Local coin dealer offer...
holeinone1972
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I have not been around in a few years. Took a bunch of way better than melt silver dollars in to see what offer I'd get. Less than $19 each. These are not shiny, worn down to unreadable dates. I did not even reply, I just turned and walked out.
What should I be expecting? 
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I’d guess approximately melt value for the Peace dollars and a couple dollars over that for the Morgan dollars.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
"way better"?
$19 is low but 21 Morgan and worn peace are worth melt. I wouldn't expect more.
Under $19 was a real lowball offer considering melt is $24.50. I don't have the answer as I've not tried to sell any silver dollars in years, but $24-$25 each would seem reasonable to me.
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Same happened to me a few years back. I stopped stacking Morgan silver dollars after that. Never again.
You can do better. It ultimately boils down to how many silver dollars you are selling and how much time you want to spend.
https://scoins.com/pricelist/tradingsheet.aspx
$25 each would be a good offer from dealer. $19/ea is low but not surprising.
You can easily get $30/ea selling at retail.
Welcome back. You might place them on bst to get a more fair response.
Jim
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I think fees and shipping on Ebay would cost you $5 per coin.
Is an extra $1 to $2 per coin worth it to you for the extra legwork?
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A bit low, I wouldn’t expect much more for a handful of common date silver dollars in the current market . The premiums on this type of material are completely non existent right now, you can buy these RETAIL for around $27. Wholesale dealer to dealer, these are trading at melt. I wouldn’t want to put out $300 to potentially make $2/coin on 12 coins either.
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Agree low, $22 would have been fair but B&M didn't want to shell out ~$250 to try to sell a small # to a wholesaler to just make $30 or less. If B&M doesn't have demand for coins, 20% back of true MV is common. List of BST.
His offer is low but the material you are offering is very common and he may not have a ready buyer for it. The offer says that he really doesn't want it if he has to pay supposed current market price. I don't blame him for making a low offer.
The dealer only offered 78% of melt value, and I do blame him for making a low-ball offer. I think he should have refrained from making an offer or at least let the customer know he should be able to obtain a higher price elsewhere.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Try the BST. It's free so you have nothing to lose but you do have to know what you want for them.
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It appears that the dealer probably wasn't really interested in buying, and the lowball offer represented that.
Common coins that closely track melt value, probably not very liquid in his B&M store...the risk and opportunity cost are all on him.
He could have declined outright, but he chose to make a low offer. Same result in the end.
I’d argue that being more upfront compared to a low offer would have resulted in less animosity from the OP towards the dealer. So while still no sale on this occasion, it could have left the dealer in a better spot for a future deal.
A local guy (non-dealer) gave me $35 each for these.
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Some wholesalers are paying below or at melt for worn to fine peace dollars. $19 is low but not insultingly low.. there are a lot of silver dollars out there!!
Many, many millions of common date circulated Morgan and Peace Dollars are out there. When common stuff is offered the seller should not expect much of an offer.
Typical dealer slimeball offer. They should have offered melt ($24.25) at least. You could get $25-$27 easily here on the BST. RGDS!
I don't disagree at all.
I guess the dealer felt differently, either because he's a jerk, or because he needs a larger markup to stay in business, or perhaps he felt this seller wasn't a prospective customer later on. We'll never know.
I've been lowballed before, and wasn't happy about it. I didn't play ball, either. Who "won"? No idea. I still have the 1/10 ounce gold Eagle while gold is higher now, and the dealer is out of business. I'm not sure either of our decisions was by itself life-changing. Maybe I'll try to sell it again someday.
I sold ~$50 face of 40% silver at a Long Beach show last year. I approached 5-6 dealers and was politely told they were not interested and finally after about to give up I found someone who made a reasonable offer and they were sold.
A local dealer recently offered me 85% of melt for a half eagle. That was basically $100 back of melt with gold at its current prices. I was not surprised and moved on.
In that situation maybe you should have counter offered, something like "Can you go $23"
Wisdom has been chasing you but, you've always been faster
Shops have high overhead and it is killing them in this market. I have to wonder what CDN CPG is on those pieces however. They seem like nice collector coins. I suggest you get an eBay seller acct.
Or consider an auction house to sell for you. I'm not sure who's bidding on this stuff but the seller is doing well.
https://www.creamerbid.com/auctions/96/lot/19743-1889-0-morgan-silver-dollar
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Couple bucks back of spot for run of the mill Morgan's.
Remember the shop has overhead and taxes to pay on gains.
Does the shop have to hold the merchandise for 30 days?
Lots of factors.
Better to put on the BST here and ship.
