What is all the hype with the Morgans?

Being a newb to the forum and the hobby I am seeing a lot about Morgans. I'm just wondering what all the excitement is about. I see quite a few at the local place where I look for coins. Can somebody fill me in so I know what to go look for??

 

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Well, I'm a collector of Morgans though I haven't bought much in this overheated market (some of mine have doubled in book value in the last three years).

What is it about Morgans? Hard to say. They're big, they have a lot of detail, they evoke a history of silver mining, the Old West and 1890s political debate, and perhaps most importantly, you can buy nice uncirculated coins going back into the 1800s for twenty bucks and gems for $100 or so.

The first thing you should do, IMO, is learn to grade them if you're going to collect them, particularly in the grade ranges you plan to target for purchasing. (Mine is roughly AU-50 to MS-65, depending on rarity and where the big price jumps kick in for that particular coin.) Pick up a book or two about Morgan (and perhaps Peace) dollars and learn about them. Learn which date/mintmark combinations are usually struck well and which aren't. (For example, don't pay much premium for an 1881-S with a nice strike; prepare to pay a pretty nice premium for, say, an 1892-O or other date that's usually terribly struck.)

If you're going to buy certified (slabbed) coins, don't rely on the slab grade. Also know that some grading services are more respected than others. A common date MS-65 Morgan in a respected slab may set you back (say) $110-$120 these days; an "MS-65" in a less-respected slab might cost $50. But don't think you got a bargain -- the reason people don't pay MS-65 money for these lesser slabs is because the coins rarely deserve the MS-65 grade; they may be MS-63, they may be AU-58, they may even be cleaned. While you should never rely on the grading service's opinion 100%, you do need to know which ones will give best sight-unseen resale value. No one will give you $100 for a common date MS-65 Morgan from that grading service that's suing everyone.

Once you've done this homework, you'll probably know whether or not Morgans are where you want to focus your collecting dollars.

 

Ziggy pretty much hit this one on the head. Big, Silver, Loads of history, and the top collected coin. Lots of varieties, and relatively cheap. With many dates and/or mintmarks available, this series has a lot to offer.
Ziggy's advice about learning how to grade is right on. In this hobby, homework and knowledge are the key.

 

For me (a Morgan collector), I can tell you that there is a charm about the coin that cannot be easily topped.

They are a very well made coin, with simple designs that wear very well. A G-VG coin still has a lot of the characteristics that other "well made" coins have (Barbers, Buffalo, Bust, Seated Lib, etc) have.

But it is all about personal taste. They were one of the first additions to my collections, but they are definitely not the only type of coin.

Enjoy!
Cris

 

Nice post, Ziggy.

Morgans can definitely be considered the king of US coins -- they are, by far the most popular -- big, silver, and beautiful -- and plentiful in all grades for many dates!!

Beware, though -- they are addicting to collect . . . first a date set, then a Mint State date set, then all but the keys, MS-64, MS-65, I've got to stop!!!

 

And no, I do not have any 1895s!!!

 

rbm86, you have to go for the gusto and shoot for the big boy - a full set of Morgans minus the 1895. (unless you are insane and made of money)...

 

Actually, I'm still missing 1892-95 from my date set. Those and all the mints will have to wait while I still have mouths to feed.

Hmmm -- New car, 1895 Morgan..... New Car, 1895 Morgan.... I can't decide!!!!!

 

I have 1892 covered as far as the date set would go, but definitely not '93 through '95. Not unless I want to mix an XF coin into a collection of AU-58s through MS-65s...

As for your other stated dilemma, at least the 1895 Morgan won't depreciate 20% as soon as you pull it from the safe and start admiring it.

 

Here is a suggestion for those mid 90's dates.

Keep an eye out for cleaned coins. As you all know, a harshly cleaned coin drops the value quite a bit. Get some re-toner and it will fit nicely in a AU-BU set. Of course this isn't going to help a lot with the Proof 95, or the keys in 93 and 94, but will fill the hole in the album.

Ask your dealer to keep an eye out for these harder or more expensive dates that have seen a little cleaning.

 

I have about 60 on my way to the set of 96ish. I guess it is just going to be luck when it comes to the super keys (lower grades, cleaning, etc) and a lot of hard work.

