What to Do?

steve68

Another lurker finally posts! I've been lurking for 2 years, so I know you all are sharp (and sharp tongued in some cases), so I know you'll be able to handle my questions.

Part of my collection is a bunch of Morgans, one of every year of the series, except '95 (includes '93 Phil.). Common dates and mints (except the '93) in VF and EF. Bought by my father (not a collector) when silver was real high around 1980. I'm thinking about taking these to Baltimore on Saturday (a half hour drive for me) and trading for a smaller quantity of nicer stuff, don't know what yet, but likely not Morgans.

Here's the problem: they've all been cleaned (before they were bought). What can I expect to get for these? Do prices for common date cleaned Morgans move up and down with the market, or am I pretty much stuck with "melt plus a little". Is this a decent time to trade, or should I wait until prices for desirable stuff comes down some?

Thanks.

Steve

wingedliberty

You will probably get about $7 /piece in trade equity. I believe it is wise to upgrade to fewer higher grade certified examples. Quality always trumps quantity. Ultimatly you have to do what makes you happy.

Best wishes,
Brian.

my3cents

Steve,

most Morgans have been cleaned at some time or another. It depends HOW they were cleaned. If they just had a light dip - you are probably gonna be fine. If they have been Whizzed - you are totally out of luck.

Show a couple around at the show and see what the dealers say. That oughta give you an idea of how the entire lot will do.

Welcome to the board!

Cam40

Hey Steve, Glad you finally made it here.

I,m thinking common-date cleaned silver is closely tied to what melt is at the time. And hopefully alittle more
but dealers would generally give you basicly melt if sold all at once.

You could sell now and hope silver doesnt go to $15 per oz tomorrow...
Personally I think it will keep going up rather than down for awhile but its just a hunch, nothing scientific.

Good luck on what ever you decide.
And Welcome to the forum.

steve68

A little additional background:

I collected as a kid, got interested again about 3 years ago, and have been collecting mostly just information since then. Go to a Baltimore show once or twice a year. Really prefer to see stuff in person, and don't like the transaction cost penalty of ebay and other sources. Went to a semi-local shop about a year ago, didn't like it (dirty shop, geasy owner, wasn't treated well.) I'm in my mid 30's and about as clean cut as a person could be (not bragging, it's just an appropriate appearance for my job), so I expected the usual decent treatment that I've gotton since growing up.

I have used the new info that I learned here to review my childhood collection, and found out that I have about 85% junk. I have recently simply spent several hundred common date coins in an effort to pare the collection down to stuff worth having. I want to slowly get rid of most of what I have and upgrade, hence the Morgan question above.

Does anybody want to venture a wild guess on the '93? VF-EF, looks like it was PL once upon a time. No distracting marks. ...And it has been cleaned. I cannot post a picture.

Thanks again.


Steve

KlectorKid

I have to dissagree with 3cent's opinion on most morgans being cleaned at some point in fact I belive most morgans are uncleaned buy a huge majority. I think your common dates should be worth about 7 dollars and tougher dates depending on rarity being any were from 20+.

jonesy

Welcome to the Forums steve68!!

OnlyBuffalos

On the internet, go to Jakes Marketplace and follow the instructions for finding his purchase prices.
Jake is likely very near the high offer you can expect from a dealer.

cladking

Welcome aboard.

SDCollector

How harsh is the cleaning? Do the coins shine like chrome? And/or do they have a lot of hairline scratches? Since you said they have been cleaned, then my guess is that the cleaning has been harsh. Dipped coins are very difficult to detect and if done properly are normally not discounted by the market...at least I hope not because I have a ton of them

hookedoncoins

Welcome to the boards. I believe you will get a little over melt for your morgans, but it depends on the severity of the past cleanings. I have dealt with coins that are lightly cleaned and don't bother me too much, and also have seen coins that hurt my eyes because of harsh cleanings.

I think you are wise to sell off common "junk" morgans and buy quality coins. About 3 years ago (around when I found this board in fact) I decided to sell of my "junk" (which was a signifigant portion of my collection). Every month or so, I would raise my standards, rejecting the coins that didn't measure up. Now, when I look at my collection, I am happy with every coin I have. Owning quality coins also makes your collection more liquid, financially speaking, if you ever need to sell it.



<< <i>I have to dissagree with 3cent's opinion on most morgans being cleaned at some point in fact I belive most morgans are uncleaned buy a huge majority. I think your common dates should be worth about 7 dollars and tougher dates depending on rarity being any were from 20+. >>



I agree with "majority of morgans have been cleaned." Look at all the white morgans you see in slabs... how many are blast white (although the number seems to be dwindling after the tone craze)? It isn't natural for a coin 120 years old to be blast white. Mabey not the majority... but close.

-Jarrett Roberts

KlectorKid

How many red IHC's are there? those can be than morgans are mch more active metal wise and still many exist. How do you explain GSA morgans that went from the bags to the holder many of those are not toned were they cleaned in the holder?

hookedoncoins

I don't know enough about GSA morgans to give a good defense, but I believe that the vast majority of morgans in PCGS/NGC/ANACS holders right now have been dipped.

-Jarrett Roberts

Dog97

Well I hate to tell you this but there isn't much demand for cleaned $10 coins and you're talking 28 problem coins that even if you could find a dealer to take them you're talking around $150 for the set and they will pay this just to get the 93 if it isn't too badly damaged & throw the rest in the $8 junk box.

Cam40

you been lurkin here for 2 years so I know you know Dog97. So I assume you know he dont
mintz words.
Just one of our many `you should listen to this guy` guys. But you already know that huh.