Surprisingly strong offers at local coin show for common Peace dollars...

I went to the Raleigh coin show this morning, and one of the dealers there was offering surprisingly strong prices for common Peace dollars -- $27 for culls, $29 for VG+, and $30.50 for AU+. (Also $31 for common non-cull Morgans.) I ended up dumping about 50 coins there -- I was tired of looking at 1922 and 1923 coins, and had a couple of 1921 Morgans that didn't hold much interest for me.

I don't usually see dealers offering to pay a premium over melt for Peace dollars, never mind a 17.5% premium. I'm always a little reluctant to sell -- if silver does a 10% jump Monday, you can thank me -- but I get more pleasure out of the smaller change anyhow. I'm also happy to sell to someone who actually sorts according to condition for resale, instead of loudly and ostentatiously dumping everything into a bucket.

 

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What kind of promotion? Like a big sale of silver dollars or something else?

 

Was it APMEX that just had a promotion where you'd get free shipping on your order if you bought a Morgan or Peace dollar? Something like that I'd imagine.

 

Well, this was a very small dealer, I think.

Turns out that I apparently sold a few coins I'd intended to hang on to -- XF-AU examples to fill out a Peace album. Oh, well, easy come, easy go; I sold because I figured it would be easy to replace them for less than I earned. There was nothing I was particularly attached to, and no keys or semi-keys (all 1922, 1923, and a couple of 1924).

 

I was at the Raleigh Coin Show Saturday and I thought a lot of the Morgan and Peace graded coin prices were quite high....higher than many on Ebay I have been watching. I think most of the dealers at this show are not what I would call "big" dealers but smaller NC dealers that you only see at the shows around NC or right across the border in neighboring states.

 

Oh, definitely. I think Low Country is probably the biggest name I ever see there; dealers come down from VA and up from SC, but I think not a lot further than that. I mostly focus on the local dealers anyhow; I'm usually selling silver, and they offer the highest prices. There is one outfit, "The Barber Shop" (from SC I think), that generally has good prices for supplies, and I try to get most of my odds and ends (and sometimes books) there.

 

I'm also see some small dealers sell Morgans and Peace dollars (F to AU) at local auctions. Although it is hard to imagine, you will often see prices from $40-$45 for common dates and low grades.

 

Sure, I can see that, too. It just seems like a dealer would have resources to land Peace dollars at lower prices than this. Maybe he figured he'd get some good stuff to cherry-pick.

 

I think it's the price of physical silver that's going up. I saw an article touting silver coins as the new investment. That means people who don't usually buy Peace Dollars or Morgans are driving the price. Also the price of silver is up a couple of bucks in the past week. I got a couple of Peace Dollars for $27 a couple of weeks ago. Yesterday I paid $30.

 

The prices quoted by the OP are similar to those Provident Metals publishes online as their purchase price if you are selling to them. They are currently out of stock on a lot of items.

I am new at this and trying to figure out what a good price is. Certainly a large dealer's offering price to buy would seem like a good bottom. Then you have greysheet. When I compare rare coins in greysheet (Peace 1921 and 1928) to live auctions (Heritage), the auction coins seem to be coming in a lot lower than bid/ask in greysheet. Yet lately at Ebay folks seem to be paying big premiums for Morgans they could purchase for less at retail from an online dealer. Hard to tell who exactly knows what they are doing.

 

Yeah, I was surprised when I found my way to Provident. I'll certainly consider using them as my go-to sink for junk silver, as opposed to waiting for a local coin show. I guess it all depends on how much time and effort the shipping takes.

One tip: it's probably not the eBay folks.