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 Replies: 67 / Views: 7,926 |
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Pillar of the Community
United States
1450 Posts |
That is really putting all your eggs in one basket. I think a complete set of CC Morgans in at least high AU for the 1889CC would be a challenge and would spread the risk.
You could get the others in MS, but to sink all your money just in one coin is really a gamble. Coins seem a crummy investment unless you can hold them for 40 years. I Buy one preferred stock for 50K and it returns 7% annually. It is making $3500 a year for me while coin makes nothing. Look some place else to invest.
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Pillar of the Community
United States
574 Posts |
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Valued Member
United States
245 Posts |
Terry, It is putting all of your eggs in one basket but it's not quite that simple in this case. This basket is about investing in arguably the most elusive Morgan dollar out there, the 89CC. I agree with you about investing in the markets first, but this isn't a bad alternative investment. The reasons are: the 89CC is extremely rare in ANY condition, it's even more rare in these mint state DMPL or Proof Like conditions. It's not like they will find a bag of 89CC in mint state hidden in the government vaults, they've already culled through those. The Morgan dollar series is the mist popular coin out there, that's another plus. If I had 125k, I would either put together the very highest set of CC GSA dollars I could find, take the 125k and buy the best 89CC & 93S coins I could afford, or put together the Mexican Libertad silver proof onza series, or the Libertad gold proof series. In 10 years time, chances are really good that your above coin investment scenarios would show STRONG growth. The Mexican Libertad proof market is going to go wild these next few years. |
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Pillar of the Community
United States
1450 Posts |
I would like to hear more about the Mexican Libertad silver proof onza series, but I think this forum is more about USA coins. I have a number of Mexican coins and I really like them. Perhaps we could have a discussion about them via email. Among the Morgans the 93-S gets all the glory, but the 1894 has a mintage of just 10,000 more and sells for a fraction of the 93-S.
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Pillar of the Community
 United States
533 Posts |
Like I said for me this isn't about investing but collecting something I enjoy. The hobby aspect of it  Just that it is such an expensive hobby I questioned the strategy. Stocks may be a better investment but looking at s bank statement doesn't compare to looking at aDMPL Morgan in MS-64 or better |
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Pillar of the Community
United States
1450 Posts |
Jax Coin collecting has become an expensive hobby. I like getting attractive coins at what I consider a decent cost. If you are really a long term investor I think coins are a good way to make some money. If you don't care about the investment aspect of collecting it is still an expensive hobby because people just can't find scarce coins in the money stream these days. When was the last time you saw a 1926-S Buffalo nickel or an early dime, quarter or half dollar in your change? So if we want to collect Morgans you must buy them. If you find a DMPL Morgan in MS65 then it will probably cost you a premium, but it will have a value that will probably not disappear when the stock market crashes. I do know that many ordinary citizens do think you need a small fortune to collect coins. We know this is not true, but they only hear about the super rare coins that bring in a million dollars at auction. I think setting a budget for collecting Morgans or any coin can work for long term, but sometimes you get an opportunity to buy a key date at a good price and that is the time to buy if you have the money. I bought a 1923-S LSQ in EF condition at a good price from someone I knew and trusted. It cost me more than $1000, but I did it to fill my set minus the 1916. I admit now that I only have the more expensive Morgans left to complete my set it is getting more painful to buy them. I don't know how I justify it except it is an indulgence that I might be able to afford if I buy lessor grade coins. These are the coins I want to buy certified, or to actually see and touch the coins. |
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Pillar of the Community
United States
6370 Posts |
Quote:
Coin collecting has become an expensive hobby. No it's not. Those who collect US make it an expensive hobby for themselves. I can think of dozens of other areas of collecting that are just as rewarding and much cheaper. (Ancients, hammered medieval silver, pre-1950 eastern European coins, etc.) I'm not saying that those who collect US are wrong. I'm just saying you don't have to burden yourself financially (or emotionally by not being able to complete a set) by thinking you have to collect US coins. |
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Pillar of the Community
United States
1450 Posts |
We need more books and price guides on individual groups of non-USA coins with pictures. I would like a book on just segments of world coins and not some huge book with no pictures and prices for every world coin in existence which is what I have now. The reason the world coins are cheaper is due to lack of demand. Who collects coins in the world besides the First World peoples who have the money to buy them. That means Western Europe, the USA and Japan and maybe China.
