Found 150 Morgan/Peace Dollars Keep or Sell?
Dakkon76
Posts: 9
So first off, I'm new here and I'm glad to see such a huge forum devoted to coin collecting!
My wife was recently given 150 silver dollars that she'd won when she was 7 years old... her mom found them in storage. Most of them for some reason are 1921 Morgans, probably about 70 of them. The remainder are some late 1800 and early 1900 Morgans/Peace dollars. I've compared them with Ebay prices and talked with a local coin dealer and since they are all heavily circulated and really worn, and there are none that are rare, he told me they didn't have much value as coins but rather as bullion and estimated they were worth about $12 each. He said that as far as predicted value over the next 20-40 years, the coins themselves wouldn't really appreciate too much, but their only value is really the silver in them.
Is this true? If so, my wife and I were thinking of selling them, which would yield about $1800, and reinvesting in either some coins of value (doing a buttload of research first of course!) or in gold/silver depending on what the prices do in the recent future. I'm wondering what sort of expert advice you all might have? We're actually starting to get all of our debts paid off and we're hoping to start investing in coins/metals by just putting a bit aside every month.
Thoughts or suggestions on what to do with this new found lot?
Thanks a bunch!
/dak
My wife was recently given 150 silver dollars that she'd won when she was 7 years old... her mom found them in storage. Most of them for some reason are 1921 Morgans, probably about 70 of them. The remainder are some late 1800 and early 1900 Morgans/Peace dollars. I've compared them with Ebay prices and talked with a local coin dealer and since they are all heavily circulated and really worn, and there are none that are rare, he told me they didn't have much value as coins but rather as bullion and estimated they were worth about $12 each. He said that as far as predicted value over the next 20-40 years, the coins themselves wouldn't really appreciate too much, but their only value is really the silver in them.
Is this true? If so, my wife and I were thinking of selling them, which would yield about $1800, and reinvesting in either some coins of value (doing a buttload of research first of course!) or in gold/silver depending on what the prices do in the recent future. I'm wondering what sort of expert advice you all might have? We're actually starting to get all of our debts paid off and we're hoping to start investing in coins/metals by just putting a bit aside every month.
Thoughts or suggestions on what to do with this new found lot?
Thanks a bunch!
/dak
0
Comments
Edited to add:
If you are going to sell these with the intent on investing in physical silver and you decide to buy 90% circulated US coins as that silver then you should simply keep these pieces as part of your silver investment.
In honor of the memory of Cpl. Michael E. Thompson
you might consult a price guide to see if you have any rarer dates yourself, and learn before you do anything like "unload them"
price guide pcgs
I'd get a second opinion for starters.
OTOH, you may have already gotten sound advice, can't tell you without dates and mint marks.
I'd wait a while on the silver spot price to climb back up, even if they are only bullion, a very likely possibility, the price will be higher.
Not long ago, they were worth around $14+
Maybe he wanted to buy them at $12, that would have been a bargain just a couple of weeks ago.
John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
If you are inclined to search for VAMs, I would be very surprised if you don't find at least a few in that hoard of 150 that wouldn't increase the value of the whole thing enough to be worth the effort. But there is a learning curve to overcome. 1921, particularly, is a (though cheap...or because it's cheap) much collected one by VAM collectors. Frst thing I would recommend is stacking all of the 1921 (no mint mark) ones and looking along the edges of the stacks. If you locate any with very noticeably thicker reeding, you have premium VAMs.
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Do your research before you sell them. Are you 100% sure that you do not have any "VAM"'s ???
Welcome to the forum.....
You wouldn't believe how long it took to get him to sit still for this.
Send them to somebody who can check the vams for you. Myself, Rob Joyce, or another. We don't charge, but do ask for a discount
on any special we find.
since they are all heavily circulated and really worn, and there are none that are rare,
Bah, humbug! They weren't checked for rare vams!
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<< <i>Welcome and I agree with TomB. >>
Yep!
The offer you got from Wolf359 is win/win. I would not hesitate to take him up on his offer.
<< <i>It's a die crack, not gouge. >>
Explain for the guys who have no idea about VAM's. (me)
Nice scans, by the way!
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If I found these coins in my possession, and if I had any outstanding debt at an interest rate higher than a competitive mortgage rate, I would sell the coins and pay down the debt.
For example, if the debt is at 12% interest, and you pay it down, you are essentially getting an immediate return on your money by virture of the interest you will not have to pay.
Now, go into your profile and adjust the setting to accept Private Messages (looks like a keyhole icon - top right here.)
21-D are always nice to find.
Check the VAMworld site when in doubt.
You'll find a lot of helpful people with great information & many years' experience here.
<< <i>If you have any really worn 1897-P, 1898-P or 1921-D Please drop me a PM!!! >>
Ok, I turned on my PM, didn't know I had to do that. Most of my 21's actually look pretty good. the only REALLY worn ones I've got are several 1922 Peace dollars as well as 2 morgans: 1883-P and 1884-O (this one is really worn but still has some cool detail to it).
1) WELCOME!
2) I posted on the BST board here before looking for average circulated Morgans. Enjoy the hunt for the VAMs and if you decide at some point to unload some of them, let me know
Happy Hunting! This thread reminds me by the way that I have never checked the handful of Morgans I have for VAMS!
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<< <i>See I would have thought the top one was a better find because the marks on it stood out more... but comparing my bottom one to the VAM-1D on the vam site... I think I see what you mean. The line that comes off of the top of the M distorts the actual shape of the M, and there's also a slight distortion in one of the "denticles"? ... assuming those are the square dots that make up the border. Is this right, or am I way off on why you said a VAM-1D? hehe >>
The break at the top of the M and, more distinct to the variety, the serpentine break at the denticles above the F are clear giveaways for the VAM-1D. Here is the detail on one of my AUs.
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Nice find................my favorite year the 21 morgans are.
Herb
and welcome!
roadrunner
<< <i>After checking for VAMS, keep them. They will make a fine silver investment in any case. Why give up 10% now to move into something else silver? Your downside is very limited imo and the upside is as high as silver can ultimately go. Keep 'em. They're worth more than $13-14 imo. I'd also bet that they are not "really" worn and are in far better grades than your dealer suggests. I think $12 is a poor offer, even today. Silver dollars were bringing $15-$16 just 2 weeks ago when silver peaked. Don't sell when things are weak like they are today.
roadrunner >>
Roadrunner knows what he is talking about. Your $ are a fine silver bullion hold. Why sell them to buy bullion and get hit with fees coming and going?