A Question About Morgan Dollars

You will love it.

It really is a good question.

The answer might be different ...for different collectors.

My thoughts would lean towards.

You hear about Morgan's often, because it is a highly collected series.
If it wasn't such a well liked coin you would not hear much about them.

Why is it popular.
It has grades and price ranges that appeal to both the common man and
the well off.

The series has 96 coins, if you count the rare proof only issue 1895 (P)
So most collectors consider a full set as 95 coins, because the 1895
at a price from 50 to 100k out of most collectors price range.

I feel most collectors, over time, could put together a full 95 coin set.
Most who do, are very proud to have such a set in their collection.
I am 92 of 95 coins from having a complete set, and expect it will take me
another year ... or so to get those last three.

Maybe to see the appeal of Morgan dollars, start a set. I would suggest
starting with a Morgan dollar date set 1878 - 1921 or a Dollar date set
1878 - 1999.

I'll chime in here. Morgans are the silver dollars of the old West. For many, that has a lure all its own.

Also, you have coins from 5 different mints: Philadelphia, San Francisco, New Orleans, Carson City, and for 1921 only, Denver. No coin minted since can boast of that. I think this draws a lot of collectors too.

Morgans serve collectors and investors at all levels. They're silver, they're beautiful, they're large, they have the mystique of the Wild West and early Vegas attached to them, and some of the greatest stories in numismatics have been associated with Morgan dollars (Binion, Redfield, Continental Illinois, the US Treasury Vaults, the Carson City GSA releases, the Zerbe and Chapman "proofs"...)

For the novice collector, many common dates are available in attractively high grades at low prices, and with their silver content, they always have bullion value. They are readily available even at small shows and there are thousands for sale online. The grading standards are so well defined that the series is a good way to learn the basics of ANA grading, and TPG Morgan grading is usually quite accurate.

For more advanced collectors, it becomes fun to put together a mint mark set, then a date set, then a complete set. A circulated date set with some AU+ coins can be put together for $25-$40 per coin, with only 1893 and 1895 requiring you to spend more than $100 on a coin.

Many advanced collectors also enjoy pursuing VAMs -- Morgan dollar die varieties -- of which each date and mint mark has several; some dates and mint marks have 70+ varieties. Only the Large Cents, Bust Halves & Seated dimes really come close to that level of depth, in my opinion, and those three series are substantially more expensive to collect than Morgan dollars. Some even specialize in sub-varieties only, such as die clashes, doubled dates, or other unique varieties.

For investors, the factors above create constant demand against constrained supply. No more hoards have been found, no more bags released from the Treasury. This creates a booming market for condition rarities (coins which are common in low grades and scarce to rare in high grades), Proofs, and scarce/rare dates/MM's such as the famous 1893-S, 1894, 1895, and many of the CC dollars beyond 82/83/84. That high level of demand means that it's relatively easy for dealers and investors to sell Morgans when they need to generate cash flow to buy other coins, something that cannot be said of many other coin series, particularly Moderns. With TPGs having well established grading standards for the series, combined with CAC, a "sight unseen" market in bidding is sustainable with reasonable confidence.

Regardless of why you collect Morgans, if you do collect them, having a Dansco full of a complete set of Morgan dollars is a significant numismatic achievement, and something to be very proud of; and if times get tough it's easy to sell with a large market and plenty of buyers.

1895 is a true rarity. I have bought about 30 morgans in MS condition for less than $100. I often have conflict over if I should get the 1916-d Mercury dime, 1916 LSQ or just lay those aside and try and complete most of a Morgan collection especially the CC Morgans. You can buy an ounce of silver for $20 but the common Morgan will sell for 3-4 times that much. They have a mystique. Imagine completing a set of $20 gold coins of any sort. The rare ones are not even affected by the price of gold as are the common ones. You notice the Peace dollar is the red headed stepchild of the Morgan even if you had ever Peace dollar in MS65. There are more attractive coins than the Morgan and more valuable but a GSA CCMorgan in mint condition is like money. You could sell it immediately. I wonder in a economic meltdown if it would be better to have Morgans or silver and gold bullion?

My own personal opinion is not only is the Silver Morgan dollar big, but I think it is one of the most beautiful US coins. I just recently started a new collection of them. In MS63 and above. I am thinking of selling off all my duplicate coins and those that are not in MS condition to purchase more Morgan dollars. It gets harder when you are in the $400 per coin and above range.

Not that hard to find even Morgan CC in VF grades in the $200-300 range. I got one today a 1879-CC in VF condition for a little over $200. I got a 1884 GSA CC and then after I got home I remembered I already had one in a lessor grade. Now to trade up for something better.