I decided to stop in the coin shop after work today to pick up some flips. The owner, who is a super nice guy, showed me a small collection that he'd bought about an hour before. Included were 1882, 1883, and 1884 Carson City Morgans in GSA packaging, with their certs. All of the coins are attractive MS-63's, and he offered me the group for $540.00 which is just $7.00 over MS-63 Bid for the coins. I accepted, but didn't have the cash on me, so I'll be picking them up this weekend. While I'm not planning on selling any of the coins, it was my understanding that GSA Morgans usually commanded a premium over similar dates in the same grade. Are these dates just so common that no premium exists, or was the owner just cutting me a deal?
IIRC the dates listed above are the commom CC dollars out there---I could be wrong. The GSA's normaly do get a little bit of a $$ added to the coin value so maybe the dealer was also cutting you a good deal or maybe he is a dealer that doesn't think packing should add to the value....in some cases I agree. Speedy
HI TOLS, I looked up the price of your coins in this months numismatic news monthly price guide. It does not list the GSA price but for the value of just the morgan dollars alone from the carson city mint they are in ms-63 the 1882 $245.00 1883 $230.00 AND THE 1884 $230.00 SO IF THE PRICE GUIDE IS RIGHT YOU DID OK, there will be more people here that know a lot more about morgan dollars and there value then me.
He generally buys at 10-15% back of bid depending on the item. So, if he flips the coin out at bid the same day, he has made 10% and doesn't have his money locked up in inventory. I think it works out great for everyone involved. The seller gets paid a fair price, the buyer purchases the coin below retail, and the dealer has made his margin. This also means that he always has fresh inventory, and doesn't just have the same old coins cluttering up his cases every week.
You got a good deal. I think you should have no trouble selling the 3 if you decide, for somewhere between 600-660, assuming they are all in 63-64 condition.
Depends on which Morgans you are talking about. I recently sold an 1885CC in NGC MS65 for $1225 on ebay. It was a pure white exceptional MS65. I bought it for $1150 3 or so years ago, when the price of these went from under $800 to about $1200 in the course of 6 months. After I bought it, The greysheet bid was as high as $1400 plus. Over the course of that time , till this year, they slid down to about $1000 or so. As this was one of my better coins and seemed to be non-performing, I decided to unload it on ebay. I saw they were going from between $1000-$1050 and once in a while for up to $1200 on a really good day. I resigned myself to be happy with any bid of $1000+ with this go nowhere Hi end Morgan. I was more than pleased when this prized coin of mine sold for $1225. Although this price was not a big gain over the course of my 3 years of ownership, the price I realized showed the strength and upward tick of better coins including the overbought CC Morgan market. Morgans being hostage to some degree to the price of silver bullion (which has fallen from a 30 year high of $15.00 an oz earlier this year) to bargain levels of about $11.00/oz, I think the Morgan Market is holding its own. Of course, common circulated and low grade MS commons by both PCGS and NGC have not appreciated latly. I have seen no evidence of them actually being cheaper, or falling in price. Rarer VAM Morgans are getting scarcer (pricier) by the day. As an aside..... Most MS CC Morgans are from the GSA hoard of 1963, whether in the GSA holders or not.......
Your dealer sounds like a smart businessman and I'll bet he's a pleasure to do business with. I wish he was close to me.
I hope you are correct, but I haven't seen any sign of it yet in the places I look. :headbang: Prices went up when silver went up, but they have been very sticky moving down, which is probably to be expected. I want to expand my morgan [and peace] dollar collection and I've been patiently waiting for some of the prices to fall.
