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Morgans/Peace Dollars
Charleshicks51
Posts: 80 ✭
What would be better to do.... I like to buy the random (sellers choice) coins. My question, would I be better off with buying raw coins BU and have them graded or random already graded coins. My motive is to sell the ones I dont want and keep the ones I like. Hopefully being able to break even. I'm also just getting my feet wet in this for the first time since I was a kid. Any advice or suggestions would be great. Also, where would you buy said coins (if that's appropriate on this feed). Thanks.
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I only buy coins I can see. Why can't you buy graded coins that are the actual coin you will be buying? That way you buy the higher quality coins with more eye appeal.
Howdy and welcome. I would suggest you read, read, read and then read more. I know that isn't sexy and might not be fun, but it should help. Reading these boards about all coins, not just Morgan or Peace dollars, buying a Red Book and reading it will definitely help. Finally, after you have thought about it for a bit (even if a bit is two or three weeks worth of homework) I would strongly suggest moving slowly to see how things work. Good luck.
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You have been given good advice above. To answer your question directly - a typical raw BU Morgan is going to cost about $35-$45 and grade MS60-MS64 (if you are lucky). There may be some cleaned coins in there too. Getting them slabbed will probably be $25/coin and then you could sell them in PCGS or NGC holders for about $45 for MS63 and $55-$60 for MS64. You won't even break even on the nice ones.
Guys, thank you so much.
@Charleshicks51.... Welcome aboard.... Excellent advice above by @TomB....Taking a month to learn about the coins that interest you (and reading this forum frequently) will be the best investment you can make...Then, stick to slabbed coins until you get a good familiarity with the market. Buying raw can be risky, counterfeits, lack of skill in grading - these skills take time and dedication to acquire. Good luck, let us know how things go. Cheers, RickO
Welcome, you came to the right place.
Cheeky sellers will also include "sliders" in BU coins sometimes so you have to watch for those too.
As others have said, you will never break even doing it the way you have stated above. If you must buy raw coins then buy ones that you can see and decide if they are good enough for the price or not.
Collector, occasional seller
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I suggest you join a coin club in your area. That should get you some show and tell with others. You shall find out about a good coin shop. Lots of reference sites to bookmark. VAM world, varietyvista, doubleddie, coinhelp.net. Peace Roy
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How do you plan to make any money buying "random" coins? Morgan and Peace dollars are very common and making any money on such generic items may prove to be very difficult. Make sure you are considering ALL costs related to buying and selling such material.