Q. David Bowers
NGC and PCGS MS-68 (in Date Order)
Below are the combined totals of Morgan silver dollars in MS-68 grade, in date order, certified by NGC and PCGS as of September 1992. Dates omitted had no coins certified at this grade level.
1879-S Third Rev. (Rev. of '79): 27
1880-S: 24
1881-S: 25
1882-S: 15
1883-CC: 1
1884-CC: 1
1885: 1
1885-CC: 1
1896-S: 1
1897-S: 1
NGC and PCGS MS-68: Analysis Below are the combined totals of Morgan silver dollars in MS-68 grade, in order from the commonest to the rarest, as reflected by the number of certified by NGC and PCGS as of September 1992. Omitted dates = none certified.
1879-S Third Rev. (Rev. of '79): 27 (Most available certified Morgan dollar at this grade level)
1881-S: 25
1880-S: 24
1882-S: 15
1883-CC: 1
1884-CC: 1
1885: 1
1885-CC: 1
1896-S: 1
1897-S: 1
NGC and PCGS MS-69
Below are the combined totals of Morgan silver dollars in MS-69 grade, in date (and also in descending availability) order, certified by NGC and PCGS as of September 1992. No other dates had coins certified at this grade level. As can be seen, only two varieties qualified for this grade, comprising a total of just five specimens.
1880-S:4
1881-S:1
Making Your Want List
In my opinion, an ideal way to determine your want list is to use the preceding population estimates and analyses and cross reference them with current prices. In general, within any category, the coins at the top of the list (the more common certified issues) are the cheapest. Prices trend upward the farther you go down the list.
Suppose that you set $500 as the maximum you want to pay for any MS-64 dollar. Here is what to do:
1. Make up a listing of the different varieties you want your Morgan dollar set to contain=one of each date and mintmark; plus whatever tail feathers, overdate, etc., varieties you wish to include.
2. Using Coin World "Trends," Numismatic News "Coin Market," or other listings, copy the price of each variety onto your list, if the price is $500 or less. Coin Dealer Newsletter and Certified Coin Dealer Newsletter prices are also very valuable, but as these represent wholesale prices for sight-unseen "generic" coins-not coins selected for quality-a percentage must be added to the figures. After each price, write "MS-64_" A typical listing will look like this:
1881-S MS-64 $55.00.
3. Once you do this, the varieties that cost over $500 in MS-64 grade will be without notations. Now, go down the list of remaining varieties and mark those that in MS-63 grade are $500 or less, with the notation "MS-63" and the price.
4. Then, take the remaining listings and mark those that are in your choice of any grade MS-60, MS-61, or MS-62 $500 or less. After this time, only a few blank listings will remain.
5. Evaluate the few remaining listings-1893-S will be one of them-and determine the grade you desire. VF, EF, MS-60, or whatever. At this point, some of the remaining pieces will cost you more than $500 each. Determine if you want to include the 1895 Philadelphia Mint dollar, available only in Proof or circulated Proof grade. Complete your want list on this basis.
Going back to my original example, if you select MS-64 as a collecting goal, but instead of having $500 as the maximum you want to pay, you select $1,000, your collection will be in a higher average grade. Of course, you can start with MS-65 and a $2,500 maximum per coin, or MS-63 and a $250 maximum per coin, or any other combination you wish.
By creating a want list in this manner, you can intelligently buy coins you need as they are offered. As each coin is acquired, check it off and keep a record of the grade, certification service (if any), price paid, and from whom it was obtained.