Introducing The Morgan 50: 50 Morgan Dollars for Every Collector. Part I: Philly Strikes

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[Music]
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[Music] Hey Russ how are you doing today hi Charles how are you so uh over the
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course of the next couple days you and I are gonna be sitting down talking about Morgan dollars the last time we did this
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we had a tremendous response uh a hundred more than a hundred thousand
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people watched us talk about grading Morgan dollars and what we were looking for in the grade but we we had this
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conversation about a month or so ago and you're like Charles like we should come up with uh 50 coin Morgan Dollar set
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that any collector can assemble and be proud of and we you know you like
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started doing the work figuring out what coins would be in that list and we we finally got that list done uh and it's
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50 coins it's a representative uh set of coins from all the five nights of struck
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Morgan dollars so that's uh Philadelphia New Orleans San Francisco uh and uh you have the Denver Mint for
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one year and the Carson City man of course who could forget it uh and so we put this we put this 50 coins that they
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together any collector who can buy if you can put
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a silver eagle set together you can put this set together and it spans the beginning of the Morgan Dollar series
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all the way to the very end in 1921 so um I'm really excited about it
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um I know like from my own experience I've done I've done quite a bit of uh research as a writer on Morgan dollars
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and I've certainly purchased my fair share of them you have been a dealer and
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a market analyst and one of the biggest buyers in the country for a rare coin so
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you you your experience of million dollars is probably on question but what makes the morning dollar such an
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interesting coin for you it's availability its size
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um that those two features actually spell out popularity
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um I think that the the ability to look through so many
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different coins to try and find that right coin that appeals to you is also
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part of its popularity um where if you're collecting seated
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dimes you may not have too many Alternatives when you find it that one particular coin you may not find another
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one for a long time so you end up buying it whether you like it or not with dollars you could be more selective and
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um you know I think that our first podcast went into uh greater detailing grades
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and things like that and what to look for on a coin surface so that you can be picky
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um the Morgan Dollar series offers the ability to pick and choose and I think that that's what uh kind of enhances the
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hunt well absolutely I mean you can take some series
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um you know you can take like gold five Libs or maybe early copper coins and and
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you really don't have like the ability to really pick what is the perfect coin
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for the grade that you want to buy I mean sometimes what's available is all that's available right but Morgan
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dollars is it's really it's really different I mean if you look at it in under the context that this essentially
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was America's first silver bullion coin program I mean there is a lot of there's
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a lot of parallels between the Morgan dollar and the American Silver Eagle
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um now they didn't that was essentially an unintentional similarity um the the creators of the the silver
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dollar program who wanted to bring it back from the dead they thought that the uh you know the Working Man was going to
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be spending these coins and preferring these coins to Gold uh and it turned out that they were essentially pulling
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silver ore out of the ground in the way Western States missing a minute coins and thrown them back underground in
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these vaults because people weren't weren't spending them uh and so for from
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a government program it was a major kind of a major boondoggle and that's as collectors that's we're sort of grateful
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for that right because that meant that an abundant number of these coins survived and mint state
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but when we say that the Morgan dollar is like fundamentally different than an
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American Silver Eagle in this in the sense that the American silver eagles are essentially not struck to be circulated
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they're struck with probably a higher level of precision even the bullion
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strikes that you know they're going to typically grade in the upper register the Mid-State grades you know we get
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spoiled as people in the market seeing 69s and 70s but 69s and 70s represent
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the coins that pass through the minimum grade process and get put in those holders you know but the more more
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typically a silver eagle is going to be between you know 67 and 70. uh Morgan
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dollars were really never created with that kind of care uh they weren't created on dies that like were thrown
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out second something went wrong with them um and and so what you see with Maureen
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dollars even in the Mid-State areas as we discussed as a real big differences
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in strike real big differences in uh die state
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um you you will have coins with uh cracks and and and die die imperfections
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uh you'll of course you'll have the natural uh tarnish that comes with their
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exposure to sulfide and all this so you'll get colorful coins or coins with like variegated dapple toning
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um and and then sometimes I like it sometimes sometimes you get these these these blast like coins like the ones I
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have here that you sent me uh from your um from your business uh but you know
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they they are really all over the place and they're really as a collector because you have those
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choices you can make that choice early on if you want a brilliant blast light 50 coin set you can do that if you want
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to set with uh natural let's just call it natural toning or uh you can go for
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that of course if it's really attractive you're gonna pay more but but sure you you have you have all sorts of
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different decisions that you make on a coin by coin basis uh uh and more importantly too think about think about
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this is that if you're going to a coin show and you're expecting to find
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dollars there you're going to be rewarded but if you go into a coin show and to
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use your example of finding a five dollar Liberty or something like that maybe from 1867 chances are you're not
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going to even see one in the 1860s so I think that's what you know the popularity kind of evolves into is that
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you're never going to be disappointed and it's always a challenge that's right and so like I said we
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mentioned we we have uh we put together our 50 set we're going to call it the uh the Augustine Morgan 50 coin Morgan
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Dollar set we'll have a checklist and a printout for you uh complete with cementages a space for you to write your
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own notes which we invite you to actually print that print it out as you're watching our video and if if
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anything we say Rises to the level where you think you want to you want to keep keep track of that maybe put that down
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but but go out there uh build your 50 coin set and I think after after buying
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50 coins I think you will know this series uh well enough to maybe Adventure
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out into uh different areas of it whether that's uh searching for vams or
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uh looking for some PLS or dimples or uh you know maybe getting some of the
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tougher dates I think but once you get 50 coins under your belt then you can decide is it time to take my Pursuit up
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to these 300 to a thousand dollar coins um so we're gonna we're gonna Focus here
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I think on the coins in the 63 level but um for every coin that we're going to
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talk about today uh 63 and 64 are going to be your typical grades there's a
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little premium for 64 but you don't you don't usually start to double or more of the price until you get to five and
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above so three's like let's just say three is a good wholesome grade that's
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Choice uncirculated um we prefer that you use uh ECGs or NGC
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at the moment there will be a CAC grading Service uh within weeks of this
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video being posted um I I anticipate that that's gonna take some time for you to really see how that
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develops although there are PCGS and NGC coins with CAC stickers on them in abundance and and you might want to look
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at those if you want to have two opinions on your coin grade uh the one you know when you're buying your coin
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all right so Russ let's let's start it off let's we're going to talk today about the Philadelphia set which is 22
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coins um the way I did the math I look at this as a
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2750 to about a thirty two hundred and fifty dollar uh investment in ms63 coins
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so you're looking at about 120 coins but there are many of these coins are going to be under 100 and the reason we got
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that that price up is uh you know Russ felt it was important that we that we
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include a couple um of the very very interesting early pieces and uh Russ thinks that uh
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there's a couple value coins uh specifically 1891 the O2 and the O3 that
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that you should probably you should probably get while the while while they're affordable uh then uh video
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number two will publish on Wednesday we're going to go over the New Orleans Mint the New Orleans mitt is its own
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thing um a lot of flat strikes a lot of uh it's sort of The Rustic mint here as far
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as Morgan dollars are concerned and I've heard Raiders even tell me that they've picked sawdust off of some of these
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coins because of just how uh on on sanitary the conditions might have been
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in the in the in the Press Room um or or how the coins were stored over the years
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um and then we shouldn't get into that yeah and then on Friday the stories I could tell you about chocolate on coins
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and then on Friday we're gonna we're gonna finish it up we're got the nine coin San Francisco set which includes
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like the best struck coins in the series uh we'll also talk about the 1921 Denver
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coin uh the only Denver Mint uh strike in the morning dollar series and then
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we're going to talk about the three car City coins that everybody uh can afford
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so that's going to be the three the three videos or this Monday this one today a Monday uh New Orleans on
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Wednesday and then San Francisco Carson City and Denver on Friday and then at
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the end of the week you'll you'll know everything there is know about this 50 coin set in 1878 the Morgan Dollar enters
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production overriding a presidential veto Congress forces the mint to start
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striking millions of silver dollars thinking that the silver dollars would freely circulate across the country
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the first design that was put into production by George T Morgan had eight tail feathers on the reverse but also a
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lot of people don't realize this the relief on that coin was a little bit High higher than what the rest of the
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year's production would be and uh for whatever reason it's it's been said that the bird wasn't
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anatomically correct but it's a stylized bird it doesn't look like any bird I've
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ever seen to begin with but the order was put into cease production and to change the the number of tail feathers
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from eight to seven that's the story but in reality what ends up happening is the
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relief gets slightly lowered the coin goes back into production and we see the seven tail feather version become the
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primary design now the men already had dyes created
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with the eight tail feathers that it was no longer allowed to use and so they hand engraved
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seven tail feathers over the eight tail feathers and if you have a strong glass
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and you have one of these varieties you can see the undertype of the eight tail
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feathers ever so slightly or at least remnants of it where the seven tail
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feathers has been engraved over it but this is an interesting variety uh
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because the a tail feathers is is definitely more expensive than what we want in our range of 50 coins you get
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you get a taste of it but you also get that higher slightly higher relief
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Morgan Dollar without paying the eight tail feather money and and you're telling me that there's actually two
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types of seven over eight tail feathers that you should look for yes sir so a week in a strong and that
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will be designated on the holder um obviously the week's going to be less expensive than the strong um the strong
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is more desirable but uh I think what on average you're going to find that these coins have uh
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sort of a below an average mint luster to them um you're gonna have moderate bag marks
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and uh the abrasions are going to be typical yeah and and on this coin I mean you're
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you're probably you're probably looking at a retail price between I'd say probably about 250 to 300
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dollars um yeah I was just looking at that and I'm
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checking the auction records for pretty much the past six months maybe uh past
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nine months um the average is 192 dollars with the
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high price of uh one uh 226 and the low of one six eight
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um so it seems like it's holding steady right at around the 200 level that would
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be an auction um a a very Choice specimen will bring up a
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300 dollars right right and then there is it is important to realize there's a difference between uh auction prices and
