Gain knowledge: I would read everything I could find about Morgan silver dollars, how they were designed, which mints produced them, the mintage figures for each variety, etc. I would read about the great Treasury release of dollars in 1962-1963 and the unexpected effect this had upon the market.
Devise a plan: I would formulate a collecting plan. For example, I might set as a goal the obtaining of all of the more readily available issues in a high grade such as nicely matched MS-63 and MS-64, with some of the more plentiful varieties in MS-65 preservation. I would set my sights on obtaining the rarities in a lesser grade, such as MS-60. I would not propose to have everything in MS-65, even if I could afford it, for I would rather spend the extra amount on some other area of numismatics, perhaps building a set of Indian cents in addition to my Morgan dollars. It might be that certain really expensive coins such as the 1889-CC and 1893-S should be acquired in EF-40 or AU-50 grade.
Learn about varieties: I would endeavor to learn something about the characteristics of each variety. I would find out which are usually found sharply struck, and which usually have weakly defined features (especially on the hair strands of Miss Liberty at the center of the obverse and the eagle's breast feathers on the reverse). In this way I will know whether I should pay a premium for a coin with sharply struck features and excellent aesthetic appeal. For example, I would discover that nearly all 1881-S dollars are sharply struck and are attractive, thus I would not have to pay a significant premium for a truly superb coin. On the other hand, I would learn that many New Orleans Mint dollars of the 1890s are flatly struck, and a needle-sharp coin may well be a great buy even at a premium price over market levels.
Determine market prices: Once I have formulated a list of the varieties I want and the grades I want them in, I would consult the Coin Dealer Newsletter, the Certified Coin Dealer Newsletter, Coin World "Trends," Numismatic News "Coin Market," auction prices realized, dealer offerings, and other price guides in order to determine market levels and the frequency with which such pieces are offered. Sometimes price guides and bid prices are one thing and availability is another; an example is provided by a client who wanted to buy a high grade 1896-O dollar and who had spent over a year looking for one. Price was no object. He simply could not find one. Finally, he directed me: "Pay double or triple bid!" After a great deal of searching I finally found one that combined the numerical grade he wanted, with an aesthetically pleasing surface.
PCGS Coin Guide Table Of Contents
