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Bulk Morgans
CharlieDontSurf
Posts: 31 ✭
I am looking at/considering buying a "sack of 100 BU Morgans".
There are 2 major places that seem to offer them APMEX and govmint. ( I am open to suggestions for others) I am weighing out the pro's and con's of both and kind of ignoring price for now. I will most likely (if they are nice enough) send 10-20 in for grading and the rest build on a loose morgan stash.
One according to reviews has a mixed Morgan/Peace dollar and limited dates, 1-2 dates, which I'll have no say on what they are.
The other, while more significantly more expensive offers all Morgans with 5-6 mixed dates (which I expect will be common)
Anyone with thoughts, comments, suggestions and especially experience on buying these in bulk is appreciated.
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Not going to work , they will all be 61-62's
61-62s if you're very very lucky.
I wasnt very clear in my post. My intent is not to build a Morgan set from this. I currently have a complete date set with exrtra's of Morgans mostly in 64/65. I am working on a complete CC set as a collector right now. (Need the 78 and 85) and will be moving on to the other mints as well.
I generally buy American Eagles for bullion. I also pick up "loose, used" Morgans from local dealers and coin shows 5-10 at a time. One day when I grow up I'd like to have a old bank canvas bag with a 1000 morgans in it in a addition to my Morgan Collection and Eagle stash. I'd like some BU ones in the mix as well. I'd prefer not to have 95 shiny 1885 O's and 5 84's but I'd like them nice enough to where I could hopefully get some graded.
That is why those bags exist . It is a sack of technically unc morgans that are not worth grading. They wouldn't sell very many if they titled them that way though. Grading low MS morgans is a huge waste of money right now if you are young wait a decade maybe they will come around.
These bags are a bullion play. Very little numismatic value if any. So you can't ignore price. Price is everything here.
Joseph J. Singleton - First Superintendent of the U.S. Branch Mint in Dahlonega Georgia
Findley Ridge Collection
About Findley Ridge
You would be WAY ahead just buying MS64 PCGS slabbed coins. The "common" dates and mint price, compared to an uncertified ungraded coin you pull out of that bag, will be almost the same. There were LOADS of Morgans graded, and the MS64's were almost "junK" for some of the mass submissions.
Those coins in the bag have probably been looked at 30 - 40 times, and failed every time, so they are in the "junk" BU bag.
A bunch of them are probably AU sliders.
Looking at sold results, ebay, MS64 Morgans, with shipping costs, there is a boat load of less than $50 a coin Morgans.
Stay away from gov.mint as it has been my experience that their coins are usually AU slider and cleaned. I would look at either hand picking the coins at coin shows or find a dealer who is willing to hand pick them. But in most cases if the coins were worth grading the dealers would have already sent them through. BU rolls are also a way to build a bulk position and you'll find plenty of those on the market as well...........IMHO
Think like a dealer; if they are real Unc.s not sliders you may be able to get them for $35-$40, stay away from the common dates unless they are special.
Would recommend Jack of Royalty Coins. Shared a table with him at a show one time and bought lots of nice coins from him.
Your current plan is a money-pit. The BU Morgans in those bags are certainly likely to be MS, but they are just as likely to be low end, scuffed up dogs. The folks at APMEX and the like aren't fools who sell gem bags as bullion. If you want loose Morgan dollars then APMEX is a fine choice, but if you want a handful of certified MS coins then buy them already slabbed; they exist by the millions.
In honor of the memory of Cpl. Michael E. Thompson
You are better off looking for good coins in the circ bags . I've found more than a few nice coins over the years that I paid scrap prices for. APMEX will toss AU coins in with the VG or better sometimes.
I think that is a valid and very good point. I think my apprehension at buying the VF/VG bag is that normally when I buy "used" Morgans for my private bag stash I can cherry pick them from a dealer. Maybe they have 25-30 in a box and I pick out and buy 5-10 at a time BUT I actually can see, pick, and like them. My intent isnt to buy a BU bag to look for gradable coins or to hope a couple great coins slip by them. Its my little quirk of wanting to collect a loose bag of 1000 decent Morgans and dont want to wind up with a half a bag of culls.
Beside my slab Morgan buying and regular Eagle purchases I have an opportunity in the next couple months to splurge a little and make a larger bulk Morgan purchase toward that goal of 1000.
@CharlieDontSurf .... Welcome aboard.... Interesting objective.. a bag of 1000 Morgans... Well, stackers go about their passion differently.... Some good advice above, however, the project - and money - is yours. Best of luck....let us know what you decide and how it turns out. Cheers, RickO
Absolutely a terrible idea! You are virtually guaranteed not to get a single coin worth grading.