Guy in town who I know buys silver/gold for scrap value has an add saying he's got a couple hundred Morgans that he wants to trade for "new" silver eagles. I assume they will be well worn but am wondering if there are any key dates/varieties I should look for if I can convince him to let me take a look/ only buy a few. Thanks in advance for letting me tap into this great knowledge base you have all built. I've learned plenty by just browsing the threads but thought this may be a good topic for a newbie like me to post. Then again, I may just be missing this info from an earlier thread; if that's the case I apologize in advance. Thanks again. Sent from my iPod touch using Tapatalk
Unfortunately, your plan puts this guy in a spot. If he lets you cherry-pick the Morgans, and the next guy comes along and asks, "Have these been picked over?" ethically he should say "yes". This reduces the possibility that he makes a good trade. Also, you need to know how he wants to trade, spot for spot, ounce for ounce, what? An eagle contains approximately 30% more silver than a Morgan.
I totally overlooked the fact that those coins have different silver content. Silly. Guess I'll have to talk to the guy in the morning to find out what his aim is. Thank you. Sent from my iPod touch using Tapatalk
Take the current spot price of silver and multiply it by .77 That will give the current silver value in a Morgan or Peace dollar. With a dollars worth of silver dimes, quarters or halves, you would use .71
please remember that morgans and peace have a numismatic value and that they usually are selling for about 23+ each! Thats what 1 oz rounds are going for!! Morgans and peace do not sell for melt like other 90% does
only way you may do well on this is if you catch some good vam varieties or 93s...you were figuring they were worn so most of the key dates wont be worth much at all in that state. You should really do your homework not to mention make sure you can look at each and every one before you make a deal. Its your decision tho...
I don't feel like you are giving this guy near enough credit. In essence, you are trying to swindle a swindler.
I have to say I have cherry picked many a Morgan dollar key date at pawn shops that usually don't sell numis stuff, but for a guy who is dealing in Morgans I cannot imagine he hasn't taken a look through. Even though you could find vams it would be tough to find a high grade vam and sell it for profit unless its one in very high demand maybe like a hot lips.
