Thinking of Starting a Morgan Collection

Shane6596 · February 4, 2023 11:39AM

Ill do some research before jumping in. Just looking for some ideas on how to go about it and maybe a couple dates to start with. Im sure many of you have probably gone down this road.

Is it better to just go with slabbed coins from the start, or get a few raw ones then trade up later? Or a mix of both. What route did you take?

I know its kind of a general question, im going to get some books and read up online about them for a bit to familiarize.

Thanks for any feedback.

Zoins · February 4, 2023 11:43AM

There are a lot of Morgans and a great variety of Morgans so before you go jumping in, my thought would be to take a look at the ones you like the best.

For example, you can focus on:

standard business strikes
PL/DMPL
CC - Carson City
Rainbow toners

TomB · February 4, 2023 11:45AM

My first suggestion is to think long and hard about a Morgan collection. There will be numerous things that will determine what you can or want to do and they include-

1) Are you looking to build a strictly mint state set?
2) Is it a date set? Mint set (one from each mint)? Date and mintmark set?
3) Do you like how various issues appear in terms of strike?
4) Timeframe for completion?
5) Budget per coin or for the entire set?
6) Do VAMs interest you at all?

My opinion, and it is just an opinion, is that you might want to buy one or two really common and readily available coins in mint state while you are reading up and thinking about your options. The 1881-S is common as all get-out, inexpensive and often has terrific luster while the 1921 issue is flatter, less attractive overall and has a different feel. Go slow and look at tons of coins in-hand. The coins will always be there, but your money won't.

JJM · February 4, 2023 11:57AM

Id recommend going certified coins only

Tomthemailcarrier · February 4, 2023 12:01PM

I’d go with a short set of cc Morgan’s that were certified.

Shane6596 · February 4, 2023 12:03PM

Do slabbed coins ever lose their value if kept well? That may sway me going that route, then i could always sell and upgrade in future if i found a better one.

This will be a multi year process. I think to get started im comfortable at $100-$150 a coin. I know there are dates you cant get at that price, ill skip those early on and fill in gaps later.

I kinda want to just get most of the years first, then fill in the different mints, then get the key dates in good condition and go from there.

Just an initial idea for now

MFeld · February 4, 2023 12:15PM

@Shane6596 said:
Do slabbed coins ever lose their value if kept well? That may sway me going that route, then i could always sell and upgrade in future if i found a better one.

This will be a multi year process. I think to get started im comfortable at $100-$150 a coin. I know there are dates you cant get at that price, ill skip those early on and fill in gaps later.

I kinda want to just get most of the years first, then fill in the different mints, then get the key dates in good condition and go from there.

Just an initial idea for now

Any coin (that’s above face value) slabbed or otherwise, can easily lose some of its value.

slider23 · February 4, 2023 12:30PM

There are about 40 common date Morgan's. In your price range I recommend that you collect the common dates in MS64 in PCGS or NGC. This would be a low risk way of getting started.

124Spider · February 4, 2023 12:41PM

Morgans are beautiful coins, and, to me, there's a charm to (relatively) old coins from the wild-west time (and I do like a big silver coin).

Collecting Morgans is what got me back into coin collecting, after a long hiatus.

Certainly, collecting coins certified only by one of the top TPGs is "safe." So I wouldn't advise "against" that.

But, for me, a large part of the charm of coin collecting is having the actual coin in hand (even if that hand is carefully gloved with a clean cotton glove). I LOVE taking out my albums and looking at pages of beautiful coins.

So I compromise, I set a (soft) ceiling of about $150-$200, below which I'm happy to (carefully) buy raw coins, and above which I likely will buy certified coins.

With the Morgans, I started with the very common dates, in decent grades (45-63, in my case. A local coin shop always had a tray with pretty Morgans (is there any other kind, especially in grade 45+?) for sale for only slightly over melt value; I found that a good place to start, and, over time, I bought several dozen that way.

That enabled me (i) to get a bunch of them cheaply, and, more importantly (ii) to learn about grading them, and perhaps becoming more likely to recognize a coin that had been improperly cleaned.

By the time feature creep (in my case, "feature creep" meant (a) wanting them all, and (b) wanting grades 58+ when possible), I was fairly knowledgeable about the series.

I have enjoyed building this collection immensely. It's not complete (I doubt I ever will buy an 1893-S), but I do love it.

I agree with the advice to take it slow, so your "tuition" for learning is not too expensive.

