They Bought the Slab, Not the Coin
An 1881-S Morgan Silver Dollar graded PCGS MS-63 with a CAC green sticker recently sold at GreatCollections for an astonishing $105,000. On its own, the coin’s market value is under $150, as 1881-S Morgans in MS-63 are both common and inexpensive. For comparison, similar 1881-S Morgans in old PCGS green-label holders have sold for as little as $125, and another MS-63 in a comparable NGC holder brought about $120 in early 2024. The premium in this case came entirely from the holder—a first-generation PCGS “White Rattler” slab, notable as the 17th coin ever graded by the company and the earliest known survivor. This was a case where the buyer was paying for the historical significance and rarity of the slab, not the coin inside. It’s a striking example of the inverse of the usual collecting advice—here, they quite literally bought the slab, not the coin.