impulse buy

Saw these at my local pawn shop. Paid 25 for franklin, and 28 for morgan sealed. Not sure if i did ok.

 

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I'd say you did well on the Franklin as current auction prices are running around $50 or so. Harder to say on the Morgan because I can't get a real good idea what it looks like, but melt on it is around $12.60, so, even if it's harshly cleaned, you got it for $12.50 over melt.

 

Based on Paul's estimate on the value of the Franklin, I'd say you didn't do too bad. If you had bought the Morgan, alone, I don't think you would have fared as well. It's hard to tell from the photo, but it looks like it might have been polished or improperly cleaned.

Chris

 

Wondering if i should take it out and have it graded, or is that just a bad idea? Its in plastic also if you cant see it.

 

Grading would cost you more than the coin is worth.

 

And if you didn't know this instinctively before purchasing it, consider that a strong warning that you will eventually get taken to the cleaners on a purchase if you don't begin acquiring knowledge as quickly as you're acquiring coins. There are too many sellers in our hobby who will cheat you with a straight face.

 

Yeah - I bid on 2 UNC pcs on fleabay and they ended going for 23$ each/ free shipping.

 

Just grabbed this for $65.00

 

If those little dings are on the coin and not the case then I can't see how that could be a true MS 70. Watch out when buying graded bullion coins as you are paying for the labeled case too. Quite possibly for 65$ you could've bought 3 BU Silver Eagles and put them in air-tite cases and they would have looked just as good.
If you are able to, don't mind asking around here before you buy!

 

Why? That coin is overpriced imo

Impulse buys are not good. Maybe an impulse buy on some books?

 

Good case in point. The difference in price between that coin and what you could get *any* other decent 2015 ASE for - in or out of a slab - was wasted money. JM Bullion has them for $20.

Your homework is to find out why I said that.

 

@jpwestpoint, I like the fact that you have given a "like" to the constructive criticism offered by several fellow CTers.

Steve

 

Lesson learned. Ive been using this book as a rule of thumb...guess i cant do that anymore.

 

This is the book.

 

The Morgan looks like it might be cleaned. If not, it's pretty beat up: MS60 at best.

There's nothing wrong with MS70 coins, as long as you understand you're paying a serious premium for the magic number "70".

Disregard the price guide section of the book. Literally every other piece of info in the book is good, except the price guide. It's utterly unreliable.

 

Don't you have a return policy on these coins? Or at least the last one?

All books are good, including that one. But best is to know the market.

Before buying anything look at the prices similar coins previously sold.

And before that, learn how to grade the coins, how to tell if a coin is cleaned or not, how to tell if it's genuine or not...

Take your time..

 

Yeah, im a learn the hard way kinda guy. Ill catch on here one day. Thanks for all the great advice. I like constructive criticism. Only way to learn. Im going to make a log of all my stuff. Melt value, and ave price.

 

My goal is to save money and have fun. I hate saving cash. Its boring, and i spend it easily. I plan on stacking enough to put down on a small house for myself and my 6 year ols son one day. Little personal, but i thought you should know. Im open to suggestions.

 

Suggestion? Plan this part of your activities for parking money, not making money, and realize you need more in-depth understanding of a hobby where almost all coin valuations are purely subjective and slaves to the whims of the economy at the moment and the particular people looking at the coins you're offering (which won't always be the buyers you want/need) before you can even reach the point of not losing money.

If you honestly enjoy the coins, you'll have the time of your life doing this, particularly in a place like this where everyone you talk to is just as coin-crazy as you are. But do_not_discount the amount of effort you will need to invest in learning where, how and what, and understand the alternative to that investment is disappointment and disillusionment.

Early results indicate you'll be OK.

 

@jpwestpoint I have to agree with everybody look around first. I'm guilty of having made some not so great buys I'm sure we all have. I have several 2015-16 Silver Eagles I paid $20-23 for a 2016 MS69 I paid $25 for. But when you try to get a1986 an ungraded can be found between $25-30 1990-2010 I don't think I paid more than $30 for MS69 unless it's a Westpoint 2006 up they seem a little pricey for PF69 or 70, still looking for that 1.