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retail prices too I mean when you have a retail price you know uh perhaps a dealer bought a coin at an auction is
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carrying in an inventory you know you you may you you will and all in all likelihood pay slightly more at retail
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but the difference being is you have the opportunity to look at multiple examples sometimes
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um there could be a reason why the dealer thought the coin was a good value and purchased it at the auction
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um a lot goes into it there's a there's some dragging material that ends up being sold at auction that gets passed
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over by professionals and and that may give a false indication of where the market is for for coins but it it just
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shows where the market was at that time for that coin as opposed to uh you know where where well true and all
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coins are you know you have your scuzzy your average and you're above average right and so 168 has the lowest low is
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probably a very ugly kind of attic collection coin your average being 200
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is what you can probably expect to find at the coin show however you know when
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you're paying that 300 price tag you got to be like wow I've seen seven of these and this is by far the nicest I've seen
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and therefore you step up a little bit so I think that kind of dovetails what you just said
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where it's more of a retail thing uh but it's also the price you pay when
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you patient you finally find the right coin okay um so so that's that's the first coin
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there and that's the seven over eight tail feathers which again uh anytime you can get a coin and you can enjoy it
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Beyond just looking at it where you can enjoy it under the glass um I I think that that always adds for
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me like a a certain perspective another great thing about Morgan dollars uh as a
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as a as a type uh is uh these coins do typically exhibit die cracks Clash marks
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all all the sort of man-made error that gets added to the equation when they're
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striking these coins at the rate of speed that they are required to with the technology they had so I think every
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single coin you buy should have some little aspect or facet of it that's really neat to look at under
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magnification right right so so the second coin from 1878 in Philadelphia is the seven tail
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feather so this is the revised type uh and uh believe it or not this one
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actually Trends a little higher than the seven over eight first for reasons I don't quite understand because most of
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the coins struck in Philadelphia that year were the seven tail feathers well remember this is the reverse of 78
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1878 rather than the reverse of 1879 which is a much more scarce issue but
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the mintage of the seven over eight is estimated to be 950 000 whereas for the
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seven tail Affairs 9.7 million so I think that might accommodate for the price discrepancy
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and are we are we looking for the same quality with this revised Hub on this one
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uh below average luster abrasions and mint marks if you expect
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to find it finding a clean cheek with minimal contact uh in the fields
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it's kind of tough especially at this grade level yeah and I think I think this probably
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owes a lot to the climate and the storage uh issues relating to the Philadelphia uh coins you know because
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you know they had the they had the you know winter after winter and these Subterranean vaults yeah you know you
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had uh the fact that they moved these bags around over and over again so by
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the time the uh the the GSA uh stockpile of dollar uh coins is completely
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exhausted in the 60s the these things must have like survived many many many cold spells and many times being moved
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around uh you know these giant heavy sacks so
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um you know don't expect we've also you know our fair share of uh I bet you have probably as many as I
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have but in the bottom of banks especially those owned by individuals or groups of individuals
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they tend to make that their own private safe deposit box and uh
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I remember one of my first times in this business back in the mid 80s I was asked
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by the uh none other than the FBI to go to Rhode Island and grade a room full of 30 000 silver
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dollars what was the what was the room like I mean was it was it like standard
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basement it was a basement of a bank and there were there were Morgan dollars in sex
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all the way around four corners and I had to take out each one and grade it
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I'll never forget it I was paid well but after a thousand
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coins every day you have to sit in your car for about an hour before you can start driving right I guess your your
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hands probably smelled like rotten sacks and metal oh yeah you got it uh well I
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don't know we all have our stories like that uh all right so let's move on now we're going to start getting into the uh a run
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of affordable dates uh we're gonna look at the 1879
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um so with the die changes behind it uh the engraving Department was able to uh
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get some consistency here the Philadelphia mint pumped out 14 million
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800 000 of these coins uh and a majority of them are gonna again they're going to fall in that
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three to four range and I'm looking at the uh the prices on this it's
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um your average is going to be about 120 with a high of 150 and a low of 90. uh
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it's uh for the most part 150 is going to be
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like a nicely toned coin or the baby butt smooth cheek kind of thing all
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right so that would be a Target retail price for a coin that you really like
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but I think the average price you're going to pay is 120.
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right and and again like you know this this date was one of the dates that was like found in abundance during the uh
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you know when the treasury vaults were cleared out a lot of these coins came into the market in the 50s and the 1960s
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which is uh why they're affordable the fourth coin here in the Philadelphia set is going to be the 1880 uh the 1880s a
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little scarcer than the 1879 um and uh
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12 million were struck it's two million 2.8 million fewer than the year before
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uh still a lot of these were it were in the the bank vaults they were selling for face value through the 60s but by
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the 80s they were they were selling for quite a bit more as demand uh for morning dollars really picked up uh
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today they're they're selling you know you're looking in the in the low hundreds uh for Mid-State 63 uh example
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uh they don't really start to get scarce until you get into the 65s and sixes
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right um it's kind of like falls into the same category as the 1879
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um majority will have averaged to false strikes um it's a very easily collected coin in
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63 grade the average price is about 115 dollars
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and uh 155 being the top and 90 being the low so
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uh it's got I think it's got room for growth especially with the current demand in all things pre-1921.
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um there's a terrific uh emphasis right now throughout the market on collecting
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these coins especially in circulated condition which will have an effect on
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the uncirculated coins eventually let's talk about this issue of strike uh
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and I'll put some illustrations up of strong versus weak uh strikes when we're
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talking about strong or weak or flat strikes uh with Morgan dollars what what
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are the where are the areas that you look to determine whether the strike is strong or weak
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uh well the one-two punch answer to that question would be you know the high
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points and I'm just going to go right to the ear and the Eagle's breast here on the
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obverse Eagles pressed on the reverse so if the Eagles press doesn't have the
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that sort of that faint ruffling of the feathers being articulated in the strike
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that's weak and on the hair sort of like that top bit of hair before the year in
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that ear if that's not fully articulated it's it's not fully struck up either
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and and on some issues it just doesn't come that way you'd have no tea especially on some of the New Orleans
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issues they're completely flat uh periodically I have a uh I'll have a
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buyer come up and look at and examine the coins that happen to be in my showcase
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and he'll say no I want a little bit of a stronger ear than that and what I hope he's not doing is
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comparing a San Francisco mint strike to a new orleansman strike since
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they're so dramatically different but after a little conversation apparently this this collector or buyer has
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actually spent the time to understand what he's looking for and is really looking for the uh not the unicorn but
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one of the top pieces for the grade from maybe a first strike kind of coin
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yeah I mean if you're gonna call if you're going to compare a an 1881 or 82s
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to a New Orleans coin you you'd probably think that there was no such thing as an uncirculated New Orleans coin based on a
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good point yeah I mean the sample as we'll discuss in the third episode the San Francisco mint coins are just pop
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with flush I mean the word headlight comes to mind you know they just pop it's amazing now
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New Orleans they look drunk they're just drab and uh Philadelphia
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can kind of tend to follow that same suit there's there's not a whole lot of life to them when you compare them to
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the San Francisco mint coins no no absolutely and and it's amazing
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you think with the the engraving Department being in Philadelphia that the uh that they would go down in the
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production floor and look at the coins and feel like at least a little bit of like Pride that their you know their
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coins should look as good as the San Francisco issues but you know I guess at
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the time you know the San Francisco mint was a state-of-the-art facility and and
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it was primarily there to strike gold coins so they were really only striking these silver coins because the law
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required it and right didn't have enough storage space in Philadelphia or Time Around the Clock to strike them all
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all right so let's move on so we've gotten we've got 1881 uh and uh one
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thing I will also say about this when when you're striking 11 12 13 14 million coins uh they are not in any hurry to
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swap out these dies no uh and and uh so you know they
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they're not laser engraving dies in the 19th century so they're they're running these dies into the ground so to get
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strong strikes early die State strikes with like full uh articulation of the
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stars and the mottos everything is crisp and clear uh these These are coins that should command a premium and and if it
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is your desire to collect the early die State coins you know you are going to
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pay more for them and be more discriminating uh in your in your Pursuit especially with the 1881 I mean
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um it's the coin is below average for any Philadelphia men and uh you're going
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to find the obverse is flat all the time so if you're a perfectionist
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be prepared for disappointment but if you find that coin with a stronger strike dated 1881 without a mint mark on
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the reverse it might be worthy of consideration and I would also put this down like in
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your notes when you're going to a show to kind of have in your mind what the strike characteristics are uh because
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especially with some of these lower end coins I mean I don't want to speak for every dealer but you know they may not
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be paying the same amount of care or attention to something in the you know 100 to 200 range as they might for
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something that they have 10 15 20 000 or more dollars invested in as far as like
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how close they're looking at the coin and and what they're trying to get out of it so you you you can run in a
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situation where someone may have eight or ten of these coins and one or two of them really are a lot better and uh you
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know you could have the opportunity to really pick something uh if you're patient and if you see the quantity of
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coins necessary to be able to tell what you're looking at that's an interesting
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observation and I think that from from what I know of dealer mentality
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that unless they are a part of that maybe 10 percent that are
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uh strong aficionados of the series the other ninety percent don't know
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anything about the strike of an 1881 Morgan dollar for example and therefore a year at the you have the luxury of
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picking that coin off so to speak that normally you wouldn't uh be able to do
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so if you were dealing with a Morgan Dollar specialist right if you go up to
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a table and the guy has nothing but dimples you're probably out of luck but if if there are a couple of people like
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that yeah yeah but if but if it's a dealer that's really Diversified and it just looks at it as a as a sort of a
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type coin then then you know you might have a chance to get something really cool that slipped through the cracks I
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agree so uh let's move on 1882 is the next one on our list in fact actually the great
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thing about this Philadelphia Set uh Russ is you really uh allowing people to
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get that Whole Decade I mean we start well actually if you think about it we started 1878. we're gonna run all the
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way to 1891 before we take a break so you're getting a just a real nice run of
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dates here right yeah you you can't beat that so here we go 1882.
