Morgan P01- F02 Price Drops

coastaljerseyguy

I update my collection's MV every few months & was updating prices on my Morgan set yesterday from the PCGS Price guide. Prices have mostly settled as the guide wasn't all green for the whole series like the past couple of years. Appeared only some of the CCs and key dates were continuing to climb.

However I noticed about 15-20% price drops on most of dates for low balls, which I do not collect nor ever understood their pricing. Wondered whether a big collector sold their cache or new collectors to this niche market have dried up. Might have been starting for a while but looks like its snowballing downhill.

davewesen

populations have been rising over the years

pocketpiececommems

You can’t go by price guides when you are buying something that you want

coastaljerseyguy

@davewesen said:
populations have been rising over the years

So the supply has picked up, not as rare as thought or folks wearing down AG/G's to lower grade & change a $30 coin to a $100+ coin?

davewesen

@coastaljerseyguy said:

@davewesen said:
populations have been rising over the years

So the supply has picked up, not as rare as thought or folks wearing down AG/G's to lower grade & change a $30 coin to a $100+ coin?

For years 'slicks' had little value over melt and definitely not worth the cost of grading and many were melted when silver value was high. There are still hundreds sitting in collections and accumulations around the world. When some started selling for $100+ , more started getting graded, raising the graded population.

124Spider

@pocketpiececommems said:
You can’t go by price guides when you are buying something that you want

Speak for yourself!

I will never spend significant money (>@$30) on a coin without being reasonably well informed about the listed price guide for that coin (I tend to use Greysheet). If it's special for any of several reasons, I'll pay somewhat more than the price guide value of the coin; but I will never buy without knowing the price guide value. I have finite funds for this hobby, and profligately spending money isn't really in the cards for me.

YMMV, apparently.

ricko

I have never been a collector of the lowball coins... though I do have some lower graded coins in my collection. Obtained the couple I have, because the coins were expensive and difficult to obtain. Rather have one than none.... and they are not making any more. Cheers, RickO

vulcanize

@ricko said:
I have never been a collector of the lowball coins... though I do have some lower graded coins in my collection. Obtained the couple I have, because the coins were expensive and difficult to obtain. Rather have one than none.... and they are not making any more. Cheers, RickO

Likewise, started with lowball graded keys to avoid expensive mistakes after transitioning from raw in the Danscos type collecting.
I do have a few that fascinate me plus tight budgets dictated the terms of acquisitions at that time and am very lucky that pretty much all of them have seen a price escalation ranging upto 25%.

jmlanzaf

@124Spider said:

@pocketpiececommems said:
You can’t go by price guides when you are buying something that you want

Speak for yourself!

I will never spend significant money (>@$30) on a coin without being reasonably well informed about the listed price guide for that coin (I tend to use Greysheet). If it's special for any of several reasons, I'll pay somewhat more than the price guide value of the coin; but I will never buy without knowing the price guide value. I have finite funds for this hobby, and profligately spending money isn't really in the cards for me.

YMMV, apparently.

Sure, but price "guides" are just that. They aren't "price bibles".

124Spider

@jmlanzaf said:

@124Spider said:

@pocketpiececommems said:
You can’t go by price guides when you are buying something that you want

Speak for yourself!

I will never spend significant money (>@$30) on a coin without being reasonably well informed about the listed price guide for that coin (I tend to use Greysheet). If it's special for any of several reasons, I'll pay somewhat more than the price guide value of the coin; but I will never buy without knowing the price guide value. I have finite funds for this hobby, and profligately spending money isn't really in the cards for me.

YMMV, apparently.

Sure, but price "guides" are just that. They aren't "price bibles".

As I said, quite explicitly. I was, obviously, taking exception to the apparent assertion that "wanting" something should trump prudence.

telephoto1

@coastaljerseyguy said:
I update my collection's MV every few months & was updating prices on my Morgan set yesterday from the PCGS Price guide. Prices have mostly settled as the guide wasn't all green for the whole series like the past couple of years. Appeared only some of the CCs and key dates were continuing to climb.

However I noticed about 15-20% price drops on most of dates for low balls, which I do not collect nor ever understood their pricing. Wondered whether a big collector sold their cache or new collectors to this niche market have dried up. Might have been starting for a while but looks like its snowballing downhill.

