Help with Morgan purchase

Hi Everyone, I put this in bullion but not sure it belongs here. I want to start a Morgan collection, primarily for bullion but I really enjoy owning coins with history. My LCS sells these depending on date for 21-28 dollars each. I checked the melt value and they are at 16.41. I am new to this so with that, it seems like he's selling these for their silver value? I am guessing he would only buy them back for spot or thereabouts. Looking through the display case the condition appeared to be at least Fine in many cases. Some were worn, some looked even better.

What is the going retail sale price for a Morgan dollar with a common date?

I want to start with a 100 or so in the first purchase. Looking for any advice on how much would be a fair price.
Thank you all very much!

 

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If you're buying common dates mainly for melt value, I would try to get the nicest examples that don't look cleaned. Avoid 1921.

 

I would advise spending plenty of time searching through Apmex to get a grasp for fair pricing for particular coins. If your local coin shop sells the coins at the same price or lower, then you are getting a fair deal. It sounds to me as though your LCS is giving you a decent deal. Keep in mind that though Morgan dollars are considered junk silver, they are usually semi-numismatic.

 

I don't want to come across negatively but I think going this route you are going to end up with 100 morgans that you paid too much for to consider them bullion, and they aren't in good enough shape to be numismatic.

 

My LCS charges 22 for all of ones in the bin at the moment. All the good date ones are picked over and sold at a premium.

 

I am with Rolljunkie... why not buy decent CC Morgans for the collector's value or real bullion, i.e. gold or platinum coins?

 

i dont think morgans qualify as bullion. reading your description you kinda contradict yourself, you say melt on them is $16.41 but he is charging $21-28. that is a 33%-80% premium, hardly being sold for their "silver value"....that there sir is the definition of numismatic value.

i think your best bet would be to buy silver eagles. you will get them for less per coin, they contain more silver per coin, and they do in fact have numismatic or collector value as you seek. try going after early dates. in 1996 they only minted around 3.5million, which is a fraction of what they make today. if you can score them close to spot i think you will realize a profit aside from the appreciation of silver over time.

also, i wouldnt put "all my eggs in one basket". for example, what about canadian maples? i have a few tubes of 1997 maple leafs i paid spot for, those go for 2-3x spot now. diversify my friend.

 

I feel the same way.

...and I agree with this too, but a 1996 coin doesn't have much "history".

So what I did was buy at least a few decent examples (I have three kids) of many of the older silver coins. Something of a type set for each kid, but not nearly complete yet since I mostly only have coins that aren't too hard to find in good shape for 2-3x over melt value. (Morgan, Peace, Franklin, Walking Liberty, Standing Liberty, Mercury, Barber, etc.)

Most of my silver is newer Silver Eagles, Maples, silver proof sets, etc, because the premium is much lower, they're shiny, and like rysherms noted, some of them will develop some numismatic value over time.

 

It seems some posters are unintentionally reinforcing the impression that there is a huge difference between junk silver and bullion. This feeds the endless cycle of newbs coming in and asking for advice about what type of silver to choose. My non-advice is to just buy silver. As a collector becomes more knowledgeable, he or she can make more selective or strategic buys. The reality is, Morgan dollars have held their value through this down-market. Yes, premiums may drop as silver rises, but Morgans will still likely carry a premium. In the end, it's largely a wash. Silver is silver. If you are uncertain, then diversify.

 

Absolutely this post belongs here. You are welcome to ask any questions. By the way, it sounds as if you are aiming for semi-numismatic silver (technically also semi-bullion, hence why it is relevant here). I am similar in that I also buy historical gold and silver (such as Indian Head gold and Morgan silver dollars). There is no conflict between being a silver investor and appreciating the historical value of coins. To hedge my buys, I buy pure bullion on occasion. I will aim for some good gold and silver bars when I have the chance.

 

I'm selling all of my CCs. After doing a lot of research into it, I don't think they're worth keeping for future appreciation.

 

I consider old US and European coins as a much better investment than bullion, provided they're all slabbed and in excellent condition.

 

OP: I would rather buy one great looking slabbed & problem-free CC Morgan than 20 junk Morgans.

 

I agree, but I also believe that CC Morgans are currently priced above what's fair, given their availability in reasonable (MS-64+) grades. I suspect that the mystique and marketing of the Carson City coins will eventually die down, so I'm selling mine. So far, I've sold five. I have an 1880, 1891 and 1885 left.

 

I love the romance of Morgan dollars, but if I'm stacking it's ASEs.

 

I am not saying 'buy Morgans to make quick money', but rather suggest it as a long-term investment, i.e. 10/20/30+ yrs

 

Junk Morgans here go for $30 you can Peace Dollars for spot+$3 most days.

 

Buy what you enjoy. When silver was at $30 I bought 2 rolls of Morgans and 3 rolls of Peace dollars. Today silver is $10 an oz lower and those coins are still selling for about the same price.

I picked up 2 rolls of ASE's around the same time. Those have moved down in price as much as spot moved. So far the Dollar coins have been better to me. I also picked up a few high grade Morgans. Next to impossible to sell those for a good price compared to the circulated ones. Just my experience.

 

i think the majority of KNOWLEDGEABLE numismatists, investors AND stackers would disagree with your statement that "silver is silver".

 

I think it's very misleading for some to assert that ASEs are that much different than junk silver. For newbs with just a few ounces, this distinction is often overdone. There are even newbs who get convinced to convert from one type to another despite high transaction costs, when they only have a few ounces to start with.

Besides, the vast majority of posts here did not address the OP's question: is he getting a fair price on Morgan dollars?

The OP did not ask about ASEs, CC Morgan dollars and other coins somewhat off-topic.