Morgan Silver Dollars - Have they been cleaned? (with Pictures)

I recently purchased 9 Morgan Silver Dollars from Littleton Coin Company. I paid $30 each with shipping. They all are 1921. I know Littleton prices are high but I got these on a deal. I saw similar 1921 Morgans go for around $35 on eBay. I assumed that these were not cleaned but after reading some reviews about Littleton I am concerned that they maybe since they were priced only a few dollars over spot. I did some research on how to spot a cleaned coin but I am still having a difficult time figuring out if these were cleaned or not? Please see my pictures and let me know what you think? I'd be happy to add additional photos if needed? Thanks.

 

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Hard to tell if they're cleaned from the images, but they are all circulated, and worth melt.

You paid quite a lot for these, $30 with shipping.

Sell price at most B&Ms on melt value Morgans would be as much as $4 over spot.

 

I do not see anything that sticks out, but considering the provided images, this does not mean much. Littleton's prices are often on the high side (minus some break-in offers, which I assume this to be) but their coins are usually honest and fairly described.

I really am not sure what you expect/expected for the price paid.

Considering the source, he could have done much worse. Also, considering the were shipped to him, the premium paid is not that far off per-coin than if he had bought from the average B&M. Neutral deal IMO... not great, but not terrible either.

 

I'm surprised that $30 is considered high for 1921 Morgan Silver Dollars in circulated condition? APMEX has 1921 Morgans in very good condition for $35 + shipping and cleaned ones for $31 + shipping (http://www.apmex.com/Product/180/Morgan___Peace_Silver_Dollars___Cull.aspx).

 

They look fine. If Littleton did not describe them as being cleaned then they were likely not cleaned. Some (most?) folks rip Littleton because they are marginally more expensive to deal with than other places, but historically Littleton has sent their clients problem-free coins that are accurately graded.

 

I think their poor reputation is definitely deserved, here's an example of an item they are selling for 3x its values http://www.littletoncoin.com/webapp/wcs/stores/servlet/Product5|10001|24551|-1|212859|89306

That's 3 walking liberty half dollars in circulated condition for $92.50! Considering they are circulated and its extremely unlikely you would get a good date you are looking at about $30-$40 tops in value.

To me a good shop doesn't sell a bullion item for 200% over spot.

Here's another one, 5 bullion quarters worth about $25-$28 bucks that they are selling for $93

http://www.littletoncoin.com/webapp/wcs/stores/servlet/Product5|10001|24551|-1|180836|89305

Here's a quarter oz of gold bullion they are selling for $2748 an ounce. Anyone would bought this and tried to sell after gold increased a $1,000 dollars would probably be quite sad to see they are only breaking even despite that gain.

http://www.littletoncoin.com/webapp/wcs/stores/servlet/Product5|10001|24551|-1|232531|89310

They have a right to sell for whatever prices they like, but personally I would advise everyone to stay far away from them, especially if you are new to this and don't know the value of the items you are looking to purchase that well.

 

Sorry for the sidetrack but I think everyone should just be aware what type of operation they are...

As far as your purchase you didn't do poorly at all, that is a fair price for what morgans are going for currently.

 

I can't tell if they've been cleaned with the pictures. Considering it's Littleton and that you paid for shipping too, I think you did fine! I've had debates with people if silver dollars are worth melt or not plenty of times. Trust me they are worth more.

 

Melt on these is $23.11 per coin.

I can pick up melt value Morgans, 1921, for $3.50 over spot, or $26.61 each.

 

APMEX is paying $28.99 for them so you're doing pretty good then!

 

When they buy them from you yes they are paying $28.99, but you also pay shipping to send them to APMEX when you sell to them.
So deduct that expense from what they pay you.

 

Okay lets say you had 2 rolls of 1921 Morgan Dollars. You paid $1064.40 from your coin shop from them. You sell them to APMEX for $1159.60. Shipping is $5.35 in a small flat rate box and insurance is probably about $15.00. So you get about $1139.60. That's still $75.00 which isn't too bad.

 

The coin shop near my work was paying $2 under melt and selling $2 over melt a couple years back. Now the will buy .50 over melt and just moved it to $4.50 over spot to sell. Guy told me today that they just can't keep junk Morgans as they are all bought up as soon as they come in.

 

Thanks for your feedback. I was looking to put an order into APMEX for more silver dollars and I'm curious what you think of their pricing? Is there a better place to buy from?

 

Not bad. You shouldn't wouldn't worry too much about paying a few dollars more unless you're planning on flipping them. Most stores charge around that price for circulated Morgans anyway.

 

Are you buying to acquire silver bullion? Or do you just like morgans?

If you are buying from a bullion perspective I'd actually stay away from Morgans just because the premium over spot is rather high on them right now.

 

you basically bought bullion anyway, so............

 

I was looking at peace dollars, walking liberty halves, and mercury head dimes. I like these coins but I'm most interested in the bullion aspect. I am curious which U.S. coins would be my best bet to invest in? Which ones would hold the greatest numismatic value in the event silver went down in price?

 

They do not look cleaned. They look like common date, circulated Morgans. Price is reasonable.

 

I'd look into Walking Liberty half dollars, mercury dimes, barber half and dimes when you can find them close to spot. Those would be the best bets as far U.S. coins that might hold up better than pure bullion if the silver spot price fell. I'd only buy those coins at less than 10% over spot though.

If you decide to go the pure bullion route there is a pretty good deal at Provident Metals currently, you can buy 1 oz .999 rounds for .69 over spot in any quantity:

http://www.providentmetals.com/ohio...z-999-fine-silver-bullion-round-iso-9001.html

They also sell U.S. coinage as well and they are a pretty good dealer, here is there walking liberties:

http://www.providentmetals.com/1-face-value-90-silver-us-walking-liberty-half-dollars.html