Are Proof Morgans Undervalued?

Hadleydog · April 26, 2004 7:32AM

I was looking at a few lower grade (61,62) proof morgans on ebay last night and is it just me or are they undervalued price to population? I mean, most of these proofs had mintages of around a 1000 pieces or so which is nothing even compared to the 93-s at around 100,000. I don't think it's because people find proof morgans unattractive.
Any thoughts?

FrattLaw · April 26, 2004 7:37AM

Shhhhh..... I still need one for a registry type set.

And yes, lower grade proofs I think are undervalued.

Michael

mgoodm3 · April 26, 2004 7:38AM

I personally feel the the prices are pretty similar to other proofs in similar grade of the era. At least the larger coins. Don't know the pops for the Morgans, but I would assume there were saved similarly to other proofs of the era.

Stuart · April 26, 2004 8:18AM

I think that Proof Morgans are undervalued, especially in PR-60 to 63, relative to the high grade common dates in the rest of the Morgan Dollar Series...

I am an avid Morgan dollar collector, however I feel that the common date 1880-S & 1881-S selling for $750 in MS-67, are relatively overvalued compared to PR-60 to 63 Morgan prices.

I always try to evaluate potential coin purchases by giving them a price sanity check prior to making a purchase. I am very hesitant to invest in any super high grade coins (MS-66+) because I am unwilling to pay the hefty price premiums which the market has placed on them. With Morgans I call them the MS-65 Premium and also the DMPL Premium.

I'd rather purchase rarer dates in MS-62-64PL than common dates (including 1882-CC, 1883-CC & 1884-CC) in MS-65+

That's just my own personal perspective...

to each his own...

dollardude · April 26, 2004 8:20AM

Great observation! Yes, I agree, they are undervalued. The reason, IMO, is because very few people collect these. Also, proofs were saved in a larger measure than the business strikes. Many of the business strikes were melted down or otherwise damaged or destroyed. So, even though the 1893-S business strike Morgans, for example, had an original mintage of 100,000, very few of these still exist.

kranky · April 26, 2004 8:32AM

I wonder if it's because people who want a proof Morgan choose to save for a nice one instead of a low-end example. That might cause a lack of demand for them. Does anyone know if the 61-62s sell easily?

solid · April 26, 2004 8:37AM

Many collectors probably choose to inlude just one piece in their collection as a type
coin, rather than collect the series by date. In this case, any date would do fine, and
type collectors as a whole try to get the finest grade they can afford, which would make
the PR60-62 grades less desirable.

I've never owned one myself, but they sure are pretty!

Ken

Stuart · April 26, 2004 8:44AM

<< <i>I wonder if it's because people who want a proof Morgan choose to save for a nice one instead of a low-end example. That might cause a lack of demand for them. Does anyone know if the 61-62s sell easily? >>

Kranky: I recently purchased this 1898 PCGS PR-62 CAM from a fellow forum member, and it didn't take me long to make the decision and pull the trigger on it

airplanenut · April 26, 2004 8:47AM

I can't afford them, thus they are not yet undervalued...

MrEureka · April 26, 2004 8:51AM

Low grade proofs with good eye appeal are rare birds. Most are awful looking and the sheets price them accordingly.

solid · April 26, 2004 8:58AM

Stuart, that proof looks very tasty indeed!!!

Ken

kranky · April 26, 2004 9:04AM

Tell you what, Stuart, I never saw a 62 that looked like that! Nice! I'd love to have one like that.

roadrunner · April 26, 2004 11:26AM

Check out the pops and you'll find proof Morgans are very plentiful in relation to other Barber denominations as the grades get higher. A Barber dime has the same general pop in 67 as the Dollar! In pf-68 the dime is tougher! Yet look at the price differences. A proof seated dime in 66 is far far tougher than the Morgan dollar in the same grade. I won't even get into comparing the larger seated denominations with the Morgan dollar. I've felt the Morgan proofs in 64 and up have been overrated for decades. But they sure are purty! I would imagine that a PQ PF62 Morgan is a nice coin. But their are far better values out there in the upper grades imo.

