Thirty Years in Pursuit: Completing the Impossible Set
In 1994, a young collector walked out of a coin show with a worn 1921-S Morgan Dollar—his first. He had a dream that seemed absurd: own every date and mint mark of the Morgan Dollar series in Mint State. Thirty years later, that dream became reality. This is his story, and the lessons learned along the way.
The Challenge
A complete Morgan Dollar set in Mint State requires 95 different coins (excluding varieties). Sounds manageable until you examine the series:
- 4 coins with mintages under 400,000: 1893-S (100,000), 1894 (110,000), 1895-O (450,000), 1892-S (1.2 million but notoriously poorly struck)
- The “King of Morgans”: 1895 Philadelphia—zero business strikes known, only proofs exist
- Carson City keys: Multiple dates with MS65+ populations under 100 coins
The Early Years: 1994-2000
The strategy began simply: buy what was affordable. Common dates in MS63-64 cost $40-$75 in the mid-1990s. The collection grew quickly—40 coins by 1997, 60 by 2000. Total investment: approximately $8,000.
Key lesson learned: don’t stretch for semi-keys before securing commons. That “deal” on a 1893-CC seemed urgent but would have depleted the budget for three years.
The Middle Years: 2001-2012
With commons secured, the hunt turned to better dates. The budget increased to $3,000-$5,000 annually as career advancement allowed.
Major acquisitions:
- 1889-CC MS62: $4,200 (2003)
- 1893-CC MS63: $3,800 (2005)
- 1892-S MS63: $2,400 (2007)
- 1884-S MS62: $1,900 (2009)
The 2008 financial crisis proved a buying opportunity. Key dates dropped 20-30%. Collectors who held cash positioned themselves well—patience during chaos paid dividends.
The Final Push: 2013-2024
By 2013, the set stood at 88 coins. Seven remained:
- 1895-S MS63+ (acquired 2015, $4,500)
- 1895-O MS62 (acquired 2016, $12,500)
- 1893-S MS62 (acquired 2018, $38,000)
- 1894 MS62 (acquired 2019, $28,000)
- 1895 Proof (acquired 2021, $85,000)
- 1892-S MS64 (upgraded from MS63, 2023, $8,500)
- 1893 MS64 (final coin, 2024, $4,200)
The Numbers
Total investment over 30 years: Approximately $285,000
Current estimated value: $475,000-$525,000
Annual appreciation: Roughly 6-7% (plus enjoyment value)
What Made Completion Possible
Consistent budget allocation: Treating coin purchases as a line item, not an afterthought. Average: $9,500/year over 30 years.
Patience with major purchases: Waiting for the right 1893-S took five years of watching and passing on inferior examples. The eventual purchase—a CAC-approved MS62 with excellent eye appeal—was worth the wait.
Flexibility on grades: The goal evolved from “all MS65” (impossible) to “each coin the best I can reasonably afford.” Some dates sit in MS62; some in MS66. The set is complete, which matters more than uniformity.
Dealer relationships: Three dealers knew his want list and held coins for first look. The 1895 Proof came through a dealer relationship cultivated over 15 years.
Auction discipline: Setting maximum bids and respecting them. Auction fever destroys budgets. He lost coins he wanted desperately—and later found better examples at lower prices.
The Emotional Journey
The 1895 Proof purchase required three years of mental preparation. Spending $85,000 on one coin felt impossible—until it didn’t. The coin represented not just completion but validation of three decades of dedication.
Opening the box containing the final coin—a simply MS64 1893 Philadelphia that took months to find with the right eye appeal—brought unexpected emotion. Completion was real.
Advice for Aspiring Set Builders
- Start with the end in mind: Know what completion requires before beginning
- Buy the book before the coin: Research prevents expensive mistakes
- Document everything: Records of purchases, market conditions, and reasoning help future decisions
- Join specialist groups: Morgan Dollar collectors share knowledge freely
- Accept that completion takes time: Rushing guarantees overpaying or compromising on quality
What Comes Next
The set is complete, but the journey continues. Selective upgrades where exceptional coins appear. Sharing knowledge with newer collectors. Perhaps a Peace Dollar set awaits.
Thirty years. Ninety-five coins. One dream fulfilled. The pursuit itself was the reward—completion is simply the exclamation point.
