(Need help ASAP) I found these Morgan’s at an antique mall and wondered if I should buy them?
SummerDays3104
Posts: 499 ✭✭✭✭
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SummerDays3104
Posts: 499 ✭✭✭✭
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Very common coins that seem slightly over graded (from the pics) priced at full retail so I would pass myself. But if you like them there is little downside to them.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Pass - I assume the prices are shown.
No
Good choice. I expect at least one of those "BU" coins would come back cleaned if sent to a TPG.
Coin Photographer.
Why did you consider the possibility that those coins might be good buys?
Did you come up with a grading opinion for each one and check to see what coins of such grades have been bringing?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I see you just posted these on Reddit within the past hour asking the same question. I’ve only been here a short time, but long enough to have realized that this place is chock full of bonafide coin experts. They seem happy to share their extensive knowledge and give honest, fair and friendly advice to all who ask.
If they’re telling you it’s not a good buy you should heed their advice rather than shopping around different forums looking for the answer you want to hear.
That’s not a deal if price is as written It’s also not something you would be buried in. Especially if you’re buying multiple items 10-% off is reasonable. Still not something I would buy 😀
🎶 shout shout, let it all out 🎶
Prices way too high as previously stated.
"When they can't find anything wrong with you, they create it!"
The coins you posted are exactly what people mean when they say "generic" and are pretty much as easy to price as anything you're likely to encounter. If you're asking for help with whether or not to buy them, you really ought to think long and hard about future purchases until you're more confident in judging values.
This is not intended as a criticism, just an observation.
should you buy them?
if you want a big heavy coin that was used in commerce 100 years ago, yes
If you think they are cool and you want to add them to your collection, yes
If you want to buy something worth $100 and you can quickly turn it for a profit, no
why are you considering buying them?
Go to the next big National or Regional coin show near you.
Successful BST transactions with forum members thebigeng, SPalladino, Zoidmeister, coin22lover, coinsarefun, jwitten, CommemKing.
The way you've been talking recently about your acquisitions and prospective acquisitions leads me to wonder whether you've been making wise purchases, in general.
Enthusiasm for the hobby is great; falling in love with every generic coin you see, not so much.
When you feel the sense of urgency to buy the next coin that comes your way at a local shop, why not take a reality check on eBay and see how many hundreds (or thousands) of the same date are available for sale every day of the week. None of the coins you've mentioned so far have warranted any real urgency in making a purchase - you've got all the time in the world to do research and find out if the price is right. If someone else buys the coin, no worries - another will be available to replace it (quite possibly at a better price).
Might be a good time to pause on new purchases and take your time researching the ones you already have to determine whether you are paying the right amount for them.
I second this. I bought a number of loss leaders early on. It turned out, grading and flipping coins isn't as easy as it first seemed. As others have said if you are buying coins for your own collection then nothing wrong with full retail on common coins. It's good to take your time and do research before buying. There will almost always be another coin for sale (unless it's one of those rare one of a kind coins... But those are priced in the stratosphere).
If your goal is commercial in nature, or for value investments for the future, you need to take your time and study coins and watch the grading tutorials on YouTube. It's good you are starting low. Don't be like me and guy gold Indians for hundreds of dollars that I had to sell for losses! I've practically lived on Coinfacts for the last 6 months studying sales data and coin images to try to learn what makes the coins what they are and how to identify common wear points and the like.
Another thought... If you want to protect your investment, buy slabbed coins while you are learning. Grading isn't perfect or 100% consistent but at least in a slab (such as pcgs or ngc), they will usually retain their value or increase over time. I literally bought a 63, 64, 65, and 66 morgan as reference pieces so I could learn the difference between them.
https://www.the4thcoin.com
https://www.ebay.com/str/thefourthcoin
The $32 price on the circulated Morgan isnt a bad price as its tough to buy silver dollars lower than that price these days. The BU ones look cleaned to me, certainly not original BU and are too highly priced as such.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
Personally, I would buy the 1880 Morgan.
I would pass on the 1921 Morgans. I think they are way too expensive for those coins.
Melt, they're $16.45 a piece or $49.50 for the 3. Then you have to decide if silver is on the high or low side.....I always push the low side. Likely, the seller has some booth rent so....if you buy them because, heck...they are silver dollars, right? And as you have learned here, they're common and have little future numismatic value if any. I would personally offer $42, seller might come back with $45. But that's still on the silver value high side since the melt value could drop fast someday.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Coin insanity = thinking that someone is giving a lot of value away, has not researched what they are selling, sure thing buys. I've been there plenty of times. Travelling around you get a little disoriented. A "find" looks like it is worth buying. Less than a few percent of these types of situations are worth taking seriously and some of them may have other pitfalls such as "hot" material not worth touching with a ten foot pole.
My 2 cents. Consolidate cash, be more selective, focus on better quality (less is more) if collecting is the goal vs bullion stacking.
