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Why are cull Morgan and Peace Dollars so expensive?
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<p>[QUOTE="Del Pinto, post: 2050700, member: 73128"]Looking at the very cheapest Morgans on eBay (12/29/14) nothing sold for less than $21. and the average for the 25 lowest sale prices (< $24.25) was $ 23.05. At the lowest, dealers net just $20. on eBay. Assuming culls 0.7667 to 0.7734 ozt Ag, that's a retail auction bullion rate for Morgans of $29.68 - 29.80/ozt. These very cheapest retail auctions were ~70% over the Wholesale Face: so the effective numismatic premium for "junk" Morgans as bullion (per ozt.) is at least 88% over Spot.</p><p><br /></p><p>If most cull Morgan eBay sales averaged over $26, the Ozt. premium is closer to 92% - ouch! Better to scout& low bid for US Silver coin with grade, yes. Those Morgans sold for 55% over Spot were cheap, at year end.</p><p><br /></p><p>If someone was still determined to now buy cull Morgans as bullion at these eBay rates - the rationale still eludes me why - he'd presumably look for high def, cleaned coins nearer full weight (thus, with a lower premium.) This is certainly not a cost effective way to accumulate bullion, however: it's a stunningly poor value, as others call "stupid," but the retail market as such today.</p><p><br /></p><p>No matter: the actual buyers (novice collectors/dumb money) of these overpriced coins are probably happy with their cleaned/junk Silver. It's better than scratch tickets, anyway.[/QUOTE]</p><p><br /></p>
[QUOTE="Del Pinto, post: 2050700, member: 73128"]Looking at the very cheapest Morgans on eBay (12/29/14) nothing sold for less than $21. and the average for the 25 lowest sale prices (< $24.25) was $ 23.05. At the lowest, dealers net just $20. on eBay. Assuming culls 0.7667 to 0.7734 ozt Ag, that's a retail auction bullion rate for Morgans of $29.68 - 29.80/ozt. These very cheapest retail auctions were ~70% over the Wholesale Face: so the effective numismatic premium for "junk" Morgans as bullion (per ozt.) is at least 88% over Spot. If most cull Morgan eBay sales averaged over $26, the Ozt. premium is closer to 92% - ouch! Better to scout& low bid for US Silver coin with grade, yes. Those Morgans sold for 55% over Spot were cheap, at year end. If someone was still determined to now buy cull Morgans as bullion at these eBay rates - the rationale still eludes me why - he'd presumably look for high def, cleaned coins nearer full weight (thus, with a lower premium.) This is certainly not a cost effective way to accumulate bullion, however: it's a stunningly poor value, as others call "stupid," but the retail market as such today. No matter: the actual buyers (novice collectors/dumb money) of these overpriced coins are probably happy with their cleaned/junk Silver. It's better than scratch tickets, anyway.[/QUOTE]
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Why are cull Morgan and Peace Dollars so expensive?
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