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<p>[QUOTE=&quot;medoraman, post: 991590, member: 26302&quot;]I searched but cannot find a chart demonstrating lower volatility on circulated coins than uncirculated. Dougs chart shows the great volatility in 1989 but that group of coins is very high end if you look at the individual coins making up that index. I use assumed beta changes as a proxy for the OP assertion that a lower grade would be less volatile than a higher one. I understand that 65&#039;s were oversold to &quot;investors&quot;, the fact still remains that anything higher than 65 was even higher priced than the 65&#039;s during that time frame. Higher beta is not bad in an up market, I was just making a point that a higher beta is by definition higher risk, that is all. Its not saying that they will go down, its just that the risk of downward movement is greater.</p><p><br /></p><p>If anyone has price histories of Morgans it would be interesting just as a proxy to the overall market, even though they are the most &quot;invested&quot; coins. I know 66 and 67s came down even more in 1989 but would love to see the numbers.[/QUOTE]</p><p><br /></p>

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