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um again there's there's a little bit fewer coins struck still 11 million still
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practically no demand um and uh you know the the mint leadership is starting to agitate about
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what they're going to do with all these coins they have to store um again like the 1881 you're gonna see a
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lot of worn out dies um and the surviving coins due to the way
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the coins are distributed in the 50s and 60s you're seeing 63s 64s and you get you
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can get quite a few uh brilliant looking coins with just a slight bit of toning
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around the rate of the rims that have not been dipped but you also see quite a
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number of them that have turned a little bit creamy or are a little bit of brown
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or gold toning on them as well that are original if the coins completely blast white and you're concerned about whether
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they were dipped um it's only really an issue if you see like sort of residue or spots left over
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from it not being properly rinsed you will see coins and holders sometimes that have have like little little dots
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here or there that look like it's just left over leftover Jewel luster or whatever they put them in acetone well
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if those also if those dots are symmetrical that could be uh marks from canvas being in a canvas bag
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yeah it can't be that too but usually those are have a different color you know than just uh that kind of sort of
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wispy creamy look that I sometimes see on dipped coins right well that that the
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1882 is you know often the really heavily bag marked I mean it's hard to
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find a Coin that that's attractive um and there are 15 different dye
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varieties so as you said earlier I mean they just use the the die until it just
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virtually broke apart and it is cool you know when you start
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seeing these dies they'll have these like radial die Cracks around the uh the letters around the Stars you may see
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some eye cracks in the hair uh around the high points of the relief you'll see things around the wings or in the
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lettering in the United States uh I I personally find coins either either
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you're protect you're collecting perfect die State because like you just are into
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the Aesthetics of the design right or or you like a little bit of like
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personality on a coin to see you know you see the the the sort of the dye
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falling apart yeah okay uh the financials on the 82 is uh average of
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102 with 134 uh the high and uh 81 below
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and if I don't say the time period involved let's just assume it's the past 12 months and and
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so uh on the 1883 issue um this is interesting because I you
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know I was looking through the uh the the mint director's report before we came on and I I was you know I was kind
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of trying to see like how was the men dealing with this uh this issue because you look at the mintages at the
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different branch mitts um and again we're going to talk about New Orleans in more detail but essentially new New Orleans after the
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Civil War kind of only came back into production because of this coin uh they
32:38
they they made interesting observation yeah because they what was what it was is like the Congress had this like
32:45
unrealistic expectation of like how many they would produce there wasn't this huge demand right Russ
32:52
and so uh they had to figure out well who can strike the coins and then what
32:58
are we going to do because people aren't taking them out of our vaults so you see early on you see in San Francisco and
33:04
we'll talk about more detail they start striking a lot of Morgan dollars early and then they stop they they taper it
33:09
down because it just they just run out of room um Philadelphia like is doing 10 12 14
33:17
eventually they'll get to over 20 million of these coins a year but when you look at like what the other mints are doing their mintages are going down
33:24
and it's one incorrect way of looking at it was like well I guess there wasn't a lot of demand here or there and there
33:30
was more demand in Philadelphia well the reality is no they had a total Target number they had to hit come hell or high
33:37
water and like the mint was trying to figure out how they were going to juggle this because they didn't have any room
33:42
to put them if you can't just have like bags of silver dollars sitting in the the backyard or something you know you
33:48
had some place to put these things and the institutional Banks weren't like clamoring for them so amazing in 1883
33:56
Russ the mint director Horatio burchard he's now just completely fed up with
34:04
like having to produce these coins and you know how like these government bureaucrats aren't really like taking Congress to task usually because they
34:10
want to keep their jobs but he decides he's going to put in the mint really yeah he wants to put in the
34:16
middle before the Deep State he wants to put in the mint report to tell Congress like what he thinks of this idea right
34:24
he tells them that they need to end the program that none of the banks want the
34:30
coins and they're going to have to come up with some way to hoard him they said that they had already accumulated this
34:36
is like only five years into it they had accumulated 100 million
34:42
silver dollars in their vaults that nobody wanted we're only five years into a program
34:48
that would keep going on until 1921. oh my God they wonder they were burying
34:55
them right right it's like like the 100 million yeah 100 million
35:02
which which if you look at it like the Susan B Anthony dollar that's like January to like May 1979.
35:13
also the population is far faster in that 79 and 81. yeah so so anyway yeah
35:20
that's but anyway I would have thought that they were spending them more no I guess they were still on dimes and quarters right right so so what's the
35:27
market bear out for the 83. all right the 83 [Music] um
35:33
we uh my my number's got a little skewed because we have a thousand dollar price
35:38
realized for a van variety apparently there were only six varieties for this
35:44
year and uh I'm gonna get off on a tangent here but this vam10
35:50
this is for the guys who are really into this stuff the sextupled star variety
35:55
bam 10 realized a thousand dollars so as you're looking for an 1883
36:01
make sure you uh you look for those look at those Stars anyway
36:06
the average price would probably be uh let's see we figured it out to be about
36:13
a hundred and five with a low of 74. and then the high of 1026 which skews
36:20
the whole thing but um that's that's a whole other ball of wax this van variety collecting
36:27
and it can be very profitable if you are diligent enough and patient enough to
36:33
find something like a sectuple star 1883 Vamp tent
36:38
all right so now we're out to 1884 this is going to be the eighth coin of our 22 coins for the Philadelphia set
36:44
uh we're this is one of the more affordable coins you're going to see in this set there's uh only I would say the
36:51
8687 or maybe in this uh this threshold maybe in the 1921. uh in 84 there are 14
36:58
million coins produced by the Philadelphia mint uh and this was actually the year that Congress was
37:04
considering opening up a branch mint in St Louis Missouri uh it didn't happen but uh I guess you
37:12
could say if it did they probably would have planned to build a very large Subterranean Vault to store all the
37:19
Morgan dollars it's right below the base of the arch
37:26
in fact The Archers made it out of silver [Laughter] no just kidding yeah I don't think the
37:33
Arts was there yet Arrow serenade they were building it out of the 100 million silver dollars in
37:39
Philadelphia piece by piece Brick by Brick that's right so so what do you
37:45
what do you got on the 84 what's the action on that uh well first of all this is like one of
37:50
the first issues from the Philadelphia mint that has a really nice strike a very full strike quality
37:57
um it's got a like a heavy it's sometimes
38:02
heavy bag marks but uh average luster but you're not gonna you're not gonna be
38:08
as disappointed with this issue as you are with the preceding ones and as far as the financials are concerned
38:15
uh we have seven dive varieties which may account for the high of
38:21
216 dollars but your average price is 125 with a low
38:27
of 75. and that would be over the past 12 months
38:33
and would you say that the uh the Morgan Dollar Market's been chugging along like the rest of the rare coin industry or is
38:38
it is it in a different sort of follow a different trajectory than rare coins
38:44
but um being a senior numeralist here at rarecoa we're in the office that I'm at now in uh Illinois
38:51
um we are one of the at the Forefront of buying Morgan dollars we have probably
38:57
36 000 in inventory right now of certified Morgan dollars ones with
39:03
barcodes we are selling bags of silver dollars to the tune of maybe 17 a week
39:09
which is 17 000 coins going out we're trying to find them and there's a real shortage of this
39:15
so have Morgan dollars been good over the past couple of years you bet they have I mean I think that they've gone up
39:22
40 percent when's the last time you guys got when's the last time you guys got offered like
39:27
on open bags I can't say
39:33
because I'm working with one right now [Laughter]
39:38
if I said that it would set off alarms everywhere and somebody might like go hey what what wait a minute that's now
39:45
available I'm not going to say anything well we should you should get some
39:51
b-roll of it being opened for us I I plan on doing that if I can get to
39:56
that point where I have full control of it we'll add it in one of these
40:03
all right uh I mean how on a side though I mean how frequent do you think those
40:09
are available do you think most of the uh stockpiles or those are known quantities at this point or
40:15
uh I think uh first of all I think original bags um have all but been uh discovered uh
40:25
rarecoa was built on the Continental horde of and that was just all silver dollars back in the uh
40:32
back in the 60s I believe and um it would be very surprising if you found
40:41
individuals with original bags that are still sealed especially pre-1921 Morgan dollars maybe
40:49
maybe some peace dollars might exist because you know later years
40:55
um I think that they're kind of done I just
41:01
don't think that they're out there anymore I mean if you find one I think the most important thing is if one's sealed do not break the seal right
41:09
