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Morgans.. Where Do I Start?

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Nobis1's Avatar
United States
364 Posts
 Posted 03/04/2011  3:32 pm  Show Profile   Bookmark this reply Add Nobis1 to your friends list Get a Link to this Reply
There is some good stuff on this thread. I just sold a load of bullion Kennedy halves, and with the proceeds I am going to add some Morgans. To date I have a few Morgan and Peace dollars, but many were bought as bullion and are all common dates.
I really like the Morgans, and I want to start accumulating dates I do not have. In addition, I think I may use some of the proceeds to buy some higher grade/key date coins. Should be fun.
Where is the best place to get higher grade Morgans/key dates? The coin shops around me don't seem to have them. ebay scares me with higher end coins given the possibility of them being counterfeit. Do you guys get them at shows?
New Member
ambrola's Avatar
United States
14 Posts
 Posted 03/06/2011  6:46 pm  Show Profile   Bookmark this reply Add ambrola to your friends list Get a Link to this Reply
Never buy an expencive coin that has not been slabbed. That way you know what you got.
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Bryan1315's Avatar
United States
14454 Posts
 Posted 03/06/2011  7:11 pm  Show Profile   Bookmark this reply Add Bryan1315 to your friends list Get a Link to this Reply

Quote:
Never buy an expencive coin that has not been slabbed. That way you know what you got.

That is not true. I agree if you do not know how to grade yourself it is better to buy slabbed as long is it is slabbed by a reputable TPG but some of my best purchases were unslabbed. Once a coin is slabbed you are on a level playing field where everyone from someone that knows nothing about coins to the seasoned collector knows what grade the coin is or at least what an experts opinion was at one time and the price usually reflects this, if you know how to grade yourself you can find some really nice coins worth quite a bit for allot less money than their slabbed counterparts would cost you. So in my opinion there is no substitute for knowledge and once you train yourself you can find those little treasures unslabbed. When you get into key dates then it may be best to look for a slabbed version because those are the ones that are counterfeited the most and even if its for authentication purposes that is where I think the TPG's really are a asset in the coin hobby. That way at least if it does turn out to be counterfeit you have a guarantee by the company and you will not lose all your money, you just have to be sure the slab isn't counterfeit now also so there is some investigation that needs to be done before making a huge purchase and not just buy it because it looks to be graded and authenticated by a reputable company. I would say 98% of the key dates that are slabbed by a top tiered TPG are legit and not a copy of the coin and slab but usually the ones that are can be found in archives of online auction houses where you can compare the coins to see if they match when it was last sold. The counterfeiters have gotten smart and only use real certification numbers now so when you check them out they show up as legit cert numbers but they are in fact fake coins and fake slabs
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Gyrene7483's Avatar
United States
1704 Posts
 Posted 03/06/2011  8:24 pm  Show Profile   Bookmark this reply Add Gyrene7483 to your friends list Get a Link to this Reply
Another good resource on the Morgan's is The Official Red Book of Morgan silver dollars A complete History and Price Guide by Q. David Bowers. It's a bit more affordable at $19.95 new. I am presently working on filling the Dansco Morgan Year Set album and have the 1879, 1885, 1901-O, 1902-O, 1903, 1904-O and 1921 in the year holes and I have all four of the mints, an 1883-CC, 1921-D, 1885-O AND 1881-S. All are MS-63 and my goal is to have the entire set matched in that grade except perhaps the 1893, 1894, and 1895 trio.

Here's an 1878-S I recently acquired more for it's numismatic history than to fill a hole. It's from the Redfield Hoard which was handled by Paramount International Coin Corporation after Redfield died in 1974. It's in the blue MS-60 holder and the coin actually grades MS-63.

Morgans..-Where-Do-I-Start?

Morgans..-Where-Do-I-Start?
Valued Member
Nobis1's Avatar
United States
364 Posts
 Posted 03/06/2011  10:56 pm  Show Profile   Bookmark this reply Add Nobis1 to your friends list Get a Link to this Reply
Gyrene, that is a beautiful 78S. Thanks for the tips guys. There are so many years/mints that is hard to know where to start. So far, I have been picking up mints/dates I do not have (filling holes so to speak). I think I may do a variation of what Gyrene is doing. I want to get some CC's, so I may focus on them. When I get some CC's, I may work to get the other mints for the same year to create a set. Ultimately, I hope to have all years/mints for the entire Morgan series. Probably, that will be many years to accomplish, but I would love to hand something like that down to my children.

