Starting a Morgan $1 collection

[BRIAN339]

I have not bought anything to collect in a while. I am thinking about starting a nice Morgan collection. They seem affordable in high grades compared to other coins.

 

Can you tell me where to look to buy?

What are the main pitfalls?

 

Thanks,

 

Brian

[James_OldeTowne]

I have always believed THE pitfall for a Morgan dollar collection is aiming too high. Contrary to what you state, there are too many stoppers to make a truly high-end collection feasible for a normal budget. I think it is much wiser to aim for AU/BU, and to accept that your three or four biggest keys will only by XF. And forget about trying to do a set of PL/DMPL coins unless your budget is huge!

[physics-fan3.14]

And forget about trying to do a set of PL/DMPL coins unless your budget is huge!

 

Or your time frame is VERY long.

 

Honestly, although the Morgan is one of the most popular series for collectors, I am not sure why. They are not very attractive. Of course, everyone likes something different, which leaves more Capped Bust Halves for me

 

[TomB]

A set of Morgan dollars in MS63, which is the minimum grade many MS collectors find with great eye appeal, will set you back over a half-million dollars.

[C.I.]

James makes a good point. If you are looking to collect a large series of Morgans, it will require alot of time and money. You may want to consider selecting a specific group to work on. As for me, I preferred higher grade uncirculated Morgans.

 

With that,the GSA's seems to be a good fit. The coin count is small (at least the CC's) and high grades can be found (over time) with cash outlay within reason for most. In any event, collect what works for you. As for those Morgans, some of us think they are A-OK.

 

Chet

[JStull]

And forget about trying to do a set of PL/DMPL coins unless your budget is huge!

 

Or your time frame is VERY long.

 

Honestly, although the Morgan is one of the most popular series for collectors, I am not sure why. They are not very attractive. Of course, everyone likes something different, which leaves more Capped Bust Halves for me

 

I think the attractiveness and popularity is the history behind the Morgan dollar.

[JStull]

I have not bought anything to collect in a while. I am thinking about starting a nice Morgan collection. They seem affordable in high grades compared to other coins.

 

Can you tell me where to look to buy?

What are the main pitfalls?

 

Thanks,

 

Brian

 

If you haven't read Q. David Bowers' A Guide Book of Morgan Silver Dollars, by Whitman Publishing, you should get a copy and read it.

 

It's full of great history and information on this series.

 

It also has a good price guide.

[SouthFlorida guy]

 

The coin count is small (at least the CC's) and high grades can be found (over time) with cash outlay within reason for most.

As for those Morgans, some of us think they are A-OK.

 

 

That's what I did in regards to my Morgan collection. The MS65's bothered me with all the abrasions on the cheeks, so I went with MS66-67's. Much pricier for sure, but my CC Morgan collection is solely from 1878-1885( excluding the 1879 cc).

 

I agree with the Morgans. I like them alot. To each is own though. Some collectors love collecting 20th century coins. It's not for me. I don't own 1 coin dated above 1899. There is no appeal for me. Same goes for guys who like toned coins. I avoid them at all costs, but other people go head over heals for a toned coin. Collecting is a matter of preference. Collect what you like, not what others think you should collect.

[Walkerfan]

I agree with the JSTULL's previous statement about the popularity of Morgans is tied to it's history. Also, I think that they are popular since they are such a large silver coin; getting more for your money, so to speak. Although Morgans aren't my favorite, I still think that they are somewhat attractive in their design (as are MOST U.S. coins) and I do own a few CCs and couple of semi-key dates (I think all collectors should diversify a little). Their price compared to other coin series has sky-rocketed in the last 10-15 years (excluding gold coins) and was already high to begin with. It is also very good advice that you were given by SFGuy advising you to focus on a mint mark, such as CC, or section of the series by date (much as I do with my early Walkers and one per-date Walker sets). Otherwise, if it were me, I would be extremely FRUSTRATED at not being able to complete my set in a reasonable time frame, unless you have unlimited resources, since this series is extremely long and contains MANY costly key date issues.