Also, figure out up front (to the extent possible, since feature creep is an insidious thing) what a "complete" collection means to you. There are all sorts of ways one can define that; e.g., a full CC set; a date set (one from each year, ignoring mint marks); a mint mark set (one with each mint mark--easy and not expensive) or a full date and mint mark set (but this one is squishy; for instance, there was a Philadelphia strike of the 1895, but proof only, and terribly expensive; I don't include that in a "full set," but many do). And be aware that, while most of the Morgans are common and not too expensive (assuming not looking for high-mint state coins), a couple dozen of them are quite pricey (even in circulated grades).

Enjoy!

ifthevamzarockin · February 4, 2023 12:53PM

If you are just starting with Morgan's stick with graded ones.

Only after you have a few to study and after you have looked at a lot of them you could think about buying raw coins without making mistakes.

coinbuf · February 4, 2023 1:09PM

I will echo much of what has been said, take your time and be patient. I would highly suggest that you go to a large national coin show, don't bring any money to buy coins, just look at coins. You may be surprised at the sheer volume of Morgan dollars that are available at any small or large coin show.

Define what you want to collect, a date set where you can use any mint coin for a given date is a reasonable and mostly cost effective way to begin collecting any lengthy series.

Something else to keep in mind, you may (not always but usually) be better off buying the keys first then the common date coins. Coin prices usually go up more than they come down, and key dates have a tendency to outpace the common coins when prices are rising. So your thought of buying the key dates later could potentially cost you more than buying them first.

slider23 · February 4, 2023 1:14PM

I completed a registry set with both NGC and PCGS of Morgan's in 2014. I started the set off with about 50 raw coins of different dates and mints that I bought from on line dealers and eBay. I decided to get the coins graded and sent them to NGC for grading. I did OK on the grades for the common dates, but I was throwing money away on the better dates. At that time I decided to complete the 100+ set in NGC and PCGS plastic. I upgraded and sold all the original coins on eBay. The complete set had about 40 dates with PL or DMPL most with CAC stickers, a couple of rainbows. I sold off about half of the set in 2022 to use the money for a Trade Dollar set that I am now working on. There is a learning curve in buying, grading and selling coins, so learn as much as you can to minimize the risk.

lilolme · February 4, 2023 1:21PM

As coinbuf noted there are a lot of Morgans. Don't know if you use collectors corner or not but if not here is a link and then a link to the Morgans unfiltered. There are 655 pages (looks like 20 per page). You can go up to the Advanced and click and then limit the search by years or grade or mint (don't use the Philadelphia or P mint as most sellers do not put that in their title and you won't see those). Anyway, this is one way to get an idea of the Morgans and this is only the sellers on collectors corner.

Coins:
https://www.collectorscorner.com/Coins/

Morgans:
https://www.collectorscorner.com/Category/Category.aspx?catId=744&pId=2

anablep · February 4, 2023 2:36PM

I've been seriously collecting Morgans for about 20 years. I'm down to needing one coin (1893-S). A few observations:

It's an enjoyable, lifelong pursuit if you let it become one.
Take your time and don't stress about reaching a little outside your price range if the coin is exceptional. I'm always looking to upgrade to nicer examples within my price range.
Buy the best coin for your money. It gets expensive when you need to upgrade an entire collection. I can afford better coins now in my later 40's than when I was in my 20's, so I'm much more selective now than in my younger days.
I prefer nice, original rim toned coins. Find your niche. What do you like?
You don't have to collect the entire business strike run of Morgans. Set reasonable goals. This set is obtainable, but with 97 coins including all mints, there are a few key dates.
Ask questions about the coin you're unsure of BEFORE you purchase it. Buyer's remorse is a real thing.
Buy a good Morgan dollar book.

Good luck and enjoy the hunt!!

Shane6596 · February 4, 2023 3:37PM

Wow, lots of great info from all of you! Thanks much, ill look into all that suggested. Im in no hurry, so ill be patient. Ill probably have more questions.

Thanks

TomB · February 4, 2023 4:39PM

@Shane6596 said:
Wow, lots of great info from all of you! Thanks much, ill look into all that suggested. Im in no hurry, so ill be patient. Ill probably have more questions.

Thanks

Given the length, breadth and depth of this series, if you didn't have more questions, I would be shocked.

pursuitofliberty · February 4, 2023 4:53PM

I'm going to suggest something I didn't see yet. If you're thinking Uncirculated, hold back of Gem for a bit, until you know what Gem is supposed to be.

If you're thinking VF and EF (or whereever), reset my suggestion down to wrap your target grade, and look for natural gray colors.

Make a grading set of common dates; AU55, AU58, MS61, MS62, MS63 and MS64. In putting that together look at a LOT of coins and buy coins for each grade that fit the grade (not over or under graded) and that do not have issues. Only top flight appeal, mostly or fully brilliant with good luster for the grade, and only from NGC or PCGS (I suggest our host).

