Right before Phil Mickelson’s all-important 18th hole putt hit the side of the cup and lipped out at Pebble Beach, CBS told the moving story of how Phil’s grandfather, Al Santos, caddied Pebble Beach when it opened in 1919.  Young Santos dropped out of school in the fourth grade to caddy at age 11. He got up early to caddy 36 holes, earning just 35-cents per bag per 18 holes.  It was a great day when he got a silver dime for a tip.
 
Al Santos kept a “lucky” 1900 silver dollar in his pocket. Although he often went hungry, he never spent that dollar. He said he rubbed the coin whenever he felt poor, gaining the comfort that he had money in his pocket. He died in early 2004, right before grandson Phil won the first of his four majors.  Throughout his long career, including 42 PGA victories, the 45-year-old Mickelson has carried his grandfather’s lucky 1900 Morgan Silver dollar as his marker.
 
Last month, Mickelson said, “it’s a cool feeling to have the money that he cherished and also to see what we are now playing for in prize money, and how far the game of golf has come.  It’s a great reminder for me.”  Mickelson also said that his grandfather gave him an old Krugerrand that he keeps, along with some silver half-dollars, but “his silver dollar is the one I prefer to mark with,” especially at Pebble Beach.
 
If you would like to own a circulated 1900 Morgan Silver dollar as a golf marker, they are easily available from larger coin dealers for $28 to $30.  We can’t guarantee you will putt as well as Phil Mickelson but you’ll have a great conversation piece for your fellow golfers.

How do people get started collecting Morgan dollars?
 
In my case, the spark was ignited by my grandfather, Red Lievens, when I was a youngster growing up in Louisiana.  Starting when I was just 7, in 1962, Grandpa Lievens – nicknamed “Red” for the color of his hair – gave me a dollar every time I got an “A” on my report card.
 
The dollars Grandpa gave me weren’t paper bills bearing George Washington’s portrait.  They were much more special:  Grandpa would go to the bank and exchange his dollar bills for new silver dollars – something people could still do at that time.  He would give me one of these fascinating coins – which I later learned were Morgan dollars – for every “A” on my report card.
 
I was intrigued by these popular old coins and set out to learn more about them.  This started me on the path to a lifetime of pleasure in a hobby that’s a source of endless satisfaction and knowledge.
 
As time goes by, I’m more and more impressed by my Grandfather’s intuitive understanding that precious metal coins always trump paper money of equal face value. 

The dollar bills he took to the bank are still worth a dollar apiece.  But the new silver dollars for which he exchanged them are now worth $45 each.
 
The dollars Grandpa gave me had the desired effect:  I studied diligently in order to earn more A’s – and more silver dollars.  As a bonus, I discovered a tremendously fulfilling avocation and vocation that has brightened my life ever since.

If you have children, grandchildren or other youngsters who are special to you, I urge you to follow my Grandfather’s example by giving them something with intrinsic value next time there’s a reason to celebrate.  You can’t get silver dollars for a dollar apiece any more, but chances are they’ll still go up in value a lot faster than today’s dollar bills.
 
Come to think of it, Grandpa Red also deserves a great big “A” on the report card of his life!

Mike Fuljenz is a member of the Newsmax Finance Brain Trust.  Click Here to read more of his articles.  He is also the editor of the NLG award winning Michael Fuljenz Metals Market Weekly Report.  Discover more by Clicking Here Now.