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Who said it? edited
Scootersdad
Posts: 180 ✭✭✭
Was reading an older book about Morgan Dollars during the mid 1980's. Here's a quote I saw:
"There is a widely held misconception that Silver Dollars did not go down in value during the 1980-82 Bear Market.
What actually happened is that many of the better dates, like 1934-S, lost as much as 50% of their value while
the common dates went up. Remember that common date Gems were only $40-$50 in 1980. My biggest mistake
regarding Silver Dollars was not realizing how well MS-65 common dates would do from 1980-1982. I did think
they were too cheap and I sold a substantial number to clients, but I didn't sell as much as I should have. I
didn't push hard enough."
David Hall was correct
Book titled Silver Dollar Fortune Telling (Facts & Figures For 1987)
by Les and Sue Fox
"There is a widely held misconception that Silver Dollars did not go down in value during the 1980-82 Bear Market.
What actually happened is that many of the better dates, like 1934-S, lost as much as 50% of their value while
the common dates went up. Remember that common date Gems were only $40-$50 in 1980. My biggest mistake
regarding Silver Dollars was not realizing how well MS-65 common dates would do from 1980-1982. I did think
they were too cheap and I sold a substantial number to clients, but I didn't sell as much as I should have. I
didn't push hard enough."
David Hall was correct
Book titled Silver Dollar Fortune Telling (Facts & Figures For 1987)
by Les and Sue Fox
0
Comments
Really dumb thread title, op is just looking for attention.
Why not ask what you mean?
<< <i>Was it in this book?
lmao, cool
I'll be the contrarian, and guess that the passage is attributable primarily to Wayne Miller and secondarily to John Highfill.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>Justllooking...you left out Mark Twain! >>
And Winston Churchill
<< <i>There are lies, damn lies and statistics. And this sounds like a statistic.
Three out of four statistics you see on the internet are made up, you know.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Thing is, most of the "gem" 1934-s peace dollars being sold in 1980 weren't gems at all....but overpriced MS63's and MS64's. And how would common dates go up in price with silver dropping by 80%....or $40 per coin? Similarly, most of the MS65 common dates being sold in 1979-1980 wouldn't have come close to measuring up to 1989 PCGS standards. To get the CDN MS65 price on almost anything in 1982 required a superb gem... all there coin. The price guides hid some of the price drop by masking the fact that grading standards severely tightened up for those 2 years. A ton of "MS65" coins in 1980 became MS63 coins in 1982-1983. That was the last time I was aware were the dealers tried to keep the price guides as high as they could to keep the public believing their coins were still worth a ton of money. But, if they went to sell them they'd have found out the grades on those coins literally dropped 1-2 points. All the mistake coins I had bought in the 1975-1978 market were bailed out in late 1979- early 1980. Nothing like that will probably ever happen again now that grading standards are widely known.
Maybe what David Hall was referring to was the buying of monster gem common dates for a small premium to gem money. That could have been done in the 1980-1982 period. I was a full time subscriber to David Hall's Inside View for most of the 1983-1985 period. It didn't exactly make me rich. Like any period in time, the money to be made then was differentiating between 64+ coins and solid MS65 coins. The nearly all there coins didn't do all that well in the run from 1983-1989. With everything being raw, the difference wasn't always so obvious as EVERYONE had their own gauge on what eye appeal, marks, luster, and/or strike did to the overall grade of a coin.
<< <i>I have a copy of that book. It has errors and many good points. I used it for awhile as I followed the beginning of the slab market closely. I remember what Bob Rose of RENROB COINS said when he saw the book "He's going to need those weapons when this market is over" In it's time I found it useful, but Bob's remark and the prices of MS 64 coins at that time. WOW was the market over priced.