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Why do collectors hate Morgan dollars?

MarkMark Posts: 3,542 ✭✭✭✭✭
in PCGS Set Registry Forum
I made the title to this thread provocative just for fun. I mean nothing serious because I know how much Morgan collectors love "their coin." But I do have a question about Morgans and Morgan collectors. In particular, the top Morgan dollars and the top Morgan dollar sets seem to be sold relatively frequently. In other words, a collector assembles a world class set and then, rather than hold it for a long time, sells it relatively quickly. For instance, the all-time top 7 Morgan dollar sets in the PCGS registry have all been sold. The current top Morgan set ranks "only" 8th in the all-time list. Contrast this with other sets, such as Lincoln cents, or commemoratives, or Mercs where the top sets apparently haven't been sold as quickly--the current top sets rank high in the all-time list.

Do you think my perception of rapid Morgan dollar turnover is correct? And, if so why? Is it because there is so much money tied up in these sets that the collector feels the set is too expensive? Or is it something else, for instance, I am wrong about the rapid sales of top Morgan sets?

Thanks in advance.

Mark
Mark


Comments

  • FairlanemanFairlaneman Posts: 10,424 ✭✭✭✭✭
    They are WAY to BIG to catch a Small Mouth Bass with. Simular to a Weight instead of a Lure.

    image
  • fletch2645fletch2645 Posts: 119
    Complete sets of Morgans are very difficult and very, very expensive to complete. I'm trying to complete one myself (without much success, I might add!). If you are successful in completing the set, it usually commands big bucks--even if it's not totally MS. Maybe the owners can find better things to do with the money-like collect mercs!!!image
    My Ebay Auctions
  • BRdudeBRdude Posts: 1,079 ✭✭✭
    I think most folks that can put together world class sets like the ones mentioned (and othersimage) have the money and ultimately want to make a profit at it. Doesn't mean they don't love "their coin" Lots of folks will sell if they think the market it right, just to take the profits and start again at something. I know what it's like to be after these beauts as I have about a 70% completed set and am having to start settling for nice AU coins as in ms the ones I need to add are just getting prohibitively expensiveimage Besides that a lot of the fun is in the chaseimageimage For some anyway.
    AKA kokimoki
    the right of the people to keep and bear arms shall not be infringed
    Join the NRA and protect YOUR right to keep and bear arms
    To protest against all hunting of game is a sign of softness of head, not soundness of heart. Theodore Roosevelt
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  • DAMDAM Posts: 2,410 ✭✭
    Ken.

    They are perfect for Pike and Muskie.

    And can also be used for weight on a Walleye harness. image
    Dan
  • BAJJERFANBAJJERFAN Posts: 31,097 ✭✭✭✭✭
    Just out of curiousity; how easy is it to sell a full set of Morgans and is it better to sell a set piecemeal or the whole hog?
    theknowitalltroll;
  • mdwoodsmdwoods Posts: 5,547 ✭✭✭
    It's not the coin I hate, it's the way the eyes follow you around the room!image
    National Register Of Big Trees

    We'll use our hands and hearts and if we must we'll use our heads.
  • michaelmichael Posts: 9,524 ✭✭
    the sellers of the sets do not hate morgans but they love $$ in other words show me the money! if the money is shown it gets sold! especially so if it is not what is perceived as a rising market

    sincerely michael
  • WhitewashqtrWhitewashqtr Posts: 736 ✭✭✭
    I believe that there is so much money tied up in these sets that not selling them would prohibit the owners from pursuing other hobby interests. If you were at ANA, you would have seen Morgans in 90% of all non-gold dealer cases. I think they might be the #1 collected coin. Someone correct me if I am wrong. So turnover is due to high interest.
    HAVE A GREAT DAY! THE CHOICE IS YOURS!!!!
  • BRdudeBRdude Posts: 1,079 ✭✭✭
    I believe actually it is the Lincoln Cent that is #1, but these can't run too far behind, and for some not that much of a price differenceimageimageimage
    AKA kokimoki
    the right of the people to keep and bear arms shall not be infringed
    Join the NRA and protect YOUR right to keep and bear arms
    To protest against all hunting of game is a sign of softness of head, not soundness of heart. Theodore Roosevelt
    [L]http://www.ourfallensoldier.com/ThompsonMichaelE_MemorialPage.html[L]
  • ArtRArtR Posts: 474 ✭✭✭


    << <i>is it better to sell a set piecemeal or the whole hog? >>


    If you can hold off and wait for the guy with the real deep pockets, I still believe selling as an entirety will bring in more dollars. It always seems that when selling a great set piecemeal through auction the common dates bring good money but a lot of the tougher dates go too cheap.
    If It doesn't have great eye appeal, I don't want it.
  • orevilleoreville Posts: 12,002 ✭✭✭✭✭
    Would you believe that back in the 1960's Morgan silver dollars were one of the least collected series and despised by most coin collectors???

    Collectors were too frightened to buy any silver dollars of any measurable value since they feared a repeat of the 1903-O and 1904-O silver dollar vault discovery and release by the US government.

    The price collapse of the 1903-O and 1904-O silver dollars were among the most incredible in the history of the coin hobby and may be quite close to the Enron and WorldCom debacle.

    If you newer collectors do not know fully what I am talking about then ASK! Do not be embarrased to admit that you might not know everything. This is how collectors learn!
    A Collectors Universe poster since 1997!
  • MarkMark Posts: 3,542 ✭✭✭✭✭
    Oreville:

    I was collecting back in the 60's when the price collapse occurred. Your analogy to Worldcom and Enron is apt and one I hadn't thought of. For what it's worth, I happily purchased a 1904-O BU dollar after the collapse.

    Baseball and others:

    As you likely guessed, I do think that the large sum of money that must be invested in a top ranked Morgan collection is a potential reason why the top collections seem to turn over so rapidly. But on the other hand, anyone collecting a top ranked Morgan set must be fairly wealthy and so for (some of?) them I might think that the funds invested in the set are "chump change."

    Regardless of the reason, I must say that I am in total awe of Monsterman's (Gregg) knowledge of the best key Morgan dollars. Morgan dollars do truly inspire a passion in their proponents!

    Mark
    Mark


  • IrishMikeIrishMike Posts: 7,737 ✭✭✭
    They are popular because in what other series which began its saga in the 19th century can a collector buy most of the coins in MS-63 for less than a PCGS SAE in MS69. The age, design and price appeal to a lot of collectors along side with their availability. Most silver dollars never circulate much any way. You can buy a MS66 81-s for around $200, try buying a 66 IHC and see what it will cost you.
  • WWBillmanWWBillman Posts: 900
    Morgans are all hype. Thats why no one holds them to long it is to nerve racking.
    Bill

    The only thing necessary for evil to triumph is for good men to do nothing.
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