I am looking for a numismatist in Los Angeles that have patient and understanding with someone like me who being a new in coin world. I have 95 Morgan/Peace coins and they are really good. I don't want to sell it to pawn shop, dealers who think all silver coins are junk and VAMs aren't popular. It's from my experience in San Bernardino/Riverside area know as Inland Empire. (East of Los Angeles) One dealer in Riverside trying to suggest that VAMs coins aren't big deal and still low marketing. They offer me $1,900 for it. I explained them that I can sell it in eBay and beat his price by far. (Current 100 Morgan/Peace has been sold in range from $2,600 as lowest to $5,400 as highest) He replied by offer at $2,120. I had enough of that. I did met a coin dealer in San Bernardino and I already explain him that I don't want to sell it to him, but want his opinion on these coins. He inspected and said that it's value between $40-$80 each to private seller. (That's $3,800 to $7,800) However, he avoid to discuss on VAMs that I did found on coins. I did met another coin dealer in Redlands and he said that he's not familiar with VAMs, but point out that I have 1883-S as rarity based on population. However it's G-4. I have read handful of articles from this forum and VAMs are hot topic and popular among private collectors. I believe that my coins are valuable and not consider as whole junk silver coins. To the point of my question, I would like to know which numismatist in Los Angeles who have great patience with someone like me. I did check google and there are many of them, but I want your input and suggest. Before ending my post, I did found two nice coins with rare VAMs. I found 1922 Peace with double leaves. I checked VAMworld for specs and it met with all point for VAM 6. Based on it's condition, it valued between $500 to $1,200. I also found 1897-O with die break in reverse and met all points in VAM 6a. It valued between $100 to $300 depend on condition. I did assigned handful of coins with VAMs that met all points from VAMworld. I understand that MS 60 or better with any VAM variety fetch more than $100 in eBay. Of course, they need to confirmed by either top grading company or respected numismatist.
First of all, every coin is a VAM. Second, common VAM's won't go for $100, as they're just common coins. Third, best of luck finding someone to look over 100 silver dollars for VAM's, especially if you aren't giving them anything for their time. Most people just don't care about them. VAM collectors are a specialized and rare breed.
To add to what Merc said, the VAM's would have to be authenticated before they can be attributed. That would add at least $500 to the cost of grading, and if the VAM's are not graded, you can figure that the values would drop quite a bit. So, if you were to submit all of them for attribution and grading, it would cost you somewhere in the neighborhood of $2000 (give or take) using ANACS because they are the only service that will attribute all VAM's. You also have to consider that some of them may not even be worth submitting or may be problem coins. Now, perhaps you can understand why some dealers don't want to fool with unattributed VAM's. It would be too time-consuming for them. Chris
To go through and identify 100 VAM's would probably take me something like 5 minutes per coin... or something like 6-8 hours!
Really rare VAMs are worth the time. Most are not from a financial standpoint. Now wanting to go discuss one or two coins with a knowledgeable numismatist is one thing. But wanting to have him go over 95 coins of which most likely 80 or more really are just melt value coins or slightly higher is another thing entirely. Take the few which you feel are the real treasures as its obvious you have taken the time to look through all these. Take them in to someone for a second opinion then if you so wish send them off to Anacs.
I don't know VAMs very well, but sometimes the value you place on something (what is retail, so to speak: it's what you see it selling for on EBay, for example) is no-where near what you will get if you sell them. Basically, the dealer or buyer is going to be someone who will have to sell them down the road. Your's may or may not be valuable, I don't know, but if you got someone to offer you 1900.00 to 2100.00 for those, that may be the best you can get without selling them individually. The dealer/buyer who has to sell them (and possibly get them slabbed to sell them) has to buy for less than they are worth retail. And the amount of a discount varies from coin to coin, as well as dealer to dealer. I'm not sure that you were given a raw deal when you were offered that. About the only way you can maximize the value to you is to list and sell them all on your own or to send them off to ANACS to get them slabbed. That costs money as well as time. And if you want someone to evaluate each coin and give you more money for each (something more approximating retail), you may not get that from a dealer. If someone has to spend 6 or 8 hours doing that and not have any guarantee that they will be able to buy them from you, and they've never worked with you in the first place, it is a bit much to ask someone to do. As others said, all Morgans are VAMs. VAM stands for Van Allen Morgan, meaning that it is a recognised varient of the morgan for each year/mintmark (in really simple terms).
VAM stands for Van Allen Mallis for the two men who cataloged the various die varieties, LeRoy Van Allen and George Mallis. Van Allen is still active but Mallis died dec 30th 1999.
Thank you for share your opinion, but seems none of you able to recommend which is best place to meet a numismatist in Los Angeles. That's my real question.
What you might do is to plan on going to the Long Beach Coin Show. They hold it 3 times a year, and the cost is not too much to get in. There are a large number of booths there, with dealers from all over the country. Take about 1/5 of your coins and see if a dealer will look at them. The dealer's tables have the dealer's names over it along with the place they are from. I'm sure you can find one from the LA area. Also there are some dealers that specialize in Morgans. I think the next time the show will happen is either June or July.
PS. I think that McArthur park is probably kinda seedy. Don't know, as I haven't been there for a loooooooooooooooooooong time, but I think a different place to meet could be suggested.
