Most all the advice I read here sounds good. As has been said many times, be a collector first, collect what you like irrespective of its investment potential, buy the best grade you can afford, and be happy with whatever happens.
You are wise to conclude that you need to take your time. I was anxious a couple years ago when putting together a set and made some hasty purchases. I would have been much better off to wait to see what other coins might come available. Then when that nice coin comes along, I have to sell the first one I purchased and take a haircut. I LOVE the 1921 Peace Dollar, but it is very difficult coin to find consistent grading. The strikes are different, the penalty for contact marks does not seem to be consistent. You really need some experience and you need to see some in hand before you pull the trigger on a '21. If I was starting a Peace Dollar collection, I'd probably go for the Philadelphia mint coins first. Make sure you try to sell some of the coins you've purchased just to do a reality check on what you've been paying. Find a coin show to attend near you and ask lots of questions.
Thanks for the advice everyone. I admit I'm having a tough time shaking the bug to get a 1921. I've probably looked at 100-200 of them over the past few days and have been trying to study the details. Something about the challenge of finding one with a good strike and nice luster is fun.
Good for you. Be patient, and it will come. Expect to pay about $500 for a nicely struck MS 63; more if it is higher in grade.
Be patient please. If you look at most auctions, there are plenty of '21's in all grades. Find one that has a nice strike of the hair above the ears. It takes some looking and patience. This area is the weakest struck. I have a MS64 and the hair above the ear is modestly struck. Still better than most of them out there, but I'm still searching for one with a better strike. Find a hammered '22, '23, '24 or '25 first. Just my opinion.
One of the books I acquired when I became interested in Silver Dollars many years ago is this one. https://www.amazon.com/Comprehensiv...a-Morgan-Dollars-dp-0668040211/dp/0668040211/ https://www.amazon.com/Comprehensiv...mt_hardcover?_encoding=UTF8&me=&qid=154993920 Would recommend to anyone serious about it . Newer VAMs ( One since publiscation) are to be found on VAMWorld site . Good write up on the GSO sales. They are expensive if you want book perfections, but used, torn dustcover, etc. they are reasonable. Jil
Got the "Guide to Peace Dollars" in. Thanks so much for the recommend. It's been interesting and very helpful so far!
It's a great book. Enjoy. If you have questions, don't be afraid to ask. Very knowledgeable group here.