Newb here, am I getting screwed?

I've been interested in collecting coins for a long time, and finally have extra money to play with and am able to buy coins. I found an online auction the other day that has prices that seem way way to good to be true. I know absolutely nothing what-so-ever, at all, zero, ziltch, about coins. But I do know if something seems too good to be true, it usually is. So anyways, I decided to buy a few coins, and thought I'd start out with a few Morgan Silver Dollars.

The first one I bid on was:
***Featured*** 1885-O Morgan Silver Dollar Certified MS-67 by SGS and comes with a Certificate of Authenticity *EXTREMELY RARE HIGH GRADE*!! Estimated RED BOOK Value is $2300.00+!!! Coin came out of Estate Bank Safe!!!
I bid $50 on this. I'm not going to go any higher, because if it is a scam and too good to be true, it is at least worth $30, and might make it up to $50 some day.

The second one I bid on was:
***Featured*** 1880-O Morgan Silver Dollar Certified MS-65 by SGS and comes with a Certificate of Authenticity *EXTREMELY RARE HIGH GRADE*!! Estimated RED BOOK Value is $15,900.00+!!! Serial #660065880.05087.
Again, the highest I'm willing to go until I know any better is $50. I can't believe that a $15k coin would be auctioned off at this low price, so sounds to good to be true.

The third:
***Featured*** 1882-CC Morgan Silver Dollar Certified MS-66 by SGS and comes with a Certificate of Authenticity *EXTREMELY RARE HIGH GRADE*!! Estimated RED BOOK Value is $1,850.00+!!!

The fourth:
***Featured*** 1882-O Morgan Silver Dollar Certified MS-66 by NPG *EXTREMELY RARE HIGH GRADE*!! Estimated RED BOOK Value is $9700.00+!!! Serial #CCXV.664.
Now this fourth one I have a picture of. The others don't have a pic with them. I've attached a pic of this fourth coin allegedly worth $9700

So I know nothing at all about coins, about all I know is there are different grading companies and different grades, and the value is based on the grade of coin. But these seem too good to be true. What do you think? Am I getting screwed?

 

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Welcome dcramer16,


Are you sure this is a well known auction site, with reputable coins & sellers ?

 

I called the auction house personally, and spoke with a guy who says they are one of the bigger auction houses that dealers buy their coins through. Whether that's true or not, I don't know, that's just what he said. But I did find some great deals on buffalo nickles on his site that I'm happy with. Bought a roll of 1913 Type 1 for $50, which from what I understand would be worth a lot more than that.

They do seem to have some good deals, and all their coins sell by the end of the auction, and it's always the same names I see. So it seems to me they have a lot of repeat business. But I have a hard time believing they would sell a $15k Morgan Dollar with a starting bid of $20.

 

There are some grading companies out there that grade almost everything MS70. Stay away from unknown third party grading services. I have seen coins in some of these ms69 and ms70 holders that were circulated. A certificate of authenticity is only as good as the person that writes it. PCGS, NGC, ANACS are considered the top three third party grading companies. They don't offer a certificate of authenticity, they don't need too. Buyer Beware!

 

SGS is a self slabber , the grades are way inflated , usually a high AU-58 coin says MS-65-67 . Only go with trusted slabs like NGC , PCGS , and a few others . Youy were smart to join a coin forum . Here you'll get good advice from most of the members . Other companies that are ok are ANACS , ICG . Do your homework and buy some books on what you're interested in . There's a lot of good Morgan dollar books .

 

NPG Grading is known as a Self Slabber, beware! Do a google search on them.

I am a Buffalo collector, what shape were the 1913's . Did you get 40 coins for the $50 ? That's about $ 1.25 per coin.

 

Yeah, I kinda thought I was getting screwed. I'm already sorry I placed a $50 max bid on them. It was a good learning experience, but perhaps they will make good pieces to hand down to grandkids etc, until another 100 years when they're worth what I payed for them, lol

 

Here's a link for some books . http://www.wizardcoinsupply.com/products/dollar-coin-books/

 

McBlzr, haven't received the buffalos yet, they should be here any day. That was another question I had, should I break up the roll to inspect them, or are they worth more if I leave it in the roll? Ha ha, see, I know anything about coins, I better buy a book, especially before I start bidding on auctions. I kinda got carried away.

 

Well, maybe

Morgan silver dollars are normally very expensive and are a good choice. You are getting pretty good deals on these. All MSDs I find are over $70 a piece and are in worn condition. The mint one I would love to have. It probably is worth that much. A totally uncirculated mint one like that is VERY rare.

 

At least you have the right attitude ,we've all made costly mistakes , like you said it's a learning experience .

 

SGS = Star Grading Service

SGS is a self-slabber who sells his overgraded (and overpriced) coins on eBay. Stay away from coins graded by SGS - unless you can grade the coin yourself.

 

Pand3mic, the auction site I found these on regularly have MSD's sell for about $30. And you say the ones you find go for $70??

 

If you guys would like, I can post the last auction I won, the coins and what I paid for them. It might give you a better idea what their coins go for, and if the prices in general seem fair????

 

2012 RedBook lists the 1885-O MS-65 at $175 ??

When you get the Buffalo's definately open the roll & check them. Take some pics & upload here for us to evaluate for you.

 

That may let some of experts evaluate it ?

 

Yep, I better get a Red Book instead of relying on auction sites telling me what the Red Book value is. I'm starting to feel more and more stupid as this thread progresses!

 

Here is where I got my 2012 in April

http://cgi.ebay.com/2012-Red-Book-U...13?pt=Coins_US_Individual&hash=item5ae1090865

Prices are only a retail reference because of the changing Gold & Silver markets recently. But it is a great reference book for facts.

 

Here's a list of the last auction I won, along with pictures and the prices I paid for them. I can only upload 5 pics at a time so it will take a couple posts.

I thought I was getting good deals from this auction house, but maybe not. I think I'll quit buying until I can read a few books!

1865 Two Cent Piece
$6.00

1916-D Buffalo Nickel
$8.00

1919-D Buffalo Nickel
$6.00

Seven Shield "V" Silver Nickels
$14.00

Three Buffalo Nickels and One 1958-D Lincoln Wheat Penny
$2.00

Four 2 Cent Pieces
$7.50

1915-D Buffalo Nickel
$8.00

1917-S Buffalo Nickel
$8.00

1913-D Buffalo Nickel
$75.00

Roll of 1913 Buffalo Nickels
$65.00

Roll of 1937-D Lincoln Wheat Pennies
$5.00