New Collector Silver Dollar Questions

I have a decent collection of ASE Proofs. I want to branch out into Morgan and Peace Dollars. I have the Redbook, the ANA grading book, and have read The Coin Collector's Survival Manual.

My question is this: Do you collectors buy raw coins and grade them yourselves, or do you buy graded and slabbed coins? Do you buy both?

I can afford common date graded coins, and can certainly pick through common date boxes on dealer tables looking for nice AU's.

My thoughts are as follows: If I buy AU's, they can be nice in my collection, and double as emergence bullion coins. If I buy graded coins, I can probably get my money back more easily if I go to sell.

What are your thoughts? Thanks.

 

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This is my opinion:

I buy raw coins, and I do not get them professionally graded unless the coin is rare, or it is in very good condition. If I buy a regular dated Morgan in MS-63, I will keep it in a case. If I buy an MS-66+ Morgan, I will send it off to get it graded. I usually buy raw coins, because the already graded coins are a little too expensive. But if I get an 1921 Peace dollar in AU-55, I will send it off for grading because it is a key date. But this is how I collect, I am sure many other people have many other ways Good luck, and keep on collecting

 

Welcome Scrap Metal.
When I collected these I bought both. On common dates in slabs, I stayed with MS63 or better. I didn't care much for MS60-62. As far as raw coins go, a really nice clean looking AU was great with me. It might be helpful to buy a few slabbed ones first to help get a handle on grading them.
Just my first thoughts on the topic.

 

Thanks for your help. I am on some other forums for different topics, and I know that opinions vary. But I appreciate the opinions of those that have been where I am going.

I would like to enjoy the hobby without losing too much money!

 

Scrap Metal,

Welcome to Coin Talk! I am sure that you will like the help and advice given here and we hope you will stay!

I somewhat follow ryanbrooks policy on purchasing Morgans! I mainly purchase Morgan Silver Dollars that are unattributed VAM's whether they are raw and/or (when I can) in slabs that I CherryPick from Coin Dealers at Coin Shops or Coin Shows. I mainly stick to the raw Morgans since any grade on them is easier to dispute and the price is more negotiable! Once a coin is slabbed, most Coin Dealers will want top dollar for the coin unless it has been in their' inventory for a long time. Now, if I happen to come across a slabbed Morgan that is in high grade and at the same time a somewhat rare to very rare VAM, then I may dicker some on the price but I will be apt to pay a higher price (a long as it is not above true market value) for it!

In reality, you must use a little trial and error when buying Morgan Silver Dollars from certain Coin Dealers! At first, most Coin Dealers are generally going to gouge you for what they can get on just about any Morgan Silver Dollar that they have but if you are a repeat customer, then over time, some Coin Dealers will start to cut you a break and might even sell the coins to you at Coin Dealer prices (wholesale). My advice to you would be to start out purchasing raw common date Morgans at first from several Coin Dealers (when you can) and once one or more of the Dealers start giving you discounts, then you might want to inquire on what they would take on some of their' higher graded, slabbed Morgans and you will soon find out the best Coin Dealers to purchase from. Also, if after quite a few purchases, if a certain Coin Dealer or Dealers have not started giving you a discount on your purchases, you could and should point out the fact to them that you have purchased quite a few Morgans and/or other coins from them and that they have not given you any real discounts and see what they say and do. Sometimes you just have to ask, because some Coin Dealers will not give discounts until you bring it up!

Good luck!


Frank

 

One thing about the lesser expensive raw coins. If the coin loses it's luster & turns icky looking, you still have the under lying bullion value(which is much closer to the raw coin price).

 

I generally buy the coins raw if they are circulated. I buy them alreay slabbed if they are uncirculated.

 

I do not buy MS peace dollars slabbed unless they are priced equal to unslabbed ones

if you learn your grading, you will be fine buying raw coins and you'll save a buck or two but end up buying more coins, vicious cycle ehh...

 

I prefer to buy slabbed coins for two reasons:
1. I want to be sure the more expensive items are authentic.
2. I want to know the grades on less expensive MS coins. I don't do well grading MS coins myself.

Most of my Morgan and Peace dollars are circulated and raw.
Those are the coins I CAN grade.

BTW, ignore the Red Book for pricing.
Use eBay and other auction results (Teletrade.)
Use the PCGS prices (minus about 10%; they tend to price high.)
Get a subscription to Coin World and you'll also get Coin Values with it.
You can consider also getting the Greysheet (Coin Dealer Newsletter) but it'd a bit pricey and the other references I quoted will get you about where you need to be.

 

??
are you saying greysheet overprices things?

 

I think that he is saying that subscribing to the Greysheet is pricey. (How much does it cost for a year?) One dealer that I use for ASE's will show his customers the Greysheet on anything that they buy from him. I like that, as I feel that the deal is fair, if not great.

 

Nope.
I'm saying it's expensive to subscribe to.
Especially since the average collector won't look at more than 10-20% of it.

 

ohhh, sorry you had me confused there

I guess it depends on how serious of a collector you are. The higher in price the coins you buy are, the better the resources you'll need

 

So why subscribe. A dealer might need to keep on top of week to week price changes (but most things don't really change that much o that quickly.) But a collector just needs one occasionally and if you need it you can buy and downlaod the latest issue from the website for $5 last I knew.

 

Because my purchases are expensive enough (by my standards) to merit knowing what the wholesale (Greysheet) prices are.
I already went braindead once recently which cost me $100.
I would prefer not to do that again.

 

I forgot to say I've got only a monthly subscription.
That gives me all the pertinent information without the weekly stuff which generally is the same as the previous week.
In other words, I can keep up with the changes except for something fast moving.

 

yup, I do not know where I went wrong. I have the weekly issue.... I was just too excited to get greysheet, but I guess it helps, i give the old ones to a kid I know that just started collecting wheaties

 

I seldom if ever buy a slabbed coin and when I do I always break it out. I usually buy all coins raw and only at coin shows and usually only from dealers I know fairly well. Been doing that for many years now and so far no complaints. Any slabbed coin I do buy I will never pay extra due to being in a slab. I nomally do not buy any coins from any dealers that do not have some type of price on the coin and the ones that are posted I never pay that price. Most dealers I know have a code on a 2x2 for what they paid for that coin and I still haggle the prices. I feel coin shows are just flea markets of coins so haggling a price is normal.

 

greetings and welcome!
buy the coin you like whether slabbed or raw. before you pay money for coins for your collection, please buy books and study first. ..there are many books specifically related to silver dollars. it is better to invest in an education and learn (especially grading) before you buy the coins themselves. never hesitate to ask questions and get a good mentor if at all possible;.
the more you learn, the better your decison making to evaluate a given coin will be. i strongly recommend books by david bowers, wayne miller, the vam book, and john highfill's book.
very best wishes....steve