I originally purchased this Morgan back in the sixties for $1.00 and sold it for $44.00 yesterday

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Gee, I accumulated about 800 Morgan dollars from my bank for a buck apiece back in the late 50's and early 60's, and I sold them for $4,000 in the mid-60's.

Chris

 

Are you guys bragging about your ages?

 

So you sold them for $5.00 a piece. Yes, I should have thought of that when I was a child. I couldn't foresee what Johnson and Nixon would do with our American coins.
Gresham's law is a monetary principle stating that "bad money drives out good." In currency valuation, Gresham's Law states that if a new coin ("bad money") is assigned the same face value as an older coin containing a higher amount of precious metal ("good money"), then the new coin will be used in circulation while the old coin will be hoarded and will disappear from circulation.

BREAKING DOWN 'Gresham's Law'
Coins were first made with gold, silver and other precious metals, which gave them their value. Over time, the amount of precious metals used to make the coin decreased because the metals were worth more on their own than when minted into the coin itself. If the value of the metal in the old coins was higher than the coin's face value, people would melt the coins down and sell the metal. Similarly, if a low quality good is passed off as a high quality good, then the market will drive down prices because consumers won't be able to determine the good's real value.

 

Gresham's Law is just a particular subset of a more general law of economics that shouldn't even have a name attached to it. All it says is if I hold two items for barter, one of which is preferable for me to own for my own reasons, and either the other party to the barter, or some civil authority, says those two items are equal in value, then I'm going to give you the one I value less.

Gresham has NOTHING to do with it.

 

somebody gave you $44.00 for that?

 

Why do you ask?

 

Bellman, I've been wondering where you had gone. Please read this: http://austrianeconomics.wikia.com/wiki/Gresham's_Law

 

Because any knowledgeable collector knows that coin can be had in a Mint State slab from a reputable TPG for $44.

 

Meh. So it's a specific application of a general principle, significant enough to earn its own name. I'm sure every field has examples of that.

I'm also sure that "I want to get as much as I can and give away as little as I can" is an even more general principle that subsumes the one you described.

Or maybe I'm just feeling defensive about my tagline...

 

Who's the sucker?..

 

How dare you describe my customers as "suckers?"

 

I'm so glad that you're still here.

 

Otherwise known as common sense lol

 

Zackly! Oh, and Onofrio? If you think anything from a site called "Austrian economics" ANYTHING does anything other than make me dismiss it as the bull droppings it is, I suggest you go back and read more. Austrian economics and I live in worlds without much commonality. Hayek and von Mises were fools.

In fact, if you research the concept of "Gresham's Law", Gresham never said it. The concept was observed in the general form by Copernicus, yes, that Copernicus, and the name "Gresham's Law" first appears in Macleod's work some 300 years later, which was and is widely panned as quite extraordinarily bad and useless. In short, Gresham has not earned the "honor" we bestow upon him for this quite useless "law". And such are the limits of the scholarship of far too many numismatists.

 

Zackly, too. Too much significance has been piled on Gresham's pointy little head for far too long. Time to stop it.

 

Not "here" for long - leaving Harrisburg for Fort Lauderdale on Tuesday early evening. Driving my "new used" car with my millennial son who waited 'til age 21 to get a drivers' license. When one guy going to FUN became two, driving suddenly made sense. Besides, my tolerance for TSA baloney is VERY limited.

My second choice was Amtrak. That tells you how I feel about the modern-day commercial aviation experience. I'd pretty much rather jam needles in my eyes.

 

Travelling used to be fun before the Twin Towers were attacked. I agree with you on air travel.
Amtrak can be a novelty as long as you don't come down with bronchitis.
As for road trips, I can take about a half hour without getting stiff. Have a good time and a Happy New Year.

 

I just personally refuse to call it anyones law or give anyone credit for figuring out something that kids know since the time they're 4 trading lunches at school. It is just far to simplistic to act like the person who figured it out is some genius. That'd be like saying I just made basebal's law of economics that states a person with 1 oz of gold will trade it to someone for two or more ounces of gold. If things that simple are gonna have names they should be named after someones pet

 

Read this: http://austrianeconomics.wikia.com/wiki/Gresham's_Law