If anyone buys these where are they going to go with them? I've heard dealers say that they really have nowhere to sell them to and buyers may or may not walk in where they can make a reasonable profit. Also have heard ridiculous stories of people walking into a pawn shop with a large pickle jar of silver dollars being offered just $1 each. If someone is willing to ship which a big "if" then they may get more than this potential seller's story.
Not sure how offering 20% back of melt makes him a slimeball. Is it the best the seller can do? Probably not, but it's not an outrageous offer either. If the dealer is going to bother with them there's got to be something in it for him, right?
Sure, but since he can sell them retail and net 2.50 a coin he should be able to at least pay melt. His only expenses are his rent for a safe commercial location, wages for his employees, liability and shipping insurance premiums, marketing and advertising, utilities, Maintenance and security, shipping and packing material costs, and state licensing fees and numismatic organization memberships.
Even if he’s on the very low end of the spectrum (10/k month?), all he would have to do is buy and sell 1000 silver dollars a week and he’ll get to cover all his expenses, excluding his time (which shouldn’t be worth all that much)….then all of the wheat cent proceeds should be pure profit!
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You can ship them to wholesalers but you need quantity to make it economical. Personally, I hate buying these at melt, though I do if they are in an estate. You can't make any money on them.
The dealer could be looking get them close to melt then grade, put in 2x2, then price at CPG retail. Then to collector coin browse boxes. Great profits.
While, based on your posts here, your world appears to revolve around CPG retail, that’s not necessarily the case for the rest of us.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Guess the question I have is what amount of face does a wholesaler want to pay the melt value. If a bag of 1,000, the dealer may have to sit on these a short while and hope the price doesn't drop back to late Dec prices when $21.80 was the bid per full bag in the January Greysheet. Not defending the dealer, but 12 coins is a small quantity.
So what is your Point / it’s too high lol? The CAC Mkt report and regular CPG PG Redbook mag are going to be merged next quarter. It’s a huge step forward.
Dealer x who has the CDN phone app (bid /CPG) now has one qtrly mag (quick ref) to supplement that they can see a series data on one page (big picture overview).
Many calculate their auc bid / offer based on what they plan (or parameter) to sell it for. You don’t seem to get that. I don’t care what somebody else does- I have handled both US and world coins / currency and out to retail them whether some price number like CPG or simply cost plus. Many those coins pic above (are u blind?) look like they than can score higher than just melt. That 1886 $ looks XF / higher.
I get that, just fine.
Among other things, what you don't seem to get is that buyers and sellers of low value, ungraded circulated (and lower end unc.) Morgan and Peace dollars don't need to do any calculations based on CPG retail prices.
Hopefully, eventually, you'll learn how (or bother) to quote the posts to which you're replying, so that they don't look so silly when they appear after others have posted. Maybe the CDN CPG can teach you how to do that.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Do you count off for spelling too?
In my town in NY, dealers have to hold for 14 days before they can sell.
You still in the area? If so, where did you take them?
I know how the local shops offer so I'm not surprised, sadly
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
A lot of coin shops tend to offer somewhat low prices. A few do better.
If you were to shop them around a coin show, you would probably do a little better.
When I go to a local shop to buy common Morgan/Peace silver dollars coins like that for over-striking,
they usually want about $25 to $28 for the Peace and $28 to $35 for the Morgans (depending on the grade).
Wouldn’t walk over $60
It's not like the offer is going to go down. Can't hurt to get other offers. The problem is trying to retail them yourself which will eat up the $60 in a hurry.
Interesting, knew there was a hold for gold before dealers can resell but wasn't aware the same applied to silver.
All second hand goods, not just coins. They have to list it on a police website for 3 to 14 days depending on jurisdiction. Good old NY
Yes, my B&M mentioned it was to confirm not stolen.
Yes, that is the goal. I've seen it work although I don't know whether overall it is positive or negative. If you are buying stolen goods, you could just not upload them. So you end up costing honest customers money in some cases because the store has to consider the opportunity cost. Even for things like bullion that is liquid, it forces stores to carry hundreds of thousands in inventory that they would otherwise have immediately flipped.
I told the story once about how I ended up with stolen goods, legally. The police recognized the stolen property and claimed the goods. But the victim could only prove he owned some of the slabs, not even all of them. So those were returned to him and I was sold the rest of it from the dealer even though we all knew it had to be part of the same heist.
The melt value today is $24.95 for Peace and Morgan dollars...He's making a killing.
No I have little interest in dealing w vultures. Guess I'll take those and better inven> @Bochiman said:
Back near Pittsburgh PA.