The tide has really turned on MS63-66 Morgans.

truthteller · June 2, 2011 1:22PM

I was at Long Beach today and purposely asked several major dealers and one marketmaker about Morgans. The word was bids have dropped considerably, especially in MS66. There are new buyers at the much lower levels, but say goodbye to the bull market in Morgans. What a difference 4 weeks make.

I offered several MS64 and MS65 coins to 4 dealers with whom I have a good relationship. All the dealers were hesitant to buy at current levels and wanted discounts of 15-20% off greysheet. The current marketmakers were paying on average:

MS63 $50
MS64 $70
MS65 $160
MS66 $270

Now, I can't get these numbers, but the dealers who I offered said they could, so figure my net would be 5-10% less.

One marketmaker said he stopped buying at this Long Beach. Now, there might have been other dealers willing to pay more, but I got a good indication from the people with whom I discussed what is currently going on. A buyer at Heritage reminisced about the old "pump and dump" days of the coin market. Some things never change.

TRUTH

AMRC · June 2, 2011 1:36PM

I am told that the sheer volume of coins submitted when prices hit the highs several weeks back has also been a major contributor to the price drop. Dealers cleared out their shelves to send anything in that would 3, 4 or 5. It will be some time before that glut gets taken up. Evidence the fact that my last NGC Economy submission has been sitting for in "Scheduled for Grading" since April 19. The grading houses are going through mountains of coins. This is typical when things move up too fast.

MS66's at $270? I did not see any there today. But plenty of 3, 4 and 5's for about the prices you listed.

RedHerring · June 2, 2011 1:43PM

I will buy pre-21 PCGS MS63 Morgans at $50 all day long if they are solid coins. That's a good price for nice 63s. Dreck need not apply.

DaveE · June 2, 2011 1:45PM

At the peak, I got $385.00 for my MS66 Morgans and $200.00 for the 65's. The bug boys couldn't buy enough. This was only a month ago!

WTCG · June 2, 2011 1:45PM

The Greysheet has not caught up with the recent price declines. Greysheet numbers are still too high.

MS63 and MS64 Morgans have softened considerably. MS65 and MS66 coins are still very salable but not at last month's levels. Today at Long Beach I sold several dozen MS65's and MS66 coins.

MS66 coins are worth a lot more than $270. At Long Beach tomorrow I'll happily buy them at $270 each.

WTCG · June 2, 2011 1:51PM

<< <i>At the peak, I got $385.00 for my MS66 Morgans and $200.00 for the 65's. The bug boys couldn't buy enough. This was only a month ago! >>

The peak bid for MS66 coins got up to $410 at one point. In terms of percentages their levels have held up better than the other grades.

fivecents · June 2, 2011 1:55PM

About two weeks ago I traded 95 each PCGS MS63 Morgans for 12 $10 AGE to my local dealer. Glad I did. Saved alot of room in the SDB also.

RedHerring · June 2, 2011 2:05PM

<< <i>MS66 coins are worth a lot more than $270. At Long Beach tomorrow I'll happily buy them at $270 each. >>

So would I. APMEX is still offering $340 for any pre-21 in PCGS MS66.

APMEX Buy Price

Bear · June 2, 2011 2:13PM

There could well be a cash pinch. Lines of credit are drying up

and are being cut. Tough times impact even coin dealers.

johnny9434 · June 3, 2011 4:22AM

<< <i>There could well be a cash pinch. Lines of credit are drying up

and are being cut. Tough times impact even coin dealers. >>

that they do bear, it sure is tough out there

pheh · June 3, 2011 4:32AM

I think you have a typo there. You should be pulling a minimum of $360 for MS66 Morgans - the rest of your prices are pretty close to what I see.

dragon · June 3, 2011 4:33AM

As of this moment AMPEX is still showing they are paying $340.00 for generic PCGS / NGC MS66 Morgans.

EagleEye · June 3, 2011 4:54AM

There could well be a cash pinch. Lines of credit are drying up

and are being cut. Tough times impact even coin dealers.

Yes, I'm sure Heritage and Spectrum pulled their bids due to a cash pinch.

There was a big (No, make that huge) order for PCGS MS64 and MS65's and now it is filled. Simple as that.

airplanenut · June 3, 2011 7:04AM

<< <i>There was a big (No, make that huge) order for PCGS MS64 and MS65's and now it is filled. Simple as that. >>

I'm going to leave work now so I can catch the sale on HSN!

topstuf · June 3, 2011 7:41AM

Morgans (other than the keys) have NEVER been even SCARCE, let alone rare.
The design is uninspired, but they are great for promos.

Cuz they're BIG. Whoopty.

When I started collecting in the early 70's, BUs were 3 bucks and PL were 5. And almost every table could build you a roll set.

keets · June 3, 2011 7:51AM

Morgans (other than the keys) have NEVER been even SCARCE, let alone rare.
The design is uninspired, but they are great for promos.

Cuz they're BIG. Whoopty

this is my mindset, i think i own 5-6 coins, but it's hard to argue with the importance of this single coin series to the overall coin market. no other design even comes close.

The tide has really turned on MS63-66 Morgans.

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