Are circulated Peace Dollars just junk silver?

MKUltra24 · February 16, 2021 1:38AM

I picked up 26 Peace Dollars from my LCS and he normally charges $1 over spot per oz of junk silver but he put more of a premium on these VF-XF Peace Dollars.

I LIKE Peace Dollars but did I get ripped off paying more for them than other junk silver?

Thanks

Jimnight · February 16, 2021 5:46AM

IMO ... No.

RonB · February 16, 2021 7:00AM

Hard to wrong on Peace dollars..

Most of those are common dates.
Pick out the six best and keep 'em.
Sell the remaining roll of 20 on a rainy day.. You'll be fine.

ricko · February 16, 2021 7:40AM

I agree with @RonB... sell the 20 as the melt price rises, for as much as you paid for all of them...Then the remaining six are clear profit to save or sell as you wish. Cheers, RickO

dcarr · February 16, 2021 1:02PM

One of my local coin shops recently had 90% silver (dimes, quarters, halfs) for sale at about 24 times face value.
I asked about the tray of loose Peace Dollars and they told me they were $22 each.
I don't think the discrepancy here even registered in the shopkeeper's mind.
So I bought the relatively small number of Peace Dollars (to use for a minting project).

tincup · February 16, 2021 5:23PM

Some may consider the Peace dollars as 'Junk silver'... but I would gladly pick some up when at a decent price. Silver dollars are always in demand, even though they are common.

blitzdude · February 16, 2021 5:37PM

Guess it all depends on how much of a premium over standard 90%. Dollars typically carry some premium, Morgans a bit more than Peace.

MilesWaits · February 16, 2021 7:54PM

Any coin that deserves an airtight, sir, is not junk!
They are all deserving of some jeans pockets, though.

YoloBagels · February 16, 2021 8:15PM

I'm guessing you're Gam3rBlake from CT?

Even if you consider peace dollars to be "junk" many of those are still in decent shape. With that said, you'd have be crazy not to sell them with at least a small premium.

MKUltra24 · February 16, 2021 9:24PM

@MilesWaits said:
Any coin that deserves an airtight, sir, is not junk!
They are all deserving of some jeans pockets, though.

Lol I'm not sure if they "deserve" an airtight.

I just put them in airtights because I have a bunch xD.

@YoloBagels said:
I'm guessing you're Gam3rBlake from CT?

Even if you consider peace dollars to be "junk" many of those are still in decent shape. With that said, you'd have be crazy not to sell them with at least a small premium.

Yeah that's me. I just bought them so I'm not looking to sell them but I'm wondering if I overpaid since I paid a pretty decent premium on them.

I believe I paid $28 each.

MKUltra24 · February 16, 2021 10:09PM

@dcarr said:
One of my local coin shops recently had 90% silver (dimes, quarters, halfs) for sale at about 24 times face value.
I asked about the tray of loose Peace Dollars and they told me they were $22 each.
I don't think the discrepancy here even registered in the shopkeeper's mind.
So I bought the relatively small number of Peace Dollars (to use for a minting project).

I paid $28 each

MKUltra24 · February 16, 2021 10:10PM

@ricko said:
I agree with @RonB... sell the 20 as the melt price rises, for as much as you paid for all of them...Then the remaining six are clear profit to save or sell as you wish. Cheers, RickO

I think melt value would have to rise to about $35/oz to get all my money back. I paid $28 per Peace Dollar

I paid $750 for 26.

tincup · February 17, 2021 9:18AM

Not the very best deal around... but not a ripoff either. Keep for the silver pile. Remember you are giving some business to your LCS... which can potentially pay off with some really good deals in the future.

CoinHoarder · February 17, 2021 10:27AM

In my area, and my whole life, common date circulated peace and morgan dollars have always sold at a premium over "junk" silver sell prices.

Unless in really terrible condition, there is a built in numismatic value on these silver dollar coins.

On very rare occasion, I would find a silver dollar for close to melt. But that only happened a few times.

DrBuster · February 17, 2021 11:15AM

At the Atlanta ANA in Feb those were going for ~20-22ish or so in decent condition. That was a long 'spot' price ago. You could find 'junkers' for about 16 but those were well circulated. I think you did good.

Bayard1908 · February 17, 2021 2:17PM

A silver dollar contains more silver than ten silver dimes, 4 silver quarters, or 2 silver halves.

MKUltra24 · February 17, 2021 8:39PM

@Bayard1908 said:
A silver dollar contains more silver than ten silver dimes, 4 silver quarters, or 2 silver halves.

How does that make sense though?

Aren’t they all supposed to be proportional?

I always imagined it was the same with silver as with gold.

A $10 gold eagle has 1/2 the gold of a $20 double eagle. A $5 gold half eagle has half the gold of a $10 gold eagle etc.,

Not so with silver coins?

MKUltra24 · February 17, 2021 9:50PM

@DrBuster said:
At the Atlanta ANA in Feb those were going for ~20-22ish or so in decent condition. That was a long 'spot' price ago. You could find 'junkers' for about 16 but those were well circulated. I think you did good.

Oh ok, I just have never bought from the dealer I bought from the Peace Dollars before so I wasn't really sure if he was taking advantage of me or not.

I did verify that all of them are real though. I just did a simple acid test since they are culls anyway so a few scrapes on the rims won't hurt them.

But I would never do that with like a BU Peace Dollar or any other coin that has any sort of numismatic value.

