Morgan “Price Guide” movement

I was browsing some Morgan listings and saw something in the title that made me do a double take. I knew that year and MM well and the listing included a “priceguide” value that I knew to be way too high. I love the PCGS Coinfacts app for many reasons. So I flipped it open, and sure enough... the seller listed the correct PCGS Priceguide value.

I have all but 1 Morgan, and every couple of years I’ll update my spreadsheet with the latest NGC and PCGS published values. There has been some substantial movement in prices, especially for MS64 and higher grades.

For example, my 1902 MS64. For NGC, it bumped from $175 to $210 last year, and then to $325 last month. For PCGS, it bumped from $210 to $225 last year, and then to $275 last month. Both of their auction results reflect the increase.

What’s going on? People had too much time on their hands last year? The release of the 2021s? Are the prices of other series increasing as well?

 

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It's a combination of several things: the general increase in the market over the last year (that being due to more people at home), the hype from the 2021 Morgans, possibly more collectors, and maybe even some inflation.

 

The next show I go to will be the Baltimore Whitman Show in November.
I will go "well armed" with prices I'll be willing to pay.
I'll be using the Greysheet and a couple of retail listings to determine what's reasonable to me.
It will be interesting to see what dealers will be asking.

I currently bid on GC.
I my bids are retail minus their fees and S&H.
But I'm still only winning at most 20% of my bids.

One well known dealer has a lot of items listed on eBay.
IMO they are all over priced.
I hope that's not a message of things to come.

 

I agree with the previous posts. First, Morgans have always been an extremely popular collectible coin, as attractive examples can be had for affordable money. Second, the pandemic definitely expanded online purchasing—eBay, Great Collections, David Lawrence all had large increases of sales, and internet traffic. Third, coin series generally are cyclical in nature. The last 5 years have been very kind to Morgans, especially toned ones, PL and DMPL issues, and high grade common dates. @ddddd and I have followed toned Morgans, especially specific monster toners for years. Prices have escalated sharply over a 5-10 year period, and show no signs of abatement. Fourth, millennials have entered the coin buying market big time, with higher disposable incomes. These factors have driven up Morgan prices.

 

BTW, I was not referring to Morgans since I don't collect them.
My current interest areas are:
-- US early copper (Draped Bust and Classic Head)
-- Shield Nickels (not proofs)
-- US early commemoratives

The Shield Nickels seem to be the only ones easier to get which probably indicates lower interest in that set.

 

Morgans are popular with collectors and a LOT OF us were (still are?) at home during COVID with more than enough time for this hobby. Pretty sure the price guide values reflect an increased demand.

We would need to look at realized auction prices in 2020/21 to see if they correlate with the PG values, but generally speaking, prices are going up across the board.

 

Weil, this thread is about Morgans :-D

 

Well, this is from personal experience. In August, 2020 I took a lot of gold bullion coins and ten GSA Morgans to my local dealer for estate appraisal. The Morgans were all 1884-CC, uncertified, and about MS-62 to 63 in grade. He said for appraisal purposes he valued them at $190 each which is what he was willing to pay for them right then. Greysheet at that time was about $220.

In May, 2021 I sold 6 of those GSA Morgans to the same dealer for $285 each. Greysheet was at $245 and another dealer's wholesale sheet listed them at $260.

 

Side note, but world crown prices just seem to keep going up.
I had an older British crown spotted on ebay that I really wanted. Thought I would bid to win. I bid way too high IMO, but wasn't even the underbidder.
Big silver coins are in demand, apparently.

 

Yes those are on fire too. For example, British Trade Dollars have skyrocketed (2x-3x in some grade levels....I sold mine a few years ago thinking I could find an upgrade but it's not happening in the current market).

 

I bought an 1878-S toned PCGS MS65 CAC Morgan last year on GC (the one in my avatar) for $277. Just sold it this weekend for $372.

 

Just some crazy price(s) till it level(s) off

 

Clearly, you have not followed Morgan Dollars over the past 10 years.

 

Why are NGC values in their online price guide so consistently higher than for PCGS online price guide values for the same coins/grades...? And not just for Morgans, but for many/most others.

 

I’m surprised no one mentioned the raise of PM and the resulting silver fever.

 

There are still some very good buys on Morgan's. Generally speaking, Morgan's are steadily on the rise, if you locate one at a reasonable grade and price, buy it. All Morgan's are keepers, in my opinion. Thanks for the post.

 

I love my Morgans (graded, low-ball, cleaned, etc)...all of them, and Im never parting with any of them Well...I did give a couple away to some kids (Scouts) cuz they were just so ga-ga over them!!

 

TV telling people to invest in silver because it is going up in value and some getting government checks that they can afford to spend.

 

I read your post with enthusiasm because I am still new. However, I too like Morgans but probably paid anywhere near those dollars you posted. Most under 200 I believe, but I have not purchased any in a while. I have weighed, Magnetic checked, and measured each as I bought them. So, I did not feel I spent too much. You used a couple of abbreviations I did not understand. What is the gray sheet? And why do you put so much faith in the value they advertise, because, they are all over the place for much less. Not planning on selling any but would like to know tha actual value. Help an old guy who believes in the future--near future--of silver and coin values. Thanks, Sull