How much would you pay for circulated morgans and peace dollars?
Ppp
Posts: 511 ✭✭✭✭
I have an opportunity to buy approximately 1000 circulated morgan and peace dollars. There are a few culls but not many and the average condition is in the vf range with no key dates.
My plan would be to sell about half of what I buy as to lower my cost basis on the remaining stack.
I want to be fair, so I am curious what members on this forum would pay for 200 and 1000 coins?
Thank you in advance for your comments.
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Comments
Whatever Spot silver goes for at the time.
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Approximately $31 for (pre-1921) VG+ Morgan dollars and $27 for VG+ Peace dollars.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Hopefully, you were joking. But if not, that would amount to ripping off the seller.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I agree with @MFeld ... that would be a fair offer. Cheers, RickO
My initial thought was $28/ea. but I'm not that tunned in to the market right now.
How much would I pay?
Not as much as they are asking now for culls, which seems to be about $28.
I paid $17-$18 for AU Peace a few years ago, so I would pay that or less, but that's me. I think the price now is in a bubble.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
It depends. As Mark stated, current market is around 30/each....doesn't mean I'd want to buy them at 30/each though as that historically is a huge number. Circ Morgans were about $18 last time that silver was $18. Circ Morgans (and ASE) seem to be one of the only bullion-related areas that has not plunged (yet). I would be comfortable buying now around $20-$22.
While Mark's numbers of $31 and $27 each is extremely fair to the seller, you as the buyer might find yourself buried at that price especially if silver continues to move down. Given the risk, and as you say you plan to keep a portion the holding costs, I would not pay over $20 each, however that is well below the current market and I would not expect to be able to buy much (if any) at my price.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
The question is too general ? and what big market makers are paying !
some of the market grades are the following:
Culls
peace dollars vg to Xf
AU and themBU
1921 Morgan's vg to fine, XF , AU, and BU
Pre 21 VG, Fine, VF, XF, AU, and BU
All are different prices
Culls are about $27.00 each wholesale
So why would a dealer sell to a retail buyer at less ?????
I wonder what sort of thread would be started here if someone who would buy for $20 was offered that amount if he was selling when current wholesale is around $30 today.
The price is what it is, bubble or not. To pay less than market price amounts to taking advantage of the seller's ignorance.
I'm a little shocked at the posts. I guess it's only a problem if a "dealer" rips of a "collector". I guess it's fine if a "collector" rips you off. [Even though the collector is planning on reselling... and, I'm sure, paying the income tax. ]
$2 less than my wholesaler is paying, and based on what Mark is showing HA is paying, thats sounds pretty close, becuase my wholesaler is a ha affiliate. I too, think this is way overheated and due for a major correction sometime in the near future. I get rid of mine every week , so when it corrects, I will only have a few from the prior week I take a hit on. If I were buying a 1k coins, I would make the trip the next day to unload them.
If i were keeping some as the OP mentioned, move the culls first, then 22-23 Peace, screen and keep the Nicer VF and XF problem free pre 21 Morgans. Less down side in the end
If you want to move a significant quantity in a short period of time then you will want to pay less than wholesale bid.
I have a fairly large bullion dealer in my area, I use their posted daily buy prices.
They have been in business for over 50 years so I feel they know the market better than I do.
If I don't want to buy at that price I send people directly to them.
Their current buy for circulated Morgan & Peace is
Morgan $27.50
Peace $24.50
They will be about $5 less per coin on culls.
Unc's will be more depending on the date.
When I was a kid, you could get them from the bank for a dollar. I'm not sure I'd want to pay much more than that. /s
Hence why I am not buying any. To pay less means I'm not interested in paying the current price. Not all of us will pay what the market is asking.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
There's no price change for buying bulk?
Heritage (HA) buyscommon Morgan and Peace $ and sells them also?
Is their a minimum amount to do so?
@Mfeld
Thank for the reply.
Yes. The price is higher in quantity than for singles.
Silver is at $18.44 today. Each piece has 0.859 Troy oz of Ag... so each piece has $15.84 just in silver content. This works for culls but it depends upon how much of a numismatic premium you're assigning to VF pieces... IMHO, nearly 100% is a little excessive if I'm buying...
edited to add: Sorry for the typo... I meant to say VG, not VF.
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PTVETTER posted above that the wholesale price of culls is $27.
FWIW...
On average, I ask $28 for Morgans and $22 for Peace dollars. As a buyer, I would expect the same.
USAF veteran 1984-2005
Oh good grief, I hit the "post" button instead of the "save draft" since I was interrupted in my post from an extraneous source.
It shoud/would have been; Whatever Spot silver goes for at the time plus $5. Yes, just spot would be insulting indeed.
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This thread is a list of with whom to not do business.
Who is the seller to you would make a difference?
In all honesty that's a better deal than they would get at a pawn type shop....so don't be too hard in the buyer.
Remember overhead cost time and money.
After all your talking $15,000-$25,000 money paid out that may take some time to return.
