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Which Would You Rather Own? A Uncirculated 1903 O Morgan Or A Circulated 1903 O Morgan Dollar

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 Posted 10/06/2022  11:54 am Show Profile   Bookmark this topic Add Jakes Coins to your friends list Get a Link to this Message
Hypothetically if you had the choice between a uncirculated 1903 O & a circulated O morgan which would you choose?

The obvious choice seems to be a uncirculated example. But a circulated one has significantly more history as that coin could have been worth as much a 1893 S. And actually was worth around the same amount as the 1893 s in the late 50's & early 60's. Thus a circulated example could have been the "key" of someones collection. That same coin could have been worth hundreds of thousands of dollars today. That is if not for the hundreds of thousands of uncirculated ones released in the 1960's.

There are many uncirculated examples due to this. With a quick calculation PCGS has graded under 500 circulated examples and over 15000 uncirculated examples.

With a check on ebay circulated examples & uncirculated are nearly identical in price.

So if you had the option which one would you choose and why?

Personally I would go with a circulated example as I find the history of the date interesting. And possibly owning a coin that was one of the original circulating examples & was on par with the 1893 s sounds more interesting then owning one that was just kept in a vault for half a decade.
I've only been collecting for a couple years (2017). Favorite Coin's are Standing Liberty quarters, Working on my type set: "knowledge is power" -Thomas Jefferson | Coffee, Corvettes, Coins & the CCF what could be better?
Edited by Jakes Coins
10/06/2022 11:55 am
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 Posted 10/06/2022  12:16 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Enjoy Memory Lane, I'll take one in 65 if you don't mind.
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 Posted 10/06/2022  12:26 pm  Show Profile   Bookmark this reply Add kbbpll to your friends list Get a Link to this Reply
I don't collect Morgans but for my budget and collecting habits I would probably find a nice AU58.
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 Posted 10/06/2022  1:43 pm  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
One in MS65 would be nice but I expect a good VF to XF one might look nicer than a heavily bagmarked MS60 or MS61 with lots of scuffing on Lady Liberty's cheek!
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 Posted 10/06/2022  1:52 pm  Show Profile   Bookmark this reply Add Nycstlrr to your friends list Get a Link to this Reply
I had a holed one many, many years ago. A former girlfriend ended up with it and I never saw it again.
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 Posted 10/06/2022  3:14 pm  Show Profile   Bookmark this reply Add ericgreen to your friends list Get a Link to this Reply
Why not just get one of each

It just depends on your mindset. I think it would be cool to own a MS one that sat in the vaults for decades, which totally blew up the Morgan market. That is probably why a MS 1903-O is more expensive than most other Morgan's compared to their availability.

I can get behind the history of a circulated one as well.
Edited by ericgreen
10/06/2022 3:15 pm
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 Posted 10/06/2022  4:07 pm  Show Profile   Bookmark this reply Add jacrispies to your friends list Get a Link to this Reply
I would choose the 1903 O because that would be 1 of 27 left to complete my set. I like circulated morgans a lot more than uncirculated ones by eye appeal alone. Looking through my Dansco, I recognize some circulated pieces like a familiar face which brings back memories. The uncirculated ones are all baggy and standard looking.
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 Posted 10/06/2022  5:41 pm  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply
OK, I might get beat up, but here are my thoughts:

1. The question is phrased in such a manner that cost is not the deciding factor, but "history" is the factor. As such, for about $1,100 for a 65, or $1,350 for a 66, as a coin collector ("buy the best you can afford") I suggest is the right way to go, since AU 55 or 58 would be roughly $600 or so. You want "history"? I can find a lot of garbage (literally) that is part of history, but is not satisfactory for a coin collection. I'm NOT saying AU coins are garbage. I'm talking about real garbage from historical times.

This same point about buying for the purpose of "history" can apply to all of numismatics. If you collect Buffalo nickels, assuming you can easily afford more, should you limit yourself to just "Nic-a-Date" buffalo's due to their history, where you can always wonder who's hand each of those coins passed through, or is it preferable to buy coins that are in your budget but have dates?

2. If one's budget only allows for AU, then that is absolutely the way to go, for financial reasons, not history.

3. On the other hand, I agree it's PERFECTLY fine for anyone to collect what they WANT to collect! There is NO right or wrong!

Steve
A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
Edited by Winesteven
10/06/2022 8:37 pm
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 Posted 10/06/2022  11:53 pm  Show Profile   Bookmark this reply Add kbbpll to your friends list Get a Link to this Reply
I think the OP means the "collecting history", not the "who might have spent this" sort of history. Until the Treasury horde was released, 1903-O was the "absolute key to the entire series" (quoting NGC). I get it - the circulated examples were once the prized centerpiece of someone's Morgan collection. I can see a certain cachet with owning one of those over literally tens of thousands of gem and near-gem coins that sat in a vault for decades. I personally wouldn't make a purchase decision based on that though - then was then and now is now.
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 Posted 10/07/2022  04:15 am  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply
Yes, I agree with each point you made. You are correct!

Steve
A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
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 Posted 10/07/2022  05:41 am  Show Profile   Bookmark this reply Add nickelsearcher to your friends list Get a Link to this Reply
I'll take a gem MS65 please.
Take a look at my other hobby ... http://www.jk-dk.art
Too many hobbies .... too much work .... not enough time.
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 Posted 10/07/2022  08:35 am  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
I feel the same way about the 1885-CC Morgan. You can buy a GSA MS63 for less than a PCGS or NGC F12 (and good luck finding one). The GSA coins never functioned as money. They're more like mint proof set coins as collectables.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
10/07/2022 09:04 am
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 Posted 10/07/2022  08:47 am  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply
Actually, while "the story" is almost the same for the 1885-CC as it is for the 1903-O, the PCGS Price Guide has an 1885-CC VF at $620, with an MS63 at $950. But your point is well taken and valid.

Steve
A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
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 Posted 10/07/2022  09:08 am  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
Based on my recent experience, the PCGS price guide doesn't indicate the market price Steven. Especially for problem free NGC and PCGS coins. PCGS price for a F12 buys a non TPG AG. Problem free circulated grades above F12 are incredibly hard to find.

IMO the scarcity of circulated 1885-CC Morgans sets the floor for the GSA coins. Otherwise they would be priced like the 1882-1883-1884's.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
10/07/2022 09:15 am
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 Posted 10/07/2022  09:29 am  Show Profile   Bookmark this reply Add Winesteven to your friends list Get a Link to this Reply
Yes, you are correct. The Pricing Guides are only guides. I just did a quick search on collectorscorner.com for 1885-CC Morgans graded from 6 to 35, and guess what? NOTHING popped up!

Steve
A day without fine wine and working on your coin collection is like a day without sunshine!

My collecting "Pride & Joy" is my PCGS Registry Dansco 7070 Set:
https://www.PCGS.com/setregistry/ty...edset/213996
Edited by Winesteven
10/07/2022 09:29 am
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 Posted 10/07/2022  10:27 am  Show Profile   Bookmark this reply Add thq to your friends list Get a Link to this Reply
Comparing the 1885-CC with the 1903-O, the latter looks more abundant and less expensive in certified circulated grades. The last 1885-CC XF details I remember seeing was $1200. A similar straight grade 1903-O sells for $700-800, with several available on eBay. Like the 1885-CC the price of circulated coins appears to set the floor price for the very abundant MS coins. But in the case of the 1885-CC, grades above F12 exceed MS prices.
"Two minutes ago I would have sold my chances for a tired dime." Fred Astaire
Edited by thq
10/07/2022 10:35 am
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