Over the past months there have been a lot of posts here and on VAMworld about the prices of coins. It seems that there are many who believe the prices have all declined so I decided to do some in depth study of the 1881-O Morgan Dollar, our specialty. This information will not be indicative of all prices, nor will it be perfect for all Morgan Dollars. But it is directionally correct and probably helps sort out what has been happening and why we feel the way we do about prices. I WANT TO BE SURE AND GIVE PCGS SOME CREDIT HERE FOR HELPING ME RECONSTRUCT THE PRICES. I HAD MOST BUT NOT ALL AND THEY FILLED IN THE BLANKS. http://www.1881o.com/pricing.html The above link shows the analysis by grade for the past decade, and here is what I believe we can learn from this past decade. (There a few pictures missing where we have no representative coin for a grade) As the financial markets declined sharply there was a flight to other assets and coins benefited in the higher grades where prices spiked. But the usual wisdom of buying the best and holding did not work because as other markets recovered it was the higher grades that suffered the most. If you bought and held (a collector) coins at MS64 or lower in this series you have done quite well and as a collector you feel differently than a pure investor. If you bought above grade MS64 you had only a 50/50 chance of your assets maintaining their value. Since the dollars at play above MS64 are large you could have suffered significantly since those coins that dropped did so in a spectacular fashion and those that rose did so modestly. We might also conclude that the introduction of the + grades has had an uneven effect, probably because of demand and the unpredictability of a coin grading as a +. For example, grade MS65DMPL suffered the most and dropped almost $28,000 from the high. A similar loss was seen with the MS66 which dropped almost $10,000. As always with coins, something fun to dig into!