There is a fine art to collecting the Morgan Silver Dollar.I started by ordering a set of ten from a coin catalog,posted them at eBay, and watched them soar double what I paid. I was so amazed, I ordered two more sets,and watch them do likewiseI soon realized there were hundreds of buyers and sellers, online, mastering the art of selecting, and placing the coins for customers. This lead me to collecting,buying 2 coin books,and learning as much as I could on Silver Dollars!
My research lead me to 5 Tips on Collecting:
1.Buy low mintage dates on Silver Morgan Dollars.
2.Look for least flaw marks on each coin; readable dates, and letters.
3.Keep your favorite dates for your own collection,buy two of each if you can that way if one sells, you still have one left.
4.Log each coin, where you purchased it,if sold where and how much – this will come in handy to help you select more dates.
5.Buy from good pawn shops,coin-hobby shops,online stores, and the best deal is to buy from an auction house.
I watched night after night at eBay,and posted my 4-5 morgans on Friday and Saturday nights.I learned how to sell the coin,then turn around go find the same coin in the same date, mint mark, and repost the next weekend. Soon I learned how popular they were, and which coins the collectors were searching for.
I kept a logbook of all the sales and which coins soared higher than I expected. Other sellers, I noticed, would also place the same dates, and use the same night to sell on.I became friends with them,and we would watch to see which coin would sell the highest. Some of their bidders would become disappointed when they lost, and go right into bidding on my same date coins.
This taught me the art of collecting, learning to sell, and learning how to buy online. It is also very important to learn how to grade each of your coins. Most coin collectors buy Good, Fine, Very Fine, Extra Fine, AU, MS, grades, and Proof coins. The value of silver rises rapidly each year, making these Silver Morgan Dollars extremely popular,and very hard to locate in some grades. Count yourself lucky if you find any low mintage dollars 3,000,000 and less.
Try to hold onto them as long as you can.When the time comes where you must resale them,the best place is a local live auction house in your town, be sure to place a reserve on the coin.You will be amazed at the soaring prices of Morgans, and also learn so much from the art of collecting them!