Good news for Morgan dollar collectors ?

You have to read this
https://www.coinworld.com/news/us-c...s-government-sale.all.html#.Wxrt2mQ0uHs.email

 

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I heard about this. More common date slabbed Morgan dollars to flood the market.

 

I'd like to get ahold of one of the empty bags, they're interesting pieces of history.

 

Bet there will be some nice toners in those bags.

 

>16 canvas bags of 1,000 coins each
>Philadelphia, San Francisco and New Orleans Mints (no Carson City Mint)
>1878-S, 1880-S, 1881-S, 1883, 1884, 1884-O, 1885, 1886, 1887, 1888 and 1889

 

I'm in.

 

I wonder if any previously unknown die marriages are in the mix? Or, if any are a complete bag of a currently rare die pairing like the '89-P VAM-23A? I'm anxiously awaiting more information on this....

 

Wonder if they're planning to do VAM attribution on every single one? (Edit: @Dave Waterstraat beat me to it. )

A 3x3x4 SDB is pretty impressive all by itself. At the same price per volume, our SDB would probably work out to less than a dollar a year.

That's a big chunk of change, guaranteed, for NGC. But I really wonder if the heirs would have gotten more by selling them off as individual "unsearched rolls from original bags" on eBay...

 

Yeah, the same thought occurred to me. I think they'll make more in the long run doing it this way, but I would have *loved* the idea of buying a legit unsearched bag... a thousand unsearched Morgans would conservatively go for... what... I have no idea... $100k or more? Am I being ridiculous in my guess?

 

Breaking it down that way, I'm not so sure. Anybody with that kind of cash to lay out for a bag of coins would almost have to be somewhat savvy, so you wouldn't get the bidiot boost that "unsearched" rolls on eBay bring.

I wonder how the process unfolded. Who brokered the coins to NGC? Was there a bidding war between NGC and PCGS for them? Was ANACS in the picture (VAM attributions, remember)?

 

I agree with TC. These are all common dates.
Why bother grading them? Most of them are going to be MS-63 64 65.
The market will be flooded with these and prices of existing coins of these years and grades should drop a little.
The only good part of this, is that it's 99% these coins haven't been dipped.
There's no historical significance to this "hoard".

 

I'm not into Morgan's but would like to add at least one to my collection at some point. Wonder how this will affect market prices

 

I doubt it. They probably have some sweetheart deal for grading at something like 6-8 dollars a coin given the quantity and VAM would slow them down considerably.

NGC has a history of being more generous grading with things like this, think of the Stacks hoard or the Battlecreek one with the *'s.

Transportation cost was probably taken into account too. Only they could say who they got quotes from but I would be surprised if they didn't at least get a quote from PCGS, I would also be surprised if they bothered to get a quote from ANACS.

 

Hardly a flood. With all the common date slabbed Morgans out there this 16,000 is just another drop in the bucket.

 

Might be a good idea to consider selling and buying back in at a lower price point once the hoard is sold off and population numbers and valuation has stabilized. It will be really interesting if there's any top pop or conditional rarities in the hoard.

 

I doubt this will have any affect on the current pricing structure of these date/mm's. Heck, the current population of 1880-S just NGC and not including PL and DMPL is about 150,000 coins graded MS. Unless there are many high grade examples that are current conditional rarities it's another drop in the huge bucket. I'm anxious to see what kind of textile toners come out of this hoard...

 

And the only one I have is the 1886 raw. So maybe I need to keep an eye out for the rest.

 

If anyone else was curious about the number of regular coins already at NGC and combined pops with PCGS. For 1880 s, 1881 s, 1884 o, 1885, 1886, 1887 -1,000 coins are all less than 1% added to the population of coins graded at NGC alone. So I didn't bother figuring it out for the combined populations.


1878 S 1,000 coins adds 2% to the population graded by NGC
49,109 total coins at NGC & 50,243 at PCGS total pop 99,352. 1,000 coins add 1% to the total population between NGC/PCGS

1883 1,000 coins adds 4% to the population of NGC graded coins
24,789 total coins at NGC & 25,976 = 50765 total pop. 1,000 coins adds 1.97% to the total population between NGC/PCGS

1884 1,000 coins adds 5% to the population of NGC graded coins
19,509 coins at NGC & 18,744 coins at PCGS = 38253 total pop. 1,000 coins adds 2.6% to the total population between NGC/PCGS

1888 1,000 coins add 1.9% to the population of NGC graded coins
50093 coins at NGC & 44,008 at PCGS = 94101 total pop. 1,000 coins adds 1% to total population between NGC/PCGS

1889 1,000 coins adds 1.8% to the population of NGC graded coins
52946 coins at NGC & 43,709 at PCGS = 96655 total pop. 1,000 coins adds 1% to the total population between NGC/PCGS

And of course there's only 11 dates listed but 16 bags of 1,000 so it's possible that if one of these dates has two bags or more and the overall impact may be greater.

 

The reasons for grading:
-with such a large quantity, the bulk grading cost will be minimal like @baseball21 mentioned

-a few high grades (66,67,68) will help cover grading costs and maximize profits

-if there are any nice toners, having them slabbed with a grade and a star will maximize profits

-while there may be little significance to this hoard, people do get enamored with a good story; so a label referencing a hoard tends to draw in a bit more money than a raw coin

 

Forgot to mention the market already is flooded with these, they'll have no impact on it