Did I Pay Too Much For My Morgan Silver Dollars?

Hi Folks-

I bought a set of twenty Morgan silver dollars from my nephew recently, who said they were uncirculated. They came in a plastic coin roll, and they are not mint condition. They have little tiny scratches in them and a few tiny dings. Did I pay too much for them at 900? Any help would be appreciated. Thanks...

Matt

 

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If you can, give us some pictures or at least the years and mints of each coin.

 

would have to see pics, but if they are common Morgans in circulated condition, it is most likely you overpaid, close to 2X what you should've. But, that is only if they are common date and mintmark coins.
Pics or more info could really help.
John

 

Welcome to CT mattyG. If all your silver dollars are Carson City mint mark then you may have gotten a great deal. You really need to post more info and pics. :bow:

 

Yes, you overpaid quite a bit for them. I would expect common date, low grade UNC Morgans (what we call widgets) to sell for less than $30. I would have paid around $450-$500 for that roll, unless there were some better dates in there.

 

You guys sure do pay a lot, we would never pay anymore than

You guys sure do pay a lot, we would never pay anymore than about $17, $18 each for coins like this.

 

Thanks for the welcome. Shoot. I knew I should have had them appraised. According to my nephew, he bought them from a home shopping tv show a few years ago. They were billed as "Brilliant uncirculated, at least MS-60". They range from 1881 to 1885, and most have no mint mark, and a few have "O"
(what city is that?) Thanks again folks, I really appreciate your help.

Matt

 

You paid way too much. O mint mark is New Orleans. TV coins are nearly always WAY overpriced. Pics would help, but you could probably get these for about $20 a coin elsewhere, which would be about $400, not $900.

Anyway to inform your nephew that you are rethinking the deal?

 

Unfortunately not..dang it. I'll post some pic's maybe tomorrow when I get some more time. Thanks again. It may nt have been the answer I wanted, but it was honest, and I appreciate that.


Matt

 

I hope your nephew has a refund policy , he has to learn you are unhappy with the coins . But don't feel too bad we all overpaid for coins at least once or more .
rzage

 

Yikes you did pay way too much I'm not sure how educated your Nephew is but maybe he bought them for a simliar price and thought that was the value. Without seeing pictures these were probably worth less than half of what you paid. Hopefully you can work it out.

 

I am sure you and your nephew overpaid for them, but

may not mean they are circulated. MS-60 type coins usually have quite a bit of the above on them. Scratches and dings are not necessarily wear. So the value could be higher than circulated value. A good close up of a coin could help determine if it is wear or just UNC.

Jim

 

Welcome!!!

I'm sure most of us have stories like this that we could share about overpaying when we first got into collecting coins. I have an Indian Cent worth maybe $100-$150 or so that I paid over $600 for when I first started Hopefully this lesson learned doesn't push you away from collecting coins altogether.

 

Thats a shame you cant even trust your own family! Tell that damn kid you want your money back!

 

While I sort of agree with this, I sort of don't. If the OP found out the roll was really worth $2000 would he need to go back and give the nephew some more money for them???? Neither the nephew nor the OP educated themselves before making their purchases of these coins and are at fault. Most of us have made similar mistakes too and those are the ones we learn the most from I think.

 

Yep - I agree with you. Especially the part about similar mistakes.

 

You are absolutely correct. Now, I think the OP should tell is nephew that he is not happy with the deal and try and get his money back...but both are fault here.

 

According to the reciept that he got from "Shop At Home", (Now belly up)
they were "Brilliant uncirculated at least MS-60" but I guess they can say anything they want Anyway, I'll try to post some pic's later tonite.
Again folks, thanks!

Matt

 

That statement alone is somewhat backwards. Typically, most collectors consider coins to be "Brilliant Uncirulated" if they grade MS63 or higher. If they are MS60-MS62 they are considered "uncirculated.".

Generally, these shop at home shows have coins that are overgraded and over priced. They are the worst way to buy coins.

 

From a home shopping network, there is no way there are any rare mintmarks or key dates in that roll. They know exactly what they're selling and they're in it to make money. Not to accidentally let key dates slip out in rolls.

Most likely, your nephew way overpaid for them, assumed that's what they were worth, and now you have way overpaid for them.

The melt value of the silver in them is worth about $270. So they would need to have a large amount of numismatic value to make up the difference which they will not. At best, I'm guessing $20 a coin for a roll that is worth around a reasonable value of $400. $500 would probably be stretching it.