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Discussion Starter · #1 ·
just because it's such a slow news day. I paid $16 dollars for it. I probably got took but it is a very old silver coin and that's what I wanted. It's in pretty nice shape for it's age, you can read all the printing on it. The dealer said it was minted in New Orleans. The guy also had a really nice looking silver eagle for $21.00, maybe next week.

I bought 4 gold colored quarters too just for the heck of it.


:sleep:
 

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Hello djwayne,
That's great, thanks for sharing you coin interest.

I believe the New Orleans mint put an "O" mint-mark on their coins if I am not mistaken if you want to check.

I always believed that if I collected, I would buy the dollars as they are silver and valuable by weight as contrasted to pennies.

I once started a US series set to be put in a frame when I was a kid but never finished it; a gift from a relative. Never obtained a Morgan or Piece dollar but I always liked their designs.

Maybe you helped me renew an interest, thanks and best wishes
 

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Discussion Starter · #3 ·
You are correct, there is an "O" printed on the back of the coin.

When I was a kid, I had a collection of old German coins I got from my grandparents. They got lost over the years unless my mother has them stashed somewhere.

I've got a little business going where I have some music posted on iTunes for sale. Every so often I sell a download or two, So what I'm planning on doing is whenever I sell some music, I'll put the proceeds into Silver, either old coins or eagles.

So I'm turning music into silver.

:D:
 

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Discussion Starter · #7 ·
Well compared to what I had to pay for the musical and electronic equipment and what that's worth now (very little), I did really good. So if I can turn music into silver maybe I'll get my money back that I invested into the music equipment someday.
 

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Numismatic value on Morgans boils down to:
year -- some years are "key dates"
mint -- Carson City is always best
errors -- some errors will boost the value
condition -- PCGS or NGC are the most widely accepted professional grading services.

This will help you informally grade your coin: http://coinauctionshelp.com/How_To_Grade_Morgan_Dollars.html. I used to have a better link, but can't find it right now. They're not making any more of these... If you paid only a couple dollars over spot and got a piece of history also, I'd say you made a reasonable deal.
 

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just because it's such a slow news day. I paid $16 dollars for it. I probably got took but it is a very old silver coin and that's what I wanted. It's in pretty nice shape for it's age, you can read all the printing on it. The dealer said it was minted in New Orleans. The guy also had a really nice looking silver eagle for $21.00, maybe next week.

I bought 4 gold colored quarters too just for the heck of it.


:sleep:
Actually you did pretty good on the Morgan it's worth about $17 in just good condition, so it's probably worth a bit more. Though based on the spot price of silver + the premium for morgan's I'd say he sold it to you as "junk silver". That's what I paid for some I recently bought. Gotta love the sound of clinking silver coinage. You can keep the gold colored quarters though
 

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Discussion Starter · #10 ·
Numismatic value on Morgans boils down to:
year -- some years are "key dates"
mint -- Carson City is always best
errors -- some errors will boost the value
condition -- PCGS or NGC are the most widely accepted professional grading services.

This will help you informally grade your coin: http://coinauctionshelp.com/How_To_Grade_Morgan_Dollars.html. I used to have a better link, but can't find it right now. They're not making any more of these... If you paid only a couple dollars over spot and got a piece of history also, I'd say you made a reasonable deal.
Thanks for that link, I'd have to say it's in very good condition except for a few dents in it here and there. The dealer sold it as junk silver, but I liked the idea of having a coin with some history aqnd age to it. He had some very nice looking silver eagles that I may go after later. $21-22 dollars. He also had a bunch of old silver dollars that look almost like slugs they had so much wear on them.

The next coin will be nice and shiny.
 

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Discussion Starter · #11 ·
One of the reasons I'm starting to buy into silver is a video that was posted in the last day or two, that mentioned that a paper dollar bill could buy 1 quart of gasoline, where a silver dollar could buy 12 quarts of gasoline. This demonstrated to me of the value of silver, and how it retains it's value over the years.
 

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I also like the old silver dollars. They are from a great era in history and your New Orleans coin puts that history right into your hand. What a deal!

Even though the old silver dollar has less silver in it I value them a lot more than the equal amount of silver eagles or bars. I'm sorry I didn't buy a lot more silver dollars when they were so cheap.

Enjoy your new buy.

Red
 

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got me a sparkling morgan 1887 heh 100 years or so older than me but pretty as they come!


you got a nice deal ( i rarely see them that price anymore) that guys pretty fair, wish he was near me lol.


(if you go metal detecting you might find some hidden gems around that age right under your feet)
 

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Discussion Starter · #15 ·

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Discussion Starter · #17 ·
Yep, in 1880 the poor soul who first got this coin had to work almost two days to get it. Today anyone with a minimum wage job can earn one in a little over two hours of work.

The more I think about it the more I like silver. You can start playing the game with under $20. Gold would be a rich man's game as you'd have to put up a lot more money to get in the game, plus that bubble could pop and gold prices could tumble quite far. An example of my point...if gold were to drop 50% on one ounce, you'd lose about $600. If silver were to drop 50%, you only lose about $9 per ounce. I'm thinking silver could rise much easier than gold because more people can get into that game easier, making it more popular.

That's just my 2 cents on it.
 

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Discussion Starter · #20 ·
No I don't think I got took. I think I got a great value, as you said it was only made for one year, and at the time it was made, it was worth almost two days labor. At the rate things are going, two days labor made once again be worth only a silver dollar. In some parts of the world it already is. As in my previous post, you could easily make a case for it that says it's worth $116.

Being an antique should also add some value to it. It's not a fake copy made in China, this is the real McCoy.

I really like the feel of it and plan on buying many more as my budget allows.
 
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