On Friday, August 22, 2008 Bowers and Merena Auctions will open their September 2008 Collector’s Choice Auction. The auction closes on September 17th. This auction will include the Vernon G Stewart Collection as well as material from the famous Binion Hoard. I have never seen so many rolls of common date coins of every denomination in recent times.
I guess the real question at hand at this point and time is whether Morgan Dollar collectors, and dealers as well, are ready to absorb 5,996 common date certified dollars and an addition 9,464 common date raw dollars, Is this really how they want to spend their money when the market is begging for rarities, not common date material that is falling off dealers shelfs as we speak. Maybe someone will view this auction as an opportunity to make an investment in bulk silver….at a premium.
What do you do with so many PCGS certified common date Morgan dollars? I guess the telemarketers are getting ready for a heyday, as are the TV coin shows (although I hear they are falling on hard times). Most of these dollars are common Morgans with a small percentage of Peace dollars that hold little more than bullion value in such large quantities. Do you think the wholesale and retail prices will be effected by these quantities entering the market? It will be interesting to follow the sheet prices after the auction. My guess, they will fall, particularly the ones listed below in grades of MS 63 and MS 64. It will also be interesting to see if some of these large lots fail to met their minimum.
For example, there are 783 pieces of 1883 O Morgans (159 are MS 64s and 624 are MS 63s). There are 1,221 pieces of 1884 O s (94 are MS 65 and 1,127 are MS 64s). There are 639 MS 63 1885 Os. There are 201 MS 64 1886 pieces & 1,187 MS 63 1886 Morgans. There are 15 MS 64 PL 1887s, 161 MS 64s, 28 MS 63 PL and 177 MS 63 1887s.
There are approximately 15, 460 dollars in this auction, they are common date Morgans and the question is what is the value of holding such volumes of these coins other than for slightly better than bullion value.
My money has to go to the key date and semi-key issues from the Morgan and Peace dollar series. After that, Early Type is the only investment that continues to make sense.
Gammill Coin Gazette 
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