1923 S Uncirculated Peace Dollar
bullionsilver_hawaii
Posts: 33 ✭
I was watching HSN - a television advertising show. And something caught my eye. An 1923 S Uncirculated Peace Dollar. They were selling it for $59.95 USD, plus shipping and handling. I was very tempted to take the offer, as I used the PCGS photograde app to check the official grade. Using the photo, it showed it as an MS-66/MS-67, and the red book priced it at $4,500+. Legitimate deal or Crappy Scam?
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Comments
It is highly unlikely that the one on HSN will grade 66. Most likely it is just a regular BU (brilliant uncirculated) and is worth $40-$45. And that's IF it's not polished and cleaned (to make it look like a MS66). Btw, a 1923-S Peace PCGS graded MS66 is listed at $32k with a pop is 2/1 (meaning only 2 have been graded 66 and 1 at 67).
Yep...those TV sales are mostly trash.... I had a couple of guys where I used to work that bought coins from them.... told me how valuable they were... brought them in to show me. Trash...had to break it to them gently and show them proof.... they were angry... one never spoke to me again. People hate to be scammed, but when they have been, they tend to take their anger out on anyone that exposes it.. guess they are embarrassed. Cheers, RickO
I guarantee you the HSN is not going to leave thousands of dollars on the table to sell you a coin for $60, which is not worth that either. If I had to guess, I would say the coin would grade AU 58 at best.
As is true for many Peace dollars, the 23-S is a funny issue. It's very common in low MS grades but incredibly uncommon at gem and higher.
If you are a new or relatively new person, go to places where you can see these coins in person - a coin shop, a coin club, a coin club annual show, a bigger regional show, or even some better flea markets. It is important to see a lot of coins, in person, before you spend a lot of money.
It may be discouraging to have the coin collecting fever and to have to go slower than you would like on initial acquisitions, but paying way too much for too little has also caused lots of new collectors to drop out of the hobby too soon.
Go to places where you can see lots of coins, in person.
Also, you may also wish to consider, that from a mintage of 19 million 23-S coins, PCGS has certified only one MS67 and only two at MS66.
Usually the HSN markup is high. HSN would be leaving money on the table (based on its clientele) by selling a $45 dollar coin for $60. I doubt the coins will even be BU. I'm guessing the coins are mid to high-grade AUs and probably cleaned.