Coin collectors have found a new haven in the investment market with the Morgan dollar. Not only are these coins a reasonable purchase but they have also managed to perform well in the past. The coins are also quite a sight in their beauty and splendor.
As always, however, the rule of thumb in investment is doing the necessary homework to ensure that you are getting your money’s worth. This research will help you know how to make the most profit by choosing the best specimen:
Here are some things to keep in mind when considering Morgan dollars for sale:
The History of the Morgan Silver Dollar:
The Morgan silver dollar is the most iconic coin of the U.S. and the worlds’ most collected coin. These coins symbolize the lore of the Old West having circulated most in the age of roughened cowboys, prospects and vicious gunfights. Its design includes the wreathed head that personifies the statue of liberty on the obverse with a majestic eagle in the reverse making it easy to identify. It is also a massive coin with 38.1mm diameter and 2.4mm thickness earning them the nickname cartwheel.
When it comes to weight, these coins weigh 26.73 grams with 90%silver and 10% copper compositions. It was struck between 1878 and 1904. Its early bird years of production fall in line with the end of the U.S. trade dollar. The oldest Morgan silver dollar is 140 years of age.
The bland-Allison act was the beginning of this coin as the act was formed after a terrible 1873 recession. The money supply was drastically increased and the free coinage of silver was legalized. As a result, more than 650 million of the coins were struck.
Third party certification
There are third-party grading companies that slab and certify these coins. The two most respected companies are PCGS (Professional Coin Grading Service) and NGC (Numismatic Guaranty Corporation). The existence of third party certification streamlined the coin industry. Coin dealers trusted the grading companies and began trading the coins on the basis of their assigned grades.
Although there may be other companies that offer coin-grading services, their labs tend to be less trusted especially by those risking investments in Morgan silver dollars. One company however stands out CAC as it only grades coins that have been previously graded by NGC or PCGS making their stickers a double guarantee for the buyer or seller. They are in green and gold stickers with gold being rarer.
Most Morgan Dollars Never Circulated
Between 1878 and 1904, the mint for Morgan dollars made more than half a billion of them and despite the fact that most of them were melted down before re-issues were done, there are a lot of them in treasury volts in the U.S. and did not get into full circulation until 1960. This means that there are a lot of them and their commonality can be a way to being a victim of fraud. You certainly do not want a “lemon” in your collection.
The price for a common-date MS-63 certified Morgan silver dollar is between $50 and $75 each while the Superb MS-65 specimens start at just over $120. These are low prices for such iconic pieces which means that anyone can acquire them and afford to invest in them.
Store your Morgan dollars well
After getting the Morgan silver dollars that fit your investment choices best, make sure the storage is done well. Always take the deliveries in person. Sometimes dealers give you storage assurances that they will take care of your coins by keeping them in a secure volt. This might be a scam as they might take you for a ride if you have not seen the coins. Always find a trustworthy dealer.
In the event that you lack a good built-in, fireproof vault to store the coins investments, have them kept in a deposit box. Storage in private residences should also be done carefully in places that are fireproof and burglar resistant. Also, avoid basements and attics where the environment can cause your coins to be damaged.
The Morgan dollar investment option is great in securing your future for an early and peaceful retirement. But as it is with any investment, it is prudent to be well-informed and take care not to be conned in your eagerness. Use the red book to understand the actual market value of the Morgans and other credible sources. Best of luck as you insure your future!