Nov. 12-14, 1982
Current Availability of the MS-65 Morgan Dollar:
An Auctioneer’s Viewpoint
By Kurt R. Krueger
There is little doubt that the Morgan dollar stands heads and shoulders apart from any other United States coin as number one in popularity. Beyond this fact, it is also a fact that more has been written of this series than any other; more inches of advertising have been devoted to the sale of this series; more recommendations to buy this series have been made; and more prostitution of terminology has been utilized to hype the series.
A casual observer might assume that the MS65 Morgan dollar is a common commodity as he studies price lists, auction catalogues and retail ads. The seasoned collector, however, would soon point out that the printed word is not always as stated, and that there is no substitute for a pair of trained eyes!
When it comes right down to the bottom line, there is not such thing as a “common” MS-65 Morgan dollar. A search of the bourse area of any major numismatic conclave would soon ascertain this. In the strict, critical market condition in which we are currently engaged, the almost-choice coin will no longer satisfy the astute buyer. This fact has created the beginnings of another interesting designation, in my opinion – the Very Select MS-63; a designation which will become very important in the future marketplace. That is another story, and perhaps we will review it at another time. That is another story, and perhaps we will review it at another time.
While my firm was engaged with the task of building a strong offering of silver dollars for the third National Silver Dollar Convention Auction in Houston in November, 1982, it became apparent that the immediate market lacked certain Morgan dollars in MS-65 that were rather surprising. It should also be stated that MS-65 in our book must be well-struck, and not merely clean – the later terminology being employed by ANACS. We discovered that certain dollars which ought to be fairly common were not, and certain tough dates seemed to be available in quantities!
From our vantage point as an active auction firm, we feel that our interpretation of the current availability of MS-65 Morgan dollars is quite accurate. Surveys from the past, which often times do not portray an accurate accounting of current availability. We are not attempting to suggest that we had the opportunity to view all Morgan dollars in the marketplace for inclusion in this auction, but do feel that since the event was so well promoted that we were made aware of enough examples to render accurate observations, and, in the spirit of knowledge, we are happy to share our observations with the fraternity in general.
We imagine that our report will supply a little additional ammunition to the controversy regarding the availability and pricing structure of MS-65 Morgan dollars. If but a single mind ponders the results noted herein, then our effort was not in vain. Any readers who are interested in the results of the Third National Silver Dollar Convention Auction can order a catalogue and prices realized for $2.00 from: Kurt R. Krueger
160 N. Washington
Iola, WI 54945