Yep some people really overprice the items and others overpay, I agree a few people I would never buy from but I would sell to 😜
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
The poster whom I addressed, has since let us know that he meant to add an extra $5 per coin to the amount he initially said he’d pay. That aside, even if the original figure he provided was better than some “pawn type shop” might pay, that doesn’t mean it still wouldn’t be ripping off a seller.
There are numerous large and small businesses, as well as individuals who would pay considerably more than that. And that’s despite the fact that some of those businesses have substantial overhead.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
FWTW, I asked and received $24 each for G Morgans in early July.
Coin Photographer.
$13-$15 each. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
.
I didn't see PTVETTER's post and there was a typo in my post. I was addressing the price of VG Morgans and the numismatic premium put on those. For culls (damaged, holed, scratched, whatever) I'd have said that there's a premium placed on those too but that recognizing the silver content is a good place to start. Apparently, it's +$11...
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I don’t work in the bullion trading department, so don’t know the specifics. But Heritage does buy and sell common date Morgan and Peace dollars in quantities.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The responsible thing to do is to inform the seller of the market price and guide them to an appropriate buyer if you are unable or unwilling to pay market price. I'm really disturbed at this "that's what it's worth to me" attitude here as that is guaranteed to take advantage of people who don't know the market. Dealers (those evil-doers) do this all the time for a small cut. I often refer bullion sellers to a local guy who pays more than I can and he kicks back 1 or 2% to me for the referral.
Obviously, if someone has one dollar to sell, shopping it across town isn't worth the drive. But if someone has 1000 coins and you can't pay $27-ish, you are taking advantage whether you are a dealer or collector.
How long ago was that? I mean they stopped making traditional silver dollars after 1935! As for the OP, shoot I haven't even started on Franklin let along Walking Liberty halves...I still got a long ways to go before I can be worrying about silver dollars...
D's: 54S,53P,50P,49S,45D+S,44S,43D,41S,40D+S,39D+S,38D+S,37D+S,36S,35D+S,all 16-34's
Q's: 52S,47S,46S,40S,39S,38S,37D+S,36D+S,35D,34D,32D+S
74T: 37,38,47,151,193,241,435,570,610,654,655 97 Finest silver: 115,135,139,145,310
73T:31,55,61,62,63,64,65,66,67,68,80,152,165,189,213,235,237,257,341,344,377,379,390,422,433,453,480,497,545,554,563,580,606,613,630
95 Ultra GM Sets: Golden Prospects,HR Kings,On-Base Leaders,Power Plus,RBI Kings,Rising Stars
1960's
Well they had to have something to redeem all those silver certificates with...
D's: 54S,53P,50P,49S,45D+S,44S,43D,41S,40D+S,39D+S,38D+S,37D+S,36S,35D+S,all 16-34's
Q's: 52S,47S,46S,40S,39S,38S,37D+S,36D+S,35D,34D,32D+S
74T: 37,38,47,151,193,241,435,570,610,654,655 97 Finest silver: 115,135,139,145,310
73T:31,55,61,62,63,64,65,66,67,68,80,152,165,189,213,235,237,257,341,344,377,379,390,422,433,453,480,497,545,554,563,580,606,613,630
95 Ultra GM Sets: Golden Prospects,HR Kings,On-Base Leaders,Power Plus,RBI Kings,Rising Stars
They were simply dollar coins. Circulating dimes and quarters were silver through 1964 and halves through 1970.
yup, I was able to do the same thing.
BHNC #203
Last Saturday, my LCS was selling circulated common date Morgan silver dollars for $28.
Peace Dollars were going for $26.
These are for hand picked dollars. I would not buy them if I couldn’t pick and choose. Too many ugly damaged dollars others are trying to dump.
So if the dealer is selling for these prices, I’m sure he’s paying a few dollars less.
Here is the Morgan I bought last Saturday.
My wholesaler buys at,
CULL WITH DATE NO HOLES $25.00
WORSE THAN CULLS $19.00
G/VG+ OR WITH LITE PROB PRE 21 $29.00
F PRE 21 $33.00
XF PRE 21 $35.25
AU PRE 21 $42.50
AU+ PRE 21 $45.00
BU PRE 21 $50.00
VG+ 1921 MORGAN $30.00
VG+ PEACE $28.00
About 50-70 pct of CPG depending on market conditions and inventory needs. No culls accepted.
Uh oh, O not 0 as in zero. No tax charged?
Thanks for the update. Timely information as I consider putting some Peace Dollars back into “circulation”.
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$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
yup, I was able to do the same thing.
BHNC #203
This is borderline criminal and gives dealers a bad name.
I like this thread, they would pay $19.00 for 'worse than culls' where the melt value is $15.00 ?
I'm learning here.
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Bad transactions with : nobody to date
Yes. The premium for dollars had been quite high for the last couple of years. This has been true even for common 1921s as well as lower grade coins.
[I still haven't figured out who the retail buyers are. However, they must be out there to support the market for the last 2 years. It's also clear they aren't on this forum. ]
WOW, Thankyou @jmlanzaf
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Bad transactions with : nobody to date