My local coin shop.

ccmorgan · May 10, 2007 10:27AM

I stopped at the local coins shop today to buy some coin tubes. But like a kid in the candy store my eyes were buldging out. They are having an auction on the 15th and had plenty of scarce coins. Since I didn't have much cash on me one common date morgan caught my eye.(actually more than one)A 1881-O ANACS MS63. It had proof like fields and cameo devices, though not designated as such. Current red book value is $55. I asked the price and it was $65. Needless to say I didn't purchase it. Though it was very nice. Later I checked PCGS price guide and it's $46. I figure actual value around $35-$40. Now this coin shop has been noted for good prices but not today. I haven't been there for a while and it makes me wonder if things have changed there.

Has anyone else experienced this with a coin shop that you've been buying from for a while?

UtahCoin · May 10, 2007 10:36AM

I had a similar experience at a shop here in Utah that always has pretty good prices. I saw a coin that I was interested in, but it was priced at about $80 when I thought it should have been $50. I just politely asked if that was the correct price. When the owner checked, he was a little shocked and said NO! it should be $50, "Don't know how that happened" he said. These guys are just human, sometimes they make mistakes.

Swampboy · May 10, 2007 10:40AM

PCGS and Redbook values are just guides.
Was the coin an average example our did the prooflike fields
and cameo devices command a premium?

Bochiman · May 10, 2007 10:43AM

Price guides can be off....the market is what it is.
You say the coin caught your eye.....was it a MS63 as marked or was it more of a MS64 and more PL and should have been priced accordingly?
Maybe the dealer was pricing the coin and not the slab and that is why it caught your eye?

ccmorgan · May 10, 2007 11:03AM

Well guys as I said it was slabbed a MS63 and not designated PL or cameo though it was PL and had frosted devices. Even the dealer made a comment after he priced it and we both were looking at it, that it is frosty and PL but not labeled as such. If it was designated PL ect then I can understand. But this is what I do to sometimes find deals. When placed next to other morgans it certainly stands out.

RedTiger · May 10, 2007 11:04AM

If there was no price marked, it might a case of the dealer sizing up a newbie, "for you a special price" (especially high). Some dealers take advantage of novices when they come in with coins to sell, some will do so on the other side as well. Some will brag about it later.

ccmorgan · May 10, 2007 11:09AM

<< If there was no price marked, it might a case of the dealer sizing up a newbie, "for you a special price" (especially high). Some dealers take advantage of novices when they come in with coins to sell, some will do so on the other side as well. Some will brag about it later. >>

I agree RT, but after I said no and was talking to him about morgans and that coin too, he knew I wasn't a newbie. Too little too late though. But one can't blame him for trying. LOL

HighRelief · May 10, 2007 11:24AM

<< Well guys as I said it was slabbed a MS63 and not designated PL or cameo though it was PL and had frosted devices. Even the dealer made a comment after he priced it and we both were looking at it, that it is frosty and PL but not labeled as such. If it was designated PL ect then I can understand. But this is what I do to sometimes find deals. When placed next to other morgans it certainly stands out. >>

Both you and the dealer thought the coin stood out with it showing a very nice PL cameo look. I would have picked it up for the eye appeal and I can see why it was priced a little higher.

In this case, you should have bought the coin and forgot what the holder was telling you

ccmorgan · May 10, 2007 11:39AM

<< 

<< Well guys as I said it was slabbed a MS63 and not designated PL or cameo though it was PL and had frosted devices. Even the dealer made a comment after he priced it and we both were looking at it, that it is frosty and PL but not labeled as such. If it was designated PL ect then I can understand. But this is what I do to sometimes find deals. When placed next to other morgans it certainly stands out. >>

Both you and the dealer thought the coin stood out with it showing a very nice PL cameo look. I would have picked it up for the eye appeal and I can see why it was priced a little higher.

In this case, you should have bought the coin and forgot what the holder was telling you

>>

Yes but you know I was hoping to get it for the holder price. LOL

tsacch · May 10, 2007 11:41AM

Buy the coin, not the holder....words to live by

<< In this case, you should have bought the coin and forgot what the holder was telling you >>

quattrocoins · May 10, 2007 11:45AM

<< Well guys as I said it was slabbed a MS63 and not designated PL or cameo though it was PL and had frosted devices. Even the dealer made a comment after he priced it and we both were looking at it, that it is frosty and PL but not labeled as such. If it was designated PL ect then I can understand. But this is what I do to sometimes find deals. When placed next to other morgans it certainly stands out. >>

WTF???

You need a label to tell you what both you and the dealer already believe it is?

See High Relief's reply, above!

Swampboy · May 10, 2007 11:51AM

I expect ccmorgan is gonna pick that Morgan up and bring her home tomorrow.
Just guessin'.

ccmorgan · May 10, 2007 11:59AM

<< I expect ccmorgan is gonna pick that Morgan up and bring her home tomorrow.
Just guessin'.

>>

LOL I was thinking that right after I left the coin shop before I made this post. But not tomorrow. No time. Next week I was thinking stop in and see if the "price changed"(talk em down a few bucks. $50 would be a good price but not $65.

Hey guys whats wrong with trying to buy a premium coin for holder price?

ipmman · May 10, 2007 3:19PM

<< was it a MS63 as marked or was it more of a MS64 and more PL and should have been priced accordingly?
>>

"Accordingly", that has 3 syllables!

Boy Bochi Butt, I am impressed!

ccmorgan · May 10, 2007 3:23PM

<< 

<< was it a MS63 as marked or was it more of a MS64 and more PL and should have been priced accordingly?
>>

"Accordingly", that has 3 syllables!

Boy Bochi Butt, I am impressed! >>

Grow up!!

Myqqy · May 10, 2007 3:46PM

Regardless of what the holder says, if the coin was accurately graded and PL, then the asking price doesn't sound out of place. Nice eye appeal, and PL fields, deserve premiums...

My local coin shop.

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