I have this guy who gets a lot of junk silver, and dollar coins a lot, and he sells the morgans for $22 and junk silver for spot. i used to buy this when silver was at $19 spot. He just called me up saying he got loads of junk silver, but silver is at $22 spot, and he is willing to sell it for melt value. He also wants $23 per morgan. Should i make the purchase tomorrow? He said he is selling it to someone else if i don't buy it by tomorrow. please let me know as soon as possible. thank you very much, and your advise would be appreciated.
I keep what i need for my books or what looks nice, and i resell the rest on ebay. i wanted to know, is there still possible money to be made on these coins.
He is selling you junk silver at spot as in $1 face for $22? if so that guy is ripping you off by a good $4 or more.
If the Morgans are XF/AU then $23.00 is a good price if you are to keep them. If they are VF or lower grades I would pass as there is no money to be made at $23.00 each for those. Be sure to check the dates as occasionally you can find a better date in lots of Morgans from guys like him. I found a nice original problem free XF 1889-S in one such group of silver dollars.
For the junk silver, I know one local shop is asking $17.05 times face and another $18, so actual melt is a very good price (just over $15 I guess today).
Tough to find it at spot at least in my area so that would be an easy buy for me at melt. Picked some up at my LCS last night and paid just a little over spot and I was more than happy as I paid $8 each for a handful ow Walkers that were far from junk and an 1884o Morgan for $20 that was close to cull but not really.