Get common dates with strong to near full strikes, but maybe a few different dates and mints to see some differences in "texture" of the luster.

Check the grades against others, and maybe with some of us.

Nothing beats in hand examples, and learning more about the progression (or digression, depending on your point of view) for the grades around your target, you will learn a LOT, including wear characteristics.

Until you know what whizzed and worked coins look like, and all of the other shenanigan's, including artificial toning, stay within the lines. Your wallet will thank you later.

My 2c

winesteven · February 4, 2023 9:45PM

@Shane6596 , you’ve just inspired me! Now that I’ve recently “completed” my unique Indian Head Cent set, I’m going to start a Morgan DATE set. Doing a DATE set as others above have suggested allows me to complete the set with only 28 coins (I already have two from my Type Sets), and I can then choose the least expensive mint for each date, which will allow me to afford higher grades. Keep in mind some collectors prefer rarer/tougher mints for each date, and that’s perfectly fine. There’s no right or wrong.

Another decision we all have to make is what eye appeal do YOU like? Most knowledgeable collectors prefer attractively toned coins, and/or coins with “skin” that proves “originality”. I’m in the large but silent group that prefers highly lustrous blast white coins with great mirrors and flashy cartwheels. Yes, they’ve probably been dipped at some point, but apparently gently enough that even CAC applies their stickers to many of these. Again, there’s no right or wrong.

However, there is right or wrong when it comes to the planchet. Look for coins that don’t have large “distractions” in the wrong places - like the cheek, neck, and obvious field areas. Make sure each coin you buy is solid for the grade with nice eye appeal for you! Ask for advice before purchasing!

Steve

ricko · February 5, 2023 6:09AM

@Shane6596 .... Asking for advice here is a great move... and you have received excellent guidance above, of particular note is the post from @TomB.... And lots of valuable input in subsequent posts. Get the book, be cautious, buy slabbed coins... Have fun and keep us posted. Cheers, RickO

david3142 · February 5, 2023 1:56PM

I think the Morgan set is an excellent long-term project. I don’t think any other series has quite the variety of surfaces, luster, toning, or mirrored looks. I would also advise you to start slowly as you’re going to make mistakes and change your feelings on certain coins. If you are buying slabbed common 64s you can be exceptionally choosy as there are literally hundreds of thousands of them for certain dates. I started my collection in Dansco albums 20 years ago with a budget of $20-$40 per coin. That moved up a bit over the years and I eventually decided I had to switch to slabs since almost all nice Morgans over $500 are in plastic. I completed my set (with some varieties) last year but I have already upgraded about 6 of them. New and better coins will always come along.

As others mentioned, a date set is a very reasonable goal and achievable with your budget. The ones from 1893-1895 will be the toughest but hopefully you have more knowledge by then and can feel comfortable spending a bit more when you come around to it.

Go to a show and look at LOTS of Morgans. Try covering the label to test your grading. Be patient and ask questions. I think you’re in the right place and I’m happy to help through direct messages as well.

Edited to add: I just noticed this is my 3142nd post. 😁

Catbert · February 5, 2023 2:57PM

While I’m predominantly a type collector, I’m am pursuing a couple of series related projects. I think scoping your project is wise. I’m a believer in the value of incrementalism.

The Morgan series is huge so carving out a slice to accomplish will help you be choosy and give yourself a feeling of accomplishment once finished. You can then decide on another slice and so on. In time, you may also find that your interest has shifted to another type and then you’ll feel you have the freedom to break away from the project. Tastes have a way of changing as your exposure to the hobby increases. This is common.

I disagree with the advice to acquire the keys first. While buying slabbed ones will protect your downside to some degree, I think it would be better to wait until you’ve built some knowledge and have fully figured out what is truly attractive to you.

One of the biggest challenges you’ll face is restricting yourself to the standards you’ve set. The urge will be strong to fill the hole whenever presented with the relevant date/mint coin. It’s so easy to spend when the moneys available so as to feel the acquisition high yet later realize it isn’t up to snuff. That’s called tuition and some experience higher costs then others based upon the degree of self discipline.

Joe_360 · February 5, 2023 6:48PM

Buy this or something similar. Take your time and good luck!

Shane6596 · February 5, 2023 6:55PM

I appreciate all the suggestions. Im getting together as many resources as i can to learn up on the morgans. There is something about the coin that just makes one want to stare at it for quite some time. I think ill enjoy putting a set together.

Rollerman · February 5, 2023 8:33PM

David Bowers has a good book dedicated to the collecting of Morgan dollars that I would suggest.

Thinking of Starting a Morgan Collection

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