A "Complete" Morgan Dollar Collection 1 1

[EagleRJO]

I just can't see spending $30 to $40 for grading a $200 to $300 coin, unless maybe you need to authenticate it or have it graded to sell at certain places (auctions?).  Probably why I have heard that $400 to $500 rule of thumb as a cut-off.  Although grading will increase the value somewhat, I doubt the increase will cover the grading cost unless it a more expensive coin.

Needless to say, most of the coins in my "complete" Morgan Dollar collection probably will not be graded, just slabbed by me, as most are readily available in AU/BU condition for under like $100 to $200 each.

And I do think I am going with the 6 coins for 1878 in order to have a "complete" regular production "Business" (or "Circulation") strike Morgan set that would check the boxes in the NGC Complete Registry set also

[Coinbuf]

On 7/10/2022 at 6:58 PM, GoldFinger1969 said:

I guess many of them -- if slabbed when prices were higher -- would have holders from 1989-1994, right ?

Some, back then an MS66 was a very high grade for some coin series.   But really it has been happening (and in my opinion accelerating) because so many collectors now submit, some with out any guidance, and some it seems out of sheer desperation.   In the timeframe you noted the bulk of submissions were from dealers, so the low value coins then were likely the setup coins or the total whiffs.

[J P M]

If you are happy with raw coins you will save a lot of money. You do run a higher risk of picking up a counterfeit or a cleaned coin that has no value other than it's metal content. I buy graded coins so the values are easier to look up and keep track of for others. When I am gone the coins can be saved or sold easier by my wife or children. They also know that they won't likely get full price either. I look at it this way anything they sell is 100% profit because I paid for it not them.  

[EagleRJO]

Yea, raw coins is the way I'm going for most of my Morgan collection [the complete opposite of my Silver Eagle collection] as many are commonly available in very good condition.  I find it much more interesting to try and evaluate the condition and value of the more common coins myself, instead of just reading a TPG label and looking at a list.  And I do check the basics when I buy a coin.

I'm sure some of them will be off, and I may get an occasional fake since I understand they are getting hard to detect.  But no big deal for me between having what I think is a $60 to $70 AU/MS coin vs maybe it's actually a $40 to $50 VF/XF coin or worst case a fake.  For the more expensive ones I am definitely going with TPG slabbed.

And when I'm gone, I won't know they didn't grade out the way I thought they would ;-)

Edited August 6, 2022 by EagleRJO

[DWLange]

Quote

 

All coins made by the US Mint are "business strikes" because that's their business. What you are referring to are "circulation" strikes.

 

 

 

 

In my writing I use the term "currency strikes," an affectation I picked up while collecting and researching British coinage. It means the same thing, and it's certainly better than "business strikes," a term I will never use and which makes me cringe whenever I see it in print.

Back in the late '90s I put together a set of raw Morgan Dollars in circulated grades. Silver was around $6/oz back then, so I was paying $8 for most pieces and limiting my purchases to completely original, problem-free examples grading VF to XF. Of course, the scarce dates cost more and sometimes were only Fine, but it was a very attractive set and that had a matched look (and weighed a lot) in the old Whitman Bookshelf albums. I never did get the 1889-CC and 1893-S, because there were just too many other coins that seemed a better value at those prices.

[EagleRJO]

On 7/11/2022 at 1:36 PM, DWLange said:

... I use the term "currency strikes," ...

I like that, and it's not awkward saying "uncirculated currency strike".  ; -)

[RWB]

On 7/11/2022 at 2:01 PM, EagleRJO said:

I like that, and it's not awkward saying "uncirculated currency strike".  ; -)

"Currency strike" works as well as "circulation strike." (The little 'blip' on currency strike is that all coins are currency even if not made to actually circulate.)

I did not suggest using "uncirculated currency strike." The word uncirculated is just a specific modifier  similar to saying "extremely fine." Also, "uncirculated" is not applied to proofs or other specialty coinage.

Edited July 11, 2022 by RWB

[EagleRJO]

On 7/11/2022 at 1:36 PM, DWLange said:

... a set of raw Morgan Dollars in circulated grades ... completely original, problem-free examples grading VF to XF.

I never did get the 1889-CC and 1893-S, because there were just too many other coins that seemed a better value at those prices.