[BillJones]

It also has a good price guide.

(referring to Q. David Bowers Guide Book on Morgan Dollars

 

Sorry, I have to disagree with this statement. While there are many wonderful things in the Whitman Guide Books and I would highly recommend them, one of their weakest areas is the price guide. Prices change so quickly these days that any book that takes six months or more from finished print copy to the bookstores is out of date with respect to price.

 

Several years ago an older gentlemen came up to my table at a show and said he wanted to see a certified Morgan Dollar that I had. I showed him the piece, and he asked for a quote. My quote was very close to Gray Sheet bid.

 

He railed up and down about how I was trying to over charge him, and that I wanted more than the "retail price." Come to find out he had an earlier edition of the Morgan Dollar Guide Book, and his four year retail price was below Gray Sheet bid.

 

Don't believe everything you see in print, and don't believe old prices. They could be higher or lower than the current levels.

 

[cpm9ball]

 

I don't own 1 coin dated above 1899.

 

You must be one of those guys who throws their change on the parking lot upon exiting a 7-11 or Circle K. I love you guys!

 

Chris

[SouthFlorida guy]

 

I don't own 1 coin dated above 1899.

 

You must be one of those guys who throws their change on the parking lot upon exiting a 7-11 or Circle K. I love you guys!

 

 

Nah, I don't want to see your type people fight over a few cents in the parking lot.It's akin to watching seagulls fight over a cracker. I just politely hand over the change. Oh, and you are quite welcome!

[Old Pueblo]

Presonally, I think Morgans are magnificent! You could do a short set in uncirculated and be the happiest in collector coin land.

"Superior for Grade" XF to AU are impressive all by themselves.

Some in these grades are actually scarce and super specimens can be elusive.

 

 

Best of luck

 

 

OP

[Walkerfan]

Presonally, I think Morgans are magnificent! You could do a short set in uncirculated and be the happiest in collector coin land.

"Superior for Grade" XF to AU are impressive all by themselves.

Some in these grades are actually scarce and super specimens can be elusive.

 

 

Best of luck

 

 

OP

 

I'll agree to that and add that Morgans tend to be well-struck overall and an AU-XF examples DOES tend to look rather nice; more so than some other series such as WLHs and SLQs.

[mtnstyne]

From someone who asked the same question about 3 years ago I would only say start small and with a plan.

 

I was way too ambitious and have since curbed my goals to make them more attainable. Instead of trying to collect every year and mintmark I am now focusing on all the CC coins (13 total) and a nice MS coin from every year. It is still going to be an undertaking as there is no way my budget is going to afford the 1879CC or some of the years from 93-95, but it is much more satifying than trying to buy them all right now.

 

I figure when I reach these goals I can expand to collecting the rest, maybe starting with the O's or the S's.

 

And of course get the book and do the research before you buy! I spent many months learning how to grade and different characteristics of some of the varieties and I haven't even scratched the surface when it comes to VAM's and such.

 

Enjoy!

[cpm9ball]

 

I don't own 1 coin dated above 1899.

 

You must be one of those guys who throws their change on the parking lot upon exiting a 7-11 or Circle K. I love you guys!

 

 

Nah, I don't want to see your type people fight over a few cents in the parking lot.It's akin to watching seagulls fight over a cracker. I just politely hand over the change. Oh, and you are quite welcome!

 

I think I've just been insulted!

 

Chris

[Coindude]

Chris.... I think you have to have feelings first to get them hurt!!

[James_OldeTowne]

There is a very reasonable and workable solution: do a date-only set of Morgan dollars with no varieties. You still end up with a boatload of coins (1878 - 1904 + 1921 = 28 coins, I believe), which make for a very attractive presentation, yet convenient in a single album. Also, you avoid most of the keys. You're only going to have to save a few months salary for three dates - 1893, 1894 and 1895, if you go MS-63-ish.

