Formulate a buying strategy: I would devise a buying plan. Should I acquire the rare ones first, or last? Should I send my want list to a single trusted dealer, or should I buy from several sources? Should I formulate a monthly budget for purchases? Should I only buy coins in slabs, or should I acquire other pieces as well? Do I want brilliant pieces or ones with light toning? Do I want to be fussy about aesthetic values, or should I be satisfied with any coin as long as the numerical grade is what I want?

Learn about the Morgan dollar era: In my spare time I would read about the era of Morgan silver dollars, especially the years from 1878 to 1904, when the early series coins were made. I would learn about the "silver question," which was a key part of American politics, I would read about everyday life in the 1880s and 1890s, and I would try to acquire an "I am there" feeling and relationship with the time. How were silver dollars used? What was their purchasing power? Were they used all over America, or were they more popular in certain geographical areas?

I have every reason to expect that if I followed the procedure just outlined, the following would happen:

-Over a period of time I would build a first-class set of Morgan silver dollars of excellent quality and of good value for the price paid.

-I would enjoy my silver dollars, would experience a satisfaction each time a needed piece was added to the collection, and would have great appreciation for Morgan dollars, their place in numismatics and their position in American history.

-Years later, upon being sold, my collection would attract attention because of its completeness, the rarities it contains, and its quality, and I would realize a nice profit on my investment.

The Road More Often Traveled

The road more often traveled is not the one I would personally elect to follow, but, then, I have never taken the easy way out. The easy road to coin investment, but not necessarily to coin investment success, can be described as follows and is not recommended by me:

- Determine how much money you want to spend on coins, and determine to spend it as quickly and easily as possible. Don't determine on your own what you want to buy; leave it up to others to sell you what they have in stock.