My 6-Month Morgan Dollar Collection Journey: 7 Costly Mistakes I Made (And How You Can Avoid Them)

My 6-Month Morgan Dollar Obsession: 7 Painful Lessons From a New Collector

When I decided to collect all 13 Carson City Morgan Dollars last January, I pictured myself casually browsing coin shops and online auctions. Six months later? I’ve had my hands shake holding a $3,000 coin, nearly cried over a counterfeit, and discovered that “mint luster” doesn’t mean what I thought. Let me walk you through exactly where I went wrong – and how you can sidestep these expensive pitfalls.

Mistake #1: Believing Price Guides Were Holy Scripture

My first month was filled with frustration. I’d see an 1882-CC MS63 listed at $950 in Greysheet, then watch actual auctions close at $1,150, $890, and $1,025 – all within days! The wake-up call came when I overpaid $237 for an 1883-CC because I hadn’t checked recent sales.

My Simple Price Tracking Fix

This homemade spreadsheet became my secret weapon:

| Date | Grade | Price Guide | Auction Avg | Dealer Ask |
|------------|-------|-------------|-------------|------------|
| 1883-CC | MS63 | $1,100 | $1,275 | $1,350 |
| 1884-CC | MS63 | $850 | $920 | $950 |

By cross-referencing Heritage Auctions, GreatCollections, and eBay sold listings, I finally stopped bleeding money on overpriced Morgans.

Mistake #2: Getting Played By Pretty Slabs

My “gorgeous” 1878-CC MS63 with golden toning? Turns out “PQ” (Premium Quality) coins can actually be harder to sell. I learned the hard way that eye appeal doesn’t always equal liquid value in the Morgan Dollar market.

My 4-Step Slab Vetting Ritual

Now I never buy without:

• 1. Typing the certification number into PCGS/NGC websites (surprise – some fakes use real numbers!)
• 2. Running my thumb around the holder edges (tampered slabs often feel rough)
• 3. Matching surfaces to population reports (is this really MS63?)
• 4. Checking recent sales of that exact cert number (who owned it before?)

Mistake #3: Being Scared of Raw Coins

After reading horror stories, I swore I’d only buy graded Morgans. Then at the Reno Coin Show, I nearly passed on an 1885-CC dealer thought was AU58. Three weeks and $85 in grading fees later? Boom – MS62. That $600 gamble became a $1,200 asset.

How I Buy Raw Morgans Safely Now

1. Only from dealers with return policies (no exceptions)
2. Always with my Carson City specific gravity tester ($22 well spent)
3. Using this $89 digital microscope revealing tool marks
4. Comparing to PCGS CoinFacts photos in real-time

Mistake #4: Snubbing “Junk” Coins

When veteran collector Mrs. Jenkins told me to “waste” $500 on cull Morgans, I scoffed. But handling 10 worn dollars taught me more in two weeks than books had in two months. Scratching a common 1921-P to test metal? Priceless education.

“The grooves in Lady Liberty’s crown wear first – remember that and you’ll never misgrade a Morgan again” – Mrs. Jenkins, 78, who’s collected since Eisenhower was president

Mistake #5: MS-Only Madness

My stubborn hunt for mint-state coins meant staring at an $18,000 price tag for the 1889-CC. The breakthrough? Realizing VG8 examples under $1,200 still showcase the same Wild West history. My collection now tells a richer story with mixed grades.

Current budget breakdown:

| Grade Distribution | # Coins | Budget Allocation |
|---------------------|---------|--------------------|
| MS63+ | 4 | $6,000 |
| MS60-62 | 6 | $4,500 |
| VG-XF | 3 | $2,500 |

Mistake #6: Staying Home

Visiting the Carson City Mint (now a museum) transformed my collecting. Holding an 1879-CC minted right where I stood? Chills. Better yet – Reno dealers know I make annual trips, now texting me first when CC Morgans arrive.

Unexpected Travel Perks

• Found an 1891-CC with Nevada ranch provenance
• Met descendants of Comstock Lode miners
• Got tipped to regional auctions before they list online

Mistake #7: Being Technophobic

My dog-eared Redbook nearly cost me $1,500 on a problem coin. Now I blend old-school knowledge with:

• PCGS CoinFacts mobile app (free version)
• NGC’s Chrome extension verifying slabs instantly
• CoinSnap’s reverse image search ($4.99/month)
• A Google Sheet tracking every dime spent (with pivot tables!)

6 Months Later: The Hard Numbers

• ✔️ 7/13 dates acquired (including the tough 1889-CC in VF!)
• ✔️ $8,372 spent vs $9,150 budget (thanks to smarter bidding)
• ✔️ Collection insured for $9,850 (17.6% paper gain)
• ❌ 3 fakes spotted (one so good it fooled two dealers)

If I Could Rewind My Morgan Journey

1. Start with cull coins before touching CC Morgans
2. Build relationships with 3 trusted dealers first
3. Allow lower grades for key dates upfront
4. Implement my price tracking spreadsheet from Day 1
5. Join my local coin club BEFORE buying anything

Collecting Carson City Morgan Dollars isn’t just about silver content or rarity. It’s touching history minted during the Wild West era. After six months of costly lessons, I’m finally collecting smarter – and loving every scratch and dent in these 140-year-old treasures. Got Morgan stories of your own? Find me at the Denver coin show next month – first coffee’s on me!

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