 

For that matter, a date-only set is doable MOSTLY in PL/DMPL, but a few years saw none of the mints producing enough PLs to make them "easy". One other thing - a date set still lets you get all the mints, making 1921-D the only "required" coin.

 

Just food for thought. The date-set idea makes a Morgan dollar set REALLY attractive in more ways than one, and I have seen some astoundingly nice sets done on a budget that even I could manage (my budgetary means for coins is quite limited).

[World Colonial]

I agree with you that the Morgan Dollar is popular because of its size and perceived historical connection, though the latter in my opinion is more perception because I do not see these coins as any more historical than the other coins that circulated at the same time.

 

Another possible reason is because except in a narrow sense (conditional rarities, die varieties, and eye appeal preference), these coins are not scarce. They are very collectible in the sense that, though they can be expensive, they are not difficult to locate.

[michael]

i woujld do a neat type set of morgans

 

the key here is if you buy common dates make sure you only buy eye appeal and cac high edn for the frades with extraspecial extraoddinary qualities to the coins

 

 

for example

 

buy

 

1--- a gem proof strongly cameoed set original cased set toned morgan dollar with deep mirrors and great eye appeal

 

2--- but a killer gem dmpl ultra cameo morgan dollar blast white

 

3--- a set of all the different mints in gem unc. philly new orleans carson city denver san fran.

 

4--- also get a killer bag toned morgan dollar in gem unc

 

5--- get a neat colored dmpl dollar in gem

 

6--- get a morgan like a 1894-s that is super rare in true dmpl buy a neat really choice unc. coin in strong proof-like

 

7---make sure all the coibns you buy have 100% full strike over the ear and this includes the morgan dollar in gem proof

 

 

if you accomplish this in a few years get back to me for other ideas

 

 

the above set would be well diversified and quite an accomplishment and get mostly every facet of morgans and make a great collection with what i think would be a set with a fundemential reason to rise in demand

 

remember all cac coins

 

 

[mhomei]

WOW...IS THAT A LOADED QUESTION???

Morgans are great for collectors who like them

and for the most part affordable I am 3 coins away from a complete set

and not sure if I will ever reach my goal of having a morgan from every year and every mint mark but I have had a blast doing it and that is what really matters

its a hobby for me and a great way to relax and escape from the business and personal life B.S.

SO whatever you decide to do with all the options available to you remember to buy the coin not the slab if you like it it buy it.... and if it is a raw set make your 1st purchase a dansco albums 7178 and 7179 so you can get organized first

Mitch

[BillJones]

There is a very reasonable and workable solution: do a date-only set of Morgan dollars with no varieties. You still end up with a boatload of coins (1878 - 1904 + 1921 = 28 coins, I believe), which make for a very attractive presentation, yet convenient in a single album. Also, you avoid most of the keys. You're only going to have to save a few months salary for three dates - 1893, 1894 and 1895, if you go MS-63-ish.

 

For that matter, a date-only set is doable MOSTLY in PL/DMPL, but a few years saw none of the mints producing enough PLs to make them "easy". One other thing - a date set still lets you get all the mints, making 1921-D the only "required" coin.

 

Just food for thought. The date-set idea makes a Morgan dollar set REALLY attractive in more ways than one, and I have seen some astoundingly nice sets done on a budget that even I could manage (my budgetary means for coins is quite limited).

 

I have started and never the complete an year only set of Morgan dollars a couple of times. The trouble was it was when I was dealer. I'd get interested in something else than toss the Morgan dollars into inventory and sell them.

 

I don't think I'll become involved with them like that again. I don’t think that you need to collect by date to appreciate the historical interest in this series. I have a couple of Morgan sets in my permanent collection that have stuck with me for a long time. They are defined by a couple of Capital holders plus one coin. The first is an 1878 design set plus “type of 1879” dollar that Capital for some reason did not bother to include in the holder. The second is an all mints set. Here is the obverse of the 1878 design set.

