I notice a company called GEMCo (www.thegemco.com) is in the Sacramento area with full page newspaper ads for buying your coins such as 1893S Morgan Dollars for up to $55,000 (as well as other special coins like 1907 high relief $20 St. Gaudens). Usually, these companies are just buying your junk gold or silver; however, these folks are actually focusing on specific coins. Do any of you know about this company in particular or is it just another fly by night outfit? Thank you.
They are still looking to buy the junk, but they will buy other items too. They don't expect to get any of hose items they list in the ads, but the hih values listed are a come on to shake stuff loose. "I don't have an 1893-S but I have a 1881. It's even older so it might be worth more! I'll take it along and see." It's also psychological. "If they are paying that much they mst know what they are doing, an thy're going to have the money to pay for what I have."
Well - the only experience I have had with all of these buying coins are the "fly by night" concept. Yes - they say upto, but I think they expect a MS70 coin for the upto price. But in all honesty I have not dealt with the one you mentioned.
There's good advice on those type ads. That 1893S Morgan in MS60 is about $52,500 ask in the Greysheet. Not too many of those exist. That newspaper ad is the equivelent of the TV Shopping channel. More often than not they will pay whosale melt value for silver.