you know because the minute you break the seal then the next person who comes along that wants to say oh well wait a
41:14
minute this is open how do I know they're all the same date how do I know this is not a made-up bag
41:20
a bag with an original seal on it is worth a ton more than a bag with a
41:26
broken seal so if you figure what do you figure like a just a a bag is worth for
41:32
a undetermined date I mean are you looking at like 85 100 000 for a bag or
41:39
I'd say more than that or not a sealed bag yeah yeah
41:45
I would say that I mean think about um original wrapped role of Saint
41:50
Gardens double eagles or 1909 VDB pennies you know the original role the the premium that
41:58
someone would pay for that originality is extraordinary
42:03
it's kind of like a Cracker Jack box to a much lesser extent you know there's always going to be a prize inside but
42:09
you never know what it is but to maintain the Integrity of the Roll the
42:15
bag whatever it might be the proof set the mint you know the Mint set it's critical
42:20
you know now that you're bringing it up I am surprised that we haven't seen the grading services develop a product where they can take
42:26
like a like an original shotgun roll or bankroll or whatever of of any sort of
42:32
date and and then you know if it came from an official bank or whatever and just
42:38
encapsulated as it is without opening it up I'm surprised we haven't really seen something like that
42:44
you know as on the market you know I think I think we've been so obsessed with like cracking those open and
42:49
getting the high grades out of them that we kind of maybe lose sight of the inherent coolness of a uh you know like
42:56
a 1919 roll or something like that well you know it's funny um someone who approached me with a 1950
43:03
Denver Mint roll of nickels and 1950 D used to be in and still is kind of a key
43:11
date and I said just take the whole roll and submit it to PCGS but call them first and let them know that it's coming I
43:19
haven't heard what happened but to just to go ahead and do that would be a great idea you know if you could you're going
43:24
to get them all consecutively numbered and hopefully on the on the holder they'll say from an original role the
43:30
next one on our list is 1885 and here this is an issue with 17 million struck
43:36
at the mint and Philadelphia is ramping up production and it will be ramping up production for the rest of the decade to
43:43
offset the diminished storage facilities elsewhere so with this increased message means
43:49
that there's a uh of course a higher number of coins that were available uh for us to collect uh as they were they
43:57
were kept in government stockpiles and released gradually over the decades these are in abundance in the 50s and
44:04
60s and they still are you know fairly typical type coin and they come with
44:09
excellent luster for a Philadelphia mint uh moderate bag marks abrasions and
44:17
during this later run from the 1880s 86 87 you're going to see the same
44:22
characteristic that they're they're uh there's a probably a a better quality
44:27
I dare say more attention to the to the details of the minting process I
44:34
mean who knows but it could be um the 85 has 10 different uh dive
44:42
varieties and uh the average price is 117 dollars with a
44:49
low of 60. and for a CAC coin you can pay as much as three hundred dollars
44:56
well what would you say is there is there what coins that at these grade levels are typically selling for
45:02
discounts are are we looking at coins which is sort of like you know discolored uh unattractive toning
45:09
bringing the lower numbers or are these just coins with like uh you know weak strikes and kind of subdued luster
45:18
um it's accurate but not so much weak strikes in subdued luster I think that
45:23
contact marks uh especially like on the face and uh read it Edge gouges or things like that
45:31
will bring substantial discounts you're going to get sub 100 for those coins you
45:37
just want to move them out they're probably the coins that are going to go back into uh a thousand uh face dollar
45:43
bag of coins or maybe even rolls although I haven't been seeing a lot of rolls of 20 coins lately
45:50
well let's real quick Russ uh refresh people's uh maybe understanding uh of course if you want our full
45:56
comprehensive grading uh run down the Morgan Dollar series I'll put the link
46:01
to the video that we did in the in the comments but let's talk about what are you looking for in a wholesome ms63 coin
46:10
what I look for in an ms63 coin would be uh just as minimal amount of contact marks as
46:16
possible depending upon the mint uh a luster or a cartwheel luster
46:23
um we've been discussing strike strike is going to be very important if my eye is
46:28
attracted to anything any one thing in particular like a spa or something like
46:34
that believe it or not the next person who sees that coin when you want to go sell it is going to be attracted to the same
46:40
thing so you tend to avoid that um but since you're only spending
46:46
on average between 100 and 150 dollars for these common coins uh
46:53
you know you can be choosy but you can also upgrade as you go along if you find
46:58
if you bought an 1885 and another one comes along better you can
47:04
always sell that first 1885 and keep the second one
47:09
yeah for me um I think it's important to look at these under proper light and
47:15
incandescent light bulb if you if you can get a hold of one anymore
47:21
um I I try to avoid coins where the uh hits on the coin really reflect light
47:29
really strongly because like it seems like the deeper the hit the stronger
47:34
that um reflection is uh when you're rotating the coin
47:39
um I also look at like you know um you know the the the portrait uh is
47:46
the centerpiece to me the of the entire coin it's the piece that holds it all together and I'm I'm more comfortable
47:53
with like scattered I would call it like a star field a very minor like surface
48:00
abrasions in the near the stars or something like that than like a deep hit
48:05
or anything on the cheek or the chin or the eye or anything I I think if you
48:11
look at the if you they look like wounds to me when I'm looking at a coin you know if Liberty's really scuffed up it
48:18
looks like you know like like imagine a person being like have Cuts or or wounds
48:23
on them oh it's a good way of looking at it yeah if if the hits are in the hair
48:28
or on the cap or any kind of protect it or like hidden areas I'm really less
48:34
concerned about that at 63. now of course if you're paying 67 plus 68
48:39
whatever money your standard of what you expect has to be much more stringent
48:45
than this um I would say like there's an area usually above like you know uh the the
48:53
eagle where In God We Trust is written um that is it's a very unprotected area
48:59
and a lot of times in these lower grade Mooring dollars you'll see contact marks there and um if if I can avoid that area
49:07
being too scruffy because like you want to be able to read the In God We Trust
49:12
without looking like it's been really damaged so on that like if as long as
49:18
the scratches are like in the lower parts of the field or again hidden but but a lot of what I'm kind of putting
49:23
out there if those things weren't there the coin may be grading 64.65 to begin
49:30
with so so the question really is the the level or the degree of the contact marks
49:38
um that you're seeing you're I know what you mean by the area around in God we
49:43
trust and um I also think that if you can find the
49:48
hits in the devices like the the hair or the feathers or the breastfeeders you're
49:55
much better off um one thing that came to me while you were saying that is that the NGC green label
50:03
program you spend a little bit more for those dollars but those coins are vetted for
50:09
just that those very reasons okay the coin makes it into an NGC green label
50:15
holder because it has qualities like that so that actually can limit your
50:21
hunting time spent by just going and looking for those types of coins because
50:27
you I think you're going to find a greater degree of success with them you're going to pay a little bit more but it's kind of an insurance policy
50:33
you're paying for well right and the thing is is if the if the coins conspicuously
50:41
you know uh scruffy it's going to be obvious to everybody who looks at it and then you know like
50:48
you had a choice when you bought the coin uh they're gonna have the same amount of choice and they're deciding if
50:53
they want to buy the coin from you or if they want to take their time to buy a you know somewhere else
50:59
um so so even even at even at 63 it's it's worth being it's worth being conscientious about what you're buying
51:07
um because even if it's uh 75 or 100 instead of 500 you know it's still your
51:13
money it's still real money and you should you should have a sense of pride in what you put together you know 50
51:20
coins is a Pursuit you're not going to get it done in a weekend uh yeah and and you want to feel like as you're building
51:26
something that like you've not only achieved something which you will have but that you've done so where you can
51:34
look at onecoin to the next to the next and say that's why I bought this one that's why I bought that one because that's actually how you train your
51:40
grading eye and it's not how you train your um uh sort of your numismatic Acumen so when you go into other coins
51:47
or you start spending a more going to that next threshold old maybe going to a
51:52
more expensive series that you've already developed those tools that you're going to need to succeed elsewhere
51:58
we're going to higher grades because you know while you're looking at 63s you'll probably have an opportunity an equal
52:05
opportunity to look at 64s and fives and to compare and contrast and make note
52:11
mental note of the differences you're getting a grading education right there on that yeah and not only that and uh
52:17
just let me add one more thing if you go to a show where they actually have lot viewing for auctions
52:24
you have to register but then you get to go sit in front of a group of coins that is Broad and varied and you can compare
52:33
and contrast all the different coins let's say silver dollars all the different mints all the different grades
52:38
all the different Grading Services color no no color it's an educational process in itself that's how I educated myself
52:45
is just by spending hours and hours and hours at Stacks in New York back in the 80s
52:51
[Music] yeah and and and I think it's also worth saying there are there are
52:57
there are quality ms64 coins and ms63 holders and there are bad ms64 coins and
53:07
ms-65 holders so you you really have to uh uh you know
53:13
know what you're looking for train your eye and and again even if you're buying a 63 you can still get nice coins as
53:21
long as you understand what the limits are what that band is going to present to you in the marketplace
53:26
right I'm gonna take a break for a second no problem one give me two minutes
53:40
all right Russ so now let's move on to 1886 D date if you've only ever seen one
53:46
or two Morgan dollars in your entire life at a pawn shop or at a flea market odds are it's going to either be a 86 or
53:53
a 1921 P what can we say about the 86
53:58
uh well okay 86 again like the 1885 it has
54:05
uh excellent mint luster and I think because a lot of it was uh
54:11
stored and shipped it in bags out of that mintage of 19 million um you're going to find that most of
54:18
them have moderate bag marks and light abrasions rather than the heavy bag marks of the earlier coins
54:25
um they're approximately 15 dive varieties and um
54:31
the average price is going to be about well I'll have to take out thirty seven
54:38
hundred and twenty dollars for a van 20 which is a double date but the average
54:44
price is going to be about um a hundred and five dollars again with a low of 61.
