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 Replies: 11 / Views: 2,000 |
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New Member
United States
2 Posts |
I've started collecting with my son, 11. He is fascinated, as am I, that we can buy uncirculated coins that are over 100 years old. I've purchased about a half dozen, different years/ mint pre-1900 Morgans that are certified MS63 by NGC after reading that there is limited nuministic value in circulated morgans unless they are specific date/ mint marks. Question is, how to know that I am getting a fair rate and finding the best place to purchase. Internet is real easy but prices are all are over the place. I also wonder about how the Red Book prices have trended over time and how much the sliver price really impacts nuministic quality coins. Thanks New Guys |
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Moderator
 United States
14463 Posts |
someone should be along to tell you how to decipher Red Book values. |
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Pillar of the Community
United States
672 Posts |
Although I don't collect Morgans, Commemoratives, and Pre Kennedy halves are my game, I can help you with RedBook Prices. In short, they are 99% of the time inflated, another good free ballpark source is https://www.numismedia.com, which tends to be slightly better than the RedBook on prices IMO. The two best ways to gauge prices IMO is ebay past completed and sold sales of what you are after, the other option is to order the "grey-sheet" from https://www.greysheet.com . This is what dealers use to price their coins, but you have to subscribe to get it, is the only caveat. The price of silver has made once BU coins worth melt (common date), this has its benifits as well as drawbacks. Anymore Q's just ask and  |
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Pillar of the Community
United States
5625 Posts |
I would like to also welcome you and your son to this forum, I have been collecting coins since 1963 and Morgans are among my favorites. I actually can begin by suggesting you LEARN as much about the coins you wish to acquire and learn some more, being Knowledge is a very key edge in this Numismatic hobby, check out completed transactions on the bay and use your senses and gut feelings after learning as much as you can to develop your own style of searching and buying the coins you wish. I can NOT stress the knowledge factor enough, the more you know the more you will want to know and this combined with your instincts, you will do well. The Red Book is a well known "overpriced guide", while it serves to educate to an extent, it implies things are worth more than they actually are, good luck, Mike "learn that poem"!! LOL.. |
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Pillar of the Community
2224 Posts |
Welcome MKZ! Morgansdad hit it on the head. Learn, read and ask questions. This is a great place. If you like the Morgans, as do I, you have to buy the Red Book A Guide Book of Morgan silver dollars. Thats a start. I never go by Greysheet, never even look at one, and think its over rated for dealers/sellers. Join NGC for free. Even if you don't, you can use their Price Guide for free. NGC.com. Yes, I favor NGC. But, I love the raw Morgan. ebay previous sales of the coin you are looking at will give you a ballpark value of a coin, make sure you are comparing apples to apples, ie, a 1921 S Morgan, look for prior sales of 1921 S Morgans. Scrutinize the seller. Most are good, some are not. Return policies are always good for the buyer. Many coins out there are cleaned, dipped, polished, etc. Decide what quality you want before spending your $$. Raw vs TPG (third party grading service), stay with the top 3, NGC, PCGS or ANACS. Then learn more, read more and compare. Good luck and happy hunting. |
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Pillar of the Community
United States
3076 Posts |
I think the soundest advice ever given to me was from a friend I met these last two years, "OZLAND".... "IF you don't learn how to accurately grade" as the TPG's ( BY THERE horridly un-UNIFORMED standards...) My meaning is If you don't know what makes the grade...a 1 point spread say MS63 to MS64 can mean hundreds to thousands of dollars...depending on the year and coin... these point spreads are what drive the industry in any commodity or antique or coin... in years cone buy,, the Red Book was the "suggested retail" the buyers fair price,,,but buy it and try to sell it...BIG DIFFERENCE...LOSSSS...and there was the BLUE BOOK...the idea of what you could sell your stuff for,,,Big difference... Now there is the "grey sheet" the prices dealers pay between dealers.... MY whole meaning in all of this is....in anything you want to buy, it really depends upon on which level you can purchase on... RedBook...your going to need years to break even... While ebay can be a good indicator of the current trend of the cost you can buy coins of any given year, mintmark or denomiation...its full of problem coins.... WHICH IS WHY YOU MUST KNOW.... how to grade... Many a nice looking MS coin is AU....lots of money difference..... ANOTHER FACT......the grading companies have severly clamped the grading standards to the point, there own previously graded coins would not get the grades they now are encapsulated in...Grading is much more tuff..to keep the numbers down of the newly introduced higher grades coins into the known numbers only reduces there values. nuff said |
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Pillar of the Community
Egypt
3470 Posts |
I use ebay to CC forum  |
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Pillar of the Community
2224 Posts |
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Pillar of the Community
 United States
1551 Posts |
Gene, Well put!
Always buy the coin! not the slab!
Out side of PCGS, NGC, and ANACS run and hide for the most part Old PCI slabs are close as well. RUN AND HIDE FROM! " SGS " sold on the e-bay I think it stands for Suckers Grading Service! There are allot of self slabbers out there and many have very good feed back. Stick to buying the coin not the holder and never trust off brand slabs
I have seen many NGC 66's 67's and one 68 that would not grade today at above MS-65. The MS68 the dealer bought the slab at the fun show 4 years ago. and has not been able to sell it for even close to what he paid for it, and he still has it.
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New Member
 United States
2 Posts |
So, I read advice included above and just bough 2 more Morgans that a week ago I would have paid 20-30% more from another I had bought 4 to date. I still don't much much more than I did last week as far as knowledge but it cost me alot less!
haha - thanks all
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Pillar of the Community
2224 Posts |
Take your time MKZ, for every coin you see and fall in love with, there are 10 more out there just as good or better. Because your hard earned money is involved, going into every purchase informed is the best you can do.
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Pillar of the Community
United States
817 Posts |
Do coin shows. It is a lot more fun to talk to people and actualy hold the coin in your hand.
An important thing is don't buy a coin just for the grade or holder. Buy the coin because it's the right price, it looks right, and it is right for you.
If something does not look correct it probably is not. If something seem to good to be true it probably is not true.
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Replies: 11 / Views: 2,000 |
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Posted 05/31/2011 7:37 pm
