Silver has dropped, but not the price of Morgan dollars.

Silver is down, and a morgan dollar "melts" for $16.26.

Looking at ebay, most morgans are bringing $30, and that's what most dealers are asking.

It seems as if the bullion price of silver dollars and the collectible value of silver dollars has split.

It seems as if the last silver price increased raised a threshold for them, and now it's not coming back down.

If silver drops to $15, a Morgan dollar will have $11.60 worth of silver. Will morgan dollars still be $30?

 

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It's eBay.

/thread

 

It's not just eBay. Apmex wants $3087 for a bag of VG-VF Morgan dollars.

Even if you bought a 1000 coin bag of 21 morgan in VG-VF, you're still spending at least $27.90 each, close to $28.

 

Since it did touch $19.99 this morning, that may not be too far off. :yes:

 

If someone bought a Morgan dollar for $30+, it is not likely he will be selling it to you for less regardless of POS unless he really needs the money. Now with that being said, once people desperate for funds start selling their Morgans to dealers for $10, you may then start seeing some pop up on the market for $15-20. If you really want a good deal cut out the middle man and start placing ads to buy Morgans. TC

 

I stopped buying silver dollars when the price hit $12 apiece. But no, I still will not sell them at $20 per. They are a long term buy.

 

I would think the fact that Morgans have numismatic value above and beyond the silver content is at least part of the reason. If you just want silver, buy silver. If you want a bit of history, buy some Morgans. Yes I have heard (and read) plenty of times that distressed, cleaned, and common Morgans are only "worth melt" but I think there is also some intrinsic value to the history beyond the silver content.

 

MOrgans have always carried premiums to junk silver. Anyone buying silver dollars at melt has gotten lucky. Heck, I was paying $6-7 per morgan back when the silver in them was only worth $3.

They are a different market than bullion. Related, yes, but not 100% correlated. A lot of old men like them since they are so large they can read the dates earlier. For full disclosure, making fun of myself here too, my arms are getting longer every day.

 

The same goes for Liberty $20s - in EF they are worth a percentage above spot. A few years ago I was buying up Libs for 2% over spot from Heritage, and they were straight of Europe - if they would not holder they sold just above spot. I like the idea of owning something 130-140 years old that I don't have to pay some huge markup for.

 

I've been holding out on a 1946D walker
I paid $280 for in 1983. It spiraled in to
around $50 a few years later and has been stuck
there ever since. There is no way I'm selling
it for $50. I would rather give it away first.

 

Bullion tends to rise and fall with spot, falling a little slower than it rises. Coin that have a numismatic value only a small amount over their bullion value will rise as spot rises (with the premium over bullion getting smaller and smaller as the price rises), but when spot falls their price comes down much more slowly. But if spot stays down the coin price will eventually fall back down until it is once again just a small amount over the bullion value.

 

Tim, please answer this question:

Did you post this out of genuine curiosity (which shows a complete lack of understanding of human nature, business, and numismatic history), to make a point that no one gets, to complain (this seems the most likely one) that no one is willing to sell you Morgans (that you want to flip onto eBay) for $16, or something else?

 

YUP

We really are our own worst enemies a lot of the times....

 

The Shadow Knows!

 

Not sure Tim "needs" to respond unless he has something to add (and God knows he NEVER does that). I think a lot of numasmatic items (however loosely you want to use that term) have reached bottom and are not going lower except for possibly some of those "Two Ounces Of 90% Silver Coins" on fee-bay, and those are already ridiculously overpriced in general.

 

I can't even seem to sell them for $25 each...

 

I think most people realize silver is going lower, and if they wait, they can get them cheaper

 

I think they are semi-numismatic, I wish I would of been buying them with silver at $30-$40+ when they were selling for close to melt instead of bullion.

If they ever get close to melt again (probably will take $50+ silver) they will probably be the only thing I'll buy since it seems they have protection to the downside in silver prices.

 

I agree with Conder101. Personally I think we will see premiums come down slowly in Morgan Dollars in the next year or so if silver doesn't bounce back.