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user_58955's Blog

20 Mar 2022

Why you *SHOULDN'T* collect Morgan dollars.

Coins-United States | user_58955

Ok, ok, before you come after me with your pitchforks and torches, just hear me out. I understand that this is like THE coin to collect, but in my humble opinion, is a terrible coin to collect (for profit). If you would like to collect them for pleasure/personal enjoyment, then by all means, be my guest. However, there are 3 reasons I think that the Morgan silver dollar is a horrible for-profit coin.
NUMBER ONE- HOARDS: Ahh yes, the classic silver dollar hoard... You surely know all the famous ones by know. The Redfield Hoard: over *half a million* Morgan dollars just chillin' in a dude's basement. The Reno Hoard: a bunch of key-date and scarce mint marks that a casino worker saved. And finally the GSA Hoard: bags upon bags of mint state Morgans in a treasury vault for decades. Get my point? There's probably dozens of other hoarders with hundreds of scarce Morgans that are just waiting to be discovered. And when they do, the value of your scarce Morgans will drop like the stock market during the Depression.
NUMBER TWO- EVERYONE AND THEIR MOTHER AND THEIR DOG COLLECTS MORGANS: Try to remember the last time you met even an amateur collector that doesn't have at least a couple of Morgans to their name. Having trouble? Exactly. Everyone has them, so there's no shortage of your coin out there, unless you have like an 1878-CC in MS-68, but I'm going out on a limb and thinking that you probably don't. For example, I could find at least 125 of a̶l̶l̶ most dollars in a given year. And people are selling them for less than you with lower shipping and it's ending sooner. Soooooo yeah I will probably just get someone else's dollar. Better luck next time :/
NUMBER THREE- MAD EXPENSIVE: Dude I love to collect coins, and yes I drop hundreds of dollars on them, but wouldn't you rather get a few solid coins for like a hundred bucks instead of a decent condition Morgan? Honestly though, I could get at least 4 mint state Merc dimes for about $100, OR a single AU Morgan. It's just not worth it. I prefer the smaller ones, even if they aren't as valuable, just to get more variety. When I hear people flexing their 20 Morgan dollars from common mints and year that they spent $400 on, I just cringe and think "why don't you just get a few scarce coins from a smaller denomination?" I just truly don't get it...
Thanks for reading all the way down here without your head exploding. And think twice next time before snatching up that $50 Morgan (you probably will be way happier spending that on grading fees ;)-Thomas_11

Comments

Mal_ANA_YN

Level 5

Silver is and has always been valuable to some extent. Dimes, quarters, half dollars, dollars worth more than face value. Coins with history can make them more collectable (i.e. birth year date set). Coins of high grade can also make them more collectable.

$tarCollector

Level 4

I agree with @thatcoinguy, because if you did collect for profit, you would make some very likely. Reason 1 is that they are silver, plain and simple. Silver is very likely to skyrocket soon, so they will make profit. And secondly, silver has been being melted for decades. Because of that, at any time one Morgan that just had 5 million melted would be worth way more. Remember the Pittman Act which made many Morgans very valuable and rare(and back then, the Mint didn't give out mintage records to tell how many from each mint were minted, but melting still made less Morgans exist today. So Morgans may be the best coin to collect because of those reasons.

thatcoinguy

Level 5

Thanks for sharing your view of things. I disagree on a few points. Number 1: We don’t collect for profit. We collect for fun. Number 2: Even if we did collect for profit, the Morgan Dollar is a good coin for that because, as you said, everyone collects them. Easy turnaround. But nice, sincere blog post.

user_58955

Level 2

Thanks for the feedback! Personally, I collect for fun, but also try to make a profit.

coinsbygary

Level 5

Only one of your arguments is out of the individual collectors' control, and it's a biggie. As for the other two, they boil down to personal preferences. The biggie is the hoard argument, and it's a good one. For example, according to the Redbook, the 1903-O was rare and worth $1500. That was before bags of 1903-O Morgans became available in 1962. The Redbook listed the survival rate of only a handful of 1903-O Morgans in 1962. Today there is an estimated survival rate of 200,000. PCGS Coinfacts has a pretty good write-up on this. https://www.pcgs.com/coinfacts/coin/1903-o-1/7286

Morgan dollars are my favorite coin, but you do make a good point. They really are expensive, and it's hard to sell them.

I. R. Bama

Level 5

I've already got a set of mercury dimes. Got all the Peace Dollars. I only buy bullion for investment. I collect Morgan's. But I'd rather have any old historic coin than the new stuff. And I'm not paying for a coin to be graded either. That money can go for another coin

"SUN"

Level 6

Interesting take on the series

Kepi

Level 6

Interesting thoughts. We collect what we like. For me I'd rather have those Mercury Dimes than a Morgan... Generally speaking of course... haha ; )

user_58955

Level 2

Gotta love those Mercs haha. Nothing like a nice full bands with a good date

AC coin$

Level 6

To each his own interests and passions and even what's marketable. It is good to know about Morgans and the ones hidden away as we all get to find out sooner or later. I am into USA coins (all) and worlwide as well. However, I respect each individual's own meanings and expressions. Great and interesting writing.

Mike

Level 7

P.S. I have never told anyone what coin they should or shouldn't collect. We collect what we like. Ok now I got your statement thanks!

user_58955

Level 2

Oh of course I wouldn’t ever tell someone that they shouldn’t do that, it was more of a way to catch peoples eye😂

Mike

Level 7

Not a Morgan fan . But there is something about them. I agree it looks like a soup chicken on the back but in a MS 65 or 66 the luster and cart wheel are simply beautiful. I do have a MS 66. I consider it a beautiful coin.. The GSA hoard was done right by the government. They come MS 65 and lower. You have to remember these were made for circulation. Plus we buy what we like. The GSA graded stays in the box. Has all the information and they were originally sold by auction.I find you either love them or hate them. That's why I love this hobby! Not everything is based on value!!

Longstrider

Level 6

For profit? I don't collect for profit. I get what I like. A little of many series coins have found their way into my collection, even Morgan's. I go after VAM's. Mostly Peace Dollars.

user_58955

Level 2

Peace dollars are great. Personally VAMs just don’t peak my interest🤷‍♂️

Long Beard

Level 5

I applaud your view on the Morgan Dollar. Myself, there is only one in my hoard of forty-four years in the making, I simply can not get past that hideous rubber-chicken reverse design. The Morgan being a very close second to the Lincoln Cent in collectability is why the prices are what they are. The one which I have was acquired as a package deal for something else I needed at the moment, so thanks for the blog to remind me of selling this soon.

user_58955

Level 2

Glad I could help! (Rubber chicken is so true...)

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