Got my first Morgan!

One of the guys who helps out at the store I work at was in need of gas money. Knew I was a new coin collector and didn't have a Morgan yet. It is 1901-O. Some dings, scratches, but everything is very, very readable.

Showed him on the computer that Kitco would pay $22.28. I had $21 on me and said I would bring him a buck tommorrow. He said "Just call it $20 and we're good." So I did. I figure it was a decent deal. I don't much about grades or how to give one out, but I would call it at least in F quality. Maybe whatever is just below F? Like I said everything is there, and readable. Full date, lettering, all 13 stars etc etc. I would snap a pic but my only camera is on my phone and it SUUUUCKS. I do have a scanner but I do not know how well it will turn out. Worth a shot I guess. Will add a scan of it later.

Question: Coinflation says melt value is $26 in silver. How does one get that kind of money out of it? I am def NOT looking to sell or melt it, but as far as I know the local coin shop uses Kitco's refining service rates for their buying guide. Every time I call and ask it is spot on to what Kitco is offering. Like I say, I am not looking to sell it is just nice to know what I have and what it is worth.

--Rob.

 

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The current bid for silver is $34.51, so the melt value would be $26.69. It's unlikely that any dealer would give you much more than about 80% which is $21.35.

Chris

 

I agree but I would buy Morgans all day long for $20.00. Congratz on a good deal and a Morgan Dollar to boot.

 

Who on this site wouldn't spend every dime they had on $20 Morgans?
I know I would.

 

At $26 in silver content, I'm buying Morgans at $20/each until I am broke.

 

So is that the going rate for what a dealer would pay (80% of spot)?

 

Yes. They make their profit by selling $3-$4 over spot

 

I dont understand why anyone would buy for 3-4 dollarsover spot if they can only sell it for 80% of spot. If you were buying as an invetment silver would have to go up 30% for you just to break even in todays market?

 

Many dealers AND other silver buyers pay more than 80% of spot. Last coin show I went to there was a dealer BUYING at MORE than spot!

 

I think you're misunderstanding this.

It's dealers who buy junk silver coins who pay 80% of spot and sell for $3-$4 over spot.

You can sell to non-dealers for $3-$4 over spot to get more bang for your buck.

I've sold off all of my junk silver, and ASE bullions, all were sold to other collectors/people looking for an investment. If I had sold the junk silver to a dealer, I would have received an offer of 80% of spot.

 

Congrads on you first Morgan. Interest start with a New Oreleans mint. Can you post a photo ??? Have fun !!!

 

Ok, I got the pictures up. If you click on the pictures, then when they come up click the little magnifying glass with a + in it you will see a decent image. Hope you guys enjoy! Maybe can even give me a pseudo-grade?

Sorry for the sideways reverse image. I am a noob at this. I guess I was just lucky that Lady Liberty came out right side up!

 

Difficult with the small picture. EF-45

 

Hey Rip, I am not sure if your browser works the same as mine, but do this: When you click on either one of the images it opens a new window. Close that window, then on the window that has Cointalk on it, click the image of the coin and it will give you a small image again but this time there is a zoom option. Your cursor will be a mag glass. Click the coin with the Mag glass and it will give you nice, large, crisp photo. I don't know if I did something wrong in loading the pic, but that is how I get it to work.

 

Ok, I learned how to fix it. Please give an estimate grade if you could =D Going to post the new images now!

 

Looks like a bit of the hair is worn,breast feathers worn, but othwise its all there. .. Nice coin. EF-45 Remember New Orleans strikes are notorious for being weak.

 

Nice coin for your first Morgan.
The dude who sold it for gas money probably lifted it from his dad's collection, but your gain I suppose.
I'd see what other coins he has to sell, he may need to buy a 40 oz. too.

 

Lon, I know this guy well enough to know he didn't jack it from someone, although I wouldn't put it past him getting some booze or gambling with the money instead of getting gas. All I can do is hope he used it for gas to get to and from work like the claimed.

 

Haven't seen that, but at the show I went to last weekend, when spot was about 26-26.5x face, there was one dealer offering 25x face, and several more offering 24-24.5x face. When there isn't a show, with several dealers competing in the same place, you'll likely get lower offers.

There was another dealer selling $10 face bags of dimes or quarters for $250. I bought one bag, sorted out the keepers, and took the rest to the 25x face buyer -- who offered the guy in front of me 26x face! So, I sold them $7 face of the silver I'd just bought and made a quick $7 clean profit. (I thought about buying the rest of the seller's silver and repeating the process, but didn't feel right about it.)