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coinsrus
Valued Member
United States
219 Posts |
 Posted 08/18/2008 5:33 pm
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How many people have gone into a coin shop and known they were getting ripped off. It's ridiculous what some of these guys can get away with. I was in a shop this morning. I showed him 2 coins I had purchased a number of years ago on ebay when I was stupid anyway. They were 2 morgan dollars that were grade in the MS66 and MS65 by an off name grading service. I and Everyone who would looked at the coin would agree that They were really some where around AU-50 But this guy offered me 25$ for the both.  I'm No idiot the silver in the stupid things is worth almost that much. Needless to say I didn't sell but buyer be where with some of these guys. I looked when I got home the value of them was about 35$ a peice. Its unbelievable some of these guys.The sadest thing is they are taking advantage of people who really need the money
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murty
Pillar Of The Community
USA
628 Posts |
Posted 08/18/2008 5:38 pm
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If you get up to 50 posts then you can sell them here,and get an honest value for the coins. Include pictures
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KurtS
Pillar Of The Community
5318 Posts |
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rockdude
Pillar Of The Community
United States
1750 Posts |
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coinsrus
Valued Member
United States
219 Posts |
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biokemist6
Pillar Of The Community
USA
6229 Posts |
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coinsrus
Valued Member
United States
219 Posts |
Posted 08/18/2008 6:44 pm
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The Guide im using is the Monthly magazine called coin values. I've been told its pretty accurate for fair value. Several of the other guides tend to be higher.
On another note where can you buy morgans for AU morgans for fifteen dollars. I would love to buy some. All the pricesI have seen around here even 1921s are going for 20+
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clembo
Valued Member
United States
434 Posts |
Posted 08/18/2008 7:21 pm
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Going with biokemist6 here I'm afraid. I work in a coin shop.
$25 is a more than fair offer from a shop. We have humdreds of Morgan and Peace dollars.
If a bigger buyer or regular customer that spends substantial money walks in he'd sell those same Morgans for $15.
If he sold 100 at $2.50 profit each he hasn't made payroll for the day. Three of us were working.
Coin shops are, after all, businesses. There is overhead that has to be met in order to keep the doors open.
Considering we rarely charge full retail on anything why would anyone expect us to buy at anywhere near full retail?
Most dealers pay at least 20% back of Greysheet bid. The internet has cut margins in shops tremendously.
I sell myself and if I make 10-15% I'm happy with it. If that's a $20 coin I make a few bucks but also use up my time not to mention that I have the connections that took me years to build.
Coin collecting is a great hobby. The keyword being hobby. Don't expect to get rich or even break even in most cases.
Most of what I sell goes into other purchases for want lists or a particular coin that I want.
I bought 11 silver quarters at work today. Some nice Washingtons, 3 worn Barbers and a Standing Liberty. Silver is down. The boss paid $2 each for the lot.
I paid him $3 each. He made $11 real quick. I got a good deal because I work there.
It's unfortunate that so many people ARE selling to make ends meet. We sympathize but if we don't buy it someone else will. Usually at much less than we pay. Unfortunate but true.
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desertgem
Pillar Of The Community
USA
720 Posts |
Posted 08/18/2008 10:27 pm
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If you look on the left side column, there are links to ebay for coins under $5. You can click on peace or morgans. Now, only a very, very few will close at that, but many will close near melt, if you just catch them. You may have a low percentage of success if you bid below melt, but it does give you a list to work from.
Jim
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halfabustisbetter
Pillar Of The Community
USA
1970 Posts |
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BadThad
Pillar Of The Community
USA
5618 Posts |
Posted 08/18/2008 11:03 pm
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Seems fair to me too. My favorite coin shop takes in hundreds of these daily. If you don't trust them, try another shop and I'll bet you get the same offer.
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vermontensium
Pillar Of The Community
USA
4980 Posts |
Posted 08/18/2008 11:12 pm
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I agree with the above posts as well. Common date Morgans. You are better off just holding them until Silver climbs to the levels it was at the $19-$20 levels, which it will again, the metals market is cyclical. Then, try again. He might give you a little bit more $ but don't expect too much more from any dealer. They are trying to make a profit like any business is.
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puman
Valued Member
USA
67 Posts |
Posted 08/19/2008 12:56 am
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I concur with the other responses but this may make you feel a little better. Once in awhile I drop into a local pawn shop where I have "cherrypicked" a few nice coins; today I stopped in to see what was available and to my surprise they were still trying to fetch $22.00 for silver eagles. They price according to melt + a slight premium but have not adjusted to the current market; now that's a rip-off in my opinion.
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eaglefoot
Pillar Of The Community
USA
5054 Posts |
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SeatedNut
Pillar Of The Community
United States
1983 Posts |
Posted 08/19/2008 08:08 am
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coinsrus,
I'm with the crowd here. Your local shop has to make money on the deal and that was a pretty standard offer for those dates. You'll only get near the Coin Values price selling to a private party who is buying them for a collection.
Folks