54:51
um there we run up again there's a vam 20 1886 double date
54:58
ms63 PCGS sold for 3 700 dollars
55:04
how do you like that well that's pretty good if uh if you knew what you're looking for and you got
55:09
one of those for 70 bucks for sure um or if you have one in the Attic
55:14
somewhere take a look at it closely right so yeah this was like I said this was another one of those key uh uh
55:20
dispersal dates in fact actually you know when people used to go to the cash office at the treasury in the 50s and
55:26
60s I I read about this I was uh I was not yet born when this was happening but
55:32
uh but when people were going to the cash offices I heard that that dealers were trying to figure out ways not to
55:38
get the 1886s because they were so plentiful they were they were selling at
55:43
face value to begin with and they didn't want it I heard a story where John J Ford had a technique where he could tell
55:50
which bags he wanted to avoid he would take he would take a lit cigarette that he had and he would burn a little hole
55:57
in the bag and then he would peek in there and if it was the date sure it wasn't a cigar a cigar yeah he would he
56:04
would reject it he would reject it and then go get a different bag so already running scams
56:11
[Laughter] uh I'll tell you so uh so all right
56:17
let's move on 1887. so uh this was the peak year of uh production up to this
56:23
point for Philadelphia yes 20 million 20 million coins again uh this time another
56:30
mint director Kimball uh starts to plead with Congress to either stop making the
56:36
coins or telling them to make the coins or to appropriate funding for new Subterranean vaults uh they were
56:44
literally pulling silver out of the ground and putting it back in the ground but they were running out of space so it
56:50
had been better off left in Nevada at this point uh so another date it's it's
56:56
it's it's actually I found in my experience that I don't really think the
57:01
86 and the 87s really look like one another all that much from a finish or or strike characteristic I feel like
57:08
they're different I think I've read that 87s are inferior to the strike and
57:14
abrasion quality of 85 and 86. but I think we might be splitting here so I'm
57:20
I'm tending to side with you on that yeah so yeah the one the one that we
57:25
have here that you sent over I mean it it's it's actually pretty nice as far as the 63 uh 87 goes I mean it's got a lot
57:33
of like flash in the fields and the reason it probably graded the 63 was just because the uh you know the
57:40
abrasions in the field you know there's like little tiny scratches here and there but you know this this coin again
57:47
it's got a lot of it's got a lot of cartwheel luster when you rotate it around it looks good you know this is
57:53
definitely a coin that if I was buying in the grade I would pick I would pick a coin like this sure
58:00
well um it has 14 different dive varieties and uh one of them actually is
58:05
a very popular one that's called the alligator eye so if if we're catering to
58:11
the audience of Van collectors and to make it interesting that would be something to look for
58:16
uh uh the average price is going to be higher at about 150 per coin for the 87
58:24
with a low of um 58 which uh in looking I want to just
58:32
take a look at that because that's the lowest price we've mentioned up till now
58:37
that was um out of a David Lawrence auction and it just had a a huge Terror
58:43
in the cheek right below the eye and uh right behind the nose so I can see how
58:49
it was uh not a highly desirable lot to buy
58:54
um but your average price is going to be uh about
59:00
one two uh one yeah 149 the high was 33 36.
59:08
wow 336. I wanted to I wonder if that coinbus had some nice color to it
59:14
let me tell you um I I do have the ability well you know there are some that actually realize 200
59:21
uh to 300 but this one here had a rainbow toning right across the
59:28
middle of the obverse so you're right it was all about the
59:34
rainbow toning there right and for most of these Philadelphia strikes on these
59:39
common dates you're gonna see you know maybe about three or four percent of them may have
59:45
PL or some IPL finish to them uh and you can still see some of that in these
59:51
lower grades but for my money I I avoid uh PL or
59:58
dimple coins and grades that are below gem because they show every scratch
1:00:04
every imperfection and then they look they look worse than they are when everything reflects
1:00:10
I I think in general I would agree with you um I was just looking through some uh of
1:00:16
the better uh green holder coins that we have in stock right now that are PL and I was actually pleasantly surprised
1:00:22
that they were really not that bad looking um but I agree if you're going to
1:00:28
graduate to the pl and dmpl issues the higher the grade the this gem
1:00:35
should probably be the minimum I met a collector at the Central State show last week and he was he's all about only the
1:00:42
Philadelphia mint coins surprisingly enough it fits with this conversation and only about 65 and dmpl
1:00:50
and he shared with me there's some issues that he just hasn't been able to find so checking population data
1:00:56
uh would be a good idea if you're going to buy a coin to speculate on the lowest population data
1:01:03
for p l and D MPL would be a great bet because everybody's going to need one like this guy I'm in at the central
1:01:09
Stage Show yeah for it there's gonna be there's gonna be more demand and the chances are
1:01:15
it's going to go up faster in value and when I got started collecting I always I was under the false impression that PL
1:01:22
and dimple meant that the coin and by necessarily had to have a frost on the
1:01:28
devices I I thought it was more kind of like a like kind of proof strike at how they would have a cameo finish and you
1:01:34
can see that but that's not a prerequisite so it's more it's more consistent with uh Carson City as you
1:01:40
know and uh San Francisco Mini shoes right and they do command a tidy sum if
1:01:46
there's a that nice black and white contrast on top of what clean surfaces and a real deep mirrors
1:01:52
I had an opportunity at a Houston show um back in I think 2017 of seeing the
1:02:01
finest known registry set of deep mirrored proof-like dollars it was owned by a guy by the name of Carl I think uh
1:02:09
Hanson ended up buying it in its entirety but let me tell you something the black and white contrast of those
1:02:15
coins was phenomenal I mean you're looking at a box and you go boom
1:02:22
you know and pretty soon you're you're putting your jaw back in place because you keep on looking at these coins and
1:02:27
these dates and they all have that just gorgeous contrast to them of course they are graded 66 and 67 in most cases but
1:02:36
that was an experience to behold you know to think those things all come out of bags at some point like that it's
1:02:42
just just like almost like by you know like by by provenance that they survived
1:02:48
without being scuffed all up yeah um that said by the way it was for sale for uh
1:02:55
about two million dollars today I bet you couldn't buy it and
1:03:00
replace it for five wow it's amazing how many years ago was this
1:03:06
2017 is when I saw for 20. yeah Mr Hansen became really active in
1:03:13
2017 right yeah I think that's when he first came on the scene so I think
1:03:18
that's when he uh picked that up that was one of the you know I'm not sure but I know that that was one of the first
1:03:24
things that I heard got sold and then more and more uh information came out
1:03:29
about his buying activities which was just incredibly impressive anyway but
1:03:35
having that as a Cornerstone for one of his first purchases was uh was brilliant
1:03:41
set the bar High so let's move on we're now looking at the
1:03:47
1888 so with this uh you're looking at 19 million structs so the Philadelphia
1:03:52
mint still bearing the brunt of the Congressional requirement most of these are going to be weekly struck
1:03:58
unfortunately uh this is not one of the better dates for Philadelphia very poorly struck
1:04:07
um I think my notes say you can you know expect like very little detail
1:04:13
flatness and uh below average little Buster
1:04:19
um it's going to be expensive to try and
1:04:24
find a nice coin unless of course you're you know dealing with someone who doesn't know the uh
1:04:31
what's to look for for the issue um I have a 360 high with a 75 low
1:04:39
and an average price of 138. and that 360 dollar coin was not CAC
1:04:48
but it was um kind of a turquoise rose gold toning on
1:04:54
the obverse so that was a average only toning yeah when we talk about the weak
1:05:00
weakness of the strike I mean this is one of those things where um experience will tell you the difference between a a
1:05:07
truly uncirculated example and what maybe you might call a slider equine uh
1:05:12
the the hair specifically when you get to that hair detail above the ear on coins like this that are flatly struck
1:05:18
that they're not fully articulated and uh you know an uncirculated one will
1:05:23
still be flat and not have that that hair detail but the flatness won't be discolored uh from where it'll just
1:05:31
basically be like not fully struck up right something you'll be able to see
1:05:37
under glass or if you have a trained eye but this is like I said this is not an issue that usually comes fully detailed
1:05:45
and again Russ earlier was mentioning to you guys about the breast feather detail this is another exit this is another
1:05:51
coin where that breast detail is not fully articulated uh except on the very
1:05:57
best strikes of the year all right so closing out the 1880s is the 1889 uh and
1:06:04
there's here's an example uh 21 million coins unbelievable uh again this is the
1:06:10
probably the high water mark for the Philadelphia mint this period of Morgan Dollar production uh at the time they're
1:06:17
creating a lot of sense a lot of nickels a lot of Morgan dollars and uh so you're
1:06:23
gonna look for a 6364 grade for this date uh they are plentiful they start to
1:06:28
get scarce once you get in the gym and superb gym area you know it's interesting too is that as
1:06:35
the mintages for business strikes are going up I also just noted that the proof strikes
1:06:41
were going down you know the proof strikes were over a thousand in the early years and now it's
1:06:48
down to 811. you know so for whatever that's worth I
1:06:54
know I mean that's that's that's a that's kind of indicative of how big the coin collecting Market was at the time
1:06:59
yeah so I mean you look at a a hobby that actually was quite thriving
1:07:06
and it had probably you know one to two thousand collectors Nationwide uh going
1:07:13
after all sorts of material one of the reasons we are fortunate to have a lot of these things survive is because these
1:07:19
one or two thousand people uh but yeah but this but this was this was the uh you know like today if if the
1:07:26
Mint pulled a silver eagle out and made one or two thousand um you'd be buying them for a hundred
1:07:32
150 Grand each at a at a at an auction you know but but back then it was that
1:07:39
was the entire size of the market okay so 1889 uh we have 12 uh dive
1:07:46
varieties approximately um average luster moderate bag marks high
1:07:54
of 159 a low of 60. uh and an average of 106.
