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Jan
09
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Morgan dollars are some of the most popular coins for current coin collectors and numismatics to collect and trade. This is rather ironic, since the general public barely used the coins while they were actually produced. Different types of Morgan dollars will trade for different amounts, since some years and varieties are rarer than others. However, starting off with some of the more affordable Morgan dollars can be a great way to start off your coin collection and to give it some backbone. Later on, you can always cash in some of your cheaper coins in order to be able to afford the rarer, more expensive varieties.
In order to find out which Morgan dollars you can afford right now, you should either consult with a coin dealer or buy the Official Red Book, which lists the values of all of the coins minted in the US for decades. The different Morgan dollars will be in there, and they’ll cost different amounts depending on their color, mintmark, year, and circulation. You can find Morgan dollars for $30, and you can find them for thousands of dollars.
The great part is that the cost of a Morgan dollar will go up every year. You can easily build up your collection by buying up cheaper coins to sell later on, and you can also trade dollars. You can often make like-for-like swaps at flea markets, where other collectors will sell you coins of a particular year for coins of another year. If you want a complete year or mintmark set, you can easily do it by trading off coins that you’ve found.
Once you’ve started a coin collection, you won’t want to stop collecting. Besides being an interesting bit of history, Morgan dollars are worth quite a bit of money, and they can be great to pass down to posterity as you would pass down other assets. If you ever get into a pinch, you can look at the Morgan dollars as assets. They’re easy to liquidate into cash because they’re so popular among collectors of all varieties.
Plus, you can sometimes land on an unusual find if you look hard enough. You can check out pawn shops, flea markets, online auctions, and newspaper classifieds to find coins. Sometimes you can get a really great deal when the coins aren’t appraised correctly, so it’s great to keep looking so that you can trade up your Morgan dollars later on.