Most cost effective grade for a common date beautiful Morgan

I just wanted to write a thread regarding buying common date Morgans, and the most cost effective grade, or grades to obtain a really nice looking coin. As a 60+ year collector, I have bought and sold these coins for years, and many fellow, and beginning collectors of the series ask what is the best way to begin, and get “value for the dollar.”

First, decide what your budget is, and what your objectives are. Do you have $75, $100, $200,$300, $500 or more to spend PER coin? Be very practical in this area, as it will, obviously, dictate grade. Low grade MS or high grade common date AU coins can be found for the $75 budget. If one wants a nice mid-grade MS coin, we are in the $100-150 range. I am talking about attractive coins—not coins lacking in eye appeal.

For gem grade coins, it obviously depends on date. I ALWAYS recommend starting with the 1880s, 1881s, 1882s Morgans. They are plentiful, well-struck, and reasonably priced for Morgan dollars. A collector can obtain an attractive MS 65 gem in a PCGS or NGC holder for approximately $125-150. The same goes for a lot of the high mintage New Orleans and Philadelphia Mint issues. Check the PCGS price guide, and other sources for monetary guidelines, and current prices. Remember, with Morgans of common date, there are conditional rarities.

For collectors wanting really choice gem coins, the most cost effective grade for common dates is MS 66. In the $200-400 price range, common date 66, and 66+ coins can be had that are ones you would not want to replace in the future for upgrade.

Toned coins and Prooflike and DMPL coins are a different story. Many of them get pricey, and the premiums for these coins are substantial. Finding a beautifully toned 1885o selling for $1000 is by no means unusual!!

So, to answer an oft-asked question, the most cost effective dates for Morgans fall into 3 dollar categories:

Low—AU 58. Under $100
Medium MS 63-64. $100+
High—MS 65-66+ $200+

This applies to certified coins. If one wants to go the raw coin route, by all means do. However, know how to grade, deal with reputable dealers, and buyer beware!

Good luck, and happy hunting,
Morgandude11.

 

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Very nice comment, thanks for the info.

 

My thanks, too, for your suggestions on buying Morgans. I just took a look at my spreadsheet and found that of the 77 Morgans I have—none of them are CC—only 14 of them are certified. These range from AU50 thru MS64 for the majority of the more common dates, but there are some F and VF coins on the rarer dates; my 1904-S is a very nice AU58, for example. For the most part, the majority of the other 63 raw Morgans have been bought after I became a member here, and took to heart what is here to be learned. Yes, I made some mistakes along the way, with at least a dozen whizzed, polished or badly cleaned samples, but I am of the opinion that a good many would also certify well if I chose to have them graded. Over the next year or so I plan to replace my mistakes with some certified Morgans, and I'll be basing my purchases on this helpful thread.

I should add that I spent far more money on collecting three complete sets of the Peace Dollars. The lion's share of the latest set are grade MS62 and higher while the earlier sets are raw.

 

Most of what I buy is toned except I'm starting to see a great value in lower priced 65's in old ANA and ANACS slabs.

 

I agree with everything you said, and I'd just like to add that the biggest advantage to buying certified Morgans graded MS65 and higher is that you are more likely to make a profit if you should ever decide to sell. There is a much greater demand for these coins than there is for those in the lower grades.
~ Chris

 

But if it raises the price you can ask when it's time to sell, doesn't it also raise the price you have to pay to get it in the first place?

Seems to me the only way you'll make a profit is if demand increases or supply decreases enough to offset the buy/sell spread. Or if you find a bargain when you buy, or a sucker when you sell.

 

I had more than 150 certified, non-CC Morgans when I sold them. I made a nice profit on all of the MS65-MS67 while just about breaking even on the MS62-MS64. (I only collected MS specimens.)

I didn't have to ask higher prices for them. All of the eBay auction listings were 99c start with no reserve. That should drive home the point that the demand for higher quality specimens will garner higher values. ~ Chris

 

Same here when I sold 128 toned coins. I made HUGE profits on all MS 65-67 toners (high three and four figure profits). MS 63-64 were still very profitable as toned coins, but less so. Quality sells, and people do buy the holder. PCGS and NGC coins far outsell others on resale.

 

A

Any photos of your wildest toned coins? Not necessarily highest graded but best color and overall pattern.

 

17 of mine were the old ANACS "soap bars", and they didn't do too bad, either.
~ Chris

 

I wonder why they didn't star your 04-O? I thinking of crossing my 04-O to get a star.

 

I believe you -- but since the high-grade specimens brought in strong bids, how did you get them at lower prices in order to realize a profit?

Is your point that the high-grade specimens went up more than the lower-grade during the time you held them? If you're saying that higher-grade coins appreciate more over time, that's plausible, but it's also a little bit different from saying "it's easier to make a profit from them". To make that profit, you've got to (a) hold them for the right period, and (b) enjoy a rising market during that period -- right?

 

I'm not one who cares about crossing over or cracking out. If it makes me a decent profit to sell it to someone who wants to cross it, why be greedy? ~ Chris

 

If you study the CDN Greysheet for a few years, you will see that the higher grades tend to increase more often than the lower grades. Sometimes, the lower grades will remain stagnant for years while the higher grades inch higher and higher. ~ Chris

 

I don't sell what I buy right now. I just want the star.

 

I can appreciate that. I sold my collection about 8 years ago because I needed the money. ~ Chris

 

I should sell what I have to pay off debts but it'd only make a dent.

 

My wildest? Here are two of the best sellers. Both were big returns.