I think you pretty much answered your own question. Very thin market for a group of coins that, with very few exceptions, mostly aren't worth slabbing. Lowball sets were a thing for a while, then became less trendy and cool as more people jumped on that particular bandwagon. You might be seeing the results of some people moving out of them.

BryceM

Lowballs are a bizarre part of the market to me. Find a cull..... the very worst cull you can possibly find that's still recognizable..... and pay to have it graded, fingers-crossed that it doesn't get the dreaded FR-2.

I don't disparage the way anyone collects, but this doesn't make sense in my little brain.

vulcanize

@BryceM said:
Lowballs are a bizarre part of the market to me. Find a cull..... the very worst cull you can possibly find that's still recognizable..... and pay to have it graded, fingers-crossed that it doesn't get the dreaded FR-2.

I don't disparage the way anyone collects, but this doesn't make sense in my little brain.

Originally started off buying whatever I could afford back then, but over the years have managed to get many key dates (for example - my Barber Halves and Walkers from Danscos) graded in FR 2 , AG 3 and G 4 by ANACS for ten bucks a piece specials at coin shows which makes them roughly $12 per piece including insurance plus shipping etc. - and collectively their values have jumped up way more than it would have fetched me as raw.

Just saying

coastaljerseyguy

@vulcanize said:

@BryceM said:
Lowballs are a bizarre part of the market to me. Find a cull..... the very worst cull you can possibly find that's still recognizable..... and pay to have it graded, fingers-crossed that it doesn't get the dreaded FR-2.

I don't disparage the way anyone collects, but this doesn't make sense in my little brain.

Originally started off buying whatever I could afford back then, but over the years have managed to get many key dates (for example - my Barber Halves and Walkers from Danscos) graded in FR 2 , AG 3 and G 4 by ANACS for ten bucks a piece specials at coin shows which makes them roughly $12 per piece including insurance plus shipping etc. - and collectively their values have jumped up way more than it would have fetched me as raw.

Just saying

Buying these grades cheap is sometimes all one can afford, and even a strategy, but paying more for a P01 - FR02 than a F - XF, and even AU, is hard to process in my mind. And why only Morgans and Peace $s? Doesn't appear to be the norm in other series. In general, all else being equal, prices go up as the grade goes up . Just saying.

vulcanize

@coastaljerseyguy said:
Buying these grades cheap is sometimes all one can afford, and even a strategy, but paying more for a P01 - FR02 than a F - XF, and even AU, is hard to process in my mind. And why only Morgans and Peace $s? Doesn't appear to be the norm in other series. In general, all else being equal, prices go up as the grade goes up . Just saying.

Personally would never cough up more for the common dates in lower grades but am equally guilty of splurging that extra bit for a 1916 SLQ graded PO 01 with a green bean and an 1893 S Morgan in AG 3.

Thankfully they have seen price hikes of up to 25 percent over the past few years.

BryceM

@vulcanize, what you're describing is a little different. For key dates and rare issues, lower grades sometimes make perfect sense. I have several. I'm mostly commenting on coins like the 1881-S Morgan and 1922 Peace dollar in P-01. For the most part, those are coins that fulfilled their assigned mission and should have gone in the melt bin.

A problem-free 93-S Morgan is an incredible coin at any grade and I think most any of us would be happy to own a chain cent in AG3.

vulcanize

@BryceM said:
@vulcanize, what you're describing is a little different. For key dates and rare issues, lower grades sometimes make perfect sense. I have several. I'm mostly commenting on coins like the 1881-S Morgan and 1922 Peace dollar in P-01. For the most part, those are coins that fulfilled their assigned mission and should have gone in the melt bin.

A problem-free 93-S Morgan is an incredible coin at any grade and I think most any of us would be happy to own a chain cent in AG3.

Yes, I concur.
But originally the plan was to aim for the lowballs as the "slabbed" fever gripped me while moving from acquiring in the raw to graded coins.
Thankfully better sense prevailed.

vulcanize

Anyone wants to sell their PO-01 grade Morgan for $60?

https://old.reddit.com/r/Pmsforsale/comments/11g537b/wtb_poor1_slabbed_coins/

😁

johnny9434

@BryceM said:
Lowballs are a bizarre part of the market to me. Find a cull..... the very worst cull you can possibly find that's still recognizable..... and pay to have it graded, fingers-crossed that it doesn't get the dreaded FR-2.

I don't disparage the way anyone collects, but this doesn't make sense in my little brain.

to each there own, best wishes to them