PCGS MS65 Common Date Morgans: Bid @ $510!!!

foodude

I just came across my May 26, 1989 bluesheet. These were the bids shortly before the "89 meltdown.

Morgans
1879-S $ MS65 Bid $510 MS67 Bid $4125
1880-S $ MS65 Bid $510 MS67 Bid $4000
1881-S $ MS65 Bid $510 MS67 Bid $3950
etc.

Peace Dollars
1922 $ MS65 Bid $785 MS67 Bid $17,300
1923 $ MS65 Bid $785 MS67 Bid $16,750
etc.

mercurynut

WOW! How markets rise and fall.............

roadrunner

I knew next to nothing about market cycles in 1990. In any case I bought 100 of those MS65 Morgans at $300 a coin in March of 1990.
Thought they couldn't go any lower. I also bought a bunch of MS64 SAints at $1000 a pop. Thought the same about them too.

Finally bailed on the Morgans at $92 a coin after they had gone lower and re-peaked. Sold the Saints at $725 each after they hit the first bottom at $650 or so and then briefly peaked back up.
I learned a lot about market cycles after this.

roadrunner

jbsteven

I wonder what my ms68's would have been worth. WOW

stman

<< <i>I wonder what my ms68's would have been worth. WOW >>



They wouldn't have been 68's back then.

jbsteven

foodude

I wonder what my ms68's would have been worth. WOW

roadrunner

AS I recall the first MS68's in the 1989 market were fetching $25K or so. The one MS69 was up around $100K when it was made. They later dropped to the $10K level as I recall. But don't believe for a second that an MS68 of today would have measured up to the earlier MS68. Your MS68 today would likely have been an MS67 at best. There were very few 68's around in 1989. My June 1989 pop report shows 26 MS68's and 4 MS69's. Today those numbers are 294 and 8. Can you say grade-flation. AT least the MS69's have sort of held their pops, only going up 100% vice the 11 fold increase of the MS67's.

roadrunner

sinin1

I disagree with grade inflation


those higher numbers are for crack-outs shot next grade



what would a MS70 be worth?

roadrunner

yes, I disagree too with the fact that we have to live with ever present gradeflation. There is no doubt it is here. Back in 1989 you would never ever see MS68 MOrgans let alone MS68 type coins. MS67 coins were rare enough. I still remember Mr Eureka running by with a MS67 PCGS bust half, probably one of the first ones made.
Today they give the grade away....well at least at NGC.

Gradeflation is exactly the resubmittal of higher end coins ending up in higher grade holders. Crackouts. So either 11x increase in PCGS MS68 MOrgans is mainly due to resubmissions and eventual upgrades or because of a huge increase in Morgans showing up over the past 15 years (1100% increase in supply of nice original rolls/bags). I think I'll go with the resubmit/crackout/upgrade (ie gradeflation) theory.

roadrunner

jom

I'm not sure there were that many MS68's to begin with. The "MS68" rush seemed to have begun after NGC certified a few of the Jenks proofs (Barbers) as MS68. That was in, what, 1991 or so (????).

jom

foodude

I remember seeing several (4-8; whatever the number, it was 25% of the pop at the time) MS 68 Morgans in mid-'90 or so. I also recall seeing "The NGC MS68" (if you've seen it, you'll know what I mean) '01-S quarter in May, 1990.

edited to add: The August, 1989 PCGS Pop Report, lists 31 MS68s, and 5 MS69s.