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1888 And 1884 Morgan Dollars

 
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Author Previous TopicReplies: 8 / Views: 612Next Topic  
New Member
United States
40 Posts
 Posted 06/08/2021  7:34 pm Show Profile   Bookmark this topic Add Newby Numis to your friends list Get a Link to this Message
For those of you keeping track on my recent losses with on-line auctions the fun is not over yet. Here are two more Morgans I bought:




So we have an 1888 I paid $51 for which I would grade about a 25, making it worth $38




Here I bought a 1884 for $40 dollars which I grade at 15 making it worth $38. It is a good thing I love my new hobby.

*** Edited by Staff to Add Year / Mintmark / Denomination to Title. Titles are Important! ***
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Canada
11557 Posts
 Posted 06/08/2021  7:47 pm  Show Profile   Bookmark this reply Add JimmyD to your friends list Get a Link to this Reply
Your one member in a pretty big club. I think the majority of the CCF members can say
that they have overpaid for coins once in awhile. I know that I have knowingly overpaid
to get a coin that I wanted. It's part of the hobby as long as you learn from it.
Valued Member
United States
198 Posts
 Posted 06/08/2021  8:21 pm  Show Profile   Bookmark this reply Add Numiscrat to your friends list Get a Link to this Reply
You are fortunate that you have overpaid for coins with lower price tags. The percentage loss may not look good, but the overall cost isn't so bad. As Greasy told you, the damaged one in a previous post is a good excuse to carry a cool pocket piece!

From your other posts, it looks like you may have damaged coins (scratched and/or cleaned) as well as natural looking circulated examples. It didn't cost me as much to get those types of examples because I bought from a dealer who priced them for what they were, and so I was therefore saved from myself. It is good to have those as reference points in the future, though. On to some of my screw-ups with Morgans, in the hopes you learn from mine...

My rookie mistakes involved declining reasonable, and reasonably priced, MS coins for dates and mints where fully struck coins are scarce (I was mistaking weak strike for wear), while at the same time paying MS money on better struck high AU coins.

If you want to dabble in buying raw coins in the future, you might consider getting two or three MS (63-64?) examples in common dates, maybe one with a strong strike and one with a weak strike, but with good luster. That way, you know what "right" looks like. Pictures alone weren't enough to educate me.

If I was starting over again, that is what I wish I hade done early on. Some other folks on here who are Morgan experts might have better ideas, which I would like to hear as well.

An over-dipped coin (priced accordingly) would also have been desirable as an early specimen. Made that mistake, too...

Oh yeah... Numismatic dollar cost averaging! Educate yourself. Buy better stuff at better deals, and the losses can get canceled out, maybe! That's what I tell myself!
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United States
60581 Posts
 Posted 06/08/2021  8:44 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
I would rate them both at under $30.
Pillar of the Community
United States
3315 Posts
 Posted 06/08/2021  8:59 pm  Show Profile   Bookmark this reply Add Zurie to your friends list Get a Link to this Reply
It's easy to overpay at an online auction where the photos may not be great (OTOH your photos are pretty good). You've got a great attitude chalking it up to experience.
Pillar of the Community
United States
4841 Posts
 Posted 06/08/2021  11:00 pm  Show Profile   Bookmark this reply Add Greasy Fingers to your friends list Get a Link to this Reply
Pending on future silver price, hold them long enough and the loss % won't be as steep...is another way to look at it...
But I would follow Numiscrats advice, get ahold of some MS coins to compare to...Good luck on building a "better" hoard
I'm by no means a pro and will never claim to be...just my 2 cents
A smile costs nothing to give or receive....GF
If it's not hockey, it's not a sport
New Member
United States
40 Posts
 Posted 06/08/2021  11:02 pm  Show Profile   Bookmark this reply Add Newby Numis to your friends list Get a Link to this Reply
Thank you all for your input, I am thinking slabbed coins may be the way to go to save myself from myself. Coinfrog, what am I missing that makes you say these are both worth under $30? I have been using the PCGS photo grade (which is great), so help a Newbie out and tell me what the real deal is?
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United States
881 Posts
 Posted 06/10/2021  4:24 pm  Show Profile   Bookmark this reply Add suipakpaikungfu to your friends list Get a Link to this Reply
Well, those are common date circ coins. The premium for silver dollars makes them worth about $30,
although I've managed to sell them for 30-35 on CL.
Valued Member
United States
95 Posts
 Posted 07/24/2021  9:52 pm  Show Profile   Bookmark this reply Add Pmint1 to your friends list Get a Link to this Reply
I over pay a coin dealer regularly for slabbed key date Morgan's. He is high priced (close to or a little over catalog price) but let's me put coins on layaway I wouldn't otherwise be able to afford. Makes it worth the price to me.
Buy what you you like and if it's worth it to you that's all that matters.
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