Morgan Dollar Date Set - Doable on a 9-year-old's Budget?

[MunkyMan95]

My cousin is 9 years old. He has had an interest in coins for about a year now. He likes to pick through dealers' melt bags and find coins to fill up albums. Through some guidance from both my uncle and I (my uncle is a collector as well), he has managed to complete the Franklin Half Dollar Set and the Walker Short set in the last year. Now, he wants the big coins - Morgan dollars. Luckily, most of the dealers around here have the coins available in their melt bags.

 

My question is, how expensive will this be? If silver stays the same, I expect maybe $12-$15 each for the common dates in circulated grades? And what about the harder dates in the 1890's? 1893, 1894, and 1895 will be especially difficult, I think.

 

So, which Mint should he go for in those years? What would it cost to obtain a circulated example of each? Can anyone help me out? There would be some help monetarily from his father, gifts, etc. but if it's a $5,000 set maybe we should pick another set to do.

[James_OldeTowne]

Way too expensive on a typical 9 year old's budget! You might want to narrow down to just a date set, and then you will still have expensive coins for four years (1892 - 1895), but it would be doable.

 

A Peace dollar set in circulated grades is MUCH more doable.

 

Edited to say: $5000 is too low an estimate on the Morgans.

[MunkyMan95]

Way too expensive on a typical 9 year old's budget! You might want to narrow down to just a date set, and then you will still have expensive coins for four years (1892 - 1895), but it would be doable.

 

A Peace dollar set in circulated grades is MUCH more doable.

 

James, I know the whole set would be very expensive, even for an adult with a full-time job. I was asking about the date set. How much would it cost to assemble one?

[Arizonadesertrat]

For a circulated date set (EF or below, and no higher than VF20-25 for 1892-1895 coins), you should estimate about $1400-1600 retail. This allows for expected price increases in the bullion value of silver in the coins (and may be too conservative if silver shoots up in the next 2 years). This price range assumes that the cheapest MM coin is chosen for each date in a year set, and may not be high enough to include state sales tax.

Several years will be tougher, in the early 1890's. For these, try 1893, 1894-O, 1895-O (this is the expensive one). Good luck.

[BillJones]

Years ago there was a dealer who was offering a complete collection of the business strike Morgan dollars for $2,800 in places like “Coins” magazine. That set did not include the Proof-only 1895 Philadelphia coin, and I would imagine that despite the claim that the worst coin in the set graded VG, that damaged coins were probably included. I'll give him the benefit of a doubt and assume that all of the coins were genuine!

 

Today significant price increases for well circulated 1893-S, 1895-O and 1894-P dollars have put that set out of reach for most collectors with thin wallets. Another troublesome coin is the 1885-CC. While that coin is fairly common in low end Mint State, circulated examples are very scarce. That’s why you don’t see much of any break in price for that date in the lower grades.

 

Yet despite this, you 9 year old could still put together a fair number of dates, espeically if he is prepared to sort though boxes of circualted Morgan dollars. He also might consider a one a year set. Given the high prices for the coins from 1893 to '95, that would be a challenge, but with the holidays coming perhaps Santa could give him a hand.

 

[jesbroken]

It looks like if your cousin stays with VF as his high grade, he should be able to complete a single year set(with only 1 MM/YR) for under $2000. How much under $2k would depend upon how diligent he was and how carefully he graded(assuming that he learns to grade the issue well in the lower grades). About half of the money spent would be for 3 coins. If the sales of low grade coins continue their lack of interest for the next year he may virtually get the whole set for melt except for a few coins. I wish him great luck, I hope he realizes how lucky he is to have a cousin and an uncle to lean on for support and drive. Cool!

[MunkyMan95]

First, I want to clarify that he wants to pursue the DATE SET, rather than the whole thing. A few already know that, but some seem to have misread the title.

 

Secondly, thanks for the opinions so far. Morgans are an unchartered world for us, my Uncle is a modern collector (proof sets, mint sets, other Mint products) and I collect pretty much everything BUT morgans. Hopefully we can learn as my cousin learns as well.

