Set of BU Morgans
dhughes9
Posts: 5 ✭
I recently bought a set of 26 BU Morgans, guaranteed to be MS60 or better. I went to a coin price guide site (connected to ebay), and found that even if they all were MS63, the set would only be worth about $2200, which is $1000 less than what I paid. I'm a novice at collecting, needless to say. I called the salesman and told him I wanted to return them, stating that I thought they were overpriced, but he urged me to keep them, assuring me they were not overpriced. Can you seasoned collectors give me some guidance on this matter? I have them boxed up ready to return, but I am unsure whether I should. Thanks in advance.
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Dates? Mint marks?
@basetsb_coins on Instagram
Yes, return them. Document everything via email. Send back with a signature required.
You can check prices of sold similar coins on ebay pretty easily. That should tell you the truth as to worth.
You paid about $120 each and likely they are all common dates worth much, much less.
If you care to list the date/mint mark we might be able to better assess the situation for you.
Pics of a typical one or two would also help us.
Welcome to the forum, and stick around and learn from the best of the best.
bob:)
$120 per coin AND they are not graded! Send back and run! I'll sell you as many MS63 GRADED Morgans as you want for half of that and I would still be considered a crook if I did!
yes return them, you got scrued - welcome to the high pressure sales that can be involved with coin collecting
Not to beat a horse that has already been beaten to death, but you should definitely return them and make sure to get proof of delivery. And, insure the package in case they claim they don't receive them. You will need that proof when you file a claim with your credit card company. As others have stated, MS63 PCGS graded coins sell for less than half the price you are paying. And, if they are telling you they will grade MS60 or better, don't be shocked if they graded AU58 or less and are than worth less than $25 each. My assumption is that they are all common date coins worth the metal content. These types are fly-by-night sellers come and go every day. Don't get taken!
And, best of luck. It is great to be a novice collector. But, before investing that kind of money, learn from the experience people on these message boards; learn from visiting sites like Heritage Auctions (HA.com) and see auction prices for closed listings; look at eBay (less than HA.com though), and other auction and educational sites. Another great site to see what something is really worth if greatcollections.com. Pick a series you like. I enjoy Morgan dollars, too.
If they will accept the return, by all means send them back.
Thanks for the quick responses. Here are the dates and mints. (No Mark- 1879, 1885, 1886, 1887, 1888, 1889, 1890, 1897, 1898,1900) ( S-1878, 1879, 1880, 1881, 1882) (O- 1883, 1884, 1885, 1899, 1900, 1901, 1904 ) (CC- 1882, 1883, 1884,) (D- 1921) None are in holders from the grading companies- they are in clear, round protectors.
A nice common date BU Morgan will sell for about $38 ea.
Post haste!
Excellent advice from the forum veterans. And welcome aboard.
@dhughes9, You have come to the right place indeed! Get out of them quickly! This "salesman" is the type who ruins the coin collecting hobby for new unwary collectors. Find yourself a respectable coin shop to do business with and establish a relationship there. Generic(common date/mm) true BU Morgan Dollars should generally range from $40 to $50 each, and less for the 1921's.
Given that you say "salesman" and "boxed up", were these an online or HSN type purchase? Are you confident that you will actually get your money back if returned? As @AUandAG said, definitely send via signature required or even registered mail.
A side note about buying on ebay: There are a lot of raw "uncirculated" coins listed but are AU at best, seems to be an epidemic over there and many are shameless about it. Really grinds my gears.
Collector, occasional seller
Could be worse.....you could have bid on this coin.
http://www.ebay.com/itm/1878-S-Morgan-Silver-Dollar-MS-64-obv-DMPL-NGC-listed-value-2250-00-/292079677682?
The three CC's look to be the most valuable at about $200 each retail.
bob
National Collectors Mint say they will accept returns, which I definitely will, thanks to y'alls feedback. Just consider it a lesson learned. I appreciate all the feedback. Y'all are great!
.....and hang around here...you will learn about coins and their values real quick.
Just so you know, you should stay away from places like this, and all other mail order and TV type rip-off firms. Since you seem to have an interest please do not let this one instance discourage you.
By the way, welcome to the forum. Stick around and you will learn a thing or two.
this is the best advice. Run, Forrest, Run.
Welcome and I'm glad you spoke up.
Get your hard earned money back.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Caveat emptor.
My suggestion; hang out here, buy books, and find a series that speaks to you... once you isolate that series find a mentor(s) that can help you until you are comfortable buying. Buy the ANA grading guidelines book.
Study, learn, buy, study, learn, buy repeat as often as desired.
If one of them is a 1893 with an S or an 1885 with a CC then I'd say you did well. Otherwise they should be original and toned white for any true value for what you paid. No slide marks or top of the ear wear would or should be acceptable.
Congratulations and kudos are in order for having the presence of mind and resourcefulness to come here and ask about these, even if it was after buying them. You managed to mitigate a pretty big loss (the whole lot is probably worth around $1400) and you probably won't be making that mistake again. If you are interested in collecting, do a lot of studying, as mentioned above, and ask questions here.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
@dhughes9.... Welcome aboard... sorry for your situation... the advice provided in the foregoing posts is excellent.... Send them back. Then come to this forum regularly... ask questions, buy books on coins that interest you....Have fun, it is a hobby after all. And yes, most of us have had a bad experience or two..... Cheers, RickO
My YouTube Channel
Don't check them for varieties or anything else. Just ship them back pronto. Salesmen work for the boss...not for you. If the sets are such a good deal, ask them to show you where they came up with the $2200 value.
It is possible to come up with such a number using a full retail price guide for common material...such as PCGS price guide. Multiply price guide by 60-70% to come up with wholesale liquidation value. So by the definition of "retail" price value they might not be technically overpriced....as long as you don't mind being 30-40% in the hole as soon as you start out. For common material like BU Morgans you shouldn't expect to pay more than a 10-20% premium to wholesale....if you look around.