An excellent article on DMPL Morgans

fountainheadgold

Hope you enjoy as much as I did.



Link to article

Bear

This is truly a worthwhile and very timely article on the

DMPL market. It does appear to have opportunities for

astute collectors. A caveat however. Recently PCGS has

appeared to have tightened its criterea for the DMPL designation.

This is a long overdue improvement abd they are to be

complemented for doing so.



The problem is that now the collector is faced with two

catagories of DMPL PCGS Morgan Dollars. The old 6+ inch

reflective fields and the new 8 inch and better reflective fields.

When buyingDMPL Morgans, be sure , if you are paying

top dollar for a specimen, that it is a full 8 inches or more

in reflectivity. Anything less is actually a PL only, by the new standards.

This would advise that novices as well as advanced collectors

utilize the knowledge and skills of credable specialist dealers,

to advise them on their purchases. Really top of the line DMPLs are getting

scarcer by the day, and the specialist dealers seem to know the nooks

and crannies that hide the real gems.Certainly, Mike DeFalco is one of

those old time specialists.

As Mikey always says, "I'M older then dirt"

Bear

lava

See my signature line. I get it!

coingame2000

<< <i>This is truly a worthwhile and very timely article on the

DMPL market. It does appear to have opportunities for

astute collectors. A caveat however. Recently PCGS has

appeared to have tightened its criterea for the DMPL designation.

This is a long overdue improvement abd they are to be

complemented for doing so.



The problem is that now the collector is faced with two

catagories of DMPL PCGS Morgan Dollars. The old 6+ inch

reflective fields and the new 8 inch and better reflective fields.

When buyingDMPL Morgans, be sure , if you are paying

top dollar for a specimen, that it is a full 8 inches or more

in reflectivity. Anything less is actually a PL only, by the new standards.

This would advise that novices as well as advanced collectors

utilize the knowledge and skills of credable specialist dealers,

to advise them on their purchases. Really top of the line DMPLs are getting

scarcer by the day, and the specialist dealers seem to know the nooks

and crannies that hide the real gems.Certainly, Mike DeFalco is one of

those old time specialists.

As Mikey always says, "I'M older then dirt" >>




Thanks for the kind words Bear -- and yes, I am older than dirt!!! REALLY!!!

Mikey

Hadleydog

Great article, and yes I like dmpls too!

Fletcher

Great article ... and, OMG!!! I am actually collecting something that isn't immediately dropping in price!!!

fountainheadgold

Bruce, Those DMPL's are gorgeous

Merc

Some of the article is right out of Wayne Miller's Morgan and Peace dollar book.

Coxe

That is a good article. I wrote a white paper once taking a similar approach in capitalizing the Morgan dollar market. The author, Mike De Falco, is a really nice guy who sold me one of the key PLs in my set.

Alas, though, we continue to wait for PL/DMPL dollars to trend to their fair valuations. I still maintain, despite recent years' gains, they are overall vastly undervalued. Hope they come up before my set goes to market.

MikeKing

Great article, good data to have on hand.

coingame2000

<< <i>Some of the article is right out of Wayne Miller's Morgan and Peace dollar book. >>



Merc: And your point is? If you care to review the ACKNOWLEGEMENTS (page xi) in THE MORGAN AND PEACE DOLLAR TEXTBOOK you will discover that I am listed as a contributor. If anything sounds vaguely familiar it's probably due to the fact that I collaborated on that particular topic (i.e., the three major types of deep mirror prooflike dollars). In truth, my article came from my brain and is a result of the fact that I possess more than THIRTY-THREE years experience buying, selling and studying DMPL dollars -- and was one of the early pioneers in this area of numismatics. If you dig some more through the Wayne's book you will also find my name mentioned a few more times. Moreover, I (all by myself) authored another article on DMPL dollars for the September 1997 issue of the COIN DEALER newsletter MONTHLY SUPPLEMENT, in addition to numerous other articles for that publication beginning in 1984 with an piece titled SILVER COMMEMS, The Changing Of The Guard. Oh, I forgot to mention that I wrote the monthly newsletter MARKETWISE from 1981 through 1987, was a MAJOR contributor (actually I wrote more pages than anyone else) to Dr. Gary North's Rare Coin Investment Manual as well as the author of THE COINGAME, Playing For Profits -- Not Promises (again, all of this accomplished using my own brain). Hopefully, this will assure you that I am more than capable of authoring an original article pertaining to DMPL dollars. If not, I can provide more references, LOTS MORE REFERENCES!!!

