Since Every Cleaned/Low Morgan/Peace Dollar Is Only Worth Melt.. Please Show Me Where

Cleaned/Low Grade/Small Problem Morgan/Peace Dollar

Am I the only one to find this annoying?

Since most people insist these coins are only worth melt, I've posted a WTB and i've yet to receive any messages about anyone willing to sell. Granted I've only been collecting coins for maybe three years, I've found maybe (2) coins at melt and that was a newly listed BIN. Even at coin shops I was charged Grey Sheet for lower grade Morgans to add to my Dansco Album. My point is I've yet to see any Peace/Morgans come without a premium over melt.





***Are Only Worth Melt***

 

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This isn't exactly true, Zach. It depends on the coin, its condition and the value related to the condition. The cleaning may only knock it down a point or two, but not necessarily all the way to melt value. For example, if it were an 1893-S purportedly in MS condition but with a harsh cleaning, would you really expect it to be worth only melt? The same can even hold true for common-date specimens.

Chris

 

Sorry forgot to add that to the original post, excluding the rarer dates ***

It's just a tad bit annoying seeing as people claim "only worth melt" when I'm paying $25-30 per Morgan to add to my book. I'd sure like to pay melt to add some new coins.

 

I would say shop around to other dealers as I have two main B&M's. One would rather chop his hand off than sell me a Morgan for less than $30, but gives me all his Ike's at face value. The other sells me junk Morgans and Peace dollars at melt and other VERY nice common dates at $25-$30, while Ike's are $1.25........he also sells me ALL his silver Ike's at melt...

Just a difference in dealers......

 

My local dealer sells cleaned/damaged common date Morgans/Peace at melt all day long. He gets less than melt when he sends them off to the refiner so he'd rather sell them at melt.

 

The Impossible Dream!

You aren't alone, as I've continuously posted to pay appreciably above spot for common date Morgans on craigslist, with only 3 responders.

I've realized the attraction that the average collector has to Morgan silver dollars and Walking Liberty half dollars, and I offer 10% of a below spot $100 Face 90% lot to be of these coins. I'm back-logged with orders, and constantly receive inquiries to sell the Dollars/Half-Dollars separately.

I bought one lot listed in this venue for $25/coin, generally knowing that they had to be dregs regardless of that stated. They were every bit of what I imagined slicks, mutilated, dateless dollars to be. I sold them individually for spot, mixed with quality 90%.

If you locate that secret covey where CoinTalk posters find their @spot Dollars, and there are too many for your finances, just let me know. LOL :thumb:

 

Thats the problem and why I find it crazy to say they could only be worth melt. Morgans are probably one of the most collected/recognizable coins in my opinion, and since they are so popular the likelihood of finding them at melt is just not that simple.

 

Also, the common ones you're talking about are certainly only "worth melt" if you (the individual) is selling to the dealer. As a business, a dealer needs to make a profit and as Irish mentioned, it depends on the dealer. My local preferred dealer sells such dollars for $5 over their buy price (which is about 10% less than melt), but I understand his position because it helps keep him in business and that allows me access to his knowledge, networks, and inventory without shipping costs or mailing hassles.

It's hard to presume you should get melt pricing at retail when the dealer is paying at or just below melt at wholesale.

 

I still say to venture out and talk to other dealers and buyers of coins. COINTALK is not the venue for buying Morgans at face value! I've stated I personally can get them at face, but no one offered them to me sitting in my recliner wishing in one hand and typing with the other.

I could buy them for you, but by the time I shipped them, you'd be at the $25 mark you're already at. BUT, I'll tell you what I'll do. edited

BTW Rich, that's the worst grammar I've read from you in a while......