Why are cull Morgan and Peace Dollars so expensive?

When I was a YN, it would have been more meaningful to me to get $40 worth of silver dollars as a gift than a quickly outdated video game.

 

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Few years ago when silver was like $6.50 an ounce I was buying them like they were going out of style for $8 each. Still have them.

 

All people who buy junk morgans and peace dollars must be stupid?
right.

 

I am trying to buy some peace dollars from the local coin store and he wont come down any.. he wanted 22.00 for a run of the mill... readable date.... but wont go below 20.00 a piece for them.........he's got like 20 or more of them in a sack.. still working on him...

 

Didn't you know that Chris is the ultimate authority on collecting? Those that don't do it his way are all stupid. Live with it.

 

Stupid is as stupid does..........Forrest Gump

Yeah, it's immoral for anyone on these forums to try to educate others.

Chris

 

Chris, what if buy them... then sell them later for profit.....does that then unstupify me then.........

 

There's nothing to stop you from expressing your opinion, but when you do it, just please don't call those not sharing your opinion 'stupid'. Feel free to educate, but not to bully.

 

You call others stupid but don't recognize the difference between educating folks and just being rude.

 

If you're actually trying to educate others, it's... ineffective... to start out by calling them "stupid".

One might almost say that it's, well, kinda dumb.

 

At what point do you realize that you must tackle someone before they walk off the cliff?

Chris

 

so what is the smart stuff to buy in your opinion? just raw 10-1000 oz bars?

 

I wasn't suggesting anything as an alternative to cull Morgan or Peace dollars. I'm only suggesting that the price was too high. With the spot price currently at $15.78, the melt value would be $12.20. Apparently, some people are ignoring the fact that the word "cull" suggests a coin in very poor condition and one that most "collectors" do not want. With this in mind, a reasonable price for a "cull Morgan" would be somewhere in the neighborhood of 10-20% of melt value, not 180-200%

 

Okay, let's run with this somewhat overwrought metaphor.

You see someone walking toward a cliff. Do you:

1) Yell "Hey, there's a cliff! Watch out!"
2) Say "Hey, you can walk where you want, but that first step is a doozy."
3) Run toward them, screaming and waving something that looks like a weapon.

If you take the hostile, aggressive approach, they're less likely to pay attention to your message, and they might think you're trying to attack or deceive them. You can't tackle them if your approach makes them run toward the cliff in terror.

Did you mean 110-120%?

 

Yes, I meant 10-20% over. Thanks!
Chris

Yeah, maybe you should look over the edge of the cliff to see if there is a safety net. Did you check his medical file to see if he might be sleepwalking? There are all kinds of possibilities. Aren't there!

 

Talking about 'acceptable' premiums for BULLION is legitimate I think; the reasonable numismatic premium is entirely separate, a different topic I believe.

I wouldn't call it stupid but it might be irrational - I do think it's useful to understand there's an emotional floor or dealers' reserve price at play in this coin premium, now. Fair caution, in that, bullion buyers!

It's a worthy topic to debate: why people "overpay" (if in fact that's the case) in certain areas/demographics or whatever.

 

for some reason the entire market supports the premiums. so it's not fake.

 

It's just a matter of perspective. Two years ago if you paid $20 dollars for a cull Morgan you were a genius. Today you're an idiot for it. For younger collectors that might hold that 20 dollar Morgan for thirty years it's not that big of a deal paying the premiums you have to pay at the moment. For older geezers that are close to retirement, or are retired, paying those premiums probably isn't such a good idea.

 

If called a "genius" it would have been because of whatever return could've been had at that time, and not because it was a great move in the long term.

If one buys a junk dollar for reasons beyond the hope of profiting, a reasonable premium isn't such a terrible thing regardless of what happens to its silver value down the road.

 

Stay within the rules if not within reason.