At a crossroads here. Advice needed please. Gold/Morgan Dollar
Saspursfan78
Posts: 66 ✭✭
So, I've been wanting to get into coins (mainly Morgan Dollars) and have acquired this one so far; nothing special...
[img]https://s20.postimg.cc/ebwoy138d/20180718_123601.jpg[/img]
![https://s20.postimg.cc/ebwoy138d/20180718_123601.jpg[/img]](https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fs20.postimg.cc%2Febwoy138d%2F20180718_123601.jpg%5B%2Fimg%5D){kind=link}
I wanted to add to it obviously, but my cash flow isn't where it should be right now. I do have this gold coin ring I could use to trade in for another coin or 2:
[img]https://s20.postimg.cc/66emzvuf1/20180719_215536.jpg[/img]
![https://s20.postimg.cc/66emzvuf1/20180719_215536.jpg[/img]](https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fs20.postimg.cc%2F66emzvuf1%2F20180719_215536.jpg%5B%2Fimg%5D){kind=link}
The ring is 11.5 gold weight and I could get close to 275 for it if I chose that route.
I guess what I'm asking is, would it be a crazy move to sell my coin ring and use the cash for a decent graded GSA Hoard Carson City (common date) coin? Or hold on to he gold for now?
Any advice? Thank you.
Retired Disabled Vet (Army). Corps of Engineers.
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Comments
Which would you get the most enjoyment from? BTW, a CC dollar in a sealed GSA case is one of the best "first" coins for a collector. It will start you on your study of "originality" and "mint luster." Let us know what you decide.
I think selling things other than your coins to buy coins can be a slippery slope. I personally wouldn't trade bullion for a collector coin but I'm not a very good collector. Without getting too personal what is your play money looking like and what about in the future? If you're constantly having to sell assets to buy coins I think you're making poor choices but if it is a one time thing and you just want to get rid of that ring then go for it.
I enjoy my ring because I think coin rings are cool; my wife not so much lol. The jewelry gets worn and enjoyed daily where the coins stay in my man cave. I love Morgans and reading about them. They are beautiful pieces of art in higher grades, but can be very pricey as we all know.
I was even debating on trading my loan coin and the ring towards a nice CC around the 400 range. Basically it would be a center piece to my "just starting off" collection.
I'm just indecisive.
Retired Disabled Vet (Army). Corps of Engineers.
I like Morgans and am not into jewelry or gold for the most part, so I can't comment on an objective basis!
Good luck with what whatever you choose.
I am a Morgan collector and Spurs fan. Welcome to the boards! I would go slowly with the coin purchase at first while you are learning. I started collecting Lincolns from rolls then when I was spending money I moved to a set of dimes at $1-$3 each. When I started Morgans I looked for nice BU examples at $20-$25. I didn’t start buying more expensive coins until I knew what I was doing and could grade reasonably well. Don’t sell anything that isn’t easily replaced.
Go Spurs Go! Nice to meet you!
I am somewhat knowledgable with the most of them and have eyes on certain pieces as we speak.
It does help that I carry my Morgan Dollar (bible) with religiously lol. If I have concerns or questions, I refer to that and educate myself before I make a decision.
Well, anything can be replaced and/or "re-had", it's just with gold plummeting downward and Morgans steadily seem to either hold value or rise are the concerns I guess I have with my decision.
My OCD doesn't help either...lol
Retired Disabled Vet (Army). Corps of Engineers.
@Saspursfan78 .....Welcome aboard....If the ring was a gift, better keep it....if not, well, then just decide which appeals to you more... ring or Morgan dollar...Gold has it's ups and downs... It has never been worth nothing...Looking at the world economic situation... the present downward movement is likely only temporary. Let us know what you decide... Cheers, RickO
Great. I wrote an entire post and the site posted one sentence and lost the rest.
Condensed version. I collect cameras, but in the interest of culling my hoard, generating some money, and paying down some car accident induced cc debt I do sell some of then. If the ring means something to you, keep it. If you don’t wear it much and have no sentimental attachment, sell it.
Collector of randomness. Photographer at PCGS. Lover of Harry Potter.
I know this may seem petty to some, but it's driving me crazy lol.
Let me clarify.
I bought the ring at pawn shop because I liked it no sentimental value what so ever.
I had second thoughts afterwards and wondered if I should have used the money to pick up a nice Morgan for the same price give or take a few.
I am drawn to both, I guess value wise; what's the better option? Gold coin ring or a Morgan with similar value?
Retired Disabled Vet (Army). Corps of Engineers.
I much prefer the gold
depending on what you paid for it.
BHNC #203
I would hold onto the ring for for now. The Gold is down so wait at least till summer is over. In the meanwhile take the time to read online all you can about Morgans. Once the price of the gold is higher, you will be more educated and be able to buy better. Average GSA holder morgans are plentiful and will be around for once your cashflow is better.
Best of luck.
Best place to buy !
Bronze Associate member
415 at a pawn shop.
Retired Disabled Vet (Army). Corps of Engineers.
If you bought it for $415 but don’t expect to sell it for more than $275 you should be more careful with your purchases. (Unless it was from 2011 and gold was much higher.)
Agreed. I'm not very frugal with my money most of the time. It was was a spontaneous purchase that's for sure.
Retired Disabled Vet (Army). Corps of Engineers.
I'd keep the gold until it goes up
BHNC #203
Wait until your cash flow improves before collecting nice coins. Some bullion for insurance is ok and that is what that ring is. Gold is too low now and I would hold as others have suggested.
Wear the gold, as opposed to holding it. Trading it in is okay, too... so long as you're on the numismatic trail.
``https://ebay.us/m/KxolR5
Keep the ring, sell something else, do a yard sale! Peace Roy
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UPDATE
So the ring is gone and picked up these in exchange:
Retired Disabled Vet (Army). Corps of Engineers.
My advice is to slow down! If $200 or $300 is a fair amount for your collection then collect a series where that will stretch a long ways (Franklins are big and silver) or take your time to buy really nice examples that fit your budget. I didn’t buy a slabbed 65 Morgan for a long time (several years) while I worked on my album. Buying quickly, getting tired of the coins, and trading then for others is going to eat up your budget in bid/ask spreads.
Oops, wrong answer.
That is quite a head first dive into collecting Morgans. I can relate to the enthusiasm but you may want to take a step back and decide what the focus of your collecting might be. It will help guide you in the future when you are ready to make more purchases. Welcome to the club
+1
Cool !!!
Nice buy's but like top you should try to starch your coin money by buy nice raw $$ if you know how to grade have them graded it will save you $$ and you can get some real nice coins on the cheap. But that is just me dumb cheap Type2 thinking. Welcome to the nut house.
Hoard the keys.