 

 

And here is my Morgan dollar for my type set, a very nice Proof

 

 

When I was a dealer I built a couple of Morgan sets for a couple of customers, but it takes a lot of money. It's even more today becuase when I built those sets, I bought an sold a nice 1895 Proof-63 dollar for under $25,000. Today you can figure on about $50,000 for that coin.

[cpm9ball]

There is a very reasonable and workable solution: do a date-only set of Morgan dollars with no varieties. You still end up with a boatload of coins (1878 - 1904 + 1921 = 28 coins, I believe), which make for a very attractive presentation, yet convenient in a single album. Also, you avoid most of the keys. You're only going to have to save a few months salary for three dates - 1893, 1894 and 1895, if you go MS-63-ish.

 

For that matter, a date-only set is doable MOSTLY in PL/DMPL, but a few years saw none of the mints producing enough PLs to make them "easy". One other thing - a date set still lets you get all the mints, making 1921-D the only "required" coin.

 

Just food for thought. The date-set idea makes a Morgan dollar set REALLY attractive in more ways than one, and I have seen some astoundingly nice sets done on a budget that even I could manage (my budgetary means for coins is quite limited).

 

I have started and never the complete an year only set of Morgan dollars a couple of times. The trouble was it was when I was dealer. I'd get interested in something else than toss the Morgan dollars into inventory and sell them.

 

I don't think I'll become involved with them like that again. I don’t think that you need to collect by date to appreciate the historical interest in this series. I have a couple of Morgan sets in my permanent collection that have stuck with me for a long time. They are defined by a couple of Capital holders plus one coin. The first is an 1878 design set plus “type of 1879” dollar that Capital for some reason did not bother to include in the holder. The second is an all mints set. Here is the obverse of the 1878 design set.

 

 

And here is my Morgan dollar for my type set, a very nice Proof

 

 

When I was a dealer I built a couple of Morgan sets for a couple of customers, but it takes a lot of money. It's even more today becuase when I built those sets, I bought an sold a nice 1895 Proof-63 dollar for under $25,000. Today you can figure on about $50,000 for that coin.

 

Wow! Your 83 Proof is gorgeous! Does she date older men?

 

Chris

[BillJones]

Wow! Your 83 Proof is gorgeous! Does she date older men?

 

 

She found me.

 

But at her price, I'd have to call her "high maintenance."

 

[cpm9ball]

Wow! Your 83 Proof is gorgeous! Does she date older men?

 

 

She found me.

 

But at her price, I'd have to call her "high maintenance."

 

Well, she could always adopt me!

 

Chris

[JStull]

It also has a good price guide.

(referring to Q. David Bowers Guide Book on Morgan Dollars

 

Sorry, I have to disagree with this statement. While there are many wonderful things in the Whitman Guide Books and I would highly recommend them, one of their weakest areas is the price guide. Prices change so quickly these days that any book that takes six months or more from finished print copy to the bookstores is out of date with respect to price.

 

Several years ago an older gentlemen came up to my table at a show and said he wanted to see a certified Morgan Dollar that I had. I showed him the piece, and he asked for a quote. My quote was very close to Gray Sheet bid.

 

He railed up and down about how I was trying to over charge him, and that I wanted more than the "retail price." Come to find out he had an earlier edition of the Morgan Dollar Guide Book, and his four year retail price was below Gray Sheet bid.

 

Don't believe everything you see in print, and don't believe old prices. They could be higher or lower than the current levels.

 

I guess I should have clarified the statement regarding the Whitman price guide in Bowers' book.

 

At the time it went into print, for the most part, the prices listed were not far from being accurate with a difference of + or - $20 or so.

 

I would agree that at today's prices on retail and auction, that guide is way off.

[rrantique]

<3That 1878 set is a looker too. (thumbs u