Hi, I just got back from Iraq and my team developed a saying while
working over there: "Low expectations, high morale."

We're thinking of making an OIF 1 coin with that inscribed on it.  Can
anyone offer a good translation of this?  Looking in a dictionary got
us: EXSPECTATIO HUMILUS ANIMUS SUBLIMUS.  I'm not sure that it is correct.

Hi,

I'd go with:

"Exspectationes Minimae.  Animus Maximus."

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EXSPECTATIO is a 3rd declension feminine noun, so the nominative
plural would end in -es.
see:
http://www.florilegium.org/files/HERALDRY/mottoes2-msg.text
3rd DECLENSION NOUNS feminine
http://lilt.ilstu.edu/drjclassics/ISUclassics/Latin/index_cards/3rd_declension_fem.shtm

There are several different adjectives that you could use for "high"
and "low."   The adjective "superbus" was sometimes used to describe
high morale/spirits. See the terms ""superbus animus" mentioned in:
http://www.thelatinlibrary.com/avienus.ora.html

Maximus also conveys the same idea, though, and "Animus Maximus" is
used as the name of a project mentioned here:
http://spiritsdancing.typepad.com/spirits_dancing/unima/

As such, I think maximus and minimae (feminine plural) most closely
match your intended meaning.  These adjectives are antonyms, so they
closely fit the contrast (low... / high...) implied in your motto.

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strategy:
my own knowledge of Latin, plus various searches
Exspectationes
maximus, high, etc

I hope this helps.