Morgans Appear to have Lost Some of their Luster

The spot price of gold and silver rose dramatically throughout the past week, much of this due to political and financial concerns. It appears gold may now continue to trade in the $1,400 per ounce range, while silver hopefully remains at about $15 per ounce.

In early July Kitco reported, “The safe-haven metal [gold] is seeing some renewed demand from traders and investors as their overall risk appetite is less robust.” Ironically, the premium for generic gold and silver coins over melt appears to have narrowed since this surge. The ratio between the two metals has widened. The price of some non-precious metal coins including Buffalo nickels and Lincoln cents has become surprisingly soft.

There have likewise been weak prices reported for many better grades but not what could be called scarce to rare Standing Liberty quarters and Walking Liberty half dollars. Both pre-Morgan and Morgan silver dollars likewise appear to have lost some of their luster. Date rarity coins continue to hold their value, however grade rarities, especially on modern issues, have not.

The gap in price between many modern ‘69’ and ‘70’ coins appears to be narrowing as well. As one pricing contributor noted, since the hobby goes in cycles, sellers may want to wait to liquidate until either the next big surge in bullion prices or collector demand picks up. Neither event is guaranteed, but both are possible. With many collector coins remaining very affordable this is a great time to continue to buy.