Bargains galore...

Is it just me or is anyone noticing how many Morgan steals there are on ebay of late, especially in the 65+ grade. I just bought three this past week $200 under PCGS and NGC (which yes I understand is inflated, but still) List.

It is definitely the time to buy, if you can, and I suspect that is because a lot of people can't and therefore sellers are forced to reduce or end up with no bids.


I wish I could spare some more $$$$ I'd go nuts..

 

Log in or Sign up to hide this ad.

This is part of an overall weakening in the coin market - a natural cycle. We had several years of booming times, with the state quarters and such. Now that has begun to wear off, coupled with the recession/depression, and there is an understandable hesitance on teh part of many people to pay thousands of dollars on shiny discs of metal. Prices go up, so prices must go down eventually - we can't just keep buying whatever we want and thinking the price will go up indefinitely. That's what happened to real estate buyers, and look where they are. We must be increasingly judicious in our numismatic purchases - which means that holders of cleaned, AT, overgraded coins and widgets are going to suffer the hardest.

And in response to your use of the word "bargains", I think we all need to understand that values are going down. What seemed like a bargain a year ago might actually be a strong price now. Keep that in mind when you are buying, especially if you have the intent to sell any time soon. If you are buying for the very long term (5+ years), then now is a great time to buy, of course, while prices are down.

 

Like anything, including Real Estate, it is a buyers market in the Ebay coin world. I am sure there are tons of overgraded coins for sale, however I have been carefully selective in my choices. These three coins are true bargains from my perspective, and the first one I received two days ago is definitely a 66 at half the PCGS price.

 

Sounds like a good deal to me. Of course, ITS USELESS WITHOUT PICS!!!!


:goof:

 

I agree with Physics-fan about the softening. I am also starting to feel that collectors over the last few years, well especially since the state quarters, new lincolns, gold buffaloes, etc., are starting to gravitate more towards the modern stuff. When the first ASE came out, I bought a roll as I liked the W/L design, and then later for bullion, but I never entertained the idea that one might consider them a collector's item. There is just so much money that total collectors have to spend, and if they can get many items at near face value, why not collect that. Collecting is a brain function. If you have it you will collect something. Bathroom tokens, poker chips, insects, old science equipment, buttons, coins from change, etc. Your drive may only be satisfied currently by MS grade, rainbow Morgans, but if economy gets so bad that you can't, you will find something else to collect that is less expensive. One friend collects the stickers off of fruit. Can't get much less expensive than that.

Jim

 

Without knowing the dates, the grades, the prices realized and what the coins look like, it's hard to agree or disagree with "bargains galore".

 

Here's my favorite purchase so far...

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWNX:IT&item=160339240017

This one is another example (although I didn't win it)

http://cgi.ebay.com/PCGS-MS-66-1903-MORGAN-DOLLAR-CARTWHEEL-SOLID-COIN-N-R_W0QQitemZ270409965830QQcmdZViewItemQQptZCoins_US_Individual?hash=item3ef5b0a106&_trksid=p3286.c0.m14&_trkparms=65%3A13|66%3A2|39%3A1|240%3A1318|301%3A0|293%3A1|294%3A50


I've been buying Morgans on Ebay and Heritage for a while now, there is definitely a trend downward and it's steep.

 

Not having seen them in-hand, we can't really know how they compare to yours. However, following are some recent realized from Heritage sales, which make me strongly question the "bargain" part:


1888 $1 MS66 NGC. NGC Census: (653/43). PCGS Population (533/11). Mintage: 19,183,832. Numismedia Wsl. Price for NGC/PCGS c... Internet Only NGC MS66 June 14, 2009 $474.95
(Post Auction Buy)

1888 $1 MS66 NGC. NGC Census: (638/43). PCGS Population (536/11). Mintage: 19,183,832. Numismedia Wsl. Price for NGC/PCGS c... Internet Only NGC MS66 May 10, 2009 $488.75
(Internet)

1888 $1 MS66 NGC. NGC Census: (649/42). PCGS Population (518/11). Mintage: 19,183,832. Numismedia Wsl. Price for NGC/PCGS c... Final Session NGC MS66 May 3, 2009
$402.50
(Internet)
8880
1888 $1 MS66 NGC. NGC Census: (651/42). PCGS Population (528/11). Mintage: 19,183,832. Numismedia Wsl. Price for NGC/PCGS c... Final Session NGC MS66 May 3, 2009 $488.75
(HA.com/Live)

 

I believe the decline is probably widespread so of course the same thing would be happening at Heritage. Realized prices on Morgans are declining. The only reason it is especially evident to me is I have been buying like crazy the last 6 months or so, and scouring Ebay and Heritage on a daily basis. What I could afford 6 months ago and what I can get for the same money now are drastically different. It's a fact.

 

True, but those prices are considerably less than what you described as a "bargain" for yours.

 

Persian Guy, I agree, this is a buyers market, there doesn't need to be a bunch of analyzing for this, it is simple, it is the time to buy
People not only getting coins under retail, SHOOT, under wholesale, and it seems the coins in the thousand(s) dollar range, sell for under wholesale, as not as many bidders are interested!
I've been getting great deals, or at least great deals to me, on my latest morgans.
I've been able to take advantage of this market, and got some good deals
I think the coin market will get back up eventually... But while it is time to buy, might as well buy some more.

 

More aptly put they (your list) are a lot MORE of a bargain. You just amplified my point!

 

Code:

.. it is simple, it is the time to buy

It's not nearly that "simple". If you like a coin and want to buy it now for a price that makes you happy, good for you - and I mean that sincerely.

However, most collectors have limited budgets and we don't know that prices wont be lower later, if not sooner. Many times, what seemed like "the time to buy" ended up being "the time to sell". Only the future will tell us if it was time to by or time to sell, and that's far from "simple".

 

When does a price that is a lot higher than "a lot more of a bargain" become other than a "bargain"? I submit to you that when several examples of a particular date and grade have sold for 20+% less than what you paid, all other things being equal, you didn't get a bargain.

 

You don't think I'm not on a limited budget? Shoot no job, no source of income, only way I can make my cash, is trying to flip things on the Mint's Website, or getting paid for good grades, and school doesn't start till' August, so no luck there. Once my money is spent, I don't just go get some more, I can't.
Yep, I'm happy with the prices of the market right now, and I honestly do believe it is the time to buy right now, but yes, you are right time will really tell us who is right here.

 

wait, I paid $575 for that Morgan, book is something like $700. How do you figure I didn't do well. ??? And your prices were considerably lower, you proved my point that the market is plumeting.

 

I think you did just fine, and I would have joyfully paid what you paid
But he is using what the recent closing prices were, in the marketplace, vs. what you call a bargain.
I think you got a bargain, while other people just got better bargains.

 

I've said it a thousand times, I'll say it again. Book value means nothing. It is a guide. It is also old and outdated - prices change daily, most guides don't. Even when guides do change, they often don't change as much as the rest of the market. PCGS price guide is for PCGS coins only. There are a thousand reasons why saying you got a discount off the book value means you got a bargain is a fallacy, illogical, and doesn't make any sense in the numismatic world.

 

I thought your budget was about $100,000....

per week.

 

That would be nice...
Could I get a loan, from a certain Mark Feld :whistle: