Need Advice on Morgan Journey

I totally agree with the last post above. I spent a lot of money that I wish I had had back when I began collecting the Morgan series because I started buying very common dates graded/slabbed in the 62-63 range. One old time collector stopped me and asked why I was doing so. He said (and it stuck with me) that those common date MS63's that cost you about $50 will always be available and cost you roughly $50. He said "wouldn't you be better served to save that $50 a couple of times by passing up those ultra common Morgans and wait until you find a very nice not so common one, or a high grade piece for $200-$500?"

I'm not saying its right, but it was right for me and made my collecting of Morgans much more enjoyable and something I am proud to own. What ever way you decide to go, DONT be in a hurry and take your time to find the right coin. Morgan collections can take many many years to complete.

My two cents only. Enjoy the process!

 

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I could go on for the better part of a week (specifically June 24-27, at the ANA Summer Seminar) about how you could collect Morgan dollars.

You (the OP) suspect that the answer of how to collect them is "whatever makes you happy," and you're right. Slabbed coins will give you best liquidity if you need or want to sell in the future (PCGS, NGC, ANACS). A Dansco album full of circulated "junk box" coins may satisfy your need to have them out of a holder. No reason you can't have both, unless your budget dictates it.

As for how to buy the common ones, it really depends on your budget per coin or for the set. A quick look at population reports and price guides will show you that there are many common date coins to choose from at the MS64-66 level. Don't just buy the first one that comes along. Look at a lot and buy the ones you like the best. It might have a better strike, better eye appeal, fewer marks, pleasant toning, or be an interesting or rare variety, but it should be something that sets it aside from the others, regardless of whether you're buying an MS64 or MS67. I wouldn't bother with a slabbed MS63 common date unless it had great toning, was severely undergraded, or was a variety I needed. Of course, knowing when that's the case takes a bit of experience. Buy a few common ones in 64 and 65 to get a feel for the series -- which dates are well (or poorly) struck, which are flashy, which have deep luster, which have a frosty look, etc. Ask people about coins you've bought. If they're honest, you'll learn something, especially if you made a mistake. Mistakes you make early shouldn't involve expensive coins.

 

Now that I realize an MS62 from a common year/mint isn't such hot stuff, I ordered an 1878-P graded MS65 (by PCGS this time). I just listed the NGC MS62 on Ebay. Hmm, this could be an addiction/hobby/six of one half dozen of the other...

 

Got my 1878-S today, and have a complete noob question. PCGS gave it an MS64, but looking at the reverse: What is that brown stuff on the left? Doesn't look like toning. Was the grader asleep at the wheel, or does this seem normal? Obviously you can't tell differences in MS grades by a picture, but this kind of jumps out...

 

just looks like toning to me. Did you buy it sight unseen?

 

Yep; I'm schmart like that.

 

haha okay well first lesson for sure is stop doing that!

 

That rules out Ebay, then. How do you guys buy your coins? Just through brick and mortar dealers?

 

Ebay has pictures. By sight unseen I meant did you buy a random one through Apmex or something (where you don't know which coin you're getting you're just promised the grade/date/mm etc. sometimes only the grade).

 

Oh! In that case, no.

 

It is rather unattractive toning. Looks kind of turd colored to me.

 

Coins considered "consumer items..." "Eat" and enjoy!
(I do have a few in 'flips'.)

 

Agreed.

Is it possible to identify cleaned coins from a picture?

 

It is usually possible to identify cleaned coins, but sometimes it isn’t. It depends on how the coin was cleaned and of course on the quality of the pictures. If you can’t see any luster on uncirculated coins, or if there are a lot of hairlines, chances are that it was cleaned and won’t grade anymore. Surface preservation is the main criteria, but color is also important; e.g. if a copper coin has an odd color (different from others in the same grade) you should be careful...

Here’s an article with a couple of pictures of cleaned coins:
http://coinauctionshelp.com/page22.html#.WoALCmIo-Ec

 

Thanks. I'm starting to wonder if I can score some bargains on ungraded coins. The last time I tried this was ten years ago. I joined PCGS, sent them my Ebay Morgans and had them all returned body bagged. I sold them to Sahara Coins here in Vegas in early 2010; guy sadly shook his head, said he could have saved me the trouble of sending them in just at a glance. Hopefully I have a marginally better idea of what I'm doing this time around...

 

You’ve just asked how to identify cleaned coins, right? So no, you’ll likely lose money buying ungraded coins.