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Pillar of the Community
United States
6370 Posts |
Quote:
We need more books and price guides on individual groups of non-USA coins with pictures. I would like a book on just segments of world coins and not some huge book with no pictures and prices for every world coin in existence which is what I have now. Such books exist for every numismatic area. The Krause catalog isn't the only world coin catalog in existence. |
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Pillar of the Community
United States
533 Posts |
So I finally got around to pricing this out
For a basic Morgan collection of 117 key coins based on buying the highest grade of each available for under $500, or if that coin isn't available for under $500 then the lowest grade/least expensive coin then it would be in the $40,000 to $50,000 range which is affordable
For the PL set, looking at DMPL prices, just to get the 100 key coins would be $250,000 +, a little past my range. I am assuming PL is less than DMPL so I will look at those
meanwhile I am working on filling in the first set and buying the DMPL's that strike my fancy. I may never complete a set of them but they are nice to buy
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Pillar of the Community
United States
1450 Posts |
I think you can do better than 50K if you just rule out the 1895 proof and get the 93-S in just F, some others in VF to AU and the common ones in MS. I lack 12 Morgans to make a set. You can buy 50% of Morans in MS condition and quite a few in AU for much less than $500. The really tough ones I have in VF to EF. There are less than a dozen Morgans that really put getting a set in MS out of the question for most of us. If I had a couple of hundred grand I just wanted to spend I would got after all of the Morgans except the 93-S and 95 proof in at least MS60. The thing is , of course, I may have a couple of hundred K but they are in stocks that pay dividends so I can pay my taxes. Coins just don't work that way. I think I could just about get all the coins I want in EF to AU for $500 to $1000. There would be a couple that would be much more expensive in almost any grade. The 1894 is one of the best deals out there IMO. Mintage of 110,000 for $1000 in AU condition. Somebody is going to wake up and realize this coin is undervalued. Only 10,000 more than the 93-S and the 94 goes for $8000 in MS64 and for the 93-S the price is $300,000 in the same condition. Did all the 93-S coins just disappear or did all the 94's just get saved in a vault and thrown on the market? I just don't know enough about how each Morgan dollar is valued. I started collecting them and just got hooked. |
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Pillar of the Community
United States
533 Posts |
I know I could do better than $50K but remember my goal was to get the highest grade for under $500 per coin so it includes a bunch of MS-66, 65, and 64's. $50K spread over 5 to 7 years isn't all that bad it's about $125 to $150 per week or about a coin a month. Almost half are 64 or better and 3/4 are 60 or better
in this case $500 fit my budget and time frame
if you set a limit of $250 you could probably be under to $25K and still get some 64's in there. There are still around 20-25 or so Morgans in MS-64 for under $100 and another 30 or so between $100 and $250
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Pillar of the Community
United States
1450 Posts |
There are even a number of MS65's you can get for less than $250. There is nothing wrong with your plan. You know the so-called experts say to buy the key dates first but with Morgans you would be broke with your first couple of purchases. It does start to grind a bit when I pay more than $500 for a coin but I have done it in the past and I will do it again when the mood comes on me. The most I ever spent was $1300 for a 1923-s LSQ in EF condition that was slabbed and graded. I also bought a 1937 3 legged Buffalo nickel that cost me over $600, but it was worth it. |
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Pillar of the Community
United States
533 Posts |
I'm trying a little of both. For instance I have the 1880-S in MS-66 on my list so I look at all the examples that I see on ebay, Great Collections, etc. If I come across one that looks good for the grade and the price is good I will buy it even if it isn't a key date. I figure if I buy one out of five or so as key dates eventually I will have everything I need. So I am neither buying all the keys up front or saving them all for the end What is fun on the non keys is given the selection I can be choosy. If there are multiple examples of a common coin in a given grade I can pick what looks like the best to me. Not all MS-64's are created equal some are better strikes, have more definition, etc. so there is room to play. Edited by jaxenro
10/15/2016 11:48 am
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Pillar of the Community
United States
1450 Posts |
I have a few AU58 coins that look better than MS63's. I took one of my less common AU58 Morgans to my LCS and the owner thought it was close to DMPL because of the deep finish and the striking detail. I don't know how that could be but I do have some very nice AU Morgans that are really bargains compared to MS Morgans that just do not look that great. If I could get 12 of the Morgans on my list in AU50 I would jump for joy.
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Posted 09/15/2016 10:41 am