Do you all get your higher end Morgans from coin shops, ebay, coin shows or some other place? The coin shops around me have no CC Morgans. ebay has been okay for me to get basic bullion coins, but I am reticent to buy a high dollar coin there. There is a big coin show coming at the end of the month, so I may try there.
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Gyrene7483's Avatar
United States
1704 Posts
 Posted 03/06/2011  11:32 pm  Show Profile   Bookmark this reply Add Gyrene7483 to your friends list Get a Link to this Reply
Nobis1, thanks for the compliment on the 78-S.

I get some of my coins from a guy I've known for over 30 years who has a shop in Santa Cruz, CA but I live a couple of hours away and so most of the good stuff that comes into his shop is gone before I can get there. Most of what I get for my various sets are from select dealers I trust at coin shows, these guys don't have regular shops but they do have web sites.

Coin shows provide a variety of dealers and it won't take long to find the ones you can trust with both their grading and prices.
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Morgans Dad's Avatar
United States
5635 Posts
 Posted 03/07/2011  12:04 am  Show Profile   Bookmark this reply Add Morgans Dad to your friends list Get a Link to this Reply
Bryan, You are an inspiration to us as a fellow collector, I commend your intentions, you are a very strong spirit here and I just wanted to thank you for the "extra effort'.

PS, I was thinking of collecting Morgan silver dollars also, I would appreciate any thing you might send my way as I would like to collect these shiny coins also, Mike.....
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SPQR's Avatar
United States
327 Posts
 Posted 03/07/2011  12:33 pm  Show Profile   Bookmark this reply Add SPQR to your friends list Get a Link to this Reply
This is a nice thread, and this is an example of why I like this place so much.
I just read catmans' article and it gave me a LOT of food for thought. Silver prices (gold too, I suppose) are pushing the new collector on a tight budget out of the mix...for awhile. The base grade, circulated, beat up Morgan is now in the $30-35 realm just on silver content.

Fortunately, we still have copper and clad to collect, along with proofs and commemorative issues, so I don't see the hobby dying like it did in the 70's, but it's still hurting it.
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ExoGuy's Avatar
United States
4421 Posts
 Posted 03/08/2011  12:48 am  Show Profile   Bookmark this reply Add ExoGuy to your friends list Get a Link to this Reply

Quote:
Never buy an expencive coin that has not been slabbed. That way you know what you got.


I thoroughly concur with Bryan's reply to what ambrola wrote. But given fifty years of experience in buying coins, I'm comfortable with that perspective. Then too, I thoroughly concur with what ambrola wrote; however, solely from the perspective of someone who lacks sufficient confidence in their own numismatic abilities.

Even the major dealers and graders make costly mistakes now and then. Sure, slabbed coins can level the playing field, but they aren't a panacea. Slabbed coins have been and will continue to be incorrectly graded and wrongly attributed. Then too, there are fake slabs out there!

Bryan, you and I are on the same page, but I've long expressed that new collectors follow the advice ambrola offers; especially so, when shelling out the big bucks for a 1916-D or S-VDB. Summarily, you're both "right on" in my estimation.
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Nobis1's Avatar
United States
364 Posts
 Posted 03/08/2011  10:23 am  Show Profile   Bookmark this reply Add Nobis1 to your friends list Get a Link to this Reply
Exoguy, Brian and Ambrola - thank you for the input. I have read a lot. NGC is informative with their monthly exposes of counterfeit coins and what to look for. That being said, my comfort in my numismatic abilities is limited. A nice older dealer also once showed me some fake Morgans to help, but they were not what I would call good fakes. I could clearly see they were not real. I can determine when something is not silver, I can generally determine when something is cleaned and I can spot inflated grading (seems some dealers do this a fair amount).
However, I am not comfortable determining good fakes from the real thing. The dilemma I face is that to actually get all 13 CC Morgans, I will probably have to buy some unslabbed and circulated coins as a matter of cost. Maybe I need to continue looking for a good dealer or maybe a service such as APMEX who should have the expertise on hand and will likely stand behind their product. My trust level with some dealers is pretty low. Yesterday I looked at some CC Morgans a dealer had, and a number were clearly cleaned. One was actually shined, yet this dealer charged an inflated price as if it were not. In addition, there was no disclosure. Needless to say, I bought nothing from him.
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