL coins first, then follow up with the NGC PL and DPL (same as DMPL) coins to get a good eye at looking at these type coins before making a big investment in a coin that could dissappoint.
How do you buy a raw coin PL or DMPL? Look for dealers who have great credentials and deal primarily in this type coin. They will likely have a mix of raw and slabbed coins, and should show large, clear pics that display the things that distinguish the differences that separate PL's and DMPL's from the regular coins.

No comments:

Post a Comment