1:08:01
so the sixty dollar coin uh looked like
1:08:08
um it had just been pulled out of tar and it had a very large fingerprint in
1:08:13
front of the face almost a black coin uh so not very desirable
1:08:21
and uh 159 was a CAC coin
1:08:26
uh which was also tone but only on the peripheries
1:08:31
rainbow toning obverse and reverse uh and uh endorsed by
1:08:38
cdac so that closes out the 18 the 1880s when
1:08:46
we get to the 1890s uh especially around 1892 three the country goes into a big
1:08:53
economic depression and that creates quite a few rare issues in all coin
1:08:59
types but for the 1890s uh the Philadelphia strike and affordable grades you are able to pick up uh
1:09:08
several of the dates uh 90 91 96 97 and 98. so uh so this is uh we're gonna have
1:09:15
some representative samplings of this period in time but we will skip like I said we're gonna have to skip that 92.93
1:09:21
they get pricey not as pricey as the branch minute issues uh the the S and
1:09:27
the CC are known Rarities uh for the 1893 but but this is still a very
1:09:33
intriguing period in the in the production of the series uh in 1890 uh
1:09:40
issue uh is one of the larger messages still it's around 16 million 800 000
1:09:47
coins uh and uh because of that it's not hard to find a mint State none of these so far are
1:09:53
um but again you're looking at uh you know a challenge in gym especially in this state I think I think once you get
1:10:00
to five and six it's that they actually become quite scarce uh which will speak to the quality of the coin yeah uh and
1:10:07
if you want to know what's happening in the silver market uh in in the United States at the time uh the silver to gold
1:10:14
ratio had gone from 16 to 1 uh in 1889
1:10:20
to 20 to 1 by 1890 so the quantity of
1:10:27
silver that was able to be pulled out was like surpassing the demand to the point where the at the ratio between the
1:10:33
two metals was like being disrupted on the global market I wonder if that had anything to do with
1:10:39
the four silver Barons out in the west at that point in time the mint was making money but they were
1:10:46
the only ones making money if you know what I mean real money um okay uh 1890
1:10:54
below average p-man um heavy bag marks and moderate
1:10:59
abrasions and a low average mint luster approximately nine different dye
1:11:06
varieties uh with a market high of 115 a low of 79 and an average of 103
1:11:13
between PCGS and NGC that 79 coin
1:11:22
uh dark on the obverse white on the reverse but it definitely looks like it uh
1:11:30
was not very well cared for and do you in your opinion do you feel like there's continuity in the overall
1:11:37
strike quality from the late the 89 88 to this this 1890 are we still looking
1:11:42
at weak strikes or are they sort of a little strong uh better produced
1:11:48
in the early 90s I think that the strikes get a little weaker probably as the sort of the hubs have
1:11:55
been uh fully used up losing some of the detail
1:12:00
I think I think after 1995 and going into 1996 you get like a fuller strike
1:12:05
you know you get that those very lean years where they didn't even make a
1:12:11
Philadelphia mint uh silver dollar in business strike in
1:12:17
19 1895 and then they started up in 96 again and that's when you get back to these full
1:12:22
strike specimens so something happened right so when we move up to 1891 like
1:12:29
and when we're looking at this this set of 22 points from Philadelphia uh again the the point of this list was
1:12:36
to give you uh coins that were affordable and plentiful that you had
1:12:41
Choice uh but also to create a couple a different strata too of like let's say
1:12:46
some let's just call them our keys to this series right so the keys so far if
1:12:53
you're keeping track would have been the 78 seven over eight tail feathers and the Seven tail feathers I mean these are
1:12:58
going to be a few hundred dollars three up to 300 or so dollars uh everything after that's more or less uh around the
1:13:06
100 110 uh area with some of the weaker coins being 80 90 but the 1891 it's uh
1:13:14
it's the let's just call this the third of the little semi keys from this this set there'll be two more coins later in
1:13:21
the list that I that are also going to be a few hundred dollars but we we think they're good values uh and and we and we
1:13:29
think that you you should have something to stretch for when you're building a set of Morgan dollars so uh so the 1891
1:13:37
uh was actually struck under the authority of the Sherman Silver Purchase Act of July 14th 1890. it's actually a
1:13:46
tougher date than you'd think um they did make eight million 700 about
1:13:51
eight million 700 000 coins but this was not a coin that really came out in huge
1:13:57
quantities in the 50s and 60s so there it was available but not to the degree
1:14:02
that some of these other dates were available and not only that but uh it is notorious
1:14:08
for being like one of the least attractive payments of any of the dates
1:14:14
um you know it's gonna have a an average or moderate to heavy bag marks and uh
1:14:20
heavy abrasions and it's just gonna have poor luster so you're really seeing
1:14:26
um the tail end of uh the uh influence of quality
1:14:34
before you get this five-year stretch where the quality picks back up again
1:14:40
yeah and the interesting thing about the one that you sent me Russ is from a strike and abrasion standpoint
1:14:47
like this coin is like Jimmy but from from a luster standpoint like
1:14:55
the only the only word I really can come up with on this coin is like almost like cloudy or creamy it just it doesn't
1:15:02
really have a lot of like reflectivity when you rotate it around it's it's as
1:15:08
if almost it's as if it wasn't struck with very much
1:15:13
um luster at all
1:15:19
the problem is that uh you know in in our vaults back here I have all these
1:15:25
organized by date in the boxes and I try to go through and pick out the most ugly appealing one that I can find so that
1:15:32
might not work for our purposes here yeah but in this case what I'm saying though
1:15:39
in this case though from from just like looking by the numbers yes like it's like uh you know strike is
1:15:46
pretty good for the day a fully articulated detail on the feather uh not
1:15:51
anything significant or severe in Liberty she looks fine Frosty even a little bit but just it's muted it's so
1:15:59
muted the luster on this and and when you look at some of the earlier dates or if you you know uh grab a estimate coin
1:16:06
I mean it's night and day um and and that but but this this is like one of the better ones you're gonna
1:16:11
find in 63 for sure yeah right and it would be interesting to compare them to 64 and 65 grades
1:16:22
uh so all right so we got the we got the 91 and and what's the market going on
1:16:27
those right now uh uh 1891 in ms63
1:16:34
is going to be up in the two and three hundred dollar level it's published price of 275.
1:16:40
um not very many Die varieties approximately three uh the highest 336 the lowest 192.
1:16:49
and the average is 218. so the next the next one on our list uh
1:16:55
from 91 we're going to skip ahead we get to 1896 so the country has made it
1:17:00
through its recession depression uh and and now the the uh the economy's kind of
1:17:06
moving along again uh and uh you get to the 1896 issue where the Philadelphia
1:17:12
mint strikes uh nearly 10 million coins this year um and when the GSA was emptying its
1:17:19
vaults this was one of the easier morning dollar bags for dealers uh and
1:17:25
speculators to uh pull from the uh from the vaults uh and and because of this
1:17:31
actually this is one of the dates and there were several dates of Morgan dollars uh in the late 70s and early 80s
1:17:37
when the Hunt Brothers are running up silver that they would actually melt Morgan dollars even bu Morgan dollars
1:17:44
because the numismatic premium didn't justify uh maintaining the coins when
1:17:50
you can melt them into ingots and get you know thirty dollars an ounce for a silver uh so so this was one of the ones
1:17:56
that was actually um kind of melted a little bit uh you know during that period
1:18:02
um it's still uh available and quite plentiful in Mid-State uh below gym or
1:18:08
is where most of the coins are going to fall in the three to four range yep and the majority of them have full
1:18:15
strikes um they're gonna have light bag marks uh full luster minimal abrasions I think
1:18:22
you know oftentimes you'll see a semi-peel surface um uh there's approximately eight different
1:18:29
dye varieties for this one and a market high of 312.
