Morgan/Peace melt question

Justacommeman

My sisters neighbor has about a 120 heavily circulated Peace and Morgan dollars that they are looking to sell. Assuming there are no rare dates what would the fair price be? Is it just a melt type calculation? Thanks, MJ

gsa1fan

.77 times spot is what I'd offer.

Yes a melt type situation ~"$1.00 in face value of Morgan and/or Peace dollars contain 0.77 oz of silver which at $17.27/oz is worth $13.35."

roadrunner

Melt would not necessarily be fair. It really depends on what heavily circulated means. Even VG-VF Morgans are "heavily circulated" but certainly are still worth a decent premium to melt if they aren't scrubbed, dinged, burned, or scratched. You will find a number of buyers on the BST willing to pay above melt. But I would agree that many dealers simplify the risk and increase their margins by just offering melt. It doesn't mean it's fair. AG/Good or damaged common date silver dollars are basically those that would be considered "melt" quality. The CDN lists those in VG+ at 15-17% premiums, ostensibly for a reason. There are numerous buyers for VG+ Morgans at $15 in quantity. The peace dollars and '21 Morgans bring considerably less though.

A couple of years from now (or less) the story will probably be different as coins like this will probably be trading for now more than melt....possibly even BU's.

roadrunner

Justacommeman

Thanks RR. That's what I was getting at. I just want to make sure it's fair for both sides. This is not my normal cup of tea. MJ

gsa1fan

I would consider "heavily circulated" as slick to AG.

VG+ should demand a better price.

jmski52

What roadrunner said. It depends on whether "heavily circulated" means "worn slick" or just normal circulated.