Where are all the better Morgan Dollars?
CCGGG
Posts: 1,267 ✭✭✭✭✭
I realize (and agree for the most part) that the coin market has soften in the last year or so but why can't I find any (many) quality coins? Maybe it's just happening to Morgan Dollars (my primary collection) but I'm fining it very difficult to find higher grades/quality stuff. I have a couple of dealers with my want list and when they find something it's usually an ugly, toned or problem coin. I've even posted a few buy requests on this sites buy and sell forum. I go to most local (in state) coin shows. I search the big on line dealers several times a week and it's almost become a "surprise" when I find something. And when I do, it's offered at top dollar + and I need to buy it quickly or it's gone. Doesn't "feel" like a soft market to me for higher quality stuff.
I would think in a soft market finding "better stuff" would be easier. Anyone else seeing this?
I guess the old saying that quality never goes out of style may be true.
Comments
Could be that the "good stuff" is being held back waiting for prices to strengthen?
Added: And I don't mean just by dealers. I have a handful of coins, (duplicates, upgraded coins, etc.....not really necessarily "good stuff"), that I need to sell. But I'm just not in any hurry. Prices are soft, and I'm waiting for some sign things are turning around.
Do that math with the thousands of collectors out there, and there may be a lot of material that is sitting on the sidelines.
Good stuff gets held back in bad markets until people have given up hope.
As a collective group of people, numismatists tend to be well-heeled and able to stand considerable adversity.
I suspect there's some truth in that but I keep hearing about so many collectors leaving the hobby or even passing away.
So where are those coins going?
I'm sure it's out there, but also ask yourself how much you are willing to step up in a soft market for that unique piece. Clearly some are willing to pay 10x price guide for pride of ownership per a recent thread.
Sometimes the low prices you see published during bad markets are an illusion because there is nothing to buy at those levels except what you have seen, the over graded and cull stuff. It takes a while for some owners to give up and let their items got at the cheaper numbers.
As for the dealers at the local shows, it takes a lot of capital to have a large stock of the better date Morgan Dollars. Add to that the fact that prices are perceived as going down on a steady basis, and there is not much incentive for your local dealer to put his money into a losing asset.
Some dealers pull coins out of their show inventory when the prices go down. They don’t want to sell as the lower levels, and they don’t want to hear the static if they quote prices that buyers think are too high. As a dealer you don’t want to get the reputation as the “highest priced dealer,” at least I didn’t when I was in the business.
Overall, there is nothing rare about any of the Morgan Dollar date and mint mark combinations. Even the 1893-S is not a rare coin. When I was a dealer, one guy who came to the shows regularly had nine of them in stock, ranging in grades from VG to AU.
Ditto for the 1895 Proof. If you go to the major shows, they are always available for a price.
If you are looking for some VAM varieties, that can be a different story.
Quality coins always command premium prices... soft market or not. Cheers, RickO
In Better collections
Steve
I seem to be having little to no problem finding "good stuff" ... 65/66 at reasonable prices. I have had great opportunities & luck on BST and good timing with several dealers.
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