Hi everyone. Does anyone know of reputable collectors) and dealers in Illinois - specifically Kane County area? I'm new here, new to coin collecting, and looking to sell what's valuable from honest & fair appraisers. My sister and I inherited a coin collection recently and among the coins there are 40 Morgan silver dollars. A local dealer said they're all circulated and common, and he offered me $10 per coin; which he said was melt value. I also have a circulated CC Morgan he offered $336 melt. I also have many silver Kennedy halves, but did not get a quote yet. Also, there are many JFK silver halves & clad halves, silver Walking Liberties, and silver Franklin halves. Also, very crisp Jefferson $2 bills 2003 A series. I'd like to see a “collector" to get other opinions. Do any of these coins or bills have value over face? Any help is greatly appreciated. Thank you.
This is tricky with no photos, but even I, who no longer collected US stuff knows $10 per Morgan, cull even, is way too low. If the other stuff is circulated, barring any better dates, melt value or slightly below is the norm I think. How much below I'll defer to the CT members who sell. $2 bills, especially the modern issues, unless there are errors just are not worth more than $2. People might pay a bit more for a fancy or low serial number.
I can’t help you with dealers in Illinois. What I can help you with is some information that should help you with some basic valuation…… A dealer has to make money so he cannot offer you a retail price for your coins. However ten dollars for your Morgan was not a fair offer. Put Coinflation.com in your browser. It gives you up to the minute melt values for silver and gold coins. At this moment the melt value of a Morgan is $25.19…….. Now you have landed on a site where folks are happy to help you. Feel free to post photos of anything you aren’t sure of and we are happy to assess them for you…. And throw away the number of that dealer that offered you ten buck a piece for Morgans.
As stated in prior posts, $10 dollars per morgan is not a good deal. Now, dealers are going to go a little lower because they have to make some profit, but as stated, a very worn morgan has a melt value of $25 plus. Try looking for a coin club in your area and contact the club to see if there is anyone there that can help you out. One suggestion, take it slow, you will find someone who will get you to a fair deal. Good luck.
What Randy said, times 100! Not meaning 100 times the value of your coins, but 100 times the right answer. Don't darken the doors of that dealer again, at least that's my opinion. I'm not as knowledgeable about coins as most everyone else on this forum, but even I know he was trying to rip you off. If you post photos here, you'll get good information here. These are a group of very helpful and knowledgeable people. I know, they've helped me many times.
Based on what you said I’d never go back to that dealer again. He’s taking advantage of you. A Morgan Dollar contains .77344 ounces of silver. Silver is over $32 an ounce so .77344 times $32 is a $24.75 for melt. A dealer needs to make a profit do an offer of $20 each is still a little low it is fair as you don’t know what it takes for him to stay in business. Junk silver dollars should sell for about $30 each. You can see what I mean. I’m not sure in your area but there are a number of online dealers that would give you a better price. You would need to do research first before dealing with one of them. Without photos it’s difficult to say but the grade and date on that CC Morgan sounds like a good coin but with a low offer due to his $10 offer, which he’s at least half price of what he should be. You did good to walk out-Just never go back. If the date on the CC Morgan is an 1885, please let me know. Not an offer to buy but it is a better date.
If they are genuine, the Morgan Dollars are worth far more than what you have offered. I caution you that “genuine” is a problem. The U.S. has been flooded with fakes over the last decade +, and if the descendant bought from the wrong sources, it could be a problem. That includes the Carson City pieces, which have also been extensively counterfeited. The 1964 Kennedy half dollars are most likely worth the going rate for 90% silver coins. The 1965 to ‘69 40% silver pieces have value, but I’m not sure what it is at the moment. The 1970 JFK half dollar is a better date you probably don’t have. The clad pieces are worth face value. The Franklin and Walking Liberty half dollars are worth the 90% silver price unless they are Mint State. The are better date Walking Liberty haves, but most of them, except the 1938-D are common unless they are the early dates from 1916 to the early 1930s. The $2 bills are worth face value.
I just helped out a lady in California in a similar situation. I checked to see if she had any premium dates and then took her to a dealer who gave her 20X face value for the dimes, quarters and halves and $25 for the silver dollars.
We are looking for a similar offer and taking our time, bec it seems to be a minefield out there. (If we still lived in So Calif, we’d definitely look up that dealer. We’re originally from Northridge.)
I would make a list of what you have and call around. There are a bazillion coin dealers in greater Chicago and it seems like you have at least a couple thousand worth in melt value alone, so it's worth taking a drive, even downtown. 40 Morgans for example wouldn't take too much time to list them all by date and mint mark. Then scroll through price guides at PCGS or NGC websites, look at the grade 4 column, see which ones have higher prices, see if you have any of those i.e. collector value even in low grade. Your CC obviously has substantial value above melt and there may be others too. A general education will prevent you from getting ripped off. Edit: someone like Harlan Berk downtown has been in business for 60 years. They might not be interested in what you have but they could steer you in the right direction.
Just checked in with a local dealer. They are buying Morgan silver dollars for $23.25 up to $26.50, depending upon condition/grade.
