Well being new to coin talk I have lots of questions. This 1887 Morgan, along with two more, were purchased at $30.00 each. I feel like I got a good deal because of the fine detail on the coin. Let me know what you think, thanks.
I'd call it an AU-50 and say that you paid a little on the high side, but not bad. What do the other two look like?
Thanks for the quick response to the thread. Here is a picture of the other two, a 1903 and a 1898. To clarify that included the $7.50 shipping charge, my a pology.
I think you did alright if you like them. If you bought them hoping for a quick profit, then not so much. They are a nice start to a collection.
Thank you. I plan to hold them for a while but I have many more in boxes including some Carson City Morgans.
Well the 1898 looks like an honest XF-40, but the 1903 looks like it's been cleaned XF details. For the money, decent, but pretty much full retail price on them.
I Agree with this post. Right now what I've been seeing at shows Morgans in this grade can be picked up well below the amount you paid. However I do understand not having a show close to the area where you live. Plus being the winter months it may be hard to travel to a show. Like here today there's a show but the weather gods are now smiling on the dealers or the collectors .
Thank you. That is my concern if I were to sell any of my coins. How do you get top dollar for coins when you know the dealers are going to make a low ball offer ?
That is how dealers stay in business, they can't possibly pay full retail and survive. Quite honestly, the best way to sell for top dollar is eBay if you don't have a retail coin shop.
That you for the information. I have tried eBay but because silver prices are down right now I would not put anything up at this time.
The 1887 & 1903 both look like they have been improperly cleaned. If you paid $30 each, that is about twice as much as melt. I think you overpaid. Chris
I think you did okay on these coins. The 1887 looks slider/UNC to me, which helps the coin I think. The 1898 looks XF, but original. The 1903 looks VF/XF DETAILS cleaned, but the 1903 is a tougher date even in lower grades, so I think you overpayed on the lot by $10 or so at the most. Not too bad of a deal!
Ok good question depending on your situation let's say you're at a show with items you want to sell. You have a list of wants or have walked the show and spotted something that you have to have. No dealer I know are going to give you retail for your coins. Most use grey sheet and make an offer below the value,if the coin is a semi key or key, as common dates they are going to offer melt. I try at this point to work a trade. My coin and cash for your coin. I myself would try to sell on e bay , coinzip or another auction site. Remember going this route still has cost Fee's and shipping .Now I have been in a situation where my find at the show is a have to have item. At that point be ready to take hit. I always keep a record mostly in my head of the cost I paid for an item. I also research the current value of said coin. Maybe today is not the day you want to sell as fee's or the spot market is down. I will tell you this..... in all the years I have collected the scales have balanced out. There are times where you're going to hit a home run other times strike out ever time at bat. l suggest dollar cost averaging . Meaning buy smart and sell smart. Know what the market bears , for both the coin medal content as well as the coins worth as to its date and condition. As very few things we buy in life increase in value ,you need to know and understand the market. A perfect example is at a show I was working a guy came in with a complete set of Franklin half dollars. A nice uncirculated set in a nice Capital holder. No dealers were interested in buying , not even for spot. Most of the dealers were like hand them down to your kids. Now let's say silver goes way up like it was a few years back now the time to unload everything that no longer interest you. Understanding that trends do change , what hot now may not be later on. Some series are always in demand by collectors. I suggest reading, researching before buying ,and selling for that matter. One other thing to consider is this let's say you have a coin of very high value. You may have to wait a long time before you find a buyer with pockets deep enough to buy it. If I can buy a coin that is MS 69 for $300 and the same coin in MS 70 is a $1000. What are you going to buy? So having a rare perfect coin can have issues too getting a fair price. Bottom line if you collect as an investment you're collecting for the wrong reason. Buy smart sell smart...... and collect smart. Lastly there are no collectors here whom have not made mistakes. Both buying and selling. I venture to say every collectors here have wished that they never sold a certain coin they have had or passed on a coin they wanted to buy. It's all part of the hobby.
Good advice for all The dealers stay in business by making money. BTW: Just to clarify, I am not a dealer. Coinflation has a Morgan silver dollar value at $12.57. My biggest local dealer was paying $12.50 an ounce a couple weeks ago when the cost of silver was $1.00 higher than it is based on conflations current estimate. That would have meant they were buying Morgans at around $10. In their display case they had bowl of Morgans (your pick) at $24 each. When you are buying, you have to look at those two numbers and make sure the gap makes sense. If it doesn't, wait to find a better opportunity. Dealers are going to buy smart (because they have too) and they are going to try to maximize their profits. As a side note, I don't buy coins from this dealer because the gap is too big. Unless you buy at, or near retail during times like these (- silver being really low) and then wait for silver to go up, you are likely going to lose money on your purchase when you go to sell. I try not to think in terms of investment. Be active in a coin club if possible At work, people know I collect so sometimes opportunities come my way. Make sure you are always honest and fair when these opportunities come along This approach may or may not work for others Be careful what you share in terms of your collection with others Go to as many coin shows as possible - the bigger the better Build a good relationship with a good dealer or two Network on the forums with people and over time (years) you will build relationships with people that you can better trust - that will create opportunities both ways When you go to sell, know the market conditions and try to find the best way to sell to maximize price within your time frame. If you have built that network mentioned above you may have other collectors you know and trust that can help get you maximum value and still be interesting/fair to them. Good dealers make selling easier and create opportunities for buying when they know you, know what you like, and know you are willing to pay a fair price. If they can turn inventory quicker when something you are looking for comes in, it works in everyone's best interest. That's my 2 cents - Good Luck
Not bad find...maybe a tad too much on the first one...but like others have stated...if YOU like them...then YOU did GOOD!!!! MJH
