Morgans - Just for the sake of your own peace of mind...
jsf
Posts: 1,889
Walls move, minds do too... I'm trying to get my mind to move in the direction of Morgans.
Another thread about a details grade seated dollar got me to thinking about circulated Morgans. Are they interesting to collect or are they just good for melting, most people going after MS examples? The advice about details/problem coins, sometimes, is to back off and find a nice, eye-appealing coin in a slightly lower grade that doesn't have problems. Well, just what do people think about F15, VF25, VF35, or XF45 Morgans? These grades of other silver coins are often a cut above, as I call it, but are they a waste of time with Morgans and Morgan collectors? Can you show us some examples? tyvm, ia.
Another thread about a details grade seated dollar got me to thinking about circulated Morgans. Are they interesting to collect or are they just good for melting, most people going after MS examples? The advice about details/problem coins, sometimes, is to back off and find a nice, eye-appealing coin in a slightly lower grade that doesn't have problems. Well, just what do people think about F15, VF25, VF35, or XF45 Morgans? These grades of other silver coins are often a cut above, as I call it, but are they a waste of time with Morgans and Morgan collectors? Can you show us some examples? tyvm, ia.
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Do you like the design?
Do you care that there are litterally millions of them and seemingly as many collectors of them?
Do you like owning large silver coins with a direct connection to the 19th and early 20th centuries - that conjure up images of the old west?
Do you like the way mid-grade Morgans look?
Can you tell the difference between an apparently original mid-grade Morgan and one that's been cleaned, dipped, or otherwise messed with?
If I were you -
- I would stay away from problem coins, regardless of the grade. But nice, collectible coins - including Morgans - come in all grades.
- I wouldn't worry so much about what everybody else is doing in defining how I collect them. But I wouldn't talk myself into collecting these just because they are popular either.
"I think you have to answer some questions for yourself:
Do you like the design?
Do you care that there are litterally millions of them and seemingly as many collectors of them?
Do you like owning large silver coins with a direct connection to the 19th and early 20th centuries - that conjure up images of the old west?
Do you like the way mid-grade Morgans look?
Can you tell the difference between an apparently original mid-grade Morgan and one that's been cleaned, dipped, or otherwise messed with?
If I were you -
- I would stay away from problem coins, regardless of the grade. But nice, collectible coins - including Morgans - come in all grades.
- I wouldn't worry so much about what everybody else is doing in defining how I collect them. But I wouldn't talk myself into collecting these just because they are popular either. "
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atta boy, Luther!
I hope all newbies see, read, and comprehend your statement.
I knew there was a reason I avoid Morgans.
The lower grades are collectable and some folks like that look. A full date and mintmark set in mintstate will cost six figures, so many collectors will go to lower grades for the key dates or just try and match the entire set. A few will compromise further and reach for problem coins for the most expensive coins. There is no right or wrong answer in choosing what to collect. As always collect what you like, in grades you can understand and afford, and enjoy the hobby. If that means problem coins, go in with your eyes open, because problem coins often trade at a very low price in the wholesale market, so if you ever sell to a dealer, look out below. Most Morgans are common enough that waiting and saving, will mean a no-problem example even for the rarest dates is right around the corner.
As for circulated versus MS, even common Morgans have value because of their silver content--especially these days. But, if collecting common date, circulated grades, it is best to go with raw rather than graded, as grading itself can cost a premium. For a $1000 or even a $200 coin, grading offers advantages over the cost of the service. But, if the coin is only worth about $40, then even economy grading levels start to get pricy in relation to the coins.
Circulated Morgans are remarkably collectable, with only one coin breaking over $1000 even at the lowest ends--the 1893-S, usually around $4000 in G04. (That and the 1895 proof-only, which costs as much as a new luxury car when one becomes available.)