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Thread: Morgan/Peace dollars going rate...

  1. #1

    Default Morgan/Peace dollars going rate...

    Hey All,
    What is your local coin shop paying for Morgan/Peace dollars?
    I "might" be selling some of mine and he offered anywhere from

    Culls $18
    Good $19
    Better $20
    Best $21

    I've never sold before.. may go the Craigslist route.. meet at a safe place, cash only... but are private parties paying much more?
    Today silver is at $25.50 an ounce for reference..

    Thanks!
    OG
    "More Gold has been mined from the thoughts of men than has been taken from the earth. - Napoleon Hill

  2. #2

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    Those prices are much better than you would get from a pawn shop or we buy gold place.

    Current melt is about $19.6 as I type this. The prices for cull & good are not out of bounds. The prices for better & best will depend on actual condition, year & mint mark. For more information on that, try posting in the numismatic section of the board. I'm not up on that stuff. I just follow bullion quality coins.

    If I were to find good to better common-year Morgans at a coin show, I would expect to pay $22-26. At a shop I would expect to pay a little more. The shop is going to offer you less than he would sell for. He needs to make a profit. If you had large quantities, you MIGHT get a little bit better price.

    Of course, good & better are subjective descriptions. Coins are actually graded using terms like fair, good, very good, fine, very fine, extra fine, mint, about uncirculated, proof, etc.

    https://en.wikipedia.org/wiki/Sheldo..._grading_scale
    Last edited by SilverPalm; 04-08-2021 at 09:43 PM.

  3. #3

    Default

    Quote Originally Posted by Oregon Gold View Post
    Hey All,
    What is your local coin shop paying for Morgan/Peace dollars?
    I "might" be selling some of mine and he offered anywhere from

    Culls $18
    Good $19
    Better $20
    Best $21

    I've never sold before.. may go the Craigslist route.. meet at a safe place, cash only... but are private parties paying much more?
    Today silver is at $25.50 an ounce for reference..

    Thanks!
    OG
    my lcs buys at $1.00 under melt for good to fine.
    he pays $3 under for cull.

  4. #4

    Default

    Quote Originally Posted by Oregon Gold View Post
    Hey All,
    What is your local coin shop paying for Morgan/Peace dollars?
    I "might" be selling some of mine and he offered anywhere from

    Culls $18
    Good $19
    Better $20
    Best $21

    I've never sold before.. may go the Craigslist route.. meet at a safe place, cash only... but are private parties paying much more?
    Today silver is at $25.50 an ounce for reference..

    Thanks!
    OG
    You would do better on ebay? Even after fees... I would wager. They sell in the $30 range frequently.
    "Compulsory altruism is none too altruistic." - me

    "All of us necessarily hold many casual opinions that are ludicrously wrong simply because life is far too short for us to think through even a small fraction of the topics that we come across." -- Julian Simon

  5. #5

    Default

    If you want to find out if any are worth significantly more than melt... https://www.pcgs.com/prices
    Now there's no more oak oppression
    They passed a noble law
    Now the trees are all kept equal
    By hatchet, axe and saw.

    I will not comply.

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    and leave you the hell alone!

  6. #6

    Default

    Thanks everyone!
    All this info you provided is very helpful.
    Maybe I'll sell some to the local coin shop.. just to establish a relationship and such.
    I'll have to pass on Ebay... too many stories on how the seller can get screwed ( didn't get item, not as described, etc etc )
    I suppose going the Craigslist route would be best for top dollar.

    Cheers!
    "More Gold has been mined from the thoughts of men than has been taken from the earth. - Napoleon Hill

  7. #7

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    I've bought thousands of silver junk coins off of Craigslist at spot or just below. That was in the past. Now sellers here in the mid-west (US) want the same premiums as the big online dealers are asking. As long as their high dollar for-sale ads are running, it doesn't look like many are buying. One guy has silver art coins and started his listing at $75k for about a dozen coins (not numi). That was about 3 months ago and now he's asking around $12k and still no buyers.
    Stacking since the late 1970's

  8. #8

    Default

    If you are selling, I recommend you list it here on KITCO. I can almost guarantee that you will get a fair price.

  9. #9

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    Quote Originally Posted by windweaver77 View Post
    You would do better on ebay? Even after fees... I would wager. They sell in the $30 range frequently.
    He would do better here...no fees. Never had a problem buying or selling with kitco board members. And I have done both.
    Last edited by Atlas Shrugged; 04-09-2021 at 12:05 PM.

  10. #10

    Default

    So far from what I've read, everyone here has given you some viable options that you should consider. I would just like to add a few things from my own perspective as a longtime collector who has bought and sold thousands of coins to and from coin shops. For one, his offer seems rather low, especially given that silver coins are hot and Morgan silver dollars have been one of the recipients of increased interest (and not quite as much for the Peace dollars unless key or better dates). Coins in general have been in a bull market for several years now- hence the increased premiums that have remained for longer than we would like. And everyone, dealers included have had to increase their buy prices or else face being shut out for sufficient inventory. Remember that collectors love big silver coins- especially dollar coins and halves.

    Now keeping in mind that yes, coin dealers do have to make some money and pay the bills and no, most of them aren't crooks (although some are), but when a coin dealer buys coins from you, he's buying them at wholesale or below wholesale prices. They do not pay retail prices-ever. That's where the Greysheet comes in. It's also known as the CDN (Coin Dealer Newsletter) and is the wholesale pricing report on the rare coin market that's been around since 1963. If you ever hear "I've gotta be 10 or 20 back of bid.", that means he's going to try and pay you $10-$20 less than wholesale price. That generally means he's got a lot of that coin/it just doesn't have much demand/is overproduced/he just doesn't want it or he's ripping you off. Another important thing to remember is that many people will attempt to use the Red Book or one of those coin magazines on the supermarket shelves and think that those are what dealers will pay for your coins. The prices found there are actually retail prices that many/most dealers will ask for, but not pay for coins. The Red Book is great for information, but not pricing.

    The main reason I believe he's lowballing you, at least initially, is because we don't know what dates you have accumulated there. Most Morgans and Peace silver dollars are fairly common dates, but there are some that are known as key dates or semi key dates or better dates. All of those should command higher prices than what that dealer has offered you. A lot of it has to do with what is considered cull, good, better or best. Even common date dollars, if uncirculated, will get you better prices than $18-$21 each. Remember coin grading is a learned skill and it IS subjective, but in general, if there is wear and a large amount of contact marks on a coin, then it isn't uncirculated. If your silver dollars are all circulated, depending on their level of circulation, his offer may be okay, but I still think you can do better selling them yourself either to Kitco members or elsewhere. Also, a lot of people highly overestimate the condition of their coins and usually the dealer is an expert in grading. If he treats you fairly, then great! But if he's offering you $18-$21 for coins that may be anywhere from $30-$50 each (possibly more), then I'd reconsider or maybe just sell him the lower grade ones, so that you can as you said, establish a good relationship. Please be aware that some dealers, if they sense that you have no idea about what you're selling will try to take advantage of you. Again, I'm not trying to malign ALL coin dealers, but that those individuals do exist in the business and sometimes they'll try and pull some shady sh*t.

    My biggest concern in trying to look out for you is the coins that you or he are calling "best". Those are the ones that you should definitely be able to get more than a measly $21 for.

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