1:18:34
that is not a a vam variety but it's an attractively
1:18:39
toned coin um a low of 60 and uh an average of 140
1:18:46
dollars so so Russ like what's interesting I think about the 1897
1:18:52
is if you go back to the beginning of the red book 1947 . the 1890s they basically broke down
1:18:58
the Morgan dollars and and what I would call like kind of different price tiers you know you had your prop your common
1:19:04
priced here and at the time like you're looking at coins or like you're being listed for like double face or two
1:19:10
dollars and fifty cents and uncirculated condition and then they went up like they were like different categories as
1:19:16
they climb from like three four five six dollars or whatever and um the the 1897 Morgan Dollar was
1:19:24
actually a scare State they were they were selling for five dollars uh in
1:19:30
uncirculated condition in 1947 when coins are still being available at face
1:19:35
value right you could go to your banking in a million dollar phase um where uh you know the 1921 in the red
1:19:42
book and uncirculated was selling for two dollars right this this coin was selling I'll
1:19:48
I'll tell you some other dates that were selling and this is going to blow your mind same price in the 1947 red book as the
1:19:55
1897. you have the 1878 1878 a Tail
1:20:01
Feather yeah okay you have the 1882 CC
1:20:07
you you had the 1883 CC the 850 the 1890
1:20:13
and the 1903. we're all selling for the same amount of money as the 1897.
1:20:19
and and that's because uh it was considered much scarcer in the 50s than
1:20:27
it did after the the treasury releases right a decade or so later
1:20:33
huh so it's not one of those coins that everyone says oh the price completely collapsed because the treasury Vault
1:20:39
because there were dates like that but this was definitely like our understanding of this date and how scarce it was was much different like in
1:20:46
the span of 20 years with it going by the mintages back then too you know they you know they were saying if the coin
1:20:53
has a mintage equal to this other coin then their value should be the same well they were running into situations where
1:20:59
like there were coins that might have been released like like uh you know contemporaneously when they were struck
1:21:05
and then they didn't show up ever again yeah the treasury was gradually releasing the bags throughout like time
1:21:12
so there would be releases in the teens in the 20s and the 30s and of course you know San Francisco bags are being
1:21:19
released in San Francisco and and and so on and so forth and eventually they move all the coins over
1:21:25
to the to the east coast so it's a clear up space right but but this was just a
1:21:31
date that was just scarce until the the vaults were released and everything was fully realized
1:21:36
yep it's still a coin That You Don't See very often I mean it's just it's I see
1:21:43
far more of the other coins on our list of 50 that I see in the 1897. right yeah
1:21:51
I always think about the coin and how it for me it always seems like it has like a greasy appearance
1:21:57
yeah okay I could see that I mean it that might be as a result of
1:22:03
being sort of semi-proof-like and they're therefore picking up all the imperfections as you were earlier saying
1:22:09
about not buying a deep mirrored proof-like or proof-like coins that are in grades below gem you know because it
1:22:18
just doesn't look right right so what's the market like today on a 1897 clearly it's selling for more
1:22:24
than five dollars uh we got a market high of 264.
1:22:30
a low of 80 and an average of 128.
1:22:37
um one of the notable varieties of that would be a vam 6A which is a pitted
1:22:42
reverse all right so moving on Russ now we're going to get into uh we're we're now
1:22:49
reaching uh coin number 18 in our 22 coin set um and uh we're looking at the 1898.
1:22:58
um so these uh were sort of scarce before the
1:23:03
mid-century treasury leases and now they're fairly common um most of them in my opinion that I've
1:23:09
seen have been well struck uh and and uh it's interesting there are quite a few of these in the Redfield horde uh when
1:23:17
that was that was released and um John Cayman who is the publisher of
1:23:22
the forecaster money letter newsletter uh he he he's reported to have purchased
1:23:29
15 000 of these uh because he so believed in them uh he was going to make a market
1:23:35
in those just 1898 dates oh 1898's from the Redfield horde yeah wow interesting
1:23:41
so uh what what do you what do you think about this issue it's it's certainly you're you're it's a scarcer coin I mean
1:23:47
it's five million eight hundred and eighty four thousand so this is you know the Menace is clearly you know not
1:23:53
making 10 20 million anymore well it's got twice the mintage of the 1897 but it's still I think it's one of those
1:23:59
coins that's harder to find you don't see them very often I see the 1898 oh far more frequently than I see the 1898
1:24:07
Philadelphia mint um but the coin is going to come nice it's got uh it's above average and most
1:24:14
of them have full strikes and um light bag marks maybe some full
1:24:20
luster some moderate abrasions um die varieties approximately four
1:24:27
and uh reasonably priced um 121 is the high
1:24:33
77 is the low and 96 would be the average all right 1900 now the mint uh
1:24:41
Philadelphia uh we're skipping a year 99 is not on our list but we do get 1900 uh
1:24:47
1900 uh the mint and Philadelphia's truck eight million 830 000 of these and
1:24:52
this is one of the more common dates that you're going to see in the market you'll see these at shows quite frequently
1:24:59
um but I I think that they're harder to find than the minute supplies and uh you
1:25:04
know you're much more likely to see the 1880 issues that we've talked about than the 1900
1:25:11
um so I think I think this is one of those coins where even though it had a fairly large manage probably quite a few
1:25:16
of these were melted uh because of the Pitman act they aren't rare or or even
1:25:22
scarce until you start getting into the ultra high grades um and it's also worth noting here that
1:25:28
um if you if you compare a 1900 to an 1898 you may notice that the the reverse
1:25:33
they they deploy a different hub for 1900 so it's it's a just a very slight
1:25:39
design modifications exist nothing intentionally different there it's not a
1:25:45
different type it's just a new it's a new hub and it's the beginning of the the poor
1:25:51
strikes for the new century 1900 190102 and 04 are notoriously poor strikes
1:26:00
they all have moderate to heavy bag marks now 1901 is not going to be
1:26:06
a part of this list because it's one of the semi-t dates but
1:26:12
0204 will be similar to the 1900 with a kind of a gray luster would you say
1:26:19
um moderate abrasions there are uh approximately 11 die
1:26:25
varieties for the issue and uh
1:26:30
the high price would be 204 with the uh low of 80.
1:26:35
and an average of one hundred and eighteen dollars right moving on to 1902 uh we have a
1:26:44
coin seven million 994 000 struck on this date uh this uh is an important
1:26:50
year for the Philadelphia minute it's the first full year of coinage at the third U.S mint facility which they were
1:26:57
very proud of there's a state-of-the-art facility that they had built it was uh only uh only replaced uh 1969 1970 when
1:27:06
they built the current uh uh fourth mint uh it's it was hard to find this coin
1:27:12
before the treasury released all their Holdings uh in the 60s but it became
1:27:18
more or less common after that um and and I say common in the in the
1:27:23
context of this list it's not common it's probably probably the third most expensive coin in our Philadelphia set
1:27:31
um when you're looking at this coin uh you're gonna have uh some Fortune here
1:27:37
because bag marks become a little bit less of an issue for this date and I I
1:27:43
find that a lot of them have a satiny surface uh and and for for my eye this
1:27:49
is one of the better dates you're going to get from Philadelphia in terms of just quality I appeal
1:27:55
I might say a satiny gray colored surface because yeah these coins continued to have that sort of that gray
1:28:02
appearance to them um and I would say you know maybe the
1:28:07
reverse is normally a little weaker than the obverse um
1:28:12
approximately three different uh dye varieties and as earlier noted uh these this is
1:28:21
going to be more expensive the high price being three and a quarter um for a CHC coin a low at 192 and the
1:28:29
average of 245. right but I I do think like I said for for me I think the fact that this was uh
1:28:36
you know you're getting a coin at the new mint I think that sort of makes it a first-year issue in some respects for
1:28:42
that for that that history there and um and I think it's definitely a coin
1:28:48
that you you would be happy to have in this this set so you're seeing you're
1:28:53
seeing uh 1878 is the the first year of issue and this is the first year at the
1:29:00
third mint um so 1902 across the board all the different coins that came out that year
1:29:05
are kind of neat from that regard so in in 1903
1:29:12
um this will be the last uh the last issue on our Philadelphia set using uh
1:29:17
more or less the the original Morgan Dollar hubs and variety and design uh
1:29:22
when they when they come back in 1921 they sort of had to recreate the wheel because they had thrown out the the the
1:29:29
tools uh because they didn't expect to strike the coins again uh so in 1903 you
1:29:35
see four four million 600 uh and fifty two thousand uh of these were struck uh
1:29:42
and uh obviously at this point the the Sherman Silver Purchase Act called for
1:29:48
the purchase of a set amount of silver and the the mint had essentially gotten
1:29:53
very close to fulfilling that obligation they would complete that obligation in 1904.
1:30:00
um my opinion Russ these these typically are uh a very nice um the ones I've seen
1:30:06
yeah um and uh uh and I think that uh it's not even too hard to find these in gym
1:30:12
although you know that saying that it's not that they're super abundant I mean these are not
1:30:18
75 85 coins uh they're a little bit in the mid range here one one to two
1:30:25
hundred dollars or more um but but yeah these are these are some of the nicer Philadelphia strikes I
1:30:31
think well they still have the gray luster but um it's going to be uh a better than
1:30:37
average than most of the mints and it's going to be similar to those coins that we discussed uh between 1883 and 1887.
1:30:47
uh you can have average bag marks for a choice brilliant uncirculated coin and
1:30:53
moderate abrasions um three different varieties uh the average I'm sorry high price was
1:31:00
uh 216 low of 100 and the average would be about 132.
