How much are dealers paying for circulated Morgans and Peace dollars?

Unfortunately detecting the counterfeits with a magnet is so 15 or 20 years ago.

 

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I'm not sure if it's more or less unfortunate that those magnetic fakes are still "circulating" (showing up at dealers).

 

No, what I met was that the Chinese caught on really fast that fakes which attract a magnet were not going to fly. They fixed that fairly quickly.

 

This is a current listing on alibaba. Yeah, there are plenty struck on silver-plated brass or copper slugs, but they're still making the magnetic ones.

If I were buying, I'd still use a magnet as a first pass, just because it's so cheap, fast, and easy. Of course I wouldn't assume anything not attracted to a magnet is a good coin, but it's a low-effort way to catch low-effort fakes.

 

I think we can thank eBay for this. Legitimate buyers, unsuspecting (dumb ones) are getting fleeced daily on the flea. Now they are passing them on. Most coin shop dealers are NOT that damned stupid though.

 

That's nice and probably so. But I've only been a member for about 2 years, if that. People don't really know me and I've never met anyone here personally. Another thing, I don't like doing business with "friends". If something goes awry on either end, for whatever reason, I'd rather not have bridges burn down. I like this forum.