The Official Morgan Silver Dollar Thread

Here's the one that just sold last month for almost double what I paid for mine.....same coin type, CAC, etc....can any of you experts tell me why it should sell at a huge premium to what I paid ? I can't but then again you guys see little stuff so chime in.....

http://coins.ha.com/itm/morgan-doll...1606-24013.s?ic4=GalleryView-Thumbnail-071515

 

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Usually when you see this big of a premium, the buyer believes it's under-graded. After viewing the coin, I do see a rather clean cheek area, but there is some discoloration in the fields on both sides of the coin. I can't tell if this was from a Signature auction, whether the buyer had an HA rep view the coin, or what happened to cause such a premium. I can reasonably ascertain that at least two people wanted this coin badly...

If you scroll down the HA listing link you'll get to the pricing table. In that table is a Heritage Value Index price. I believe it represents pricing of same coin, date, mm and grade that sold at HA.

 

Thanks Joe...checking it out now. In your opinion -- your's too, MD and other Morgan experts !! -- can you make a case for that coin going for $800-plus ? Is it worth 90% more than mine ? Or is it worth more, but just not that much more?

I realize that no 2 coins are exactly alike (except moderns) and that if you get 2 people with $$$ at the same time they can drive a coin's price up as opposed to a month sooner/later when neither has $$$ and the coin goes begging.

Coins aren't stocks in terms of liquidity.

 

That is why I told you to grab it. Not only is it a gorgeous coin, but it was sanely valued for what it is. I think you did very well. I only jump on coins on eBay that are attractive and attractively priced. Let someone else pay the 2x-3x over FMV for a coin, if they choose to do so. I try and be patient, do my research, much as you have done, and then cherrypick. It is the only way not to get suckered. Impulse buying often results in ending up with overvalued coins. This is a given, as the Morgan market is so huge---as you know, it is one of the most collected series. Thus, the sub specialty, such as PL, DMPL, toned, and Vams are often priced way out of proportion to value, as they are in demand by tons of collectors.

 

I'm curious....at FUN or other big shows, are prices for most of the dealers very close to one another and/or FMV...because they know the attendees tend to be savvy buyers....or do you still see big price variations for common or fairly-common coins ?

Never been to FUN, want to go.

 

There can be huge variations from dealer to dealer. I have often used that to my advantage, as some individuals are extremely fair all the time, and others are less scrupulous. However, I find that the ones that tend to overprice their coins consistently do minimal business at shows. The competition is fierce, and many of the less honest coin dealers make money on impulse buyers. Want to have an interesting, real dialogue with an honest dealer, and scare off the less sincere ones? Go to a show, with a copy of the latest greysheet hanging out of your back pocket.

 

Yeah, that is a savvy move !! I notice the dealers never give them out at the shows I go to...even ones a few weeks old....like it has the Pentagon's Nuclear Codes or something.

With a smartphone, at least I can quickly access Ebay/HA/PCGS and NGC price estimates. I would think between them they will be around the Graysheet or Bluesheet price(s).

 

I do that always, although I have gotten to know the good dealers, and they know me-- hence, no b.s. There is established mutual respect.

 

I find most dealers pretty fair, too. They'll tell you if they are way out of line price-wise...sometimes they tell you they bought high and can't sell now, either getting a hungry buyer or waiting for a bump in gold to bail them out.

I remember seeing a 1923-D Saint...was priced a bit high, about $2,400 -- but the guy had a sticker saying it was a $3,400 coin because of the toning/gold color on the reverse and obverse. I thought that was very specious.

 

No, I don't think that coin is worth 90% more than what you bought.

Be happy you found a very nice 64 DPL fairly priced. Like @Morgandude11 said, when you see a great coin going for a reasonable price, you grab it. It takes practice and experience to recognize it, but when you do, you just know. That being said, I still learn something everyday. That's what makes this hobby so addictive.

You are doing a lot of ground work right now. It will pay off in the end.

Be happy with the coin you bought and be thankful you added at a good price.

 

Gotcha....

Tell me about it.....

Thanks...and I greatly appreciate the help of CT veterans like you and MD and Santini and others.

I am, believe me. Seriously considering a few others but also want to save some $$$ for upcoming coin shows.

 

Just got my "A Guide Book of Morgan Silver Dollars" today. Looks great...more in-depth than the one on Double Eagles on each year/mint and more history and information on minting, striking, coin surfaces, etc.

Looking forward to reading it.....

 

Here's that $800 MS64 DMPL 1884-O:

http://coins.ha.com/itm/morgan-doll...1606-24013.s?ic4=GalleryView-Thumbnail-071515

And mine:

http://coins.ha.com/itm/morgan-doll...o/a/1209-8076.s?ic4=ListView-Thumbnail-071515

You can use the microscopic zoom to really get a close look at both coins. If anybody wants to tell me what an expert eye sees, it should be a good teaching lesson. I'm going to start reading my Morgan book and focus on some areas like the hair above the ear and other high-point key areas and see where these 2 coins differ.

 

The difference is the mirrors.

 

He is right. There is more reflectivity on the $800 coin, to the degree that the photography is accurate. However, I still don't see the price justification on the $800 coin--I would never pay that much for it.

 

Some of the eBay links I provided the coins are $1,500 - $2,500 or so. And their prices are 2x what PCGS at least says is FMV. Of course, I realize that premium coins sometimes command multiples of FMV especially for limited numbers.

 

Sometimes. That $800 coin is not that much more reflective to justify a 2x price premium. The fields aren't that free of striations to justify double the price. Eye appeal to the two coins is equivalent. I would say the $800 coin is probably $200-250 overpriced.

 

Boy, that OFFICIAL GUIDE BOOK TO MSDs is really interesting. Actually enjoying it so far more than the counterpart on Double Eagles (but still have to get to the Saints on that one ).

Great thread @ CT with in-depth Morgan grading tips here:

https://www.cointalk.com/threads/exhibit-grading-the-morgan-dollar.115123/page-4

 

I agree about the price, but I will risk being ridiculed and say that the OP coin may not be DMPL. If you look at the overpriced one, the mirrors are very dark. The OP coin has a lot of luster. I feel in the world of DMPLs, the mirrors vary so much some people pay big premiums for the deeper mirrors. I do agree both are very nice looking coins.

 

The OP coin is unquestionably a DMPL. There are varying degrees of reflectivity in that type of coin. OPs coin meets the standards easily, and has plenty of cameo. The $800 coin has slightly deeper mirrors, and a whole lot better photograpy, which is half the battle. The deeper contrast is substantially boosted contrast in the pictures-- anybody can do that.