Why was a dealer in Baltimore giving away Peace Dollars for free?

Longacre

It was late in the show, and I was staggering around the bourse, completely exhausted from looking at coins all day, and stressing out about potentially speaking to QDB. I stopped by a dealer's table that was tucked in the back next to the "build your own sunroom" display. He had a book of peace dollars in 2x2 holders. I wanted to get something for the kids (they like big coins, not small ones), so I cherry picked a 1923 Peace dollar . The price was $10.50, and as I was fishing around for the 50 cents, the dealer took pity on me and said he would take $10. I just did a rough calculation, at today's silver price of $10.46/oz, the silver content is worth $8.87. The coin is still legal tender at $1. Therefore, I basically got the coin for free. Is this possible?

As embarassed as I am to admit this, I brought it over to Cammy at the ICG table, and he told me it would grade AU-58. I don't have the Greysheet in front of me, but I think if I go back and buy the entire inventory from this guy, I could probably retire. Am I calculating something wrong?

eyoung429

If not, give the dealer my ph# and I will buy his inventory at that price!!!!!!!!

RonB

Wouldn't call it free, but maybe he was investing in his future.
You'll remember him next time.

"Don't look a gift horse in the mouth.."
"What goes around comes around"

Melt/refining is not spot price.

-Ron

ElKevvo

Well it depends...I think you need to identify what you paid the 10.00 for. If you paid 10.00 for 8.87 in silver you did not get a good deal. If you paid 10.00 for 1.00 in legal tender you got an even worse deal. If you paid the 10.00 for an AU 58 1923 Peace Dollar then yes you got a good deal. Since you cherry picked the '23 there might not be any better ones in his inventory. Still, very nice of the dealer to sell it for the price. I will have to pay more attention to those out of the way tables!

K

mgoodm3

Also remember that he bought it from granny at face.

RYK

Old Man RYK always says: "You get what you pay for."

Conder101

At the Old Fort Coin Show this past weekend, one of the dealers had a case of 1 oz silver rounds that had been priced at $10 awhile back. He said he didn't feel like repricing them so he was just selling them for $10. Less than spot. Interestingly, he wasn't getting any takers on them.

Deadhorse

<< <i>At the Old Fort Coin Show this past weekend, one of the dealers had a case of 1 oz silver rounds that had been priced at $10 awhile back. He said he didn't feel like repricing them so he was just selling them for $10. Less than spot. Interestingly, he wasn't getting any takers on them. >>



I don't know where the Old Fort Show is located, but had I been there, his inventory would have been 100% gone as fast as I could scoop them up.

baccaruda

It's worth $8.83 at melt, but you paid $10.00? How did you get it for free? At $8.83 you would have gotten it at market. At $0.00 you would have gotten it for free.


I sold a pile of worn G-F Morgans to a shop at spot-silver price a couple months ago.

UncleJoe

I think you need to address your definition of "free".

He sold them for essentially what they are worth, not "free". (without additional profit maybe?)

Joe.

Steve27

"Am I calculating something wrong? "

Yes, if you think the value is $8.87 plus $1.00.

P.S. AU58 1923 Peace dollars are actually a dime a dozen, so you got robbed.

Steve27

Back when silver was about $7.50/oz I bought three 1 oz Canadian .9999 pure silver coins (still in the Mint plastic) for $7.00 each; that was a deal.

Longacre

<< <i>P.S. AU58 1923 Peace dollars are actually a dime a dozen, so you got robbed. >>



If they are a dime a dozen, I guess I did.

morgannut2

Is it possible that he was actually being a nice guy???

billboat

Forget melt--$10 for a nice Peace dollar is a good deal any day---probably one of our prettiest coins--the design harks back to the Grecian and Ptolemaic coinage.