The Official Morgan Silver Dollar Thread

I read somewhere that it's the 4th most collected coin, after State Quarters, Lincoln Cents, and Kennedy halves.

 

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Then it's really the #1 "older" coin collected, since I don't really consider those expensive enough that it amounts to 'collecting.' I realize kids start out with them -- I did 40 years ago.

It's affordable.....has silver.....nice strike.....some history....our parents or grandparents can remember using them as currency.

 

Unfortunately, the reason that so many never left the Treasury vaults was because nobody wanted to carry around those heavy old cartwheels. In the 50's and early 60's you could find plenty of circulated specimens in the banks because businesses didn't want them either.

Chris

 

Right, I have looked at those years and for those years I have/am willing to go high up on the grade scale to add a bit of exclusivity.

Interesting....are you saying they are being actively sought out by new buyers or older buyers are NOT selling ? Also, what do you base this on -- are you seeing a bigger price jump for PL/DMPL even if not the same increase as for Monster Rainbow Toning ?

I'm looking for a (few) DMPL(s), the combination of DMPL plus a gem MS grade can really drive the cost up. But I see if it's not super-rare to begin with that dropping to MS-62 or so can drop the cost down. I actually paid $750-$850 for a few MSDs so I am willing to go that high IF I can find a nice DMPL.

Funny, discoloration on other coins destroys value (i.e., Saints) but on MSDs it's now sought out. Have not bought a single rainbow or toner myself.

 

I think they were still used in 1960's and 1970's Vegas slot machines. Not sure what they use now (never been to Vegas) but I am sure that some of the (smaller ?) casinos definitely used them in payouts.

 

That's not surprising, no ? Unless it's an MSD with minimal numismatic value I would expect any coin costing more than $150 to pretty much trade independent of silver. Esp. for coins over $400 where 95% of the cost is premium.

 

BTW, thanks to all the Morgan posters...I am really learning alot. Need to get 1 of the books and read that to really get up to speed.

 

Most of the casinos began converting to (non-silver) dollar gaming tokens in the mid-60's coinciding with the governmental switch to clad coinage. By the 70's, even the small Vegas casinos had made the switch because the gaming tokens were cheaper than silver dollars.

Chris

 

This is very true. One of the exceptions is the Golden Nugget Casino, that had the Ike Dollars as tokens for their extremely high rollers. They were all uncirculated, encapsulated by ICG (a friend of the owner knew them well), and each "whale" had their token, with their name on it. I know, as I just sold 4 of them in my auctions and they went very well, price wise, as all of them were vividly toned.

 

Thank you @Morgandude11 ! That was my 7,000th "Like".

Chris

 

Exactly--I am saying both. I just sold some monster rainbow common date Morgans that would normally sell for about $75 in MS 64. One of them went for $390, as it had great rainbows, and others have done equally well. The same goes for PL and DMPL coins--just sold a few of them, and they commanded approximately 3-4x price premiums over equivalent grade dates without the PL or DMPL designation. People pay well for exclusivity as specialized collectors.

 

Wow.....I knew both sold for premiums, but didn't know that the Rainbows were seeing price acceleration.

Where did you sell some of your PL/DMPLs....why did you sell and what did you do with the proceeds ?

 

I used an extremely reliable dealer Kryptonite comics and collectibles to sell my toned coins, and the proceeds are going towards my son and his fiancee's wedding.

 

Can't think of a better use of the $$$ than that....you're a good father....congratulations to your family !

 

Question: how much toning can a PL/DMPL Morgan have and still qualify as such? I have a rainbow toned PL Morgan in an old white ANACS slab and I am wondering if they'd still call it PL today? Sorry, not at home right now, will post pics later...

 

Is my question too hard or too stupid? I thought it would only take 5min for the Morgan aficionados to reply

 

Post some photos of said coin, there are variables concerning old holdered PL/Dmpl coins. Will most likely turn into a debate...

 

A toned Morgan can definitely be PL-- I own many of them. The degree of toning does not determine the PL designation-- the reflectivity of the surfaces do. I have seen many heavily toned PL coins.

 

A debate on cointalk, really?
I am traveling, back tomorrow evening - will post pictures then (you'll love that coin, it's a gem)...

 

Doesn't the increased toning reduce reflectivity ? I don't see how it wouldn't. Mirrored surfaces with color streaks aren't as good as a clean mirror.