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Message:: [QUOTE="cladking, post: 2282979, member: 68"]Sure it was and most of them were overgraded.  Of course in thoise days grading was a little stricter and very few coins graded higher than MS-65.  This meant that some of those "MS-65's" in those days were really MS-66 or even MS-67.  Real collectors were buying these but the "investors" were buying overgraded junk at next week's prices.  These were going as high as $750 for common dates.  When the market tanked these coins were just decimated.  Many many people got badly burned and swore they'd never get back into the hobby.  They had been told that coins were "fungible" and investment was safe but the reality has always been that it's easy to buy coins cheap and very hard to sell them for full retail.  The reality is that they are never a good investment because success depends on predicting the future which is impossible.  I could tell people exactly what coins to buy for appreciation but you can't find them in the marketplace.  Even if something you can find gets a far higher price you won't be able to know it in advance.  Collectors tend to do well because they buy one of everything and investors do poorly because they buy what's available.  In 1989 what was available in droves was overgraded and overpriced silver dollars.  These were hyped to unheard of levels until the market crashed as a sort of failed ponzi scheme.  Coins are great collectibles but lousy investments.[/QUOTE]