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Good Buys in Hard-To-Find Morgan Issues

By Steve Estes © July 2006

Customers often ask which certified Morgan Dollars are good buys. Here is a list of dates I feel are especially desirable at this time, based on price and availability of pieces with good eye appeal.

I seldom find these issues in eye appeals 9 or 10; if these dates and grades are on your current "want list," let me know and I will try to locate coins for you.

1878 8F MS-65.  Pop. NGC & PCGS - 715 pieces.
Population figures are low for this issue in MS-65; even more revealing is only 44 pieces have been certified in MS-66. This is a very tough issue in high grade, primarily due to marks. Too many marks prevent many examples from achieving MS-65 or higher grade. Eye appeal 9 and 10 coins are extremely scarce and well worth the search around the $1,300 to $1,500 price range.

1879 MS-65.  Pop NGC & PCGS - 1246 pieces.
This issue often has a somewhat dull, washed- out appearance; in this date the bright, sharp looking coin is really desirable. Population in MS-66 is 107 pieces. Eye appeal 9 and 10 are very scarce. Expect to pay $960 to $1,040 for a really nice eye appealing coin.

1886-S MS-64.  Pop NGC & PCGS - 1528 pieces.
1886-S MS-65.  Pop NGC & PCGS - 306 pieces.
Bright and flashy is the norm for the 1886-S issue, but marks are a problem. It's hard to find nice pieces in MS-64 and MS-65 pieces are rarely available. Eye appeal 9 and 10 are scarce. Prices are: $765 to $825 for MS-64; $3,200 to $3,500 for MS-65.

1891-S MS-65.  Pop NGC and PCGS - 527 pieces.
This issue also comes bright, flashy and well struck. Marks can be a problem. Only 63 have been certified in MS-66, so high grade pieces are quite scarce. Expect to pay $1,200 to $1,400 for a nice example in MS-65.

1894 MS-63.  Pop NGC & PCGS - 456 pieces.
1894 MS-64.  Pop NGC & PCGS - 266 pieces.
On this date lustre is soft and somewhat dull. Strike can be a little flat. Marks aren't too much of a problem. This is the second lowest mintage in the series -- about 110,000. Only 20 pieces have been certified in MS-65. Prices still seem too low at current levels: $6,500 to $7,000 in MS-63; $12,000 to $13,000 in MS-64; $45,000 to $50,000 in MS-65.

1899 MS-65.  Pop NGC & PCGS - 1296 pieces.
This mintage is officially listed at 330,000, but experts believe this figure is incorrect and, in fact, much higher. There is no way to verify actual numbers. Because of the low official numbers, this date is promoted from time to time. Dull lustre is a problem and eye appeal 9 and 10 coins are very hard to find. I like this date a great deal in the $850 to $950 range.

1899-S MS-64.  Pop NGC & PCGS - 1532 pieces.
1899-S MS-65.  Pop NGC & PCGS - 470 pieces.
This date has slightly dull lustre and the strike can be "off." I seldom find this date, and pieces I consider eye appeal 9 or 10 are truly scarce. Expect to pay: $775 to $850 for MS-64; $1,750 to $1,900 in MS-65.

1902-S MS-64.  Pop NGC & PCGS - 1758 pieces.
1902-S MS-65.  Pop NGC & PCGS - 298 pieces.
This issue is not as bright and flashy as "S" mints usually come, and the main problem is in the dies. Dies for this date were extensively "lapped" or polished, producing die lines across the obverse and reverse of coins. Approximately 30% to 40% of the mintage exhibits this characteristic. Pieces with die lines typically have impaired strikes, evidenced by weakness in the hair over the ear obverse and breast feathers reverse. Eye appeal 9 and 10 coins are scarce. Prices will be approximately $1,090 to $1,180 in MS-64; $3,000 to $3,400 in MS-65.

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