Buying Coins: Start And Add To A Coin Collection
American coins are some of the most collectable coins in the world by both Americans and those collectors in other countries. It has been noted that nine out of ten collectors of coins in America focus on American Government issues of coins. For those nine out of ten, the most popular American coins to collect are the 1865 to 1945 Morgan Silver Dollar and the Indian Head, Lincoln Cent and Buffalo Nickel. Of these, the Lincoln cent is the single most commonly collected set in the world. Many people search for the illusive 1941 copper penny although most who think they have one most likely have a fake, a steel penny covered in come copper. The way to tell is to take a magnet to the penny if it sticks it is a fake. This article will talk about the Morgan Silver Dollar coin and why it is so popular.
The Morgan Silver Dollar was authorized by the Bland Allison Act in February of 1878 and was designed by George T. Morgan. Some of the reasons this coin is a favorite of collectors are the location it was first produced , the Comstock Lode in Nevada, where many workers were without work in 1878.The coin was used as a means to put people to work but this created an overstock of silver coin, more produced than could be used. This meant that government had to store the excess coinage produced. In 1918 this issue was resolved by the Pittman Act which had almost 300 million of the excess coins melted down. Sadly the majority of coins melted down were done so with no records of date or mint location. The other reason the Morgan coin is so popular is that when people see it, they think of the grand old west, cowboys and Indians, stagecoaches and the new frontier. Another thing that makes people want to collect the Morgan Dollar is its beauty. It is considered to be a stand alone art form based on its design. The Miss Liberty on the front of the coin and the eagle on the back of the coin bring to mind the great days of America.
The 1895 Morgan Silver dollar is called the “King of Morgan’s”. It is the rarest of the Morgan Dollars and very few people will ever have the chance to own one in real life. Once called the Buzzard Dollar (due to the shape of the eagles head) this coin only had 12,000 in circulation at the time of minting coupled with 880 proof specimens made. Strangely, only 75-80 of these coins have been located, most proofs and the location of any of the other 12,000 are unknown. Some collectors believe the 12,000 were never really minted and other collectors believe they were minted but then melted down.
Today, the Morgan dollar has become a very popular investment for coin collectors. This is due to the relatively low costs for purchasing the coins and the high returns as well as the beauty of the coin itself. If you are collecting these coins make sure you know the grade system fro coins. For instance a coin that has less than AU-50 grade is only worth the silver it is made with. The exception to this is the location of the mint, if it is Nevada than the value is more. The value of most Morgan’s in mint state, MS-63; sell for about $35 to $70 each. The Morgan most people want to collect is the Proof coins with a grade of MS -65 or higher.
The price of the 1865 (non O mint) at this time is $26 in extra fine condition, which means wear showing on the hair above the date, the forehead and ear. In uncalculated condition the non mint 1865 is going for $43.50. One of the more pricey Morgan’s today is the 1878 7 over 8 in uncalculated condition. It is sitting at $189.00 per coin. Un-circulated condition means no traces of wear, however there may be marks from being in the bag and there might be slight rim markings. The highest priced Morgan is the 1878 -CC un-circulated. The CC stands for Carson City Nevada where it was minted. Cost of this Morgan silver dollar is $239.00. If you wish to collect the rarest of Morgan Silver dollars t hen the GSA Carson City Morgan Dollar is the coin you want. This coin was discovered and sold to coin collectors in the early 70’s by the General services administration. The coin was minted in Carson City and is encased in black plastic holders. Of the years being sold, the 1888 CC is now $625.00. These coins are uncalculated.
If you wish to begin collecting Morgan Silver Dollars there are some fine and trustworthy places to begin searching. A word of warning, buying coins of historical and economic value from online auction sites may not always be the best practice unless you have opportunity to see the coins and have appraisals done before purchase.
There are many fine and respectable businesses that are on the internet where one can buy or sell Morgan Dollars. Golden Eagle Coins LLC was founded in 1974 by two very knowledgeable men who have been investing in coins since the late 1960’s. This site has fine photographs and information as well as daily updates on prices. For auction services you can check out Heritage Auction Galleries. They are a leading coin auction house and dealership. At Heritage you can purchase an 1895 PR68 Cameo for $115,000.00
There are also businesses who are in the practice of coin buying and selling that are based in buildings not just the internet. These can be found by looking in the yellow pages under Coin Collecting. You can also check with your local numismatist group or even your local university for referrals. One other way to find a quality business to buy coins from or sell coin to is by calling the local museum.
