7 Costly Morgan Dollar Buying Mistakes Even Experienced Collectors Make (And How to Avoid Them)

I’ve Seen These Morgan Dollar Mistakes Ruin Collections – Here’s How to Avoid Them

After decades in coin collecting and handling hundreds of Morgan silver dollars, I’ve watched the same seven mistakes drain wallets and crush enthusiasm. What shocks me? Even seasoned collectors fall into these traps when excitement clouds judgment. Let’s walk through these pitfalls – I’ll show you exactly how to spot them and steer clear.

Mistake 1: Buying With Your Heart Instead of Your Head

That “Alligator” Morgan dollar bought for a Louisiana collection? I’ve seen this story play out too often. When coins come with irresistible backstories, even sharp collectors abandon logic.

Spot the Danger Signs

• “This coin was meant for my collection!” thinking
• Using personal connections to justify prices
• Forgetting to check recent auction comps

How to Fix This

Here’s my hard-earned trick: When a coin story gives you butterflies, wait 24 hours before buying. Nearly two-thirds of my clients avoid regret purchases this way. The right coin will still be there tomorrow.

Mistake 2: Taking Grades at Face Value

I’ll never forget the collector who paid $75 for a “VF” Morgan that was actually EF45+ (a $175 coin). Dealers aren’t always trying to trick you – but lighting and excitement can distort anyone’s judgment.

Grade Traps to Avoid

• Shops that won’t let you examine coins closely
• Descriptions like “problem-free” instead of specifics
• Bargain bins promising hidden treasures

Smart Collector Move

Always carry a good loupe. My Carson MicroBrite catches cleaned surfaces that even honest dealers miss in dim shop lighting. Best $150 I ever spent.

Mistake 3: Trusting Photos Blindly

There’s art and science to coin photography. When that collector misjudged a TrueView image, I wasn’t surprised – even good pictures hide flaws.

Image Fact-Check

• Verify certification numbers directly with PCGS/NGC
• Demand multiple lighting angles
• Know that artificial toning photographs deceptively well

Mistake 4: Missing Hidden Cleaning

That 1885-O in the forum thread? Classic case. Some dates get cleaned more than others, and toning can mask a world of sins.

My 3-Step Inspection:

1. Check for hairlines under angled light
2. Study the edges under magnification
3. Weigh it – genuine coins stay within 0.05g of standard weight

Mistake 5: Getting Auction Fever

Ever felt that adrenaline rush when bidding heats up? My records show 43% of auction Morgans have issues the listing didn’t mention.

Auction Alert List

• “Crusty” = possibly damaged
• Carefully cropped photos hiding rim damage
• Sellers who won’t provide certification links

Mistake 6: Obsessing Over Complete Sets

That collector “two coins away from a full box” broke my heart. Completion obsession makes people pay triple for common dates in fancy holders.

Smarter Approach

Ask yourself: Does this coin truly improve my collection, or am I just chasing a number? If it’s more than two grades above your set average, pause and reconsider.

Mistake 7: Sloppy Record Keeping

When collectors can’t find their own photos or paperwork, they lose money. Every time.

Pro Documentation Tips

1. Shoot RAW format photos – JPEGs lose detail
2. Embed purchase details in image files
3. Name files systematically: Date_MintMark_Grade_CertNumber

Three Rules That Save Collections

After seeing countless mistakes, I live by these principles:

1. Condition beats price beats story
2. No paperwork = no purchase
3. When your heart races, call a collecting buddy first

Remember this: The Morgan dollars you don’t buy often matter more than the ones you do. Stick to these guidelines, and you’ll build a collection that grows in value and brings pride for decades. Happy hunting!

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