Depending upon how much you want to spend, start at the top! Business strike 1893-S, baby! If you're really wanting to show off, get a proof 1895 (Philadelphia) Morgan. Aside from those bank-breakers, getting a start on a Carson City set could be fun. They're not exactly "cheap" in comparison to most other Morgans, but they are very popular and desirable, especially in higher grades. I was given some old, empty, and obviously used Whitman Morgan albums that I've decided to try to complete. It's been rough on the wallet, but I'm happy with what I've gotten so far. Best of luck if you decide to start collecting Morgans. They're fun to collect and nice to look at. Whether you start off on the cheap or go diving into the caviar, I think you'll enjoy it all the same!
Speaking of which, it cracks me up to no end to see Low Ball Morgans for sale, straight from some dealer's junk bin, just to see how low a grade a coin they can get. Some of them are pricey, and I'm not talking about key dates/mint. We live in strange times.
I actually like seeing, although rarely purchase, pocket pieces. It takes quite a long time to gently wear down a coin to still be recognizable, and I think something like that deserves a small premium. Granted, I'm not personally willing to pay that premium, but there's a crowd out there who is!
Proof Morgan Dollars are nice, but very pricey. My grandmother, who was born in 1883, would have loved this one. She was always looking for coins with that date. This piece is graded PR-64. I think it should have gotten a "Cameo" but it didn't.
Dad visits the shop about once a month. Perhaps I'll ask him to scope the prices of rainbow toners. Yes, I realize the tones are probably phoney, and I would avoid that on ancient coins (there's one dealer who puts naval jelly or something similar on them, yuck), and I can't explain why, but it doesn't bother me as much with U.S. I guess it's because I don't really collect machine-made coins. I also avoid slabs on ancient coins. My only slabs are presents from that store. They've had a nice touch lately; raw ancients (generally not horrible) for $20. That can really help get new collectors interested. If the toners are north of 225, I'll just settle for a regular example and be done with it. I prefer toners like these in ancient coins: (the above Khrusru II is golden-toned)
Dad reported that the coin store currently didn't have any rainbow toners. They said those sell fast. I suppose toning is something which I have to select in person. That coin store is 30 miles from me. It would be much easier to look on vcoins.
Would this sold coin count as a rainbow toner? https://www.toughcoins.com/1.00-1882.html Something like that would also be good. I'm not really wanting to go over $175 for an American coin, though. I did spend over that for this lovely toned coin, though . It's a scarce king from the end of the Sasanian kingdom (Iran). One can never tell what the toning will be from this seller's photos, but it was true to the photo in this case, golden toned and it's probably the find patina.
Search "NGC fatty Morgan" on eBay. These holders are known to tone Morgan's, sometimes very attractively. Natural enough for me. Plus generally this era graded strictly. Might give you some more ideas anyway. The linked coin above is nice, but I wouldn't pay that much premium for that toning personally.
A toner you'll really like will be quite a bit north of $225. What I would do is scope out an 1882-S in MS65 that has a more concave look to the fields than most. Several dies for this year were basined with a slightly smaller basining radius than others, resulting in more rounded dies and a more concave look to the coin. This concavity plays some real magic with the luster, making the coins much more fun to look at than the average MS65 1881-S.