Complete Set of Morgan Dollars Going on Market
Tyrock
Posts: 290 ✭✭✭
I have a friend who has a complete set of Morgan dollars he is trying to sell. Ten of them are PCGS coins, but the others are raw coins in an album. He had a dealer appraise them and they grade from Fine to MS-65. He hasn't had much success in getting any dealer offers yet. How much do you think the raw coins impact the desirability of the set?
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Complete sets often don't sell well. Commons are everywhere for one. His idea of a set isn't the same as someone else's. Dealers may take it if he wants to "give away" the commons. He should try here with the better stuff. Any pics? Great collections may be a good place.
Most likely, significantly.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I’ve handled many raw sets over the years, as have most dealers. Certification is only important for individual coins that jump dramatically from one grade to the next. Of course, any buyer would need to see the coins in hand before making a competitive offer.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
The fact that he hasn't been able to get any dealer offers for the set says something in itself. I suspect the coins in the set are either overpriced or have problems of some sort.
Impossible to say without details. If the raw coins are all circ commons, it won't impact the offer price at all. If the circ coins are all the keys, then the impact will be significant.
He should NOT try to sell it as a set. It has no premium as a mismatched raw set. He should slab the keys and any exceptional condition (nothing 64 or under), then sell off common circs and shop the higher value coins.
When a set like this comes in, we'll price the better dates out and price the rest as generic. So the PCGS slabs would get individual prices, but an 1880-S Morgan in 65 (raw) is going to get an offer of $40-$45 or so. An 1885-S in 63 would get an individual number too (likely around MS60 bid minus 10%), but an 1885-s in AU50 is getting treated like a bulk AU.
Time is money and it's a lot of time and effort to break down a set and sell individual coins... So the attainable premiums have to justify the extra work, else it's best off just wholesaled as generic.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Not a dealer, but if not detailed coins, the 13 CC's should sell fine, as the 92-S thru 95-S & 01-04 SF mints. If these are minimum Fine, can get some good money here. The other 60 coins, unless a semi key date (84-S, 86-0, 96-0, etc) & in MS, will only get common date low ball prices even if MS65. Nice toners will bring a premium.
Agree with others, piecemeal & sell in groups.
Grade the better date and very high grade common coin - prices are always better for key and semi-key when graded.
A complete set is a joy for the collector building the set, and represents an achievement of years or decades of dedication, hunting for that missing piece or pieces.
Sadly this enjoyment is mostly for personal use only, and perhaps sharing with close family and friends, and some folks on an Internet forum.
Otherwise, the complete set, unless carefully curated and in outstanding state of preservation, is worth less than the parts. Smaller dealers may be disinclined (or embarrassed to make a low offer) to buy a full set if they think it’ll be hard to move the material.
That shouldn’t take away from the accomplishment of finishing a set! I love the feeling of finishing a series, even though I know hardly anyone else cares!
Am I the only one tired of hearing about Morgan's? Sounds like a topic for a new thread.
If you're tired of hearing about Morgan's especially toned Morgan's, raise your hand.
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
Disclaimer: I'm not a dealer, trader, grader, investor or professional numismatist. I'm just a hobbyist. (To protect me but mostly you! 🤣 )
The replies were very helpful. Thank you.