1924 Peace dollar, Good buy?
Thecoinlector
Posts: 67 ✭
Recently bought a MS-63 1924 Peace dollar for 30$, wanted to know if this was a good move or if I am losing profit. Thank you for your help! Happy cherry picking.
1
Comments
Well you "lost" $30 but you have $12 in silver alone at melt value. You also have a nice looking example of a very beautifully designed coin. If you like it that makes two of us! I look at it like this... if I spend $30 on a meal I have nothing to show for it beyond 24 hours.... the coin will be with you next week and maybe a lot longer, right?
Yes I bought it for the looks not much for the money but I just wanted to know if I did sell it if it would be worth it. Thank you.
This website has a coin values section. It is for PCGS graded coins, but look it up. It will give you an idea what the retail value is for your coin. There is a lot here other than just the forums.
There's not much downside for a graded MS63 Peace dollar for that price in my opinion!
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It's a widget. In fact, a 64 could've been had for merely a couple dollars more.
Or you could post it in this DISCUSSION forum and talk about it here like you did. I swear, if everybody followed the forum police advice and only discussed material that's never been posted before, or couldn't be found somewhere else, there would be very few posts.
This is an average grade, common coin, with not a whole lot of up or down dollar potential. You might get the same coin for around $20 ungraded. Its a better way to spend $30 than buying some Chinese-made crap at wall mart or blowing it at McDonalds.
You got that coin for a wholesale price, so at least you didn't get creamed. However, you bought a coin that will not make you any money--too common in that grade (and NGC rather than PCGS and no CAC bean) and it will not be easy to sell at a profit (see what APMEX is asking for retail customers). For that date, even MS65 coins are cheap.
When you think about buying a coin, remember that buying is MUCH easier than selling. Also ask why you are considering buying the coin---because you like it as a collectible, because you think you will make money off of it in a few years, because you think you can flip it for a profit today,.....
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At the same place that I bought this coin I found some steel cent pennies that are in mid to high ms along with a 1937 ms 66 red wheat penny.
Those were about 15$ in all
I don’t think you can go wrong buying a slabbed uncirculated Peace Dollar for $30. It’s not the most attractive 63 I’ve ever seen, but if silver ever does goes up in price your coin will also.
Was it a coin shop?
Yes it was.
It was in an antique shop and it was a sale.
It is a very common coin in a very common grade. Is there a reason why you wanted to tie up $30 in a coin like that? Since you mention "profit" I suspect you will find that it was not a good purchase.
He's buying coins blindly and won't be satisfied until someone tells him (wrongly) what he wants to hear.
Just asking for if I ever wanted to sell it, however I will most likely put it in my collection.
You have a graded example of a classic design that is solid, historic, and can be a start of a beautiful set of you so choose. In not every case do we have to have the 'Top-Pop', blast white, mega-spectacular piece while every other previously numismatically collectible coin is relegated to melt!
Enjoy your coin! You made a reasonable purchase that is appropriate and sound.
Now . . purchasing common coins with an idea to profit on a $30 investment would not normally be the case.
Drunner
Jersey you could just answer nicely and not be rude, because you seem to think you know everything but it seems you have not read any of the comments I have posted on this thread. Sorry for saying this but it was getting on my nerves.
I'll give a slightly different answer... it depends upon what your collecting goals are.
If you're wanting to turn a profit, then buying common date modestly graded examples at 2x melt probably isn't going to get you much.
If you're wanting to put a type set together, well... there are worse examples of this issue I suppose. If you're going this route, I'd select a target grade and study the issue in depth before spending a dime. This particular coin has some spots on the reverse that I personally find distracting for the grade and at that price point. I would have kept looking.
If you're wanting to put a date/mm set of Peace dollars together I'd set a target grade and then adhere to that. Bear in mind that 63 is going to be tough(ie, pricey) to find for some coins in the series. But, in the end, you'll have a nicely matched set.
In the end, your collecting is your decision. But, make educated decisions... I wish you all the best on your journey.
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Thank you.
Number 1-$30 is not going to make or break you.
Number 2-$30 is where retail is on the low end for this coin and grade.
Number 3-if you're in a position to pull out your phone and research prices on ebay for ended auctions, definitely do it.
Number 4-if you like it for the price, then that's what matters.
If it makes you happy then buy it!!!
HAPPY COLLECTING
If you are interested in Peace Dollars I would highly recommend reading as much about them as you can. They can be tricky. This is the book I got many years ago and I learned a lot! Good luck and have fun on your journey!
Your question can't be answered without knowing the purpose or reason for your purchase. I will post a couple of different answers. If my replies don't answer your question, then please be more specific with your question.
If you bought it as a piece you would like to collect, you really can't go wrong with buying this coin at $30.
If you are trying to turn a profit on this coin, it won't do it for you as it is not high end for the grade.
Good luck in your hunt.
Donato
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I don't think you'll have any trouble getting your $30 back out of it.
Collector, occasional seller
Tell us what you like about this coin and what ultimately made you choose to purchase it. Were there other Peace Dollars that you considered? Enquiring minds want to know!
The store had many silver dollars that looked very good however none of them were slabbed and has the “ms-63” grade on them, I guess what I am trying to say is I was just looking for a beautiful coin and I was wondering if that coin may have also been a good investment. However I do think it was a good investment. (The other dollars were in knock of slabs of PCGS)
At $30 you did fine. The last few eBay sales are between $27 and $38. You aren’t likely to flip it for much of a profit today. It may prove to be a good investment if silver appreciates. The numismatic value isn’t likely to increase much as these are very common and most people buying slabs will want a nicer coin than a 63. It probably won’t go down much though so you are basically long a call option on silver.
You purchased a slabbed Peace Dollar in a low to mid-range grade...It is not an 'investment' coin. However, it will make a nice 'collectors' coin and since you like it, then it will serve you well. Collecting coins, for most, is a hobby, for some, a business. If someday you decide to sell the coin, you will likely not lose much or profit much, depending on the sale. Good luck collecting.. Cheers, RickO
Yes the only one I really got for selling as the main purpose was a 1937 ms-66 red wheat penny. Thank you all for the help.
Well, you've picked the nicest possible design for a coin, but I'm a little biased.
Most of the comments here are spot-on. The 1924 is an unbelievably common coin in MS63. They minted almost 12 million of them and many thousands have been graded MS63. This one is probably accurately graded, but there are things about it that fussy collectors wouldn't like. As has been said, if the goal is to have a really nice Peace dollar, you can find a very nice MS64 for not much more money with little effort.
Still, for $30 it's hard to go too far wrong. Enjoy it. It's a beautiful coin. Just be cautious.
I started out buying a few MS63 and MS64 Peace dollars and before I could stop myself I assembled a top 10 Registry set.
You’ll be fine. We all have to start somewhere. I started with circulated Lincoln cents, Buffalo nickels, etc. It took me ages before I finally could afford a silver dollar. Take your time. Don’t start thinking about buying coins as an investment. I’ve seen it time and time again. It is as if some collectors care about the profit more than the coin. The money should come if you truly care about the coin, it’s history, and if you buy wisely. The profit is the frosting on the cake.