Are Morgan dollars the biggest scams out there?
Panda4456
Posts: 362 ✭✭✭
Classic Morgan dollars have a high percentage of MS examples making them common coins compared to other coins on the market. There are literally thousands of uncirculated examples to choose from and only a few key dates.
People are spending $100+ for common 1921 Morgan dollars right now.
New Morgan dollars are a scam too. When the 2021 Morgan’s came out I bought about 50 of them. Bought them for about $80 dollars and sold them for $300+. Now the price is back down to $80. Good thing I unloaded those right away.
…and don’t get me started on the stupid varieties people come up with on the old dollars.
What do you think? Are Morgan dollars one big scam?
2
Comments
No, just because something is common does not make it undesirable. You can have something that only one was made of but if nobody else wants that thing it has a value near zero. Demand is far more important than rarity.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I think your use of the word “scam” is entirely inappropriate and that you should find words which actually fit.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Yep.
Yep.
So you're a scammer, then?
Nobody says you have to like or collect the same things other people do.
See above.
you need to learn what a real scam is first
https://www.omnicoin.com/collection/colind?page=1&sort=sort&sale=1&country=0
Yes, Morgan Dollars are far more common than any other 19th century U.S. coins. But supply is the less important side of setting prices. Demand is the more important factor, and Morgan Dollars are super popular. Given that, Morgan Dollars are not a scam.
I have to agree... Morgan Dollars have always had high collector interest; more people looking for them; and more people with a broader range of disposable income collecting them in any number of ways ...from circulated bullion to MS; Date/MM; CC-issues; Date Set only (what I'm working on); VAMS; whatever you're into.
I think with that large of a collector base, there are more "sometimes collector's" getting interested and actively bidding now. Granted, there have been plenty of auctions I've gotten beaten out on recently, but nothing for really stupid amounts of money. I've noticed on the handful of auctions I've bid on, there are more active bidders putting in snipe bids for the coins I was looking at, and not just Morgan Dollars. Whether this pricing is transient or here to stay is anyone's guess.
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Morgan Dollars are very popular even though high grade examples exist in the millions, not thousands. Popularity is what fuels collectible prices.
Morgan dollars are incredibly common, but also massively popular. Their price is a true indicator of their popularity. As far as $100 for a 1921 Morgan that would likely be a 64 or better example, $100 doesn’t seem unreasonable to me in today’s environment. What does $100 get you at the grocery store? Approaching it like an investment justifies it even more. Nikola, for example, is a company riddled with years of blatant fraud and deception, has accomplished essentially nothing, and has never made profit… yet has a market cap of over $4B… I’ll take the $100 MS64 1921 $1
First spouses series is proof low mintage =/= rare or desirable
As Jean Baptiste Say would say; supply can create demand.
I don’t like Morgan’s for the reasons listed above, but they are popular. They are just so common,even the scarcer ones, that I can’t find any way to like them. I have some that I keep with my junk silver, but going after a nice collection of them wouldn’t interest me in the least.
To me a scorned women attitude.
Look at what the asking prices are for newly minted modern day coins.
Days old versus 100 year olds.
Wayne
Kennedys are my quest...
Which sounds more impressive? I collect pennies. or I collect silver dollars. It's supply and demand.
Well then you scammed at lest 50 collectors didn’t you? 🤔
Hoard the keys.
Halves, quarters and dimes from the same period are far more expensive in Unc grades (generally speaking). It seems the market has sorted out what’s harder to find and more desirable. There might be more Morgans, but there are also more willing collectors. It’s not as if the market is flipped, though. An 1880 or 1881 quarter in 64 or 65 is still many times more valuable than a comparably graded Morgan.
I don’t blame anybody who doesn’t collect Morgans as there are plenty of reasons not to. On the other hand, there’s a lot to be said for big and shiny and enough quantity to create a collector base.
Oh man, I’ve been scammed big time!
So can I get $100 for common date raw BU Morgans?
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Sure they are "overpriced", but since I am disinclined to believe there is a conspiracy afoot , I think it's likely supply and demand.
And they are big, beautiful, coins.
Scam, no. Difference of collecting opinion,Yes. Personally I favor the Peace $ design over the Morgan. Only thing that tilts me to a Morgan is a nicely toned example.
Yes, yes, you have. Please kindly package them up, send them to me, and I’ll give you the value that the OP thinks they are worth.
Overpriced is a better word. But what history these Morgans have plus they are big and beautiful which creates tremendous demand for them and they will always be overpriced.
I've been scammed.
.
Click on this link to see my ebay listings.
I like Morgans.... Have liked them since I was a kid and my Dad had a couple. He was not a collector, just had a couple and saved them. I did the CC series, and I have others that I picked up along the way. Coin collecting is a hobby, collect what you like, learn values, pay what you think is right. Cheers, RickO
Exactly where are the new Morgan’s selling at cost. I just searched eBay and I don’t see them. Perhaps if you look awhile you can find one close but with problems.
😉🙀🦫
🎶 shout shout, let it all out 🎶
Not only do you need to read the Red Book again, you also need to purchase a dictionary. Your post felt made me feel scammed as soon as I read it; I needed to check my back pockets.
10-4,
My Instagram picturesErik
My registry sets
This is one of those posts where the wording is unfortunate. It's akin to asking:
Is the OP one of the biggest trolls on the internet?
Coin collecting is clearly a big scam. Anyone charging more than 25 cents for a quarter is clearly a con artist.
I'll please buy all the DMPLS then at scam prices then!!
