Buying first Morgan Silver Dollar

I have had an interest in coin collecting for a long time but never seriously got into the hobby. Every time I get interested I get intimidated that I won’t make the right choice and get ripped off so I never end up getting anything. I think this time I’d like to take the plunge and get something that can at least hold value and potentially grow over time.

I really like the Morgan Silver dollars. They are fortunately very popular and I’m looking at a Carson City variety. From some of the research I’ve done, I should aim to buy one in as good a condition as I am willing to spend so at least a MS63. I’m thinking of something around the $500 range.

Not only do I want to get a CC Morgan but I think it would be great if I can get one with a nice toning. However, I’m a complete amateur at deciding whether or not the toning on any specific coin helps or detracts from its value since I’ve learned that the effect can impact its value both ways.

I know there are resources to buy to read up on it but for now I’m looking to getting just 1 coin so I wanted to hold off on that research if my interest continues.

I’m thinking of going to a near by show that has about 30 dealers in the LA area (North County Monthly Coin Show in Anaheim, CA) and seeing if I can find the coin. Can someone give me an idea of how much of a premium is the typical sticker price against actual value on this kind of Morgan I’m looking for? Let’s say the coin is generally valued at $400, what would a typical dealer charge for it? What is the best way to negotiate down to the fair price for it?

Also, is there much of a premium value in getting a Morgan CC in one of those GSA plastic holders or is a graded slab just as good?

 

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A Carson City Morgan is a nice iconic coin to start a collection.

If you just want a nice example in MS 63, then the common dates (1882, 1883, and 1884) can be had in the 325-375 range (based on recent eBay sales). In MS 64, it would be about $50-$75 more than the 63 range. This is for untoned examples.

Toning can add a premium. It is a wide range depending on the level (small to no premium for average toning to huge premium for monster toning). Generally vivid rainbows and greens, in addition to nice luster, are the factors for increasing the value. Dark toning can detract. There is more to it but if the color appeals to you and the price is within your budget, then the coin might be for you.

In terms of show pricing, it varies greatly. Some dealers have fair pricing while others are way to expensive. For a generic untoned CC Morgan, it is not recommended to spend more than what you could pay on eBay (325-375 for an MS 63).

Also, there is some variability in quality within a grade. At a show (or online), look at many examples and see which one looks the best to your eye. Stick with PCGS or NGC graded examples (Anacs and ICG are good too but they should be priced lower since the market values them a bit less).

And the original GSA holders are popular. For the three common dates that I mentioned, there is not much of a difference in price between it being in the GSA or in a regular PCGS/NGC slab. It is a personal preference as to which one you would rather have.

 

Beware of counterfeits, and fake holders and labels. As long as you stick to reputable sources like dealers at shows your chances are pretty good.

Stay away from fleaBay, Etsy, Facebook boards and that ilk. China is making all kinds of fake trash. It would behoove you to start learning what to watch out for. You can search here at Coin Talk for a lot of good information along those lines.
Good Luck!

 

Buy from an honest and reputable source.