Sounds like the "Complete Morgan VF/XF Currency Set" I am working on except I have been getting AU/BU grades if they are only a little more.  I feel your angst about some of the coins in the set, and my wallet is not looking forward to adding the 1889-CC, 1892-S and 1893-CC/O/S Morgans ... although I am lol.  I might have to settle for less than VF on those.

@DWLangeCare to share some pictures of the Morgan set you put together?

Edited July 11, 2022 by EagleRJO
Typo

[EagleRJO]

On 7/11/2022 at 2:23 PM, RWB said:

"... I did not suggest using "uncirculated currency strike."

No, I did from some other posts about that where i cringed at typing "uncirculated criculation strike" ... ;-)

[DWLange]

@DWLangeCare to share some pictures of the Morgan set you put together?

It didn't seem worthy of photo documentation at the time, and I no longer have that set. The rising price of silver around 2010 or so was too much of a temptation, with common dates bringing over $20 apiece.

[EagleRJO]

I just got up to the 1880 Morgans in my "complete" set, and it looks like there are 11 regular circulation strike coins that year, including 5 just from the Carlson City mint [great 5 of the less common CC coins, this is going to take a while ... lol].  Wow, Is that correct?

[J P M]

On 7/30/2022 at 11:24 AM, EagleRJO said:

I just got up to the 1880 Morgans in my "complete" set, and it looks like there are 11 regular circulation strike coins that year, including 5 just from the Carlson City mint [great 5 of the less common CC coins, this is going to take a while ... lol].  Wow, Is that correct?

That would eat up my pocketbook fast. I have one 1880 and that's all I can do for now. One of every year is my goal for now and that is taking a while shopping around. I am just starting to get into the high price ones in the middle 1888 to 1895 I did both ends first LoL....

[EagleRJO]

On 7/30/2022 at 5:31 PM, J P Mashoke said:

That would eat up my pocketbook fast. I have one 1880 and that's all I can do for now. One of every year is my goal for now and that is taking a while shopping around. I am just starting to get into the high price ones in the middle 1888 to 1895 I did both ends first LoL....

Yea, I am also starting at both ends and working inwards towards the middle for my Morgan "complete" set .  Mostly because there are a number in the middle around the 1880's to 1890's like you mentioned that are pretty expensive in decent grades, and prices for the rarer or even semi-rare ones have just seemed over-inflated lately.  Too many bored people with extra pandemic money.   

There are a lot of years/mints where I can scoop a really nice raw AU/BU grade coin for like $75 to $100 (sometimes under $50 or sometimes a little more), and slab them myself to save cash.  For some I go down to an XF and go up in price to get a decent one.  So, I have pretty much just been plugging away at those more common or semi-common ones a little at a time, and occasionally just getting like one coin while I shop around for some of the more expensive ones.  Like the 1889-CC VF-35 attached I saw go for over $3,060 while I bid on a different one, which I guess was a good sign as it was valued by PCSG at $3,250.  I was tempted to bid on it at under $3k but it wasn't an XF and decided that I could buy a whole bunch of BU ones for that price, which may come down more.

There have been more expensive ones I skipped for now and will circle back to down the road, like the two 1879-CC's, where even for XF prices they also seem high now.  And then of course there is the 1893-S where even an XF is close to the cost of a decent used car.  Maybe by that time a stash of them will have been found bringing the price way down, like what happened with the 1903-O.  And luckily since I am only doing a complete currency/business strike collection I don't have to worry about the 1895 (P) Proof (which is like the cost of a small house in a more remote area) or all the pricey VAM's.

Edited August 1, 2022 by EagleRJO

[EagleRJO]

On 7/30/2022 at 11:24 AM, EagleRJO said:

I just got up to the 1880 Morgans in my "complete" set, and it looks like there are 11 regular circulation strike coins that year, including 5 just from the Carlson City mint ... Wow, Is that correct?

Doing a little more digging as I am looking for the 1880 & 1881 Morgans, since 11 coins for one year couldn't be right.  It turns out that there are just five (5) regular production "Circulation Strike" coins for 1880 with (P), 2 for CC, O & S.  The others are apparently VAM's and not included in the NGC Registry "Complete" Circulation Set.  Well, that's a relief, particularly just 2 of the CC's which can get expensive.