Mike De Falco

stman

Hey tough guy, Mike De Falco (coingame 2000) and YOUR point is?????

Chill out ol' man!!!! Your friend the grump. Heh

coingame2000

Steve, you know I'm a grumpy old man...

Mikey

lava

I find that studying the pop reports together with the price guides leads one to conclude that these coins (pl and dmpl Morgans) are very rare and are undervalued.

Mike, I liked your analysis, but I wish it included discussion of other grades, since ms65 dmpls are virtually non-existent in the market for many dates, and cost prohibitive, but your general ideas hold up well for 65pls, 64dmpls, etc.

Let me throw some facts out re: pls.

PCGS has graded approximately 10,327 Morgans in ms65pl. More than 50+% of those fall into just 3 years, the `79-s, the `80-s and the `81-s.

6 more years account for another 20+%, being the `82-cc, `82-s, `83-cc, `84-cc, `87 and `04-o.

10 more years account for nearly another 15%, being the `78-s, `80-cc, `81-cc, `83-o, `84-o, `85, `85-cc, `85-o, `97-s, `98-o.

So, the above-listed 19 years account for approximately 88% of the Morgan in ms65pl.

Then, there is the wild card -- coins cracked out and resubmitted, and thus duplicated in the population census. How many coins that represents is anyone's guess. I would not be surprised if that number is in the hundreds. If it was, for example, 500, then that would account for approximately another 5% of the pl coins.

Doing the substraction of the 19 years (88%) and the crack-outs (5%), that leaves approximately only 7% of the 65pl coins across approximately 80 different dates and mint marks. It you used straight math, which doesn't apply but does help gives some perspective, 7% would be approximately 721 coins, so that would leave about 9 examples for each of the 80 remaining varieties. Just looking at the 80 examples in 1888-o in 65pl indicates how skewed the 9 average is, since 8 years were have to have 0 examples.

Just food for thought.

The above analysis is roughly the same with regard to dmpls, with the percentages cut in half

Bear

If it wasnt for Mrs Coingame, he would be even grumpier.

coingame2000

lava,

I fully intend to cover DMPL's in other grades (as well as PL's) in future articles. I'll probably tackle MS66 and MS67 DMPL's (from a pricing perspective) within the next couple of months because there's so little relevant information available in that regard. Other topics that are forthcoming will be a commentary on the Battle Creek coins and the upper end toned dollar market in general, a date-by-date analysis of both the Peace dollars and Oregon Trail half dollar series (not necessarily in that order) and whatever else happens to pop into my head. I really enjoy writing and plan to kick it into high gear again.

Mike

coingame2000

<< <i>If it wasnt for Mrs Coingame, he would be even grumpier. >>



Bear, ain't that the truth!!! There's nothing like a good woman to keep you happy and on track (and I'm fortunate enough to have one).

Mikey

bestclser1

Excellent article.Do the research and buy eye appeal as well,not only grade on holders.

TONEDDOLLARS

Mike, Thank you for sharing your wealth of knowledge on these subjects with the rest of us.
I could read articles like these all day long. I love to read but hate to right, so god bless for people like
you who love to put pen to paper.

Keep em coming , I'm sure others feel as I do

TD

coingame2000

Thanks for the kind words TD. After a (self-imposed) hiatus from writing the last few years -- I'm back!!! And yes, I'll keep 'em coming.

Mikey