High-Quality Morgans: Why So Expensive ?

The price jump from MS-65 to MS-66 is really high, I see $750-$1,000. Even MS63/64 to MS-65, the price jumps 50-100%.

GSA MS-65's also very pricey, even for commons. Sometimes over $1,000 for medium-scarce dates.

Has this relative price premium always been there for MS-65's and above and GSAs ? Are folks moving into Morgans because it's still cheaper than Saints or other gold or Busts ?

 

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Because the coins were dumped in large bags of $1,000 face, and tossed around.

They received their fair share of abuse

 

To me this is the perfect reason to focus on MS63/64 examples.

Coins in those grades are generally nice, without the through the roof premiums.

 

Supply, meet Demand.

 

+1

I'm sure you can look at every series and find that "grade point" by date and mm in which the supply dwindles and the price jumps.

 

which is why people crack out coins to retry for a higher grade on some coins or get a cac sticker. it can translate into $$$ at times.

 

Morgans are one of the most popular series to collect, since the 1950s. Certain types of Morgans have become subsets of the overall series, since few people have the funds to collect the entire series. A few dates are absolutely prohibitive--a really nice 1893s was always expensive, relative to its counterparts, and has gone up considerably. Same goes for 1889cc, and most of the CC dollars--they command premiums. The GSA CCs have become collectible on their own, despite high survival rates and high populations. Conditional rarities, such as the 1884s in MS condition are insanely expensive, and have always been so.

Anything from 1893-1895 is beyond the reach of most collectors. So, this trend has shown itself across the entire series--common dates that are attractive, and high grade have gone up significantly. As was previously said, this is the marketplace at work--high demand, and not endless supply (even at high mintages, the survival rate is nothing like most modern coins--a MS 68 Morgan is a rarity comparatively with ANY date, compared to modern coinage). Common dates can be had reasonably in MS condition, that are attractive, authentic, and certified. MS 63-65 of the 1880, 1881, 1883 S mint, and the common "O" mint dates can be had for the same price as many nice modern coins that exist plentifully.

So, it is a combination of the marketplace, demand, and the charm of the Old West, that has made Morgans more expensive. The high grade ones are especially so, and will probably continue to appreciate substantially in price. PL Morgans and particularly DMPL Morgans have gone out of sight on price, when it comes to any gem grade. Knowing Morgans as I have for many years, I don't see this trend changing, and the "jump one grade" can often bring in major financial benefits, so the crack out game is alive and well with Morgans--probably more so than any other coin.

 

Thanks guys...yes, I was mostly talking about slabbed and GSA commons going up huge from MS-64 to MS-65.

 

GSAs have gained popularity since the GSA sale to the public. Over the course of the past few years, they have become collectible all on their own. Once again, it is a question of supply and demand, despite high survival rates of the 1882-884CC coins particularly. A lot of folks PREFER the original GSA holder over the third party one, or go for the NGC "ribbon" grade around the GSA holder. I don't find the price increases of those dates in MS 65 condition to be inconsistent with the availability of coins in that grade and higher.

 

Agreed, MD.....I think that NGC ribbon really has perked up popularity in the coins. Saw a guy buy 10 of them at the last Westchester show.

Does PCGS do anything with the GSA Morgans or other coins in OGP ?

 

PCGS will place the GSA CC dollars in a very large PCGS plastic holder that encapsulates the entire GSA holder. It is a beast of a presentation.

 

purely a function of supply and demand. Some Morgans are "rare" in any grade, due to low mintage: 93S, 85CC, 81CC, 89CC, 79CC... Some Morgans had huge mintages, so values do not jump until you reach the upper MS grades. This is "grade rarity." 1880S, 1881S, 1921 and 1921-D are good examples.

 

Yes, it is not especially esthetic. Here is an example, and definitely NOT from my collection:

 

Any reports of fraudulent NGC/PCGS GSA holders, as we've seen with the regular slabs ?

Are they tamper-proof ?

 

I am being asked to pay $600 for an 1883 or 1884 CC MSD MS-65.

What's weird is that the prices at MS-65 (maybe 64) appear to be WAY HIGHER than the 2014 Red Book but lower grades are substantially (20-30%) lower in price. Usually, the trend is the same though you expect the higher grades to move much much more.

Is that right ???

 

And Demand, meet Marketing. In other words, Demand is influenced by Marketing. Isn't it?

 

Redbook isn't very useful for prices.

 

Oh, I know that.....I just find it strange that the price of silver is down since the 2014 edition....numismatic premiums are down...I see lots of MSDs < MS-65 going for LESS than the book's range...and yet the 65's are a big premium.

 

Don't use the Redbook as a guide for purchasing coins. Use previous sales at auctions, etc.

MS 65 GSAs are usually at a premium, as most of the GSA horde would grade lower-- in my experience, most GSA Morgans are fairly baggy, and grade usually between 62 and 64.