Hi everyone, I am new here and I went to my local coin shop, and the guy was really nice. He has been in business since 1999. I spent about $100 on: (1) 1921 Morgan (really nice shape) $25 (2) .999 1oz silver rounds $21.50 each. (1) Proof 1983 George Washington half dollar w/ case and COA. $10 $1.50 in 90% silver including an old columbus half dollar! 15.5x face. So what do you think, did I do okay? He had a whole bunch of great coins. The only thing was that he did not have any prices on anything so that was a little annoying, any advice for these shops with no prices?
I think once you get to know the owner, you need to "haggle" a little, especially on the '21 Morgan. Not bad overall, the rounds are only about a buck over melt (if in fact they're one troy oz), the Washington half should be an '82, shouldn't it ? I'm not sure on this, as I don't collect commemoratives; the junk silver should go for about 17X or so.
Thanks Jim! At what point do you start haggling? Yes it was a full oz. My mistake the Washington proof half is a 1982. And I got the 90% silver for 15.5x face.
That's a really good price, as melt is around 14.5X. When you ask the dealer what he wants for a particular coin, in most instances he's adding a little "movement" into the price. Don't lowball him, but I would have offered maybe $18 on the Morgan (melt is approx. $15.50 & the '21 is the most common of dates) and let him come down to his minimum. Also, the more you spend, the greater your bargaining power.
Even without knowing what "really nice shape" means, I agree. Unless well into MS, an average raw 21 just isn't worth a 50%+ premium IMO, but are worthy of the small one that often comes with dollars. In another thread a member placed a value of $35-$40 on a questionably "AU" 21 supposedly based on auction listings, but it's nothing more than an example of overvaluing and/or paying far too much. Without doing the math, nothing about the overall purchase strikes me as being unreasonable. As for not pricing his coins, if talking about ones similar to those you purchased which have a value directly attached to melt, would it not be annoying for him to have to change any listed prices depending on metal value? When it comes to coins with significant collectible value, I can both see and agree that this can be annoying, but not when you're mostly paying for metal value.
you did ok. i wouldnt be upset if i were you as it sounds like this is a new arena for you. and you cant expect him to have prices on anything, silver fluctuates every day. did you get an 1893 or 1892 columbus expo half? what kind of shape is it in? next time, dont pay as much for the most common morgan, we are talking a $2-$3 overage there, no biggie.
edit, silver fluctuates by the 15 min interval (well if you have the KITCO widget...get the KITCO widget for your smartphone, its fun)
I got a 1892 half. It has solder on one side otherwise its in average shape. But you can't beat it for melt value. Yeah I noticed when I got home I overpayed for the 21 morgan, but I think I did pretty good otherwise. I assume that as I keep going back I will start getting better deals as a "normal" customer?
I buy from a few locations. every sunday there is a coin show in one of the cardinal directions from where I live. one is WPB, one in Miami, one in Plantation, etc. I have a guy I visit at each one. been buying from them for 1-3 years. they know what I like. I know for a fact a coin I bought was in better condition than an almost identical one and my guy actually sold it to my brother in law...for $25 more! so yes, loyalty pays off.
The 21 Morgan, in MS63 has been selling from $45 - $57 on the bay, so depending on your definition of "really nice shape", will determine if you did okay on that one. You got 1 oz. silver rounds for $1.50 over spot? I'd say that's not a bad deal since premium over spot runs between $3 - $5. You mentioned the George Washing half, I assume the commemorative? That came out in 1982, not 83, and if it's in the Gem PR range, you did okay on that as well, as PR69 on eBay have been selling for around $30, but those are certified, and in the OGP, $12-$17.
I think you did pretty alright. ^.- The experience is what makes it worthwhile, and over time you gain knowledge and what to look for/how to haggle, etc. Keep up the good work.