Thank goodness I don't have kids. Four dogs is enough of a drain. (but I can put them in a crate if they are bad!)

 

everyone else said what i would've said

they're just incredibly beautiful coins...i could look at them all day

 

I am currently working on a date set of Orleans Morgans in the AU 55-58 range. For some reason the history of the Orleans mint spurred me to start this. This is my firsty set of Morgans and without breaking the bank I will try to include most of the Orleans VAM's.

 

Actually many New Orleans dollars are quite affordable in Mint State condition, such as MS-63. Be picky and look for coins with sharp strikes, as New Orleans Morgans are notorious for weak strikes, especially on the breast feathers of the eagle.

 

You are correct on the weak strikes. That is another reason this mint is so interesting also they minted confederate coins this rich history is what makes this mint so interesting to me.

Maybe the employees went to Burbon street and drank dinner

 

I had not considered going after the mint set - that is a pretty cool idea.

My approach is speed to completion, hunting to complete the set in a couple of years. (Save the 95). Then I will augment to replace the G4/EF40s with the grades that I want to keep forever.

Honestly - there are only a few coins I wouldn't readily sell out of the set that I have now. Does anyone else build middle of the road sets with the intention of selling them to buck up another collection of the same coins?

 

Speeding to completion? We may have to take away your atta-boy for that comment. Never rush to assemble a set. Never, ever settle for a coin.

You only should buy a coin that is "perfect" for you.

 

I've never had that intention, but occasionally I've done it. And over time, sometimes my goals and personal standards change.

Other than Morgan and Peace dollars, my other collection is of small cents from 1857-1933. Originally, years ago, I set VF as my target grade -- affordable, yet still having most of the design features still visible. Over the years, I've decided to up the ante, and now my bogey is XF-AU. Other than a few varieties I may want to get some day, most of the holes are filled (unfortunately, most of the mega-keys are still to be filled; that is, no 1877, 1909-S Indian, 1909-S VDB Lincoln or 1914-D). And probably close to 90% of them are XF-AU now, including the entire 1866-1878 range (minus '77, as stated above, which would set me back $2,000 or more as a solid, attractive XF). It's taken me twenty years to put this together; I'm not rushing, and when I find the right coin at a decent value (not the lowest price for the grade) when I have the money to spend on it, another hole is filled or another lesser graded coin is replaced. To me, rushing on it just to fill holes and completing it takes some of the satisfaction out of building it.

But there are still a few VFs and even nicer Fine coins I need to replace. I haven't bought a coin with the intention of "filling a hole" until I can do it right, but I have seen my own standards raising over the years. Personally I'd rather look at an empty hole in an XF-AU collection than see a VG coin in that hole. Ditto for the Morgans; sure, I could buy XF specimens where high AUs and above are very expensive, but it would look out of place amidst a bunch of very bright and lustrous pieces.

 

Don't rush to conclusions, ND!

I am buying coins that are good enough for me, right now. I plan on building several sets, so this process is what I have chosen to do. I enjoy the hunt, and the coins. But the hunt is something that I will never stop doing. I don't see myself getting THE Morgan set and then stopping my Morgan passion. To each his own, IMHO.

Plus, I am not made out of money. Perfect is not achievable right now (nor will it ever be I dare to think). Seeing as a MS-65 set of Morgans is up around $5MM, I think compromise is good!

 

Sure. Right now, I have a spreadsheet tracking my Morgan collection. In it I list each date and mintmark, together with the *target* grade and the *actual* grade (the latter is blank if I don't have it yet). The target ranges from as low as XF-45 -- with hopefully at least traces of luster -- for the toughest of the tough ('89-CC, '93-S, though in reality I'm not sure even sure this will ever be attainable with somewhat modest means), to MS-65 for the commons. Most of the ones in between are targeted for MS-63 and MS-64. Generally, I'll opt to select a nice AU-58 with great eye appeal and just the slightest rub before I'd take a mint state coin below 63. If even MS-63 is a bit too pricey, I'd drop down to 58.

So far everything's in 63-65 except for a couple of high AUs I have for tougher ones -- an '84-S (AU-55, somewhat prooflike) and '86-O and '96-O (AU-58).