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Morgan Dollar Collecting Method

 
 
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Valued Member
United States
306 Posts
 Posted 07/10/2019  1:28 pm Show Profile   Bookmark this topic Add howell1018 to your friends list Get a Link to this Message
I'm curious as to whether my way of collecting is typical, or atypical. I primarily collect Morgan dollars. My collection is fairly small at present. When I started assembling my collection I made a list of about 35 dates/mintmarks that I felt were within my means (I buy slabbed coins that grade 65 or higher). When I buy a coin it's checked off the list and I never look at another coin with that date/mintmark. I'm done. In other words, I never "upgrade." When I buy I look to buy a coin that will keep me happy and not necessitate improvement. Do most of you do the same, or do you have many duplicates? I don't want to bother with the hassle of selling off an "improved" coin.

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United States
8943 Posts
 Posted 07/10/2019  2:00 pm  Show Profile   Bookmark this reply Add dave700x to your friends list Get a Link to this Reply
I have many duplicates of date/ mm's but only because I collect Morgan dollar varieties. I have over 50 Morgans dated 1883-O as an example..
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United States
734 Posts
 Posted 07/10/2019  2:31 pm  Show Profile   Check Collects82's eBay Listings Bookmark this reply Add Collects82 to your friends list Get a Link to this Reply
I collect a particular year. Due to a plethora of over RPM and clashed dies, I have quite a few 1882s. I buy based on eye appeal, so sometimes I'll ad an "upgrade" or even a lowball just because I digg it.
My hoard of '82s is up to 159! 218 BC x 1, 118 BC x 3, 18 BC x 1, 82 x 1, 182 x 1, 282 x 2, 582 x 2, 682 x 1, 782 x 2, 882 x 1, 982 x 3, 1182 x 8, 1282 x 2, 1382 x 1, 1482 x 4, 1582 x 12, 1682 x 12, 1782 x 40, 1882 x 41, 1982 x 21
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United States
306 Posts
 Posted 07/10/2019  3:03 pm  Show Profile   Bookmark this reply Add howell1018 to your friends list Get a Link to this Reply
Just out of curiosity, why 1882?
Bedrock of the Community
United States
16247 Posts
 Posted 07/10/2019  3:17 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
You are doing much better than most in your well thought out approach.

A want list/inventory is an invaluable start. If you lose bids, make a notation with the final price (with buyer's fees if they apply.

Expand your want list to 50 coins. Otherwise it can take a long time between buy times. That's actually GREAT if you are patient.

Stick to NGC and PCGS only.

Love every single coin you invite home.

I agree. Doing "trade ups" is a losing proposition. Some folks love 86 1857 Eagle cents. I'm not one of them.

Congratulations on an excellent plan.
Valued Member
United States
306 Posts
 Posted 07/10/2019  4:14 pm  Show Profile   Bookmark this reply Add howell1018 to your friends list Get a Link to this Reply
Thanks for the compliment Moxking. Yes, all of my slabs are either PCGS, or NGC. Over half have CAC stickers. Right now I'm interested in a coin that's in an ICG holder. If I bid and win it I intend to send to PCGS for reholdering. My motivation for the original post was to see how many collectors "upgrade" their coins given the opportunity. I didn't mean for it to be Morgan dollar specific, or even U.S. coinage only. So even if you collect Madagascar ariarys, or currency, I would be interested.
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United States
734 Posts
 Posted 07/10/2019  4:43 pm  Show Profile   Check Collects82's eBay Listings Bookmark this reply Add Collects82 to your friends list Get a Link to this Reply

Quote:
Just out of curiosity, why 1882?


I'll try to be quick to not hijack this thread. I was born in 1982; working in a set a coin for the 82nd year of every century going backwards. There are a few series along the way I've deeper along the way: Morgan and Indian cent varieties, and 5 cent manufacturing errors within US classics. I have my first 1082 enroute, won it last night! So now I'm Only missing 482, 382, and 318BC!

To the original post, given the chance to "upgrade" I certainly would. MS65+ stuff doesn't come into my budget often, so I look for eye appeal in other ways. Also, the nature of my collection doesn't require top condition to fill a hole and make me happy. I can be thrilled with lowball stuff if that's all I can find or afford for a given date; but given the chance to upgrade; I will. It took me a while to splurge on a UNC 1882 Indian cent, but since I did, I now have 5 MS, two being Snow varieties. Getting into medieval centuries, pinpointing a certain date doesn't always leave many high quality options, 482 is a mystery entirely thus far, so if it's ever discovered and otherwise a "cull", I'll still be happy just to full the hole.

