Bag of Morgans. Need advice.

I am meeting with a friend of a friend who is part of a large pawn shop locally and can get me a bag of Morgan dollars.

The advice i need is how much per Morgan should i pay? And if i do get a bag how would i get rid of them? I am only interested in dates of course.

I wont know if they search through the coins for rare dates or even what condition they may be in until i speak to him. I only know is that this guy deals with alot of 90% silver coins weekly for the pawn shop. Pending o. How much a bag is dollar wise i will have to see.

 

Log in or Sign up to hide this ad.

Agreed with post above, how close of a friend is he? would he let you see inside? or take the time to look at some of the coins. Reason I ask is because I have seen a lot of counterfeit coins at pawn shops around here. I am not saying he is doing this, but there is always the possibility of him hording the fakers and trying to ditch them all at once. Or just trying to toss a few fakers into the stash itself, with some run of the mill morgans, culls. Also depends on the price, is he selling them to you at silver value? 5% over/under spot? Or will he be asking close to collector value, if there is a rarity?

In the end, it really is up to you if you wish to make this type of purchase, but just make sure you have asked and answered these questions for yourself before-hand. Good luck, If you do get them, I hope you get something awesome!

 

Are we talking about a 1000ct treasury bag or just a bag of 100 circulated mix dates or what?

 

Well I had the meeting with the guy and he is legit but only sells 90% coins at $ 100 face value and at 13X face which is to much for my budget. He laughed when I said do your sellers check the dates in a mix date bag of Morgan's. He tells me that every roll of coin and every bag of coin is searched for dates whether its Ebay or himself and that if a seller says its not searched they are lying.

Before anyone here says I am naive I was going off the information my friend told me about this guy. I really should have known it was to good to be true.

This guy did say though he can get me any date and condition Morgan I want but will pay him the grey sheet price + 10%. That might sound good going forward.

Lesson learned. Thanks all for your help.
ST

 

I would buy all the legit Morgans he would sell me at 13x face, as long as they aren't holed or bent, because I can sell even culls on eBay at $17 or more all day long.

13x face is a good price for 90% dimes/quarters/halves. Morgan and Peace dollars have silver equivalent to something like $1.08 worth of smaller change, and trade at a premium beyond that.

 

I'd take that deal (for Morgans only), and make decent money on the flip. Not at a huge margin, but in the black all the same.

 

I agree "SuperDave", Money can be made on that deal if you can liquidate them at close to retail.

 

All true but is the effort worth it at $4/$5 per coin? Selling 100 culls on eBay takes a lot of effort and you might find flipping burgers for a week just as profitable. It seems to me that the money to be made is mid level coins at grey sheet + 10% retailed on eBay. Lower volume, higher margin, less effort. If the guy doesn't VAM there might be real money in the mid level coins once VAMmed.

 

Buying 100 culls at $1300 (if you can), then selling them at $1700 in one batch on eBay (you can), nets you $200+ if you've got a store. You might get more for them, and anything you cherrypick out of the batch first is gravy (and the picking itself is prepaid entertainment, not work).

 

Just so this is clear, you were not only expecting to be the first to search what you hoped was an unsearched bag, but also to be allowed to cherry it at generic prices?

 

I think I need to have that printed on a mug or a t-shirt or something.
That is true wisdom ;-)

 

+1, I would buy a bag of Morgans at 13x face in a heartbeat. After convincing my wife of course...

 

I've done enough successful turnarounds that I've earned "pre-approval" up to the limit of my own courage.

 

Maybe if I spend enough more time on the bicycle...

 

good thing I'm not married with my track record so far of buying high and selling low lol I better improve before getting married.

I do have some momentum though don't want to brag but I just accidentally came out $15 ahead on a coin somehow still not sure how I pulled that one off

 

It gets easier with practice. Just don't go broke practicing.

 

Current melt value of a Morgan is over $14 and they are offering them to you at $13 each. They would make more selling to the smelter at 93%,
something is fishy here.

 

I would of jumped on the deal also as long as I could of checked them out first to make sure they were real. Under melt for Morgan's is un heard of and does sound to good to be true though. Maybe they were really worn? I have no problem selling generic Morgan's by me locally for 18 to 20 dollars a piece. People will usually buy all of them I have at those prices. Most of the shops sell them for about 22 to 30 a piece by me depending on condition. Even culls would sell for a premium where you could easily make money.