1882 Morgan O Graded BU Confusion 0

[pogohatesme]

Hey everyone, this might seem dumb but I am really perplexed. First off, I understand the value of a coin is ultimately what someone is willing to pay for it. But I came across this coin and now I need help understanding. 

I am confused by the BU grade by NGC and not a numerical grade as well as it showing a price guide price without a numerical grade. From my limited understanding, typically speaking, a BU coin could end up being graded between a MS60 and MS67. And to me that could potentially be a huge difference in value. What am I not understanding?

[bsshog40]

Most slabbed coins like this were bulk orders. They were slabbed noting that they are uncirculated but with no grade. I think, I may be wrong, but slabbing bulk with this designation was cheaper than having each individual coin graded. The picture is a little poor but still looks no higher than an MS62. JMO

[pogohatesme]

58 minutes ago, bsshog40 said:

Most slabbed coins like this were bulk orders. They were slabbed noting that they are uncirculated but with no grade. I think, I may be wrong, but slabbing bulk with this designation was cheaper than having each individual coin graded. The picture is a little poor but still looks no higher than an MS62. 

Thanks for the response.Guess I still have a lot to learn because it doesn't make sense to me lol. Don't get me wrong, what you said does make sense and I can get it. But at the same time...yeah not so much. 

Edited June 3, 2020 by pogohatesme

[Coinbuf]

These are large bulk orders done for the big telemarketers that you see hawking coins on TV or in large ads in magazines.  I'm not a fan of this type of thing but they are usually very common dates and sold to a non collector market for the most part.  Also BU is not MS60 to MS67, BU is used to describe coins that generally fall into the MS60 to MS63 grades.  Gem BU is used for MS65 and up.

[pogohatesme]

7 minutes ago, Coinbuf said:

  Also BU is not MS60 to MS67, BU is used to describe coins that generally fall into the MS60 to MS63 grades.  Gem BU is used for MS65 and up.

Thank you. That helps a lot. I've tried researching the different terminology but it's so convoluted I get lost.

[Coinbuf]

Its more old school terminology that was used by dealers before TPGs came along and began to use each number.  An MS64 would often be called near gem or almost gem, today most are used to using the Sheldon scale so you don't see these descriptors used as often.

[kbbpll]

I recently noted that the 1964 50c "first day of issue" from that mint bag are also apparently all graded "Brilliant Uncirculated". I'm not sure if I get it either; sort of a throwback to that era. I don't recall anything being labelled "gem" or "near gem" when I first started collecting in the early 70s. "BU" was the highest I was aware of, but on lawn mowing money I wasn't looking at top-shelf items. It would be interesting to know the origin of "brilliant uncirculated", because I don't remember anything being "ordinary uncirculated". What was so "brilliant" about it? "AU" was even worse for me back then - was it "almost" uncirculated, or "average" uncirculated, as opposed to "brilliant"? Fortunately, I always thought it meant "almost", as in, nice try but not quite.

[Coinbuf]

I often wonder if some of the terms came about as something of a regional thing, almost like a dialect for some language's.  

[Conder101]

BU dates back quite a ways.  Grabed a reference and find it was used in the first year of the CDN in 1963, grabbed a bound volume of the Numismatic Scrapbook for 1958 and find it being used in the January issue.  I didn't go searching through any of the earlier years but I would suspect I would find it going back quite a bit further.

the main difference back then between an Unc and a BU coin was the toning.  If the coin was a little toned and/or the luster subdued it was Unc,  If it was white and flashy it was Brilliant Uncirculated.  The key word being "brilliant".

Edited June 4, 2020 by Conder101