VAMquest.com: The Premier Morgan Dollar and Peace Dollar Auction.

As one of the 1878-P 8TF ultra-rarities, this VAM 14.6 is highly desirable in any grade, but in a lofty grade like PCGS MS62 Proof-Like, it becomes a \"to-die-for\" coin. The specimen offered here, which has deeply reflective fields, is certainly at the top-end of the MS62 grade, and as such, might easily garner an even better grade in someone else\’s holder. Without question, this VAM 14.6 example is impressive, and best of all, it’s priced way below the market.

To begin, the scarce 1878-P VAM 14.8 variety offered here was one of the “for-circulation” coins struck from the second set of silver dollar Proof Dies used in 1878. The fact that so many have been impaired in one way or another makes this semi Proof-like MS62 that much more desirable. And it’s conservatively graded by PCGS. We originally suggested that the specimen be re-submitted to PCGS, but the consignor said no, so here it is at a near give-away price!

The 1878 VAM 22 is one of only two 8-TF varieties represented in the HOT 50 listings, and because it was so seldom seen in the marketplace, it was highly sought-after. Displaying a clearly identifiable “washed out” LIB in LIBERTY, the VAM 22 has had a following ever since. And even though more examples have now come to light, high grade specimens remain quite elusive. The PCGS pop is currently no PL’s, one MS65 and 22 MS64’s, so that leaves the remaining MS63 specimens to satisfy the demand from hundreds of 8-TF enthusiasts. Here we offer rarity and premium quality at a common variety price.

There are lots of collectors who specialize in the 1878 7/8TF Set, and here we’re pleased to offer one of the superstars, a VAM 32, in PCGS MS63 DMPL! This rare example shows contact on the delicate DMPL fields, but overall, it’s a specimen that is head and shoulders above what is usually available. A bit of splotchy toning makes this one difficult to photograph, but for those looking for this particular variety, here is a seldom encountered opportunity.

We are fortunate to be able to offer both 1878 7TF VAM 100 sub-varieties in this auction. And talk about quality – both are super quality coins in PCGS MS64 holders! The VAM 100, which made its way into the TOP 100 as the only 7TF variety with an “8TF” obverse die, shows a doubled die obverse with clear doubling at the tops of the letters in E PLURIBUS. Both the VAM 100-1 and the 100-2 share the same obverse. Condition-wise, this VAM 100-1 example has the “look” of an even higher grade, with exceptional luster and smooth surfaces.

Here we have the second 1878 7TF VAM 100 sub-variety, a high end VAM 100-2. Thought to be much scarcer than its VAM 100-1 counterpart, both sub-varieties are now listed separately by Van Allen. In terms of condition, this PCGS MS64 is simply stunning, with its lustrous surfaces and an almost complete lack of distracting bagmarks. In fact, this specimen is one of the best looking VAM 100 examples of either sub-variety we’ve seen!

As an 1878-P specialist, this cataloger has always been impressed by the 7TF VAM 113. First of all, the large die chip on Liberty’s cheek is certainly unique, as is the die gouge across Liberty’s ear. But of late, trying to explain what we believe is a “reconstructed” arm of the “r” in TRUST has been our focus. My own research indicates that only three or four 7TF varieties, including the VAM 160, have this feature. As for its availability, the VAM 113, while not ultra-rare, is certainly not easy to find in Mint State. This example, with contact consistent with a PCGS MS62, is all-white, and its luster is exceptional for this variety.

The 1878-P VAM 162 is highly desirable in all grades, but like a number of other key 7TF varieties, is rarely encountered in Mint State. Of the three “B2 Reverse” varieties with broken serifs on “N and M” of UNUM, the VAM 162 is considered the most difficult to find, and as such, is highly desirable. PCGS has slabbed three MS63’s and six MS62’s, and that’s it in Mint State! So this lustrous MS62 is, in effect, among the top ten!

In our opinion, one of the more under-appreciated varieties in the 1878-P 7TF set is the VAM 170. More recently, a later die state clashed version of this scarce variety was discovered, and here we offer a VAM 170A. Like all the coins in the auction, this example is in a PCGS holder, which is consistent with our focus on quality. Indeed, With excellent luster and nice detail, this lightly circulated PCGS AU55 example is more than solid for a Choice AU.

As most of the collectors reading this already know, 1878-P 7TF silver dollars came with two distinctly different reverses, the “B” flat-breast eagle reverse and the “C” convex-breast eagle reverse. Collecting the latter set is a relatively recent phenomenon, due to the fact that detailed information was unavailable until Mark Witkower and I came out with a book on the subject. But even so, the VAM 223 had already developed a following due to its original inclusion in the TOP 100 listings. Because MS64 specimens usually sell in the $1500 range, this frosty, all-white PCGS MS63 example is highly desirable.

The last 1878-P 7TF “C” Reverse variety to get a separate number from Leroy Van Allen was the VAM 232. It’s our opinion that all the so-called “Round Breast” varieties, including the VAM 232, are especially desirable in PCGS MS63, because of the significant spread in Greysheet price between MS63 and MS64. And that makes a top-end PCGS MS63 like this one that much more important. Thick, satiny luster describes the surfaces here.