[123cents]

A Date Set would certainly be the way to go.

[CHABSENTIA]

I am now on the Morgans and I have a few nice ones in the Raw state. There are many Morgans in the MS65 State that have a Numismedia value of $147.50.. You have to go with the date here because an 1882S might be that price but not the 18820 or 1882 which would be much more expensive.So the best deal would be to go with one for each date and pick the least expensive out of each year. If you were to get just the years and get the ones for $147.50 you are talking about 32% in MS65 or about $2000.00

 

I was checking the other day and I believe that a 1895 in the lowest cat which is G is $2400.00 so it is out for now.I picked up an 1894 S in XF45 a few weeks ago for a $ 100.00 and the Numismedia on it is about $150.00 so it is doable in that grade.

 

If you buy them on EBAY then you have the problem whether they have been cleaned. Some will tell you right out. Some will only tell you if you ask and some give an answer such as "The coin is over a hundred years old so who knows?"

 

 

If he was going to put them in a Registry then some in the lower grades have a point value of "3" so it would just be for personal use which is alright for a 9 year old as it still demonstrates an accomplishment.I was looking at a graded 1890 MS64 on E Bay the other day. It has a value of about $160.00 in that state. The next one up is MS65 and a 1890 MS65 has a value of $1950.00.

 

So a previous poster that posted that a set could be made without the 1895 in VF condition and maybe a few in XF for about $2500.00 is about right.Probably eould have to exclude the 1893 also.Even the 1894 is hard to find.

 

[jesbroken]

Chad,

Here is a little chart I made to help your cousin. The prices were taken today from Numismedia as noted and may vary a little, but it gives you a good working idea of a VF collection of mixed mm and a complete date collection. You could even add the 8 tail feathers 1878 and the 1878 with reverse of '79 for a few buck more. Good luck.

Jim

 

[BillJones]

I was checking the other day and I believe that a 1895 in the lowest cat which is G is $2400.00 so it is out for now.I picked up an 1894 S

 

Just to help you put this into context. You can't really buy a 1895-P dollar in Good. First, the coin is extremely rare in that condition. The possilbility of finding one is almost nil. Second, even if you did find one, the "hole filler" collectors would bid it up to something well over $2,400. The only way you could end up with it at $2,400 is if you ran into a poorly informed dealer or collector who didn't "know the score."

 

AND I would not touch a very low grade 1895 dollar that had not been certified. It's too easy to take an 1895 O or S and remove the mint mark.

 

Years ago one of my customers had the most unattractive 1895-P dollar that you could imagine. It had extensive marks all over it, and it looked awful. The big plus was the coin was in a PCGS PR-50 holder. This was some time ago so the prices were lower. Still the piece was supposed to be worth $16,000. For another 7 or 8 thousand you could own a PR-63.

[Arizonadesertrat]

BillJones: Good post, and your point about a price guide entry for an essentially unobtainable coin is important, and applies to many other coins in selected grades.

[Conder101]

I see no one has addressed one question that would help with an answer. Just exactly what is this 9 yr olds budget? When I was 9 my allowance was fifty cents a week. A $2,000 collection would only have taken me 77 years. Assuming of course that I never spent anything except on the collection.

[jesbroken]

Conder,

Having no idea as to your age, but assuming 60's as to your allowance/earnings of 50 cents/week, what would a collection of circulated Morgans cost then, I would not think $2000. Thus, a 9 year old's allowance/earnings of today would be far higher than 50 cents a week-probably near $10/week(on the average). Then bringing the time period to within 4 to 6 years even accounting for some mad spending urges not associated with numismatics. Reduced even further by birthdays and other gift holidays such as Christmas. By the time the young man was 15 he could have amassed a couple of different collections, that would be very valuable by his later years. Great idea.

