Good news for Morgan dollar collectors ?

Discussion in 'Coin Chat' started by dwhiz, Jun 9, 2018.

  1. Mountain Man

    Mountain Man Supporter! Supporter

    Well one thing is for sure, the Sarasota NGC will be busy and if you send a coin(s) to them you'll probably have to wait a very long time to get them back.
     
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  3. Ana Silverbell

    Ana Silverbell Well-Known Member

    Rick Tomaska just fell over in his chair realizing he's going to have to redo his "rarity" sheets that list the mintage and numbers of NGC and PCGS graded coins for all the Morgan years and mintmarks.
     
    Stevearino and BlackBeard_Thatch like this.
  4. JCro57

    JCro57 Making Errors Great Again

    Too bad no 1934-S ones. No way I am paying thousands for a 64 or 65
     
  5. Michael K

    Michael K Well-Known Member

    I am sure they are getting some kind of bulk rate grading discount.
    However, if they just wanted to sell these coins raw, let's say $30 or $35 each, they would sell out quickly.
    By slabbing them all, now they have to try to get $50 or $60 apiece (except for some super high grade coin, which I don't think is happening, and it could take many years to sell them all, unless they sell them in huge lots.
    None of these coins are rare. I am sure there are some minor varieties lurking,
    but they are still dumping 16,000 more coins into an already saturated market.
    The last couple of shows I went to, every single dealer had pages and pages of blast white Morgans. I am not sure the demand is high right now for these common dates. Even in MS-64 etc. condition.
    1.5 million for the lot is overpriced at 93.75 per. If they realize 1 million, that's 62.50 per. These common dates in high grades are 50 and 60 dollar coins. What do they think, that some "hoard" title on the slab is worth a premium? I don't see people paying $100 a coin when they can get the exact same coin and grade for half that price. To me the value of this hoard is 800K-960K.
     
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  6. baseball21

    baseball21 Well-Known Member

    There's no point in even guessing the value when none of the coins can be viewed. Maybe the bags are exceptionally nice, maybe they picked the service they did because the grades and *'s will be generous like with the other hoard, regardless until we see the coins there is no way to argue their values are wrong.

    As far as if they should have had them graded or not, they absolutely should have. They're paying a minuscule amount per coin for the grading and they will definitely do better graded than raw
     
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  7. micbraun

    micbraun coindiccted

    “the heirs (...) no longer wanted to continue paying the $800 annual rental fee “
    That’s the joke of the day, right?
     
    Michael K likes this.
  8. atcarroll

    atcarroll Well-Known Member

    It's gotta be, I'd have put them in a safe at home.
     
  9. Michael K

    Michael K Well-Known Member

    Well they have been paying for over 50 years. But I imagine it was only $20 or so back in the day and not $800.
     
  10. baseball21

    baseball21 Well-Known Member

    I'd rather have the several hundred thousands dollars than some bags of morgans, which is why they're selling.
     
  11. heavycam.monstervam

    heavycam.monstervam Outlaw Trucker & Coin Hillbilly

    When i seen 1889p was one of the bags offered, the very 1st thought that came to my mind was vam 23a. With only 4 or 5 known examples. You have to wonder if/when more will resurface.

    Also, the '78 S long knocks and ooh ooh the '87p vam 1b and and and.....
     
    Dave Waterstraat likes this.
  12. Santinidollar

    Santinidollar Supporter! Supporter

    Some of you VAM guys ought to apply for jobs examining these coins.:woot:
     
    Stevearino likes this.
  13. Kentucky

    Kentucky Supporter! Supporter

    Hey @Insider some spare time work???:)
     
  14. ddddd

    ddddd Member

    In one of the posts on Instagram about this hoard, an NGC rep had the following comment, which makes me think grading was the right call.

    549CC2A8-42CA-4918-9942-631447B51297.jpeg
     
  15. Nathan401

    Nathan401 Quis custodiet ipsos custodes?

    It's true, I think it's easy to forget that we are all SERIOUS coin geeks, and the average person doesn't give a lick about unbroken luster, or clean cheek on Liberty's face. These "heirs" are doing what I imagine the overwhelming majority of people would do. Sell.
     
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  16. Kentucky

    Kentucky Supporter! Supporter

    And many "serious coin geeks" don't care for Morgans.
     
  17. Nathan401

    Nathan401 Quis custodiet ipsos custodes?

    They are popular though. I do see what you're saying, I have a bunch of Morgans, but I'm not looking or planning on buying anymore. They're cool, I have some, but I'm sorta over it. They are just so commonly seen, that my coin interests have moved in other directions.
     
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  18. Nathan401

    Nathan401 Quis custodiet ipsos custodes?

    Not to mention, they are likely to put "Manhattan hoard," or some such drivel on the slab, and sell these common dates for a much larger premium then is warranted. Imo.
     
  19. TheFinn

    TheFinn Well-Known Member

    It is interesting to me that whenever hoards of silver dollars are found, they are always Morgans. The Peace Dollars must have been the first melted - first in, last out. I can't remember ever hearing of a Peace Dollar bag hoard. There were only a few stragglers sold by the GSA that were put in the blue envelopes, and they were mostly XF-AU.
     
  20. Spark1951

    Spark1951 Accomplishment, not Activity

    I guess we just wait to see what surfaces, 'specially the 89p. Now I have to check to see if I have one...Spark
     
  21. John Skelton

    John Skelton Morgan man!

    Well lol...I don't know how serious a geek you have to be before you turn your back on Morgans, but I definitely prefer them over Peace dollars, which my son likes. I guess between the two of us we'll do okay.
     
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