The good news for the VAM 9, as well as other common 1879-S Reverse of ’78 VAMs, is that every variety is desirable in Mint State. Why? It seems that most of this variety-type went straight into circulation in 1879, and the rest suffered from excessive contact inside the bags used for storage. The result is a Greysheet listing of $100 for even a lowly MS60, and $425 in MS63. And because the ‘79-S Rev78 is now listed in the Redbook as well, non-variety silver dollar collectors are not only aware of this variety-type, they all need a specimen for their collections. Here, the fact that this highly lustrous PCGS MS62 example displays frosty luster, reflective surfaces and amazing design detail completes the all-around good news.

We may be less than impressed with 1883-CC and 1884-CC coins, based on their easy availability, but this 1883-CC in a PCGS MS63 holder got our attention. The fact that it has a “PL” designation on the label makes all the difference! Here, the surfaces are highly mirrored to the point they would have been considered DMPL until recently. There’s some scattered contact here and there, but the central devices are so frosty and white that they look like they’ve been spray painted! The result is super eye appeal.

There’s no question about it, we have a weakness for MS63 DMPL coins in PCGS holders. The reason is simply that it’s almost impossible to get a DMPL designation out of PCGS these days. Indeed, we’ve been big fans of deeply mirrored silver dollars since the early days of VAM collecting, and we still are. The issue is that if price is a true measure of rarity, then DMPL’s are vastly under-priced in our view. That said, the wonderful specimen offered here has nice contrast, white luster on Liberty’s cheek and deeply mirrored fields. It’s just the way we like \’em.

While the 1885-P VAM 1A is certainly not the rarest coin in TOP 100, any variety on the list becomes much more desirable in PCGS MS64. At that point the population thins out, and the fact is that a large percentage wouldn’t make it into a graded PCGS holder to begin with. The lustrous VAM 1A here not only made it into a PCGS MS64 holder, it is everything you could want in an MS64 example.

We’ve turned down the option of handling a number of these, but this 1886-P VAM 17 was so attractive we thought our bidders might be interested. Residing in a PCGS MS63 holder, this example may grade MS63, but it has the “look” of a much higher grade. Indeed, the surfaces are especially nice and semi Proof-Like. As always, pricing is the key, and considering the quality here, the cost of slabbing and the very low reserve, this TOP 100 example might be worth acquiring, even as a duplicate!

If you mention the word “Scarface” to a VAM collector, expect his eyes to bulge out and his blood pressure to spike! The reason is that the 1888-O VAM 1B is at or near the top of the venerated TOP 100 in terms of desirability. But there’s one caveat. It is only the late die state, which is super-rare and sought-after, that brings the huge money listed in the pricing guides. Hold on to your hats -- the “Scarface” specimen offered here is the Van Allen final “IB-4” die state. Originally purchased in one of my SSDC Auctions in the mid-1990’s, this “Scarface” in a PCGS MS62 holder is incredibly rare.

With the boat-load of 1889-P varieties presently considered collectible, the VAM 19A is easily lost in the shuffle. Known as the “Bar Wing” variety, along with its VAM 22 counterpart, the VAM 19A has been on the Want Lists of VAM collectors for as long as I can remember. Damage to the die as a result of clashing was most likely the initial cause of this dramatic die break, and finding an attractive specimen like this one has always been a cause of excitement.

The 1889-P VAM 28A is notable for its Doubled Ear Obverse and its Pitted Reverse, and the combination was dramatic enough to make it into the Hit List 40. But rather than extol its virtues, we’ve decided to list this PCGS AU50 specimen at the approximate cost of its bullion melt value and let the bidders decide its actual value.

VAMquest Auction #40 offered a 1900-O/CC VAM 9 in PCGS AU50 and we wrote this: “In the VAM collecting world, it would be hard to get a more ‘important’ variety than the 1900-O/CC VAM 9. To start with, it’s a key variety in one of VAM collecting’s key sets, the nine-piece 1900-O/CC’s. It’s extremely rare in all grades, so the demand for better grade examples like this one is intense.” That was a wonderful specimen, but here is a even better one, with only the barest wear and bright untoned surfaces. Incredible!

There’s no doubt about it, VAMquest Auctions has handled more high-grade 1901-P “Shifted Eagle” rarities than anyone in history. We love the VAM 3, which is highly sought-after by VAM collectors as the #1 doubled die reverse in the entire Morgan dollar series. It’s not only extremely rare in better grades, its two complete sets of eagle feathers on the reverse still produce “oohs and aahs” whenever encountered. Simply put, the specimen offered here, which has been conservatively graded AU55 by PCGS, is among the finest known. In fact, the only surprise is that it has so much luster, you wouldn’t know it was a 1901-P!

The quality of this 1904-O is undeniable, with its white, frosty surfaces on both obverse and reverse. Of course, collectors sometimes pay big premiums for PCGS MS64 coins, when they’re available. Why? Because they’re often the same coins that end up in someone else’s MS65 holders at three times the money! This impressive specimen, which is super-attractive, has a virtually unmarked cheek on Liberty and flashy luster. And check out the reserve!