Any undamaged Morgan reaches $20

This article was originally printed in the latest issue of Numismatic News.
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China raised interest rates. Gold reacted negatively and finally sold off. It is now approximately 4 percent down from last week’s report. Silver was down 3 percent and platinum about the same.

The markets seem like they may be starting a recovery, which I think is too soon. Bullion level U.S. gold type coins continue to lose some of their premium.

I hate to keep repeating this, but it is a gradual adjustment from the lofty levels of last spring. If you want silver in moderate amounts, U.S. 90 percent coin is a good deal and especially 1960-1964 proof sets.

Morgan and Peace dollars are quiet at the upper echelons with some offers of the more expensive issues at quietly reduced prices. There is very little trading in ultra high grades and DMPL issues, although the tone seems positive in the DMPL arena.

The most notable movement is in generic MS-64 Morgans, which have gained 5 percent. There is plenty of action in common circulated Morgans with one major buyer offering $20 per in the lowest grade (undamaged) for over a couple of dozen different dates. Common date Peace dollars are just following bullion.

Proof and mint sets are quiet except for upward movement in the common silver sets of the 1960s and several late date silver and silver quarter sets. Ho, Ho, Ho, off to the melting pot they go.

E-mail harrymkrause@optonline.net.