With regards to Morgan's, there are SO many 1882 UNC out there, I find myself being overly picky sometimes or meandering into other series.
My hoard of '82s is up to 159! 218 BC x 1, 118 BC x 3, 18 BC x 1, 82 x 1, 182 x 1, 282 x 2, 582 x 2, 682 x 1, 782 x 2, 882 x 1, 982 x 3, 1182 x 8, 1282 x 2, 1382 x 1, 1482 x 4, 1582 x 12, 1682 x 12, 1782 x 40, 1882 x 41, 1982 x 21
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Canada
2321 Posts
 Posted 07/10/2019  5:02 pm  Show Profile   Check silverwolf's eBay Listings Bookmark this reply Add silverwolf to your friends list Get a Link to this Reply
that's a good query Howell1018/ here is my take on it..my bread and butter collection is Canada silver 1$ coins, 1935-1967..graded by ICCS.. I try to buy the best that I can with a goal of MS64, but I am picky in that they have to be blast white, with no toning.. So I have never bought a toned coin, to put in my collection, there are some dates that are just too expensive to acquire in MS64, so I buy the nicest one I can afford, that meets me eye appeal conditions..when it comes available, I don't chase coins to just fill holes..

there is the exception to the rule, I had a beautiful Ms63- 1938 dollar,i paid 225$, it trends for 300$, and the MS64 trends for 750$, so a really nice MS64 comes up in auction, I threw a 450$ bid on it, and won. So I sold my MS63 for 250$, and but that towards my new MS64, so I will upgrade only when certain conditions are met.. I don't chase upgrades but if they are there and make financial sense, I will upgrade.. just my 2 cents..
Valued Member
United States
96 Posts
 Posted 07/10/2019  5:11 pm  Show Profile   Bookmark this reply Add mavs2583 to your friends list Get a Link to this Reply
I don't like the hassle of selling, so when I buy a coin I plan on keeping it for the foreseeable future.
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Canada
2626 Posts
 Posted 07/10/2019  5:57 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
With my collecting tastes, a big one being world type coins of the 20th century, and my habit of scouring "junk bins" for low cost items, I get a lot of upgrades and hence duplicates.
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United States
362 Posts
 Posted 07/11/2019  9:44 pm  Show Profile   Bookmark this reply Add jaxenro to your friends list Get a Link to this Reply
I do similar but with a $$$ amount not a grade. I buy PCGS slabbed Morgan's with about a $500 limit. So the best coin for the money in the unique grade / mintmark variety. I'm not wealthy and with over 100 coins in the series even if I could fill all the slots at that price it would be over $50K just on the Morgan's alone and there are lots of others I am doing the same with. I am doing a set of slabbed ASE's that are all PR70 PCGS, Trade dollars, etc. plus now Gold Liberty Half Eagles. I have all the collections listed in a database so I can report on what I have, what I paid for it and an estimated value, and what I need.

I have so many on the need list I try to buy to that and not upgrade unless something to good to be true comes slong
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 Posted 07/12/2019  11:34 pm  Show Profile   Check paralyse's eBay Listings Bookmark this reply Add paralyse to your friends list Get a Link to this Reply
I collect Morgans both by year and by VAM (variety.) They are one of my favorite coin series (my avatar is my 1878-CC 63DMPL.)

Currently I have 131 in inventory, ranging in condition from Fair 2 to MS 64 DMPL.
Two are Redfield Paramount coins; two are GSA black box CC's, one is a GSA black box non-CC; two are "Tidy House" Morgans.
Of those 131, 56 are slabbed by PCGS, NGC, or ANACS; the rest are raw coins except for one of the GSA's and one of the Redfields.
The rest occupy two Morgan dollar Dansco albums and one Dansco Generic Dollar album. Yes, there are quite a few duplicates.

My PCGS date-only set is 93% complete with an average grade of 59.87 - the goal is 100% complete date set with an average grade of 58 or better.
I need 1892 and 1895-dated examples to complete the PCGS set composition -- I had an 1895-O that I sold 2 years ago and I have an 1892-O MS63 that I need to cross from an old green label PCI slab. All of the coins in the set are MS61 or better with the exception of the 1893 (AU50) and 1894-O (XF45)

I love Morgan dollars even though many collectors pooh-pooh them, but I have enough "rarity" with early American copper to keep me busy there. They are big, lovely to hold, and always attract the interest of non-collectors. You can collect them in any grade from ultra-rare top quality CAC-approved DMPL's and MS66/67 grades to Lowball sets in Poor; the best of the best bring thousands of dollars at auction, yet there are enough around that you can buy circulated and worn coins for just above melt and carry them in your pocket without worrying about losing your "investment." With well over 1,000 die varieties catalogued, ranging from the obvious (and famous) to the obscure and barely noticeable, you can have 20 Morgans of the same date and mintmark and none of the 20 exactly alike.