Morgans are popular because they are the classic "Bang for Your Buck" value when compared to other coins of the same era. Check out other coins of the same era and you'll find Morgans much, much cheaper for the same condition.
Check this out:
This is way less than a half dollar:
It's even cheaper than a brown cent!
What's not to like?
If people are voluntarily buying and selling these coins, they are priced just right.
you should sell those to me at bottom prices so you can at least recoup some of your money. I'm a helper like that....
Don't quote me on that.
I appreciate the Morgan design and really enjoy finding VAMs. The surviving numbers are a plus for the discerning collector, IMO. Peace Roy
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I’m so sorry you’ve been scammed big time! Lol jk
I agree that there are plenty of Morgans out there, some are attractive, some not. In general Morgan collectors enjoy the nature of big coins, color, luster and eye appeal add to the fun. There are a few most will never own.
As a rule every coin is a gamble. Some more than others. Scam, no. People like beautiful versions. That never ends.
The "new Morgans" to me are nothing more than bullion pieces. Worth no more premium than a silver round. But that's me.
Without getting into the grammar, punctuation, terminology etc., am going to echo what has already been said - that the Morgan series is hugely popular with the masses since mintages are in fairly large numbers and are sort of easily available.
Personally didn't think I was going to do anymore with that series after completing my Dansco album (sans the king of Morgans - 1895 Proof), but somehow felt that certain coins were found to be really lacking the oomph factor.
Thus got into the slabbed game, but decided am going to have a hard limit and not splurge on it, but rather have something put together with nothing more than an MS 64 max. that could be easily sold later on if my kids did not want it.
My collection is a combination comprising of mainly PCGS, some NGC, a few Anacs and the one off ICG in the mix with four of them that are cleaned (the P, O and CC of 1893 and 1895 S that got sent in for grading from my Dansco) out of the ninety six.
Did not bother to upgrade the cleaned ones since the interest quickly dwindled. Moreover the guy at my LCS even quipped and I quote, "Morgans are very common and almost everybody collects them, show me your trade dollars any day if you are interested in selling them".
The 100th year release by the mint last year was not exciting as much as the other offerings previously and I bought a few just because of curiosity and to satisfy the inner urge.
To summarize, felt more thrill and satisfaction completing the Lincoln cent collection in the Dansco than the Morgans.
Just my two cents as always.
Cheers.
https://www.pcgs.com/setregistry/u-s-coins/quarters/PCGS-2020-quarter-quest/album/247091
My local casino is a scam... Morgans are not.
Early American Copper, Bust and Seated.
This person is a troll…simply wanting to stir everyone up!
If you like the coin buy it.
If you don’t and feel insulted by the price/market/hobby…there are plenty of other ways to entertain yourself!
Please move along…
I remember at the coin college at Colorado Springs almost 20 years ago now, Bob Campbell telling us in a class on advanced grading and coin doctoring that he made himself a promise to buy, or try to buy, the nicest toner at every show he attended. He then said he never lost money on one of them. I feel the same way about Morgan Dollars generally. There are just so many avid collectors out there at all levels that, if you know how to grade, it is difficult to lose money on a Morgan Dollar. I don't think I have ever lost money on one and BTW @david3142, those toners are spectacular.
Tom
I FEEL the 5 oz. America the Beautiful Silver Quarters are BIGGER
twice as large in diameter and 5 times as heavy
There are many examples of coins that appear overpriced compared to scarcer coins, often discussed on this forum. The Wire Edge HR Saint stands out in my mind. Something like 4,000+ graded by PCGS, yet it lists for $35k in 64 and you can pick one up at any time by writing a check. But it's arguably the most beautiful coin produced by this country, designed by a renowned sculptor, and it's a big piece of gold. Show it to a non-collector and they will be impressed. = Demand.
This reminds me that I have a whole bunch of coins to put on the BST so I can do some scamming myself.
I just got scammed by opening this thread and I cannot get that time back!
Clearly, a Morgan has hurt you deeply at some point in the past and you haven't recovered, which one was it? Surely it wasn't a Philly Morgan, they don't hurt anyone. Was it a San Fransico, a New Orleans? I bet it was a CC, they can do that to you as they are all so desirable but as you pointed out there are so many more out there just move on and get another Morgan and put this hurt behind you.
As for those "stupid" varieties you refer to I agree, they are stupid ... stupid fun and interesting to collect!
Very funny post, OP! Thought-provoking and you knew it’s just gonna piss some people off.
I have never liked the busy “scam” Morgans so it matters not to me.
“Are Morgan dollars the biggest scams out there?”
Is this thread’s title the biggest hyperbole out there?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I got here as quickly as possible.
Panda
🎶 shout shout, let it all out 🎶
The problem for me with your examples is the populations.
Compared to:
Personally I like a challenge in finding the coins; but, each to their own.
Which is why they are cheaper...despite their high demand.
One of those coins is 20x more expensive and the other is 10x less hefty. Maybe people like the ability to have a big silver coin in great condition that has a lot of history and doesn’t break the bank. There are TONS of examples of coins where those with small populations and mintages are far cheaper than those that are more common. Look at proof Indians versus 1909-S VDBs. It’s supply and demand. Simple economics.
Maybe people like the ability to have a big silver coin in great condition that has a lot of history and doesn’t break the bank.
As long as they are not aiming for a date and mintmark set. : )
Population may be a problem for you, but it's not a problem for most people who buy a Morgan for a big piece of silver as they likely don't look at populations. Not only that, the higher population is exactly what makes the coin affordable.
Think about it this way. If someone want one old coin for him or herself, why worry about what other people have.