On the hunt for a Morgan Dollar

Morgan dollars are among the most collected of US coins. They're big, beautiful, and readily available in pristine, mint-state condition.

I've been hunting intensively for a satisfactory specimen to add to my collection. This has been more difficult than I thought! I'm looking for a mint state example, preferably MS63 and up, with minimum "bag marks", and tastefully rim toned, not a blast-white specimen (though I like those, too.) I've gone through thousands and thousands of specimens online but so far haven't found exactly what I want. Oh, and my budget is under $500, which makes it a little bit more challenging.

I'm looking primarily to slabbed specimens since I don't want to end up with artificial toning or a fake. NGC or PCGS preferred.

What do you like in a Morgan dollar? Do you go for rare dates, super luster/PL surfaces, prioritize toning, prefer pure untoned surfaces, or gem grades? Or all of the above? I would love to see your own collection favorites, as I continue to hunt for one myself.

I'll start things off by posting one that got away. I let this one linger a little too long in my eBay shopping cart, and by the time I got serious about it it was gone. I hope whomever bought it is happy with it!

NOT MY COIN
(but a good example of what I'm looking for.)

 

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Everyone marches to the beat of a different drummer. You can find MS66 Morgans pretty easily with patience for less than $500, both PCGS and NGC. Years with plentiful beautiful strikes are 1879S, 1880S, 1881S, 1882S, 1886, 1887, 1896, 1899O, 1904O.

 

I have a number of them that I have purchased in high grades for under $500. Keep looking and you’ll find the right one.

 

Both are ungraded but very nice and I got them at a low cost from a dealer.

 

Here’s another raw one.

 

Good to know!
MS66 seems to be the grade threshold beyond which prices rise exponentially. I did find a couple nice 66+ coins but not with the sort of toning I want.

 

@Collecting Nut Those are fantastic!

 

Well there is toning, and then there is attractive toning. It's just like judging the grade on a woman who is about to turn the page into her mid 40's.

 

I was going to say something similar. For a blast white example or a lightly toned one, an MS 66 can be found for under $500. A nice MS 65 can be had for under $200.

 

Don't tell him what that 1903O is going to cost him. Looks like MS64 minimum.

 

I assume that "nice" toning (even, symmetrical, colorful, visually appealing, etc.) will add a premium? Or maybe that sort of thing doesn't make as big a difference as technical grade.

 

I've been looking around long enough to know that is a scarcer date + mint.

 

Welcome to the Thunderdome! Attractively toned coins go for crazy premiums. I'm not of that persuasion, but look at graded auction prices. Sometimes a nicely toned BU coin will go for multiples of suggested price guide prices. It all depends who is participating in the auction of the coin in question. Beauty is always in the eye of the beholder. Coins, art, women. Etc

 

Nicer toning, especially on a common date, will outpace the premium of higher grades. A toned MS 63 could easily sell above an untoned MS 67. But there are decent toners that can be found for less if you are just looking for a hint of color as opposed to a full obverse high end toner.

Here are some recent sales from eBay to compare a $200 to a $900 toner (both common dates in grades that typically go for around $100 when not toned:

 

My wife gave me two toned Morgan’s for Christmas this year. They are raw and the online dealer told me within a week of her purchase he couldn’t buy them for the price he sold them for. Silver was flying high at the time.

 

Toned coins bring a premium regardless of the grade.

 

I should add that toning is subjective. Some toning is ugly. Some is attractive. Natural is a definite bonus. Artificial toning looks nice but it’s not desirable, still some collectors can’t tell the difference.