So I asked a friend at school if he had any old US Silver dollars and he said he had a few and that he would sell them to me. I'm going to buy them on Monday and I wanted to know if I'm getting a good deal. Sorry, I don't have any pictures because I don't own them yet. The 1896 Morgan Dollar is at the very least AU58 but probably a low MS grade and has some nice toning. The 1925 Peace Dollar is probably around an AU55. He said he'll take $60 for the two. Should I take this offer?
I think that those coins can be purchased for about the same or maybe a little less if you search.... I'd pass personally. After he learns that you're not interested at $60, he might say $50
You should be able to find both coins mentioned in MS for $60. I'd also pass unless the deal was better, unless of course the friend needed the money then I'd take the deal as is.
Common dates. Pass or get a better price. A silver dollar has .7734 ounces of silver and silver is currently $17.04 per ounce. So each coin is worth $13.18 just for the silver content. You're willing to pay $30.00 per coin. Is the coin you're interested in worth an additional $16.82? I think not.
I'm not buying it for the silver. I'm buying it because I love the toning on it.(also it's painful to watch him hold it in between his fingers like a Frisbee :| ) I'll look at it some more on Monday and ask for $50. If not $50 then I will try and find one with a similar MS61-63 range for $30
If he was not your friend I would say pay spot. Since he is indeed your freind I would pay 15-17 each. That is a good deal for you and about what a dealer would pay if not less on those two coins.
that's what I told him. "a dealer will give you less then $30 for both" he probably thinks the price that came up when he googled "how much is a 1896 morgam dollar" is the price people will give him. ill ask him down to $40 which i dont think he will do :/
thanks for all the info and help guys. one more question. I use ebay but are there any other websites that you would trust to buy coins?
Before you start purchasing anything get yourself a copy of a greysheet and or a redbook and review it. No point in buying over priced coins. Then , if you are looking for coins under 100 ebay or a local dealer will be your best bet.
Not saying to use it for prices, more for education and an easy reference point. OP should be using auction results and in my opinion dealer prices to buy coins. That being said, I think 40 is a high.
The Red Book is a great reference and a fantastic read. NOT a price guide. It may give you some idea of relative pricing, but remember, the coin market is fluid and prices change every day. The pricing information in the current Red Book is about 18 months old.
