So, I'm very new at coins. Up until recently, my wife and I have mostly stacked bullion. We love coins though, and I've been picking up a few Morgans, none of which will ever be for sale by us. They are being saved for our (many) children. I recently over paid for a 2 and 2 1/2 pesos gold coins. I'm really disgusted by it, I wasn't paying attention, and I overbid on an online auction. I was thinking about going down to the coin shop and trading them for some (or just one) graded Morgan. Any thoughts or is this idea ridiculous? Thanks.
The only thing with coin shop, they already known what they have, as far as experience with coins, so I don't think you'll find any million dollar Morgans there, for bullion prices .. I think morgan dollar are over priced, for what the market is paying for silver ....
You know, give it a shot. You already have two coins you're not really in love with, may as well try to get something you like with them. I don't know what kind of relationship you have with your LCS but maybe this will help establish one.
I would keep them as reminders to educate yourself and to try and never do it again. Welcome to the jungle, we've all been there. Even the experienced ones
To me, now the best time to collect bullion coins . Their running between 22-26 bucks apiece . When silver goes back to 40 dollar an oz. Look at the profit you will make . I can wait to get paid, I have a money tree in my backyard and it gets filled every month ..
Thanks. Not sure what I'm going to do yet. I have a good relationship with my LCS. I have a nice little silver and gold hoard for the kids, but I've been having fun adding a few graded Morgans. I only have a few. Maybe a nice CC one would be cool.
Nothing wrong with picking up a couple of Morgan(s), but don't trade your bullion to do it . Just pay cash for the Morgan(s) ...
The best CC's for the money would be 1881-1884. Most have a nice strike and great luster. If it were me, I would try to get at least an MS64. Chris
Your best bet for the bullion is to wait until gold catches up, as their worth derives greatly from the price of raw gold. You're obviously in this for the long run, so be patient with it. Even a good relationship with your LCS doesn't change the fact that they need to make a profit on what they sell; you can't reasonably expect them to hurt themselves on a "purchase" even if they're not into what they're trading for very much.
You're welcome. It's really surprising, sometimes, how little of life's normal "due diligence" newer collectors bring with them to the hobby. They'd be really_careful to figure out their wants and needs when choosing a new washing machine worth hundreds of dollars, yet they throw money at random coins like it was somebody else's cash. It's nice to see someone new who has that figured out, especially the part about understanding (due to your hard lesson) how much emotion is involved in what should be rational purchases. Heck, I bought a coin for entirely emotional reasons yesterday.
