either this is a rip off or im getting a major steal

Stainless,

I know you are eager to get involved in coin collecting but you need to slow down before you make an expensive mistake. The questions you asked on this thread indicate that you do not understand some very, very basic concepts of this hobby.

You absolutely need to learn some of the fundamentals before you start buying coins. Otherwise you will become the victim of an unscrupulous dealer and get ripped off. That will sour you on the hobby and you will abandon coin collectin because "the dealers are all ripoffs".

I mailed you a 2007 Red Book the other day. Also included are a few back issues of the Numismatis (ANA's monthly magazine) as well as some other goodies. These are my gift to you. No charge.

Please read the Red Book - especially the 'Welcome To Numismatics' section. Make sure you understand mintmarks and how they affect the value of a coin. Study the Morgan dollar section and notice the relationship between mintage and value. The same relationship generally holds true for all other issues as well. (Exceptions exist. Carson City minted 10,000 Twenty Cent pieces in 1876 but practically all were melted. The few that survived are extremely rare and are priced accordingly.)

You are young. You have plenty of time to learn about coins and enjoy the hobby. Knowledge is power. Use it.

 

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thanks for the advice and all the things you've givin me...cant wait to use it



dd:lol...thank god for forums that have members you will share knowledge to rookie coin collectors like me:smile

 

Morgan mintages are worthless as well.......

 

Dont worry, we all make little mistakes like that...
well, not me, but mostly everyone else

 

Change that to deceiving, there have been millions melted to make Peace dollars, sorry

 

I am not casting doubt on you, BUT.. Is this actually true?? Or something that is common knowledge?? Any proof or reference to this?

Thanks

 

Which brings up a key factor.

It's not how many were minted that counts... it's how many survive to the present day.

There are many cases of silver and gold coins having high mintage but low survival rates due to melting - thus a high price.

Good luck, bro ! Stayed tuned in and ask a lot of questions. Good to have you around, stainless !

 

Stainless,

As Hontonai stated supply and demand.

Mint marks mean a TON in many cases. Then factor in surviving numbers, strikes etc. Yes, this is a heck of a lot more complicated than you originally thought so KEEP asking those questions.

Think of it this way. If there were 20 known Honus Wagner baseball cards and on one of them he was facing a different direction which (of the 20) would be worth more money? Then put in a bunch more factors to boot just to make it even more confusing.


That's how coins work in many cases. Like I said keep asking and keep reading.


clembo

 

im starting to get it now....

so far i got that you have to take a how many were made....what is the grade on a certain one...how many still exsist...how many are there in tha particular grade...and a bunch of other stuff...

gotta get another book...

good thing im going to the mall tommorrow

 

Often mintage quantity has a reverse effect on the value of the coin when you compare grades. A good example of this is the 1889 O vs the 1889 S. The 89-0 had a mintage of 11,875,000. The 89-S only 700,000. However, in a VF the 89-S values around $80 in a VF and the 89-O values around $20. But, in a MS64 the 89-0 values $800 but the 89-S values $550. This is because the New Orleans mint doesn't have the reputation of striking well struck coins the say the San Francisco does.

I truly believe this a hobby that takes 2 lifetimes to learn.

Even today was the first time it occurred to me that the 1921Morgan was the first 'D' mint ever on silver dollars.

 

Very well said CoinGal07.

 

It is true. The Pittman Act required their melting. Here is what Wikipedia says:

They were melted to send the bullion to Britain to pay war debts from WWI and then the remainder plus the new production from the western mines was to be coined into "subsidiary silver coinage" (i.e. Peace Dollars).

 

satinless:
buy the book before the coin.

 

Education begins at home and never ceases...

 

stainless..you are learning more everyday. you are also saving yourself much heartache by listening to advice available here. to get started on a simple reference w/ morgans w/o getting deep into die varieties, check out david bowers; books like "the buyers guide to silver dollars and trade dollars" and his 'encyclopedia of morgan dollars". they will more than pay for themselves in the long run. never, ever, hesitate to ask for help here. be patient as there will always be morgans and other coins to buy. the more you learn, the more fun the hobby is and will help you from getting buyers remorse. if i can help(i'm putting together a morgan set), please don't ever hesitate to ask. i may not know the answer, but we can find someone who does. many of the members and moderators here have a vast amt of experience to share w/ you. very best wishes.....steve

 

Yep.

Denver mint first started up in 1906. Morgan production lapsed in 1904.

 

Yep. Not only was it the first, but 1921-D Morgans were the only Morgans Denver ever minted.

Today I just came to the realization that after the 1900 Lafayette dollar was minted, the Mint didn't mint a single other silver dollar commemorative until 1983!

 

And GLASSES :goofer:

 

this is why i dont buy graded/slabbed coins. as a beginner i dont know enough to to know what is and isnt a fair price. but thats also the problem with this "hobby", because some people pray on the ignorance of buyers like me, i wont even ponder the notion of spending money on anything like this.

ill stick to circulated coins and have fun just collecting more and more of them for now.