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 Replies: 27 / Views: 3,796 |
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Pillar of the Community
United States
1531 Posts |
Can anyone explain the following to me... I am in possession of an 1899 Philly Morgan, maybe AU-50-55 condition. Mintage of 320,000.... Worth about $220 in its current condition.  Then you have an 1889-CC... Mintage of 350,000... Worth $6,000 in AU-50 condition. That's more minted but 30 times the price!  Then you have an 1892-CC with a mintage of 1,350,000 and worth $690 in AU-50...  Then, to add insult to injury, you have the 1893-CC with a mintage of 670,000, double the 1899 Philly. Worth $2,100 in AU-50. Double the mintage but 10 times the price!  Other various dates, too, have double the mintage but double the price or an even price to my 1899-P Morgan.  But... Why? |
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Pillar of the Community
United States
4337 Posts |
It's Carson City versus Philadelphia
Logically speaking and IMO so certainly not factual; CC went years in between certain issues where P was always steady
Adds value, no?
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Pillar of the Community
United States
1804 Posts |
Newbie here.....
Supply?
Demand?
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Pillar of the Community
Canada
4911 Posts |
You said it domain555, more people would want the old west silver than your average Philly.
Feel free to call me Will.
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Pillar of the Community
United States
1511 Posts |
As dsfreeworld said... They're Carson cities... The most sought after by collectors. Not to mention that's the "mintage" not the estimated remaining number, remember many many were melted down, so mintages don't really mean all that much.
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Pillar of the Community
United States
3253 Posts |
More blatant anti-philadelphianism. Pure and simple.
Edited by philadelphian
04/03/2014 11:05 pm
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Valued Member
United States
337 Posts |
I see why CC being more expensive now but in another 50-100 years, maybe sooner, maybe later, the Philly being worth more hen the CC.
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Pillar of the Community
United States
4409 Posts |
I'd suggest acquiring a copy of A Guide Book of Morgan dollars 4th edition by Q. David Bowers. It is a good reference book that describes each date and mint mark, characteristics, mintage figure broken down by each month, etc. I own the 3rd edition which I acquired in 2008. It is a really useful reference work and one that I use frequently. -MV |
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Pillar of the Community
 United States
1531 Posts |
Thanks everyone!
I know I'm going to hang on to this one, so I hope its prices go up.
It's a beautiful coin with golden toning all across the obverse.
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Bedrock of the Community
United States
10045 Posts |
Quote:
More blatant anti-philadelphianism. Pure and simple.  Philly got stuck w/o a mintmark for the longest time--seems unfair.  |
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Pillar of the Community
United States
3453 Posts |
 So p, where's your mint mark? Edited by CoinsKelly
04/04/2014 07:45 am
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Valued Member
United States
331 Posts |
Quote:
philadelphian Posted - Yesterday 11:04 pm
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More blatant anti-philadelphianism. Pure and simple. Thats not it. Its because Wyatt Earp only carried CC.  |
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Pillar of the Community
United States
2797 Posts |
You must consider more than mintage figures when pricing Morgan and Peace dollars. They were produced in quantities far exceeding public demand thanks to the silver lobby. Many were never released to the public and ended up in bank vaults in $1000 canvas bags. Then the politicians manipulated them even further with the Pittman Act of 1917, where 350 million were sent to the smelters ... without records kept on dates/mint marks being melted. The key to pricing is "survivor population". The collecting community has determined this through years of supply and demand and the winners are priced accordingly. Then in the early 1960's the announcement came that the U.S. was removing silver from the majority of circulating coinage (the 1965-1970 Kennedy halves are the exception). Banks and the Federal Reserve brought out their piles of $1000 canvas bags filled with uncirculated Morgan and Peace dollars and sold them at face value to an eager public. This is why you see so many uncirculated offerings for 135 year old coins. Some perceived rarities were discovered in these bags and prices were adjusted accordingly. The biggest loser was the 1903-O which was priced at $500 in MS60 in 1960 and is now about the same now but equates to $50 in 1960 (adjusted for inflation). Lastly you must consider "conditional rarity". Some dates and mint marks exist in ample quantities in lower grades but become ghosts in Unc. A good example of this is the 1884-S. My advice ... throw away mintage figures for Morgan/Peace dollars when trying to make sense of prices. |
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Pillar of the Community
United States
2815 Posts |
In a single word: DEMAND. I think the demand will always be there for CCs. But hey, the 1895 Philly is still, and will always remain, the KING of Morgans. Philly at least has that bragging right.
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Pillar of the Community
United States
1511 Posts |
completely with SeatedNut.... That's what I was getting at with my post, but it was late and I rushed in my response. But that was a great explanation SeatedNut! It's all about remaining quantities and conditional rarities. I don't ever see a AU '99 P exceeding the prices of many CC's, lol so I wouldn't hold your breath. And just out of curiousity where did the $220 figure come from? |
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Pillar of the Community
United Kingdom
856 Posts |
As everyone else says, it's down to demand. I have coins where known existing examples number a lot less than 32, let alone 320,000!
Can I get $6000 for them? Not likely. Because the number of people who want one and are prepared to spend serious money is also less than 35! Whereas Carson City issues? They have a certain notoriety and there are plenty of people who'd like an example. Actual numbers are low compared to demand, whereas 17th century British coins .. maybe not so much!
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Replies: 27 / Views: 3,796 |
Posted 04/03/2014 10:46 pm
