I have no Morgan Dollars and have been kicking around about starting a collection. I was thinking about doing something different by collecting all the Morgans minted in New Orleans since I also have no coins minted there. Can one safely buy raw coins of this type or would one have to buy slabbed due to the counterfeits aplenty being sold?
There is an abundent supply of nice O-mint Morgans and I see no reason to buy slabbed coins unless you want very high graded coins. I think most of the dates are common enough not to worry about fakes. Only two years under one million minted. That said, don't buy with your eyes closed, but there shouldn't be a problem.
Thanks for the advice. I know it is my decision, but what do you think about the idea in general? I was thinking about AU-58 to MS-62, does that sound reasonably affordable for this coin from this mint. My knowledge of Morgans is very poor. Any more info you can share will be greatly appreciated.
For the most part, it's any easy set to asemble. However, like Viper said, there are two, the 1893 O and the 1895 O that cause a problem. Even if you can afford them, they are extremely difficult to locate im most grades. Also, the NO Mint was notorious for poor strikes. Look for the best you can find. Most of the time there is little if any difference in price for the same grade with a poor or good strike. Good luck! Guy~
Coin Lover, I will offer my advice based on a code that a lot of Collectors and Coin Dealers alike go by! That code is the saying, "I would much rather purchase and own an AU coin with a nice strike and eye appeal than an MS coin that has a weak strike and no eye appeal". Good luck...Frank
Collecting New Orleans Morgans is something I have thought about too. I have too many other projects going on right now though. I see no reason to buy slabbed, except possibly on the dates mentioned above. Just make sure you know what you are doing first. Morgans are a series that you can probably learn to grade relatively quickly.
IMO, Morgan Dollars are not collectable in these grades. Other than the key dates (1886 & 1893-1897) which are in the thousands of dollars, the remainder of the O mint Morgans are available in MS63 under $500 and the common dates are under $100. My advice to you is to collect NGC or PCGS graded coins in the highest grade affordable and forget about the key dates. I have listed the Numismedia Wholesale values for all of the O mint Morgans in MS63 below. The common dates which are around $50 in MS63 can be found in MS64 for only a few dollars more. If you collect Morgans in AU58-MS62, nobody will want to buy them when you want to sell. Again, buy the blue dates in MS64+ and then work on the red dates sacrificing quality if needed based on your budget. 1879-O-----$186 1880-O-----$413 1881-O-----$53 1882-O-----$52 1883-O-----$47 1884-O-----$47 1885-O-----$47 1886-O-----$3910 1887-O-----$110 1888-O-----$50 1889-O-----$432 1890-O-----$112 1891-O-----$330 1892-O-----$325 1893-O-----$7310 1894-O-----$4190 1895-O-----$57190 1896-O-----$7810 1897-O-----$4660 1898-O-----$49 1899-O-----$50 1900-O-----$49 1901-O-----$50 1902-O-----$48 1903-O-----$450 1904-O-----$47 Just to give you an idea of what is out there. I bought this coin last year from Heritage at for $150. I only paid $120 for this one in 2002. Numismedia wholesale is presently at $185. If you buy NGC or PCGS slabbed high quality coins, they will usually go up in value over time. Good Luck.
I don't know if that is necessarily true. I think Morgan's are collectible in any grade...it all depends on your budget. They might not be "investment quality" in the 58-62 range but they are certainly collectible...even the common one's. I would agree that when putting together a set to buy the best grade of each date you can afford...but some people really like a uniform set. Plus, the Morgan even looks great in lower circulated grades. Look at this coin from my collection. You will notice a number of things about it. It's in a low grade, it's a problem coin, it's raw, it's a key date. I couldn't afford a nicer example of this coin for my collection. I know it's a problem coin that many people here stay away from like the plague, but I wanted this key date in my set. It was in my price range and I went for it. Is it collectible? Yes. Is it "investment quality"...probably not, but I love it.
Agreed Richie, some of my harder to find morgans are also in lower grades. I buy them for my collectio, not some possibe future owner. To each his own.
Thanks for all the responses. Each response certainly has its own merits. The responses even got me more excited about doing this. I'm getting close to finishing my set of buffalo nickels. I've got to make a decision in the near future to pursue these Morgans or the Oregon Trail Commemerative Half Dollar. I have so many ideas about themes with coins. I like the coins I collect to "go somewhere". I don't like one or two these and three or four of those. I not buying to sell, only to collect. I said once in an earlier thread I have about forty coins I bought to sell and I haven't sold a single one of them. Just hard to part with, but I'll get smart enough one of these days to sell them.
Bowers' REd Book Guide on Morgans is very interesting and helpful if you want to collect the N.O. Morgans in MS. I have been lackadaisically putting together a set and think it's fun to buy well struck ones in MS63-64 for the same money as poorly struck ones, since most folks just look at the number on the holder.
I think it's true depending on how you look at it or what you want to get out of your collection. If you buy circulated or low grade coins, you may find them tough to sell on in the future if that's your goal and you may see little price appreciation. Now, if having an inexpensive set of Morgans is your goal, then go for it. Now that I am getting back into coins after a long hiatus and dug out what I had back in the mid 80s, I've formulated what I want to do with collecting. I'm going to finish up that Dansco Lincoln what cent album that I started in 1983, with circulated coins. I also found barely filled Washington Quarter, Franklin Dime and Jefferson nickel albums. I'll fill them with circulated coins for cheap and I am also loading up on rolls of circulated Standing Liberty Quarters. It's all cheapish stuff. I doubt any of it will ever be an "investment" but it'll give me something inexpensive to play with. I'm also starting to hunt down Gem slabbed FH Standing Liberty quarters. If I am going to pay up, it has to be VERY nice. I like them Blast White, Full Head, High Grade. So what do you want to get out of your collection?
