For those who collect Morgan and Peace dollars, these VAM designations (Van Allen & Mallis), are they worth the time and effort to collect them? Aren't they essentially sub-varieties of the coin? Die clashes, gator eyes and hot lips etc. I notice NGC for additional money will attribute sub-varities. The two dealers I work with are split on the subject. One takes the view of no big deal and not worth the effort, the other thinks it is the way to go. That I should research my collection to see what I have. I really don't know what to think.... Any insight would be greatly appreciated.
It all is up to you...do you like looking for such things?? Some VAMS are not worth much and others are worth a great deal... I don't look for them because of a few things but I sure like seeing them... It takes reading...researching...a good eye piece...and more... Speedy
The VAMs are really just an identification of the die pair that was used. Some of the VAMs have nothing "special" about them... no gouges, doubling, etc. Some have triple features and clashed letters on opposing sides and die breaks that cover the coin. I've only been doing the VAM thing for a year. The only ones that seem to bring a premium are the ones on the "lists".... the Top 100 Morgans, the Hot 50 Morgans, and the Top 50 Peace dollars. I shouldn't say the "only ones". There are others that are not on these lists that seem to bring some very high values. Because there are so many thousands of VAMs identified, I think collectors try to put a subset together... and look at these lists. However, others are collecting other sets... like all of the 7/8 varieties, or all the 1884-O O/O varieties or all of the ones with misplaced dates. It's whatever you enjoy. Is it worth it? For me, it can be confusing as heck... and very strainful on the eyes! All I know is that I would hate to have a coin that has a VAM value of $6000 and sell it for the common value of $90 (like the 1878-P 14-11 in MS60). If you look at some of the VAM specific auctions, there are some prices that are even more amazing.
I think there might be the long term risk that VAM collecting is a fad, almost another version of paying extra for shipwreck coins. Some people love it, but I personally don't understand the attraction and wouldn't pay extra for them [although I'd probably be willing to charge extra for them]. After awhile it starts to become the coin collecting equivalent of counting the number of angels that can dance on the head of a pin. Over a long period of time, concentrating on type, grade, date, and mintmark will probably continue to be the standard way to build collections. But for the purpose of full disclosure, I'm not a dealer or expert; just a casual lover of coins.
You may be right about the fad, but I think it's still on the rise. The SSDC (Society of Silver Dollar Collectors) is growing. there's been more demand for the VAM Book and reprints of the other books. My opinion may not be worth much... I was the 40+ year old in the gift shops reading tags on beanie babies looking for the different varieties of the Princess Di bear. This was for my mother-in-law! Maybe it's a money issue, but I avoid attributed VAMs. I try to stick to cherrypicking at common values. It feels safer. Another thing I find confusing is the various "rules" or standards. When the VAM book was written in the 60's and 70's, the authors had to develop standards. What should get a new VAM number? Visible to the eye (usually), no die cracks only die breaks, clashing only counts if a letter is transfered or on Peace dollars if it's more than one spike from the eagle's right shoulder... or a single spike that touches the N.... sometimes I feel like I'm back in drivers ed. I completely understand the need for standards. I sent a Peace dollar to Leroy Van Allen earlier this year. It was severely clashed. You could see a great deal of the reverse design on the obverse of the coin. Not enough for a new VAM number (no letters had transferred), but he gave it one because of some die polishing lines that I hadn't even noticed.
Your analysis of the situation does make VAMs sound like beanie babies, or maybe tulip bulbs. Anything can skyrocket in price if people share the same interest I guess.
I think the values are going to see many changes over the coming years.... which is why I'm reluctant to pay for an attributed VAM (unless I was aware of the current market value and planned to sell it). The interest is growing. However, as more people collect them, some of the "rarer" VAMs are turning out to be "not so rare" (and the other way around as well). They assign "R" numbers to them for rarity. They were assigned by two people (now one person). As more people collect them, the "R" numbers should get more factual. I believe the popularity will climb for the next decade. The prices will yo-yo all over the place. It's probably a good idea to be aware of the documented "best sellers" for insurance reasons or if you plan to sell.
There was a Spring 2005 Auction that ended 6/15. There may still be details here. Heritage just auctioned off a complete set of the Top 50 Peace dollars. I believe this was the first time a completed registry set was auctioned to the public. They continue to offer VAMs for sale. You can also just search for "VAM" on eBay (or other sites) and find attributed coins.
VAM's have helped me learn and appropriate coins on another level. My Good Friend Picked out a 1922 12A UNC right next to me for $36. The big fat mustache. This was very recent. A lot of folks cashing in their Peace dollars for silver price. I was busy looking for PL Morgans and missed the obvious. They are out their and some are very cool. A great way to learn and dig deep.
by thge looks of thigns the Morgan's are very popular. I think I will try to add one to my collection