[TJ'S Coins]

I like the suggestion of collecting a circulated Peace Dollar set which is much more affordable than the Morgan counterpart. As many have already noted, the early to mid 1890's are the stoppers for collecting a complete Morgan date set. On the other hand, you could encourage your cousin to begin his Morgan collection as a child and complete it as an adult when he may have more disposable income to spend on coins. There is nothing wrong with patience and a life-long collection goal.

[Bruceswar]

Just an FYI... Most kids get over 10 bux a week. Figure 20 or 30 a week. one coin a week or so. then the bigger coins at a later time.

[MunkyMan95]

I had figured one coin every week or two for him, and him saving up to get the coins from the 1890's. And, of course, when he's in the coin shop, his father will most likely purchase another coin(s) for him.

[Tradedollarnut]

Not sure - have you asked CC?

[gmarguli]

Not sure - have you asked CC?

 

He said to contact Legends.

[gmarguli]

Just an FYI... Most kids get over 10 bux a week. Figure 20 or 30 a week. one coin a week or so. then the bigger coins at a later time.

 

For a 9-year-old!?!? What the hell does a 9-year-old need that kind of money for? I can see that type of money for a young teenager, but a 9-year-old?

[Tradedollarnut]

I give my kids $100 each everytime I have a winning trip to Vegas. My 10 year old has $1,000 saved up.

[CHABSENTIA]

My point in using that example was the Price.Whether or not you could find in that condition is immaterial. If I told somebody they could probably buy a certain classic car in a certain condition for $150,000.00 doesn't mean you can find one.

 

My point was that $2400.00 was probably the minimum price and out of reach for a 9 year old.

 

The thread is talking about affordability in putting together a set of Morgans for a nine year old.There are certain coins I would like in certain condition, Doesn't mean they are readily available.

[RGT]

Just an FYI... Most kids get over 10 bux a week. Figure 20 or 30 a week. one coin a week or so. then the bigger coins at a later time.

 

For a 9-year-old!?!? What the hell does a 9-year-old need that kind of money for? I can see that type of money for a young teenager, but a 9-year-old?

 

That's what I was thinking. My daughter is eight and she gets $2.50 a week. $1.25 of that goes to her saving account, 25 cents goes to church and the last dollar is hers to spend. Even then she tends to save more in her piggy bank than she spends. Maybe I don't give her enough allowance. But maybe I just buy her too much stuff so that she doesn't need much allowance.

 

I'm out of touch since I probably was getting closer to Conder's 50 cents when I was nine. I don't know what the other kids that age get or what things they are resposable for buying for themselves.

[CHABSENTIA]

Exactly.We also do not know if the nine year old can make extra Money by doing extra chores in addition to the allowance. I brought up the use of using Numismedia values and coins which in most circumsatnces would be out of reach of a 9 year old in most normal circumstances.

 

$10.00 a week is not an unusual allowance in this day and age.I have two Grandchildren and my daughter and son-law buy them just about everything.One is 11 and the other is 9. I am pretty sure that they could also say that instead of such and such they would like such or the money in place of of something even if it represented less value.

[CHABSENTIA]

Exactly. We also do not know if he has some money saved up or had other coins he would be willing to sell in order to buy the Morgans.

[Dwaine]

Let's say that they get $10.00 a week that averages to $40.00 a month. So with a monthly trip to the coin shop they should be able to purchase at least one Morgan for their date set. This doesn't include the early 90's. I believe it is doable minus the early 90's. If they skip going a month or two they might be able to get one of the early 90's.

 

Then if they can do extra job's for other's to earn more money that will help their effort even more.

 

 

That's my worth.

[CHABSENTIA]

As mentioned I picked up an 1894 S in XF for about $100.00 and I have been looking for some time. I would gladly buy the above 1893 and 1895 in VF condition as long as it was certified.I have not seen any lately.

 

The rest look good.

[Conder101]

That's a very good point, I didn't make allowance for the fact that Morgans were much cheaper back then. But still the point I was trying to make is that we can't make a valid judgement on whether or not he can buid the collection unless we know what HIS budget is.