Collecting Morgan Dollars
My favorite part :D. The first step I believe anyone who's interested in collecting Morgan dollars should take is read. There are many great books on Morgan dollars out there, and reading them will give you a knowledge of the series, which is crucial when you're starting a collection.
Some books I would strongly recommend are:
A Guide Book of Morgan Silver Dollars (The Official Red Book) by Q. David Bowers (3rd edition is the most recent).
Comprehensive Catalog and Encyclopedia of Morgan & Peace Dollars by Leroy Van Allen & George Mallis (4th edition is the most recent)
The Morgan and Peace Dollar Textbook by Wayne Miller (1983)
I would recommend Bowers book as the first book anyone interested in collecting Morgan dollars should buy. It's very easy to read, is full of great information, and is currently the most recent book published. The Comprehensive Catalog, also known as the VAM book is another must have book, especially if one is focusing on VAMs. (And if you're not familiar with VAMs read here: What is a VAM). Miller's book is a little out of date, so the prices aren't to be considered, but the book is still full of great information. There are many other books out there on Morgan dollars, but imo these are the top three and they should be in every Morgan collector's library.
Once you have a general knowledge of the series the next step is to plan out what type of collection you're going to assemble. Luckily with the Morgan dollar series there are many different options *This isn't a step to be overlooked, planning is such an important part of a collection, and it can save you a lot of money in the long run. All too often collectors start buying coins without planning and eventually they realize the coins they bought don't really fit the collection they want.
The Basic Set- One example of every date and mint mark Morgan dollar. There are 97 coins that make up this set. Just to give an idea of price (using PCGS values) In G4 it will cost around $10,000, in AU55 $70,000, in MS62 $315,000 and in MS65 $2,845,000.
The Basic Set (PL or DMPL)- This is an extremely challenging set, it is just like the Basic set, only all coins must be either PL or DMPL. Hard to give a price estimate, but in MS62 all PL PCGS estimates it at around $428,000.
The Basic Set + Major Varieties- This is another extremely challenging set, it requires one of every date and mint mark, plus all the major VAM varieties. In total there are 116 coins in the set, and an estimated value in AU55 of $102,000.
One Per Date Set- This is a very popular set choice, mainly because it gives the collector a lot of freedom in what coins they want to include in their set. The set is made up of 28 coins, one per date, but mint mark doesn't matter. This is a set you can make as expensive, or as inexpensive as you want.
By Mint Mark- (Either CC, D, P, O, S) These sets require one example from every year struck by that mint. The coins required depend on the mint; CC- 13, D- just one coin (1921), P- 27, O- 26, S- 28.
Varieties- If your interested in VAMs some of the most popular ways to collect are by the top lists, either Top 100, Hot 50, or Hit List 40.
When planning what type of collection you're going to start it's always important to remember to set reasonable goals. Also it is often suggested to keep the coins similar (grade wise), collections may seem poorly organized if grades are all over the place from AG3-MS67.
The last step really involves buying the coins. The old saying buy the coin and not the slab is 100% true, especially if you want to put together a nice set. First, and foremost know how to grade! And the best way to know how to grade is practice, looking at tons of pics is great pratice. If your focusing on MS Morgans know the difference between a 64 and a 65, and what to look for within each grade. When buying a Morgan dollar, as with all coins, you should focus on 3 main things; surface preservation (Hits, marks, scraps), luster (mainly in MS), and strike quality. Be patient, and wait for the right coin, don't just buy the first coin you see. Also when buying specific coins, know the typical characteristics for that date/mint mark; Is it an '81-S that is know for it's strong strike and great luster, or is it a '86 O that is notoriously weak struck.
But most importantly, have fun!
