1892-S Morgan

Discussion in 'What's it Worth' started by Pilkenton, Mar 11, 2010.

  1. Pilkenton

    Pilkenton almost uncirculated

    I found this in my collection. I've had this coin for years. I am by no means a coin grader. The red book grades a VF-20 at 100 dollars.
    I took it to my local coin dealer to ask his opinion. He said because of the scratches on the face, it's only worth the price of scrap silver. He offered me seven bucks for it. I turned him down.

    Was he correct in his pricing, or was he trying to get over on me? I've seen a lot worse coins graded a lot higher than scrap, and this is a semi-key date.

    The black stuff on the coin looks to me like tape residue. It scrapes off with my fingernail.
     

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  3. desertgem

    desertgem Senior Errer Collecktor

    I think he might have been a little low, but not much as I see it. That coin would be hard to resell for him, as most collectors would pay a little more for an undamaged coin. So it would be dead money for possibly a long while. I can see where his expenses would make it a poor deal unless he could make (at least) a few bucks from melt. Other collectors might go to $20 or so, if they really needed one for their collection. Just my opinion.

    Jim
     
  4. Lugia

    Lugia ye olde UScoin enthusiast

    you should get twice that for silver content alone but the damage limits any value beyond that.
     
  5. Rhino89

    Rhino89 "Roubles"

    In my opinion if you're trying to sell it, post it on ebay. I haven't seen any Morgan dollar go for less than $18 recently, give it a shot.
     
  6. Pilkenton

    Pilkenton almost uncirculated

    I'm not trying to sell it. To me, it doesn't look too bad, but I'm certainly no expert. Considering the semi low mintage, plus a mint state one is worth thousands and thousands of dollars, I thought it would be worth more than just scrap. I'm new at this, so bear with me. This coin is considered damaged because of the scratches. Just by the pictures, what would one grade this coin if it didn't have the scratches? Would one rather have this coin as is, or a really worn out one without any damage besides the wear? I'm still a rookie at this, so any information will be really helpful for me.
     
  7. cerdsalicious

    cerdsalicious BigShot

    its worth $20 if your lucky
     
  8. chip

    chip Novice collector

    just for giggles wait a few months and ask him if he has an 1892-s Morgan in low grade and see what he will charge for it, it might give you an idea of how much profit he aims at in selling coins, iow if he gives 7 and asks 20 he is shooting for a bit more than ten a coin, or he is shooting for about 300% markup. You can ask but the question may seem prying, I am not sure about that.
     
  9. BALD SPARTAN

    BALD SPARTAN Member

    IMO any Morgan is a keeper in my collection even tho that one is rough as a cobb. I dont think anyone would want to but it as is for there collection tho so hang on to it and you will always have it as a piece of history and silver to boot.:thumb:
     
  10. desertgem

    desertgem Senior Errer Collecktor

    300% might seem excessive unless you are counting the rent, insurance, utilities, security, etc., and time ( Servicing a customer ( maybe 15-20 minutes) for $14 to make a sell, probably pays the dealer very little after expenses.

    Jim
     
  11. Lehigh96

    Lehigh96 Toning Enthusiast

    I agree with Desertgem on this one.

    The coin is a hole filler and it is probable that the dealer in question knows he has no clients who will accept a hole filler in their collections. The lowball offer was not meant to offend, it was meant to ensure that he can unload a problem coin quickly. I can see the same offer coming from a Pawn Stars employee.
     
  12. Pilkenton

    Pilkenton almost uncirculated

    Thanks. You guys are great. I have learned more in the last few days about this hobby from this forum than I have ever learned before.
     
  13. PersianGuy

    PersianGuy my.will.is.good

    I beg to differ with you, I could see this easily realizing $50-100. on Ebay.

    As bad as it is, it is still a rare coin at any grade. You can barely buy the most common date Morgan's on ebay for less than $18-20 plus shipping.

    In the right bidding war, it could go even higher!

    (and I should know, I probably spend half my online time watching Morgan auctions lol)
     
  14. Pilkenton

    Pilkenton almost uncirculated

    Thanks, PersianGuy. It seems like you're the only person with the same mindset as me. I thought the rarity would make it worth more than scrap.
     
  15. SilverSurfer

    SilverSurfer Whack Job

    My suggestion......grab another cheap Morgan dollar and rub them together until the scratches on the face are worn flat. Just kidding. But seriously, a rare coin is a rare coin.....although the scratches do make it hard for a local dealer to sell. If you wanted to sell it, you be best offering it on a site like ebay as other's have pointed out. I think any local dealer will only give you $14 at best. Some set collector on ebay might give you $20-$50 depending on how badly they wanted it.
     
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