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Park Avenue Numismatics Mailing... interesting (and misleading) statement on Morgan Dollars
airplanenut
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I just got my second unsolicited offer from Park Ave is as many weeks today, this time selling PCGS and NGC MS64 Morgan dollars in the $95-99 range, depending on the quantity you buy. I skimmed the ad, and found this quote, which I find highly disingenuous, misleading, and well, wrong:
"The current minimum cost of having a coin certified by one of these grading services is $15-$24. This does not include the cost or value of the coin itself. On that basis it is not economically feasible to 'produce' certified MS64 dollars. Only a small number of accidents (i.e. coins sent in to achiever a higher grade) will add to the currently available supply. Once that supply has been taken off the market, it is our opinion that prices will definitely increase. In fact, MS64 Morgan Silver Dollars were trading in the $250-$275 range at the height of the market in 1989!"
Yes, it isn't necessarily economical for random Joe to send in one dollar in hopes of an MS64. However, we all know that bulk submission rates are well below the number they have quoted, and with the recent jump in Morgan prices, no doubt cheap submission fees for dealers and a huge supply of coins will lead to plenty of submissions. After all, I can't imagine any time in recent history when an order for MS64 dollars, however large, could not have been filled promptly given the already huge supply, and during that time period, the coins were worth less than today. That would imply that now, not only would MS64 be a better grade to get, thus increasing submissions, but it would also mean there's more incentive to shoot for a 65, and even more "accidents" will be produced.
Of course, I'm always leery of ads I didn't ask to receive.
Discuss.
"The current minimum cost of having a coin certified by one of these grading services is $15-$24. This does not include the cost or value of the coin itself. On that basis it is not economically feasible to 'produce' certified MS64 dollars. Only a small number of accidents (i.e. coins sent in to achiever a higher grade) will add to the currently available supply. Once that supply has been taken off the market, it is our opinion that prices will definitely increase. In fact, MS64 Morgan Silver Dollars were trading in the $250-$275 range at the height of the market in 1989!"
Yes, it isn't necessarily economical for random Joe to send in one dollar in hopes of an MS64. However, we all know that bulk submission rates are well below the number they have quoted, and with the recent jump in Morgan prices, no doubt cheap submission fees for dealers and a huge supply of coins will lead to plenty of submissions. After all, I can't imagine any time in recent history when an order for MS64 dollars, however large, could not have been filled promptly given the already huge supply, and during that time period, the coins were worth less than today. That would imply that now, not only would MS64 be a better grade to get, thus increasing submissions, but it would also mean there's more incentive to shoot for a 65, and even more "accidents" will be produced.
Of course, I'm always leery of ads I didn't ask to receive.
Discuss.
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They may not be sharing the whole truth but deception or fraud it is not.
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<< <i>Sounds like HSN >>
I would not say that what they have said is as bad as the HSN. You might see the light of day sometime with an MS-64 graded common date Morgan dollar. When you are buying rolls and sets of pot metal “BU” State Quarters, Presidential dollars and America the Beautiful quarters at retail prices, your money is going straight to the financial graveyard. Those series have had or will have had their day in the sun in run of the mill Mint State and probably Proof and are permanently in the doldrums with millions upon millions of Mint State survivors. Those coins have no numismatic or financial future.
While it’s true that is nothing rare about MS-64 Morgan dollars, at least they have silver in them, and there is a collector base. I won’t call them “investment material” at the price levels offered, but at least they have some glimmer of a future.
Morgan dollar as "scarce"? With unlimited funds, just how many do you think you
could come up with? I would guess close to 1 million are out there, not all in slabs,
of course.
The supply of ms64 Morgans isn't being intentionally increased, even tho there has been a significant recent demand.
The average person can't "make" ms64 graded silver dollars economically therefore
if you buy from them you are getting a known quantity with minimal risk.