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POLL: Would you buy cull Morgans?

piecesofmepiecesofme Posts: 6,669 ✭✭✭
in Precious Metals
Interested to see what the concensus is in buying cull Morgans that may or may not be a mix of dates
To forgive is to free a prisoner, and to discover that prisoner was you.

Comments

  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    culled Morgans? Never...send them to the smelter, that's all they're good for.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • tneigtneig Posts: 1,505 ✭✭✭
    Maybe 10-20 if not bad. Culled as in basic is fine, damaged maybe 1. But I'm not paying anything higher than base to low average for any of them. That is until I gain more experience.
    COA
  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    Nope !!! image
    Timbuk3
  • nibannynibanny Posts: 2,761 ✭
    I usually don't do 90% but in case I wouldn't buy any cull.
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
  • illini420illini420 Posts: 11,466 ✭✭✭✭✭
    Considering the silver melt value of the coins is close to $22, I think even $26 is too high for a cull Morgan... and $32 from APMEX is way out there I think!

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  • Jinx86Jinx86 Posts: 3,710 ✭✭✭✭✭
    I sold all my morgans and put the funds in cash and into pure. Silver went down but premiums stayed high so I dumped them and made out well. I would suggest buying them with low premiums, much lower then they are now. Its kind of nice to have something other then bars to play with while prices are going up and down you can add to your stack just by converting from one to the other. I think I added over 20 ounces makeing the swap this last time.
  • VanHalenVanHalen Posts: 3,955 ✭✭✭✭✭
    Cull can mean different things to different people. I've seen coins just below Good but otherwise problem-free called culls. Some severely damaged and holed coins are called culls too. I guess it depends but $26/ea would certainly be the upper limit I'd pay.
  • PokermandudePokermandude Posts: 2,713 ✭✭✭
    Even at $26 each I wouldn't bite. Cull is barely above junk silver. And if I am paying $4/oz over spot for silver, it better be maples or eagles.
    http://stores.ebay.ca/Mattscoin - Canadian coins, World Coins, Silver, Gold, Coin lots, Modern Mint Products & Collections
  • derrybderryb Posts: 36,788 ✭✭✭✭✭
    I would not buy cull Morgans at all at these rediculous prices. At $28.75 silver a cull morgan is worth no more than $22.25. Another example of why Apmex prices should not be used to establish "good' or "average" prices. While APMEX is currently selling (500) mogran .900 culls for $15,150 plus delivery, Tulving is selling a sealed box of (500) 2013 .999 ASEs delivered for $15,645 and DBS is selling them for $15,749 delivered.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    Another example of why Apmex prices should not be used to establish "good' or "average" prices.

    My point of this Poll exactly. Maybe people will stop refering to Apmex for accurate values now image

    It seems that 2/3 of the total votes wouldn't even consider buying culls, at any price. Now that on the other hand boggles my mind. If you could buy for below melt, pollsters are telling me by their voting they wouldn't even do that??? That's amazing to me.
    To forgive is to free a prisoner, and to discover that prisoner was you.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I would buy cull Morgans below melt (yep, it does happen, have seen it in antique shops).....sometimes there are vams etc in cull batches. Cheers, RickO
  • jmski52jmski52 Posts: 22,820 ✭✭✭✭✭
    My point would be that different dealers have their strong suits, and that you should shop around. Apmex stays in business somehow, and they have to be competitive in some areas. To ignore how Apmex prices various bullion will only put you at a disadvantage when comparing prices. I've always found them to be a bit high, but that doesn't mean that I should ignore them if I am ready to buy and I want to find out where the best prices are. In addition, there will come a day when having the product available is equally important to the price, and there is always a value to be placed on reliable service.

    I wouldn't buy cull Morgans at spot, but I'm not looking for a quick flip either. If you are into arbitrage, then go for it but don't expect the premiums to be there when you sell.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • bronco2078bronco2078 Posts: 10,211 ✭✭✭✭✭


    APMEX is great for certain things . I love to back up the truck at the end of year sale they always have. Last christmas I got some 20 franc gold at a good price




    Sometimes APMEX positions certain things for suckers . They are effectively giant war nickles and you would be punished in the marketplace if you tried to resell them in a down market.



    Maybe they are positioning them like unsearched wheat rolls on ebay , some genius will get the bright idea they can find some lowballs for a registry set. image
  • OPAOPA Posts: 17,119 ✭✭✭✭✭
    Although I would not even dream of buying any type of "culled coinage". I reviewed APMEX buy/sell quotes on culled Morgans.

    APMEX buy/sell culled Morgans

    Buy.....$26.51
    Sell.....$30.59 - $31.34

    APMEX may be on the high side for both...buying & selling
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • PerryHallPerryHall Posts: 46,111 ✭✭✭✭✭


    << <i>Another example of why Apmex prices should not be used to establish "good' or "average" prices.

    My point of this Poll exactly. Maybe people will stop refering to Apmex for accurate values now image

    It seems that 2/3 of the total votes wouldn't even consider buying culls, at any price. Now that on the other hand boggles my mind. If you could buy for below melt, pollsters are telling me by their voting they wouldn't even do that??? That's amazing to me. >>



    I wouldn't want culls but some people must like them and just because there are some here that don't want them doesn't mean there isn't a market for them. APMEX is a large bullion dealer and they make a two way market on bullion products by publishing their buy and sell prices. I still consider them a good indication of the retail and wholesale value of bullion products.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • OverdateOverdate Posts: 7,007 ✭✭✭✭✭
    Cull Morgan and Peace dollars almost always bring $26.50 and up (including shipping) on eBay. Someone out there likes them.

    My Adolph A. Weinman signature :)

  • jmski52jmski52 Posts: 22,820 ✭✭✭✭✭
    Morgans have always carried a premium because of their size, similar to how 90% halves now carry a premium over 90% dimes and quarters, because of their size.

    When it comes to culled coins, the premium goes away and they are considered as fodder for the smelter more than anything else. The reason is because of the obvious loss of weight due to wear or some type of damage that renders them non-collectable.

    When weight is the main consideration, then the advantage shifts quickly to Silver Eagles, Maples, Philharmonics, or name brand bars. The premium is due to a recognizable product of known weight & composition, and in better condition, i.e. more attractive. Because of these factors, they all have a collectable numismatic component, while the culled Morgans no longer do.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    Culls don't interest me at any kind of premium to melt. But I might buy them at or below melt. APMEX publishes both buy and sell prices for many products, so their prices are not just fantasyland.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
  • ksammutksammut Posts: 1,074 ✭✭✭
    No for me.
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  • piecesofmepiecesofme Posts: 6,669 ✭✭✭
    APMEX may be on the high side for both...buying & selling

    Keep in mind that in order to get the "good" price requires a minimum $10k order. At some point one has to ask themself if it's worth typing up $10k min. in order to save .50/coin.
    To forgive is to free a prisoner, and to discover that prisoner was you.
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