I wanted to know what the market was like for cull Morgans and Peace Dollars. I buy a lot of Junk 90% halves, quarters, and dimes. I have not delved into the world of cull Morgans and Peace Dollars. What do dealers usually buy these back at? I know they usually go around $6.00 over spot. Is there high demand for these equivalent to Junk 90?
I know a local dealer who sells them for $15 and buys for $13.50 (or so he said, I haven't actually visited his store); I am interested to hear what others say.
In the shop where I work we pay (and charge) more for dollars than other junk 90% because of their weight.
My lcs is a little high on his peace and Morgans...$23, but they are far from culls. Most of the big online dealers are selling culls right now for about $16.75.
I'd love to be able to buy them at those prices. I haven't found anything even close to that in my neck of the woods.
I'll be finding out this weekend. I've got a guy at the local show who pays well over melt for even cull Peace and Morgans. There was a member here who was offering to do 1:1 trades of generic 1oz silver rounds for cull Morgan and Peace dollars. I wanted to take him up on it, but couldn't get my act together. I did put a roll of true cull (heavily worn and/or scrubbed, but not holed or bent) Peace dollars on eBay at $400 BIN/BO. Best offer I got was $350. I figured I'd do better locally by the time I figured in fees (FVF capped at $10 due to a promotion) and shipping. I think at the time silver was about where it is now, maybe a bit lower.
Thanks for the info all. I can't find anything even close to melt though. Even at my coin club where regular Junk Silver is really cheap (at melt or even below) the Morgans and Peace dollars hold a high premium.
Am I missing something here? ASEs can be had tonight for around $20, based on today's silver price. 90 percent silver for $21?
I would not call them scrap. All grade G to VG for 21.00. Mostly common dates, not all are 1921 Morgans. The Peace are 22, 23, and 24. I have not found a local shop that sells dollars as scrap.
Yup. I know. It doesn't make sense to me either, but people pay $20 for Morgans in our shop and $21 for SAEs Oh, and most of our "cull" Silver Dollars grade vf and better
These usually hold a pretty deceit premium in my neck of the woods. Local LCS wants like 22-24 dollars for very common dates in AG to G range. He sells dollars in better shape for about 25-27 or so. Needless to say I stopped buying them there, his prices use to be lower but have gone up significantly on them. I found a buy gold and silver place who I've developed a good relationship with who sells me them for 15-16 dollars. Dates are common but not as common as the LCS and conditions range from G to AU. I even scored a slider not long ago and have managed to cherry pick some VAMs. I have no problem selling the same coins for about 18-20 a piece thru local advertisement or contacts.
I just bought 2 cull peace dollars from Provident to add to my junk silver stash to give it a variety. I plan on buying 2 culled Morgans in the near future.
Sentiment for me. My great-grandmother gave me my first Morgan and I've always gravitated toward them.
If I am paying a premium for a coin, I want a premium coin. I don't feel its worth paying a higher % premium for a cull silver dollar than other generic circulated 90%. Most retail prices for culls are way too high for me to justify the cost. I have gotten some from casino cashiers and bank tellers at low premiums, but that's it. Online dealers charge a lot and local shops charge tax on top of high prices. I love Morgan Dollars, but if I'm going to spend the money, I'm going to spend a few extra $1's and get nice coins.
The bonus is in the better dates. Most of the time everything is sorted through, so you'll end up with a bunch of 1921 Morgans and 1922/23 Peace dollars in cull grade. You gotta hunt for the "better than cull" bargains on bulk lots, and the better dates. Sometimes things get missed! Sometimes you get lucky!
