...and start a Morgan collection. I am looking for any advice from seasoned collectors before diving into it. I am reading up on things now regarding the series. Just a couple of thoughts as I am reading up on the series: 1.) I think I want to buy certified. I am naturally a raw collector. Very few of my pieces, apart from my keys and my classic comemoratives, are certified. Part of me is scared to death of the whole counterfeit market and I feel I would just have peace of mind if they were certified, but not sure if my fear is truly warranted or if I just need to hone in my counterfeit detection skills? 2.) Budget wise scares me. I know there are several pieces that I simply won't be able to afford, but I am thinking $150 for general pieces and $300 for semi-keys and keys is reasonable? Not sure if I am just trying to psych myself into the series, but I was thinking I could get a good varied set with that price point? 3.) I am still very much on the fence about the descriptive grades and if I want them in my set. PL, DMPL...I simply don't know. Part of me is thinking maybe purchase one or two, just to have an example of them. Other part of me believes these will "draw they eye" and I detest thinking the set not being uniform in that regard in having a coin or two just be the focus. Again, thoughts are appreciated. Well, there you have it. My decision for my next set if and when I get this allusive 1912 P cent. Thanks again for any advice and recommendations in this set.
I think it wiser to assume the keys to the set should be included, and target building a set of coins in that grade in which you find those more approachable. This does a few things, it establishes greater certainty as to completion of the set, it ensures that you should feel a greater sense of satisfaction when complete and, on the back end when you or your heirs wish to sell there will be more competition and higher offers for your coins. You could focus on building a collection with outstanding uniformity of natural appearance (in other words, don't just buy any old coins in the same technical grade and then mess with them all so they look the same). The challenges need not be lesser just because you are collecting lower grade coins. In fact, they may actually be greater. When was the last time you saw an 1880-S or 1881-S Morgan Dollar grading VF? I've seen a few collections that impressed me as much as the most beautiful mint state collections have . . . notably sets of Morgan Dollars, Standing Liberty Quarters (still underway, AFAIK) and especially Buffalo Nickels. I cannot imagine how difficult it was to assemble that set of Buffaloes.
All Morgans are collectable in my opinion. Be careful of fakes, they are as abundant as the real thing! Good luck.
You should be able to complete the set either way. You also might be able to find raw coins cheaper in lower grades raw than certified. I would spend a while looking at certified coins to get the strike characteristics of a Morgan so that you have confidence when buying raw. It all depends on if you want MS coins? Or, if you want circulated grades with the same look.
I don't want all MS by any means. I set a price point and am buying the best I can for that price point for the Walkers and am really enjoying the grade variety, everything from AG to MS. I am hoping to achieve the same with the Morgan series to an extent as I think that will make me overall a better grader. As for buying, I'm nowhere near buying my first Morgan, but am researching heavily, so we'll see what happens when I am ready to pull that trigger.
You can check out my registry set in my NGC banner on my post here. I have 21 of 105 so far. I have focused far more on my US Type than the Midwest Morgan set, but I had a collection of them and I figured I may as well start a set of them. A 150 to 300 price range means you would have some high MS ones and some lower grades and some you won't be able to buy. The majority of the set is pretty easy. Can be picky on many issues and hold out for ones that really grab you. Some years like the 1880-S have many beautiful toned examples to pick from. I found a stunner at a show one time. I actually have two cool toners from that year. As far as getting authentic ones, the Morgan as a series probably have more pedigreed coins from various hoards than any other series. As an example for the first 1878 8 Tail Feather version, I picked up one from the Binion Hoard that grabbed me. You may get one from the Lincoln Highway Hoard or the Battle Creek Hoard, Redfield Hoard or GSA examples that were liquidated from banks in the early 70s. Some of these have been graded in their original government holders. I have one myself. Any more recently graded coins can be referenced by images on NGCs website using their verification and the slab #. They began photographing everything even if you don't pay extra for it a while back. While some others have distinct die cracks, polish marks and flaws such as the 1921-D you can look for to help avoid getting a counterfeit. You also have neat re-punched mint marks to go after such as 1900 O/CC or the 1882- O/S variety which are not likely to be copied with proper diagnostics. Others are just very abundant in high grades. I haven't really given the set the attention it deserves but it is nice having the registry set going so if I'm at a show and spot one I need that is really unique I can get it and have a place for it. The registry option I chose is 105 coins to complete.
Much Respect - I don't have it in me yet to go for the Morgans - and I totally get buying certified only - I mostly do that now, and I got royally screwed recently on a 1694 Elephant Token I bought raw from a reputable (then) seller on eBay. I actually sold a bunch of stuff several years ago and on a cheap Morgan I'd never even thought about (paid probably $15, sold for $18-20) the buyer contacted me and said it was a fake based on weight - at that time I only magnet tested (and magnifier, but what do I know sometimes?) coins and so I just refunded, sent return shipping and held onto that one as a not-so-obvious "but why?" fake common Morgan. I have since acquired calipers, a very accurate scale and the ability to take pictures and post on CoinTalk for opinions on authenticity, which is EXTREMELY helpful.
