So i went to the flea market yesterday, and there were a few people selling coins and so i went against my better judgment and made a purchase. Being so new to the hobby it was probabley not a good idea but i figure if i got ripped off im only out $45. Tell me what you think. sory the pictures are bad im working on it
Both of them look like they have been overdipped and are only worth melt. There is nothing wrong with buying coins from a flea market as long as you know what you are doing. For me, these coins wouldn't fit into my collection anyway, but if you had really wanted them solely for their melt value, you might have been able to get them for $25-$30. Chris
yeah even with my limited knowledge of the hobby i was thinking the same thing =/ oh well you live and learn, time to do more research i guess.
Silver - $17.42/oz. .77344oz. x $17.42 x 2 = $26.95 $45 - $26.95 = $18.05..........67% markup He could have done better. Chris
Thank you Chris! You just saved me the time of doing the math myself. The coins are cleaned too. To the OP, you can compare what you bought to what the online bullion dealers like Provident or Apmex, for instance, are selling according to PM prices.
Looks like both coins were polished in the past. For $45 imo you overpaid a little. If your looking to collect Morgans, I would suggest sticking to PCGS and NGC graded coins, until you get more familiar with the series. Also, here is a great starter book for Morgans: A Guide Book of Morgan Silver Dollars
It's even higher than the S set high examples, it's probably VAM-27, which is the S set very high variety (unfortunately there are no pics on VAMworld).
VAM-9 is out because it is a Far Date. It doesn't match the Plate photo for the VAM-6 in the book since it appears to be set higher between the ribbons. The logical choice would probably be the VAM-27 which wasn't discovered until 2003, so the book doesn't even have the listing. VAM-27 is considered an R-5, but many of these ratings for rarity were more educated guesses than anything. Chris
You should do a little reading online to get an idea of coin values before you buy coins. You don't need to be an experienced grader to have at least a basic idea of a coin's value. It's better to inform yourself than to rely on the opinion of others after the fact.
I agree they appear to be cleaned, which would devalue their numismatic value to about their bullion value. We all purchased coins for far more than they were worth when we all started collecting, if you keep at coin collecting and researching even through the initial mistakes you will reach a comfort zone at some point and make wise coin purchasing choices!