1:31:08
so in 1921 this is going to be the uh this is going to wrap up your set you get every coin on our list so far up to
1:31:15
here you should have 22 coins and you're looking at your notes uh so the 21 was struck again after a
1:31:22
long Hiatus 1904 was the last year of let's just say the first run of Morgan
1:31:27
dollars uh they they resuscitate the program in 1921 uh fair and survey and
1:31:34
other people at the A and the collecting Community start to uh really uh advocate
1:31:40
for the creation of a new design why not if you're going to bring back the coin and have to make all these millions of
1:31:46
coins why not have a new design uh the peace dollar is what develops out of that uh as they agitate for that
1:31:54
um but but in the interim the mint produces new hubs new dyes creates new
1:32:01
Morgan dollars they create them here in Philadelphia they create them at the Denver Mint this will be the first Denver men issue we'll talk about that
1:32:07
Queen on on Friday uh and then they produce them in San Francisco and this coin was made in such a huge
1:32:15
number I mean we were talking about a lot of coins made 10 million a lot of coins made 15 18 20 million they made 44
1:32:22
million 690 000 of these uh and and these coins were sort of like
1:32:28
let's just say these these these were the coins that nobody wanted uh dealers
1:32:34
when the treasury vaults were being released they didn't want the 21s they just wanted anything but that anything
1:32:39
but that in the 86s they were they were trying to get other coins like the 19th century issues I personally feel that
1:32:48
third party grading changed the narrative on the 21 21d and
1:32:55
the 21s because although yes they're plentiful the reality is in the ultra
1:33:01
high grades or even in gem they're tougher than you'd think because they
1:33:07
were not made with any particular care for the high state of preservation and
1:33:12
they were not boarded by collectors pulling out the best ones because they they have the vision to think oh one day
1:33:20
ms68 1921 s is going to be worth of you know fifty thousand dollars they were
1:33:26
they were sort of not given the respect necessary to preserve the best ones as
1:33:32
close to their time of release as possible and when you look at the ultra high grades
1:33:37
21s are kind of tough and like superb gem especially when you go to the branch
1:33:43
the branch and so I think for me it's like one of the things about the grading
1:33:49
Revolution not only did it sort of change the way we looked at coins but it sort of created markets and coins that
1:33:55
were kind of like underserved because we had our own biases about their availability because we weren't looking
1:34:01
at we weren't looking at quality in the same way especially in the Mid-State grades it's also is like is it is it
1:34:08
mint state is it choice on Circle or is it a gem that was pretty much the end there was no like fine line between oh
1:34:15
is this a the second finest known is this the finest known it's like is that a gem or is it not you know so so so
1:34:22
this is a coin that is totally The Narrative it's totally Been Changed by uh third-party uh certification
1:34:30
yeah well there's no doubt about it the the coin has a distinctively different look to it even though the design is
1:34:36
much the same it's a flatter strike although above average strikes do exist
1:34:43
um but many of them are heavily abraded they've always been uh relegated to sacks of a thousand dollars face
1:34:51
you know so it's hard to find actually the higher grade ones but choice I think would be an average grade for it
1:34:59
[Music] um certainly one of the easiest coins to find uh
1:35:04
the high price would be 99 so it's the least expensive of our group
1:35:10
uh a low price of 44. and an average of 67 and uh let's just
1:35:18
take a look at that 44 coin um well it had a black spot on the obverse right
1:35:26
here right there so whenever you have a cavity
1:35:33
yeah it is it that kind of looks like black mold in a way too
1:35:39
um but so I appeal is everything with that and what I found with the 1921s and
1:35:45
the D's and the s's from the same year it's always interesting to look at the differences because
1:35:51
um you can find good luster coins and you can find bad luster coins First Strike
1:35:58
issues and some not so first strike issues so be patient and the right coin
1:36:04
will find you so we've gone through 22 coins for this Philadelphia set
1:36:10
um taking from 1878 to 1921 with some really kind of cool and interesting dates in there we've gone over some
1:36:16
mintages uh a few things I want to keep have you keep in mind as you're looking at this Morgan Dollar set you know
1:36:23
you're looking at coins that were made in the 19th century to 1921 1878 to 1921. you're looking at coins with
1:36:29
mintages so in Philadelphia alone just on this list low mintages and a couple million up to up to 44 million but
1:36:36
typically uh under 10 million for many of these dates you can look at the
1:36:41
amount of money you're going to spend to build this set and the fun you're going to have going to shows looking at
1:36:47
different coins selecting the ones that fit your taste and your personality and you're going to spend almost the
1:36:55
same amount of money that you would spend buying 22 different dates of
1:37:03
American silver eagles and not only that but typically those American silver
1:37:09
eagles are going to be struck at higher manages there there's going to be uh uh they're
1:37:15
going to be out there at a higher state preservation and a higher state of
1:37:21
survival rate you know you don't really see uh silver eagles being melted down right and left
1:37:26
you know these morning dollars may have an image of 8 million but there may only be 400 or 500 000 of them maybe less of
1:37:35
any of these dates so uh for the same exact amount of money you get this
1:37:41
connection to history you get a variety of like looks and styles and feels you get to learn about strike
1:37:47
characteristics and luster and toning and all these little facets that are
1:37:52
going to help you develop as a collector uh and and you're spending the same
1:37:58
amount of money as you'd be spending on putting a certified silver eagle 22 coin
1:38:04
set together and I think that that that alone should be the thing that excites you about going on this journey and
1:38:10
making this Choice as opposed to uh just keeping up with 22 years of mint output
1:38:17
of bullion coins I think let me add something uh another
1:38:23
uh perspective when you're going to a show or a dealer to buy something
1:38:29
if you're of the persuasion that you have to have CAC okay
1:38:35
uh while that's not bad um in the higher grades you're going to find that you'll have more options than
1:38:41
in the lower grades and why is that is because we do not submit coins
1:38:48
at this price level to CAC in fact I think CAC actually doesn't take them
1:38:53
anymore at this price level so don't expect to find coins that are CAC and
1:38:59
ms63 uh if you're going to advance your
1:39:04
collection beyond the 50 coins and start buying some of those coins in the 90s
1:39:09
that costs several thousands of dollars well then you're going to find the CAC
1:39:14
option but don't be surprised if you go to a show and you're asking for an
1:39:20
1898-0 an ms63 CAC that they're gonna be like whoa whoa we've never seen one of
1:39:25
those before it's uh it's kind of it's a matter of Economics that they just won't
1:39:31
exist so start by looking at the coins in the holder pcgsndc anax
1:39:38
and make your decisions from that point educate yourself the coin will find you
1:39:45
yeah and absolutely and there's there's another thing you may want to keep in mind too like again when you're going
1:39:51
through this um and it's good if you if you can lock this down early
1:39:56
find an aesthetic look that that you enjoy
1:40:02
and and try your best to match that look across the spectrum of the coins you're buying if if you want an all brilliant
1:40:10
set just set that as an early goal and have that be part of your criteria if you want an early die State set I mean
1:40:17
that's going to definitely be chat if you really want to challenge yourself that's a challenge uh but but just kind
1:40:24
of set that criteria if you like toners like go for a toner set you know uh if
1:40:30
if your idea is that irrespective of whether onecoin looks
1:40:36
like the next coin that you just want coins that you look at and it just they just make you smile and maybe uh for
1:40:43
your 1903 you have a completely silver one with no abrasions that uh with that
1:40:49
that doesn't have any toning on it but it has that sort of that that huge Russ was talking about but you really like it
1:40:55
like it's just super clean and then maybe for your 1886 you got one with some Bag toning or whatever like
1:41:02
whatever your criteria is just try to establish that early so that you're not just grabbing coins like nobody there's
1:41:10
so many of these available you don't need to just grab coins to finish your Set uh and I mean if that was the case
1:41:16
you might as well you know just put get your budget grab whatever you're gonna say I need uh call someone up and say I
1:41:22
want all these dates and uh here's a check for for four thousand to me but that's not really collecting at that
1:41:28
point that's really just buying things so if you're really going to collect it just set set your goal think about it do
1:41:36
a little bit of homework before you go out and buy the coins I mean this isn't this isn't high stakes poker I mean this
1:41:41
is a 22 Point set at about 120 dollars a coin maybe but set these goals for
1:41:48
yourself you know it's like uh it's almost like by setting limitations
1:41:53
on what you're trying to do you hone those particular skills it's like when uh when the Beatles recorded Let It Be
1:42:00
they didn't want to do overdubs they wanted to they wanted to record an album with limitations because that's like how
1:42:05
they developed as artists so and you you have a very limited downside risk to
1:42:11
this that's right I mean 125 coin can probably be liquidated
1:42:16
for 110. right you know so you have a you have a 15 handling fee for the
1:42:22
education and boy there's no better education than actually putting your money out for a coin and owning it
1:42:29
then all of a sudden realizing you found a better one and having having lost fifteen dollars in the process all
1:42:35
things being equal so I that's definitely not gambling right I said oh
1:42:41
I said I I I have friends who've lost much more than that on bad coin Buys so and I'm sure I'm sure you've had your
1:42:47
share of of uh things that you wish you could have taken a mulligan on yourself I learned from those experiences so all
1:42:55
right Russell we'll be back in a couple days uh we'll do our guess on Wednesday we'll we'll film our our next one and
1:43:00
then on Friday we'll film our last one and then we'll be good to go all right thanks everybody all right have a good
1:43:06
one Russ thank you [Music]
1:43:19
[Music]

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