For All the Seasoned Collectors Out There...

Do you remember how much coins used to cost? I recently bought a Morgan Dollar in a super old 2x2 flip and it has a price of $2.25 on it. In a time where 90% silver can't really be bought for less than 10x FV, and gold sells for close to 100x FV it's hard for me imagine a time where coins used to be sold for 2-3x FV.

 

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I have a 1960 Blue Book from Whitman, and here are the UNC prices for Carson City Morgans:
1878CC - $1.25
1880CC - $2.50
1881CC - $1.75
1882CC - $1.50
1883CC - $1.50
1884CC - $1.25
1885CC - $2.50
1889CC - $30.00
1890CC - $1.25
1891CC - $1.25
1892CC - $1.50
1893CC - $7.50

Chris

 

It's all relative. Minimum wage used to be well below a dollar as well.

 

I remember going to the bank and getting them for face value.
Yes I'm that old. LOL

 

Unfortunately I do remember the low prices of coins, gas at $.32 per gallon, affordable groceries and low wages.

 

There was probably a collector in 1960 that told a dealer, "$30 for an 1889CC? That's crazy. You'll get that the day there are spacemen walking on the moon."

So, I guess it's always relative to the times.

I've asked a similar question to some long time dealers. I've always wondered if you could get ASEs for 4 bucks when silver was that low. I can't imagine the Mint would even make them when silver was that low.

 

They've made them since 1986 and silver has been that low during that time.

 

I have some 1940's Quarters that I bought as a kid still in the original 2x2's priced at 45 cents each. I am glad I left them in, sure brings back memories!

 

I was in Montana in 1960 and you were more likely to deal in silver dollars than dollar bills.
Similar situation in Alaska in 1963 although it was more a 50/50 proposition.

In other words I could get circulated Morgan and Peace dollars for face.

 

Speaking of Alaska.........

My uncle was stationed in Alaska with the Air Force from 1949-1964. He told me that back then US gold coins were commonly used in daily commerce and you could get them at face value. Every payday, my uncle would get one or two $10 or $20 gold pieces to set aside, and by the time he retired, he said that he had accumulated about 1500 coins. When he passed in the late 90's, his kids blew it all on drugs.

Chris

 

Damn. I know this has always been an issue (drugs and drug addicts ) but here in Northeast, it's an epidemic like never before. Such a shame.

 

In 1965 I bought a Schwinn Banana Seat Stingray 5 Speed bike for $95.00, and paid with 3, $20.00 gold pieces. I still have the bike in the attic. Every time I see it, I think of it as a $4500.00 bike! Gold was around $35.00 an ounce, unless a rare date that collectors would pay more than spot.

 

I remember first time I went to Vegas they still used Morgan and peace dollars as dollars on the gaming tables. Probably more used there for that than all that were circulated in a century.

 

And the banks paid out 6% or above on your money. They even gave you a free toaster or something to open an account.

 

Until Ted Binion? Stashed them all.

 

Ouch, that hurts, on many levels.

 

I wish I paid 1.25 for my 78cc and it's XF lol

 

I have my great uncles book where he tracked the purchases of his coins. There are many entries of less than a dollar, and he collected only proof coins. Everything that he purchased outside of the mint was prior to 1936. I added it up one time, and he purchased an entire run of proof Barber half dollars for less than fifty bucks. This set is now insured for 40k, which may be somewhat low considering that they average PR-64.7. He really paid up on the seated liberty halfs, paying an average of three bucks a piece (this set is incomplete, but I intend to finish it).

 

Not all stories had such a happy ending. For the longest time, the 1903-O Morgan was considered very rare. It was always thought that the bulk of them were melted as a result of the Pittman Act of 1918. The Blue Book listed it's price as $150 in UNC which was 5 times greater than an 1889CC. However, it was discovered that thousands and thousands of the 1903-O were discovered in the Treasury releases of the early 60's, and the prices plummeted to next to nothing.

Chris

 

Yeah I heard about that. I heard it was slow for the word to get out and a few shady people made out well with it. I still like my 78cc even if she has a black glob on her ear lol.