I don't usually upgrade unless a spectacular deal comes along or unless I end up deeply unsatisfied with a coin. I sold off my 1892-CC in AU53, despite it being a key date and quite valuable in that grade, because it just didn't have the eye appeal and I felt that PCGS blew the grade on it by 3 points; same thing with my 1895-O in AU55; I haven't replaced either coin yet because I am waiting on the "right" coin to come along, much like you; but I do have lots of low grade coins as well to fill albums and "play" with from time to time.

You can collect Morgans by date, by mintmark, or many other ways, and you can spend a little money or a whole lot of money; to me, that is what makes the series both endearing and enduring among collectors, since there is something for every collector with every budget to obtain and nearly any coin shop, coin show, or jewelry/gold and silver store is going to have Morgans around for you to buy, one at a time or by the roll.
Member ANA - EAC - TNA - SSDC
Specializing in 1932-1964 Washington quarters

"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis
Edited by paralyse
07/12/2019 11:36 pm
Bedrock of the Community
United States
18245 Posts
 Posted 07/13/2019  08:11 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
I'm just a coin collector. I keep all the coins regardless of if I have that one or not. For example I have 12 sets of Mercury dimes and lots of extras in either 2x2 flips or plastic tubes. Same with many other types of coins. I just never get rid of extras except sometimes I give some to my Granddaughter.
just carl
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United States
748 Posts
 Posted 07/13/2019  11:19 am  Show Profile   Bookmark this reply Add hcmusicguy to your friends list Get a Link to this Reply

Quote:
I have many duplicates of date/ mm's but only because I collect Morgan dollar varieties. I have over 50 Morgans dated 1883-O as an example..
Well now I know why I can never find any of those.
Oldest circulation finds: Cent 1902; 3CN 1867; Nickel (Buffalo/no date); Dime 1924; Quarter 1876; Half 1936; Dollar 1900; Banknote 1928 $2; Foreign 1917 3d (Great Britain)
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United States
6975 Posts
 Posted 07/13/2019  11:32 am  Show Profile   Check westcoin's eBay Listings Bookmark this reply Add westcoin to your friends list Get a Link to this Reply
I was trying for the TOP 100 set myself, I got a good jump start and started a couple months before the TOP 100 book came out, picking them was much easier before the book. I took the first VAM class with Jeff Oxman and Michael Fey at the ANA Summer Seminar so that was a huge benefit. I got close I think I had all but maybe 3 or 4 of them when I stopped. The big one (1878 VAM44 7/8 TF was one I missed out on, I had a chance to buy one in an ANACS MS62PL holder for $2500 at the seminar but didn't have the funds at the time, big mistake, I should have gone into debt to buy that one. I had a lot of enjoyment and learned a lot collecting them, even finding some really tough ones like the 1878-S long arrow nock and 2 1878 VAM 9's in AU++ for melt. (sold each one of those 3 for close to $1K each).One of the Long Nocks became a new variety VAM # as it was different than any of the others. I sold/traded it to Larry Briggs who ended up submitting it to Leroy Van Allen where it became the VAM 72. DOH!

Now I'm slowly selling off the VAMs I have left and concentrating on my two cent variety collection. THere is no single way to collect, just keep doing it as long as you are enjoying your collection and having fun at it!
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013!
ANA Life Member #3288 in good standing since 1982, EAC Member #6202, NBS Member, 2 variety collector.

See my want page: http://goccf.com/t/140440
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8140 Posts
 Posted 07/13/2019  11:05 pm  Show Profile   Check paralyse's eBay Listings Bookmark this reply Add paralyse to your friends list Get a Link to this Reply

Quote:
There is no single way to collect, just keep doing it as long as you are enjoying your collection and having fun at it!


Best advice anyone can ever provide, to be honest.
Member ANA - EAC - TNA - SSDC
Specializing in 1932-1964 Washington quarters

"Most of the things worth doing in the world had been declared impossible before they were done." -- Louis D. Brandeis
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