MKUltra24 · February 17, 2021 9:51PM

@CoinHoarder said:
In my area, and my whole life, common date circulated peace and morgan dollars have always sold at a premium over "junk" silver sell prices.

Unless in really terrible condition, there is a built in numismatic value on these silver dollar coins.

On very rare occasion, I would find a silver dollar for close to melt. But that only happened a few times.

I think some of mine are in really terrible condition?

Like the top left one is so dark it's hard to see the design.

I've considered dipping the really dark ones in E-Zeste but I'm not sure if that's a bad idea or not?

MKUltra24 · February 17, 2021 9:52PM

@tincup said:
Not the very best deal around... but not a ripoff either. Keep for the silver pile. Remember you are giving some business to your LCS... which can potentially pay off with some really good deals in the future.

Ah ok, yeah I figured maybe it wasn't a great deal but as long as I didn't get ripped off I'm okay with that.

It was my first time buying from that dealer.

At least all of them are real though. I tested all 26 with a digital scale, calipers, ping test, and silver testing acid.

carew4me · February 18, 2021 4:33AM

@MKUltra24 said:

@ricko said:
I agree with @RonB... sell the 20 as the melt price rises, for as much as you paid for all of them...Then the remaining six are clear profit to save or sell as you wish. Cheers, RickO

I think melt value would have to rise to about $35/oz to get all my money back. I paid $28 per Peace Dollar

I paid $750 for 26.

Does that include sales tax?

blitzdude · February 18, 2021 5:41AM

@carew4me said:

@MKUltra24 said:

@ricko said:
I agree with @RonB... sell the 20 as the melt price rises, for as much as you paid for all of them...Then the remaining six are clear profit to save or sell as you wish. Cheers, RickO

I think melt value would have to rise to about $35/oz to get all my money back. I paid $28 per Peace Dollar

I paid $750 for 26.

Does that include sales tax?

Tax on coins and bullion? Never in The Commonwealth. RGDS!

MKUltra24 · February 18, 2021 5:42AM

@carew4me said:

@MKUltra24 said:

@ricko said:
I agree with @RonB... sell the 20 as the melt price rises, for as much as you paid for all of them...Then the remaining six are clear profit to save or sell as you wish. Cheers, RickO

I think melt value would have to rise to about $35/oz to get all my money back. I paid $28 per Peace Dollar

I paid $750 for 26.

Does that include sales tax?

No sales tax. Dealer paid the tax.

MKUltra24 · February 18, 2021 5:43AM

@blitzdude said:

@carew4me said:

@MKUltra24 said:

@ricko said:
I agree with @RonB... sell the 20 as the melt price rises, for as much as you paid for all of them...Then the remaining six are clear profit to save or sell as you wish. Cheers, RickO

I think melt value would have to rise to about $35/oz to get all my money back. I paid $28 per Peace Dollar

I paid $750 for 26.

Does that include sales tax?

Tax on coins and bullion? Never in The Commonwealth. RGDS!

Australia does!

They tax 10% on AGEs because they’re only 22K and not considered “investment grade” even though they’re the most popular gold bullion in the world.

blitzdude · February 18, 2021 5:49AM

@MKUltra24 said:

@blitzdude said:

@carew4me said:

@MKUltra24 said:

@ricko said:
I agree with @RonB... sell the 20 as the melt price rises, for as much as you paid for all of them...Then the remaining six are clear profit to save or sell as you wish. Cheers, RickO

I think melt value would have to rise to about $35/oz to get all my money back. I paid $28 per Peace Dollar

I paid $750 for 26.

Does that include sales tax?

Tax on coins and bullion? Never in The Commonwealth. RGDS!

Australia does!

They tax 10% on AGEs because they’re only 22K and not considered “investment grade” even though they’re the most popular gold bullion in the world.

That's crazy. So that would apply to Krugerrands, Pre-33 US gold, sovereigns etc? I'm guessing then Aussie stackers stick primarily with the Roos and Maples.

MKUltra24 · February 18, 2021 5:57AM

@blitzdude said:

@MKUltra24 said:

@blitzdude said:

@carew4me said:

@MKUltra24 said:

@ricko said:
I agree with @RonB... sell the 20 as the melt price rises, for as much as you paid for all of them...Then the remaining six are clear profit to save or sell as you wish. Cheers, RickO

I think melt value would have to rise to about $35/oz to get all my money back. I paid $28 per Peace Dollar

I paid $750 for 26.

Does that include sales tax?

Tax on coins and bullion? Never in The Commonwealth. RGDS!

Australia does!

They tax 10% on AGEs because they’re only 22K and not considered “investment grade” even though they’re the most popular gold bullion in the world.

That's crazy. So that would apply to Krugerrands, Pre-33 US gold, sovereigns etc? I'm guessing then Aussie stackers stick primarily with the Roos and Maples.

Yup! Exactly!

I actually contacted Bullion Now based in Melbourne, Australia and they informed me about a 10% GST on “non investment grade bullion”.

They said American Silver Eagles are no problem but they only offered to pay spot for a sealed Mint tube (from APMEX) and since I can get a small premium on ASEs here in the US I had to decline.

In fact they pay the same (spot) for a generic 1 oz silver round as they do for a 1oz ASE. Even though ASEs are in much higher demand and even the US Mint charges big authorized dealers like APMEX $2 over spot per ASE.

Are circulated Peace Dollars just junk silver?

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