roadrunner

jdimmick · April 26, 2004 11:26AM

Stuart,
simply amazing proof-62 . Looks way nicer from the pic"S

nice coin

jim d

dollardude · April 26, 2004 11:39AM

<< Tell you what, Stuart, I never saw a 62 that looked like that! Nice! I'd love to have one like that. >>

I agree, this is a breathtaking coin! She looks a lot better than PR62CAM! IMO, this picture is precisely why the values are high compared to other coins with lower mintages.

elwood · April 26, 2004 11:46AM

Low grade proofs with good eye appeal are rare birds. Most are awful looking and the sheets price them accordingly.

ditto

Nice ones are undervalued. The rest are not.

stman · April 26, 2004 11:53AM

<< <i>Stuart,
simply amazing proof-62 . Looks way nicer from the pic"S

nice coin

jim d >>

Not to take anything away from Stuarts nice Proof Morgan, but it's graded 62 for a reason. Have him show the image from a different angle and all the hairlines are apparent. No flame on your coin Stuart, but some people may be under the impression it looks just like that all the time.

DCAMFranklin · April 26, 2004 12:09PM

<< <i>Check out the pops and you'll find proof Morgans are very plentiful in relation to other Barber denominations as the grades get higher >>

One MAJOR difference. The number of Morgan collectors is FAR greater than that of Barber collectors. Supply vs. demand dictates the price and value. I think the Proof Morgans are truly undervalued. Hope you find some good ones.

Stuart- Your coin is beautiful. I don't care how many hairlines are on the coin. You should be proud!

Stuart · April 26, 2004 12:12PM

stman: Fair comment and no offense taken. The toning on this particular Morgan helps to make the hairlines less obvious and de-emphasize them while looking at the coin.

In the spirit of full disclosure, as was done on the original "Guess the Grade" thread for this coin, 1898 Proof Morgan Thread please refer to the harsher lit photos of this coin which accentuate the hairlines that stman is referring to...

Most people who see the coin in person feel that it's conservatively graded and perhaps closer to PR-63 CAM...

stman · April 26, 2004 12:16PM

Stuart, I think it's a great coin and very eye-appealing. But I just wanted to be fair to some folks that might think by looking at your colorful image that it looks almost perfect. Glad you understood and enjoy it.

roadrunner · April 26, 2004 12:18PM

I don't think there are that many proof Morgan collectors where the supply and demand is dictated by that. Rather, imo type coin and those seeking a proof set are the biggest drivers. There are easily over 3000 higher grade proof Morgans out there...but no way are there 3000 set collectors. Maybe a few hundred if even that many.
The most common grade is PF64.

roadrunner

Stuart · April 26, 2004 12:27PM

Mark: It seems to me that if you like original toned coins, then one can find attractively toned lower grade Proof 62-63 Coins which have really wonderful eye appeal, that results from the colorful toning which also masks the severity of the hairlines.

dorkkarl · April 26, 2004 9:21PM

a bit overvalued, imo. hardly anyone collects 'em by date, most folks just want 1 for type, & to fill that need, there's a plentiful supply.

K S

DCAMFranklin · April 27, 2004 2:16PM

Like I said, they are undervalued.

Baley · April 27, 2004 5:29PM

Here's another example of a proof Morgan in this grade range

Yes, it's a 62 for the hairlines in the fields

I don't know if it's under- or over- valued but it is pleasant to look at for about a thousand bucks

lclugza · April 28, 2004 1:44PM

I do not think Proof Morgans are undervalued, but I do think many "Mint State" Morgans are overvalued, especially certain CC dates which exist in MS in the hundreds of thousands, and certain toned coins.

coltgus · April 28, 2004 2:21PM

I, for one, will not pay the outrageous price of a 1895 proof Morgan, I'm looking for a nice MS example.

Are Proof Morgans Undervalued?

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