Why Have The Prices Of Graded Morgan Dollars Dropped So Much Lately?
Zsmartie
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The price of mid to lower grade Morgan dollars PCGS graded (or other TPGS) have dropped really significantly lately. Do members have ideas. My thoughts are the younger generations have no interest in coin collecting period. So long trend is this a problem for collectors? Myself I do not consider my collection an investment. However, down the road I wonder will my coin values hold up or am I wise (not a term I relate to myself) to sell now. In a way I actually do not care a whole lot. It is a hobby I am interested in and really do not look to make money at or even break even. It is a hobby, not long term investment in any term of the form. But I do not want to purchase more Morgans with the feeling that the trend is going to go lower. I still like the coin, for whatever reason, but why buy any grade if the price is likely drop.
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I don't think prices are falling, but settling from being overpriced. While Morgans are popular, there are literally millions of examples to choose from and very few dates and mints can actually be called rare.
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Combination of factors.
In general, I recommend that you consider all collectible costs as sunk money. If you can't enjoy the hobby without feeling like your hobby is an "investment", then you aren't going to enjoy the hobby. Buy what you enjoy. Enjoy it. Whatever money you recoup later is a bonus.
This is so true! In addition, try to stick with eye appealing, quality coins. There are other factors that come into play as well.
Quality is remembered long after price is forgotten.
Doesn't help that new "hoards" keep showing up.
Because with the exception of a few better dates, they are easily available.
Demand is less than supply...prices fall.
How exciting can a 1881-S or 1883-O Morgan be in blast white 64/65 ?
You can go to virtually any show and buy as many as you can carry.
Who are you going to sell them to though?
It's certainly nice to pick them up at these prices if you like the coin!
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except for the top 20% pops, aren't the prices of most things dropping?
Because I announced I was thinking about selling a group of Morgans I had in the closet ... it's the death knell for pricing.
Seems prices for Morgans have held up better than Walkers and Commems!
Morgans are common, common, common and collectors are becoming scarcer, scarcer, scarcer.
Lots of dogs out there.
If Proof Mercs get any cheaper, I'm going to start buying all of them. LOL.
Most late date business strike mercs sell for less than the cost of the plastic coffin in mid UNC grades.
And 65 Saints?!?!??! yowza. Going to be a bullion coin soon.
If you are looking at coin collecting as an investment, then you should be buying extreme rarities... otherwise, it is a hobby. Do you look for monetary return from a vacation, from a few beers, or other casual expenditures? A good dinner at a restaurant goes down the toilet the next day. Either enjoy it as a hobby, or use your money to invest in real estate. Cheers, RickO
The fees for authentication and grading, plus postage, have imposed an unrealistic floor on the cost of slabbed silver dollars. Collectors and dealers sunk money into the fantasy of buyers accepting this surcharge, that in reality, is of very limited importance or value for such commonly available coins.
It's called 'Supply and Demand'.
Same as always.
There is nothing new under the Sun.
drop in metals and increase in pops*
*quality has been lacking on the market lately and when lower eye appeal coins sell at auction they bring new lows seeming to create a spiral downtrend as so many people use the phrase "the last auction sold for..." without looking at the piece that sold
_Why Have The Prices Of Graded Morgan Dollars Dropped So Much Lately?__****_
Because people have finally figured out that it is the second ugliest regular issue coin series in the history of the US mint?
I have long felt that the current supply/demand imbalance is based on the ongoing erosion of the collector base. Younger people have moved on from old pursuits, and they won't be attracted to the hobby in anywhere near the numbers they used to be. Such a quiet, reflective hobby just doesn't fit in today's technology-driven social landscape. For Morgans in particular, the supply is immense. Increases in precious metals prices will likely provide a small boost now & then, but I can't see any possibility of an increase in demand that will be enough to absorb the supply.
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Huge supply of generic white coins doesn't help for sure on prices, but it does ensure whoever wants them can afford them.
A huge run up in silver prices would help but for now, I see people stacking them almost like silver bullion.
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Yup. In the case of Commems worth $100-$200, raw coins seem to be bringing better money on ebay than comparable PCGS/NGC coins! If you have a PCGS 63 Texas, you will probably get $40-$50 more by cracking it out and selling raw!
Because that's what the majority of my inventory consists of
People are finally realizing they’re over rated.
Huge dump of NGC-Stack's coins not only added to availability but the grading was soft, at least in the Morgan category.
A nice MS64 Morgan in older PCGS plastic for $55-60 is a steal. Plenty common but less common that half a pair of Nike sneakers for the same money.
Common coins have been dropping in prices across all series. You have to find coins that stand out these days.
Interesting point. If it's in a holder, it's easy to compare with other graded coins. If it's raw, people may submit hoping for a higher grade.
I don't know.
This is why dealers submit moderns for grading as 70 only. 69s will usually sell for raw prices, at best. You are better off in OGP than in a 69 holder in most cases.
This, I think, slightly misunderstands how the market operates. The cost of slabbing silver dollars is $5 to $7 when done by market makers. They submit rolls. The lower grade coins are usually just the "misses". Collectors throw money away paying $30+ to slab their coins. On that you are correct. Dealer inventories are not as costly and no dealer I know is submitting common date Morgans in 64 or under for $20 or $30 per coin.
Because I completed my set by paying top dollar.
Morgan’s Cheaper than I can recall (except 1960’s) good time buy / bulk up. Super investment double play.
The buyers market continues - declining base of collectors, stagnant bids in the sheet, soft bullion prices, many issues / types beyond the affordability of most.
Focus on what you can afford and is fun. I like MS64 Morgan’s at $55-$60 heck that as cheap what 2 people would spend on nice dinner /drinks. Once the investors return market will rise nobody knows when. I also like classic commems under $300.
Online is taking a lot of business from shows who unless they lower their bloated table fees to $75 -$100 will become extinct.
At a recent show bought MS65 NGC Peace dollars for $75 and NGC MS 65 Morgan’s at $105 from large bullion dealer.
The Morgan Dollar is, in general, a very common coin. There are literally millions of them available in Mint State. The reason is that the legislation that authorized them resulted in the mintage of far more pieces that the people wanted back in the day. Millions were stored in treasury vaults waiting to be discovered and distributed in the 20th century.
Given that huge supply, any dip in demand will result in a lower prices. That’s what’s happening now. A lot of demand goes away when speculators stop buying these coins. There are many Morgan Dollar collectors, but there are not enough of them to support higher prices.
Grade-flation also players a role. When the grading standards fall, so do the prices.
My B&M sent a few hundred in, mostly MS61-62 coins, a few 63s. I believe it was $5 a coin to send. We sent something like 240 coins, we sent them in tubes. That's the way to do it!
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Any body ever added up in the POP report how many have been graded, I think it's more than were minted.
And people are still selling the newly minted ones from China RAW.
I remember buying 62, 3, and some common date 4's in 2x2 celophane holders for $25 to $30 each when silver was around $10 an oz. I couldn't understand why someone would pay grading fees to holder them... they're widgets. Now that silver is less than $15/oz, I think people are leaving the money invested in grading fees on the table when they go to sell.
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