"Got a flaming heart, can't get my fill"
Most dealers would pay significantly over the price you recommended offering. And any seller with even a little bit of knowledge isn’t going to sell Morgan dollars at melt value, much less, below melt. Making lowball offers of the type you suggested is a good way to make a bad name for yourself in a hurry.
Yes, the price of silver could “drop fast someday”. It could also rise fast, instead.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Leo. Agree with your principal but please let me know how many culls at $16.45 or anywhere near that your selling and where i can find more because I’ll take em. 😁
Here’s eBay
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No. Very common and overpriced
A coin shop owner who did this would get ripped to shreds here (deservedly, I might add.)
Just sayin'.
No. If you think you'll get a deal, antique malls are the last place to look.
The only way you'll get a deal is if the mall vendor doesn't know what he has. And with Morgan dollars, that's highly unlikely.
Good point. I should have been more specific. Foreign stuff is ripe for the taking, provided you know what to look for. I found a 1913 Canadian Dime (Broad Leaves) in a bag of mixed foreign coins for a few dollars a few years back. That said, 99% of the time, it will be overpriced pre-Euro crap.
https://www.coinsandcanada.com/coins-prices.php?coin=10-cents-1913
I once got all three 1921 Morgan’s (P, D and the harder in high grades S) for 90 dollars - all BU but not graded.
I'll buy 1 million cull dollars at that price. PLEASE OFFER. I want to retire.
That's because dealers are evil and "true collectors" are on the side of angels.
One can buy uncirculated Morgans at that price, even certified. Ask that seller what he's buying those coins at. Likely at melt value.
Sure, there are buyers out there thinking they're getting a deal, they obviously have money to burn.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
I sold some silver last year over 27/oz so yeah, it has droped 30% since.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
I would start by looking at only PCGS graded silver dollars and pick a grade you feel is an attractive grade given the relative price and build your collection around that grade. Maybe later, when you are comfortable grading, search through raw coins.
That’s irrelevant, when considering the current fair market value of circulated silver dollars. Your suggested lowball offer price was approximately 60% of what many dealers would pay.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
No, they are common everyday coins and are overgraded. If you can bargain them down a little then it may be an OK bullion purchase. The 1880 is G at best. The 1921-P has been cleaned and is not BU. The 1921-s is just so-so.
Nobody other than pawn shops. You can ship them to a wholesaler at 26. You are simply wrong about the value. Rather than call everyone else a crook, just own the error.
@SummerDays3104 .... I am glad you passed on those Morgans. Antique shops with coins are almost always overpriced. I have a couple of antique shops here in town. I visit them a couple times a year. The prices are high even when melt is high, and they don't change when silver goes down. For some reason, the sellers think old silver coins are super valuable... Some are, but none I have seen in these shops were worth anywhere near the prices marked. Cheers, RickO
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probably has something to do why it is called "collector's universe" as oppose to dealer's universe.
As soon as I saw the words "antique mall" I pretty much knew the answer...that said, the pre-'21 piece isn't a terrible deal at $32. The cleaned 1921 dated examples are overpriced.
RIP Mom- 1932-2012
UNC Morgans, certified for $32, sign me up.
U.S. Coin Forum
Talk about all types of U.S. coins with other collectors, dealers, and experts.
Just sayin'.
Sorry but no, and most certainly not in this market. And I'll gladly look at any link you can provide to anyone offering slabbed non-details graded BU Morgans at $32.
RIP Mom- 1932-2012
Let me try this with some added text, since the spam filter keeps blocking it. Here’s hoping that this will work!
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If that’s what you want to do, you need to learn to tell you what the coins are worth. You can research the prices of certified, graded coins for free on CoinFacts and various auction sites. As spyglassdesign pointed out, it is safer for you to buy certified coins while you are learning. If you want to buy uncertified coins for a good price, you will need to learn how to grade. In addition to the resources mentioned by spyglassdesign, there are books (e.g., Making the Grade) written on the subject. You will also need to learn how to recognize problem coins (e.g., cleaned & damaged coins) and counterfeits.
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That's a start. A strong interest in a particular group of coins can motivate your research, and the more research you do, the more successful you will be.
If you’ve got $16.5 million in cash right now to buy the Morgans, isn’t that enough money to retire already? Guess I live too sheltered and within my means
Do you need a link for ebay? lol
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Yes please send me what you see. Here's 2 common generic low grade Morgans and these are current bid prices and will probably end over $50.
https://www.ebay.com/b/PCGS-Certified-Morgan-Dollars-1878-1921/39464/bn_26675429?rt=nc&mag=1&_udlo=30&_udhi=40
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
Those are all bid prices still in play. Look at the PCGS recent Auction prices for 81S in MS 62. All over $50 and some over $60 I know most folks are tuned you out with your outrageous comments earlier, and I will do the same. Surprised with so many contributed discussions you know so little.
At least they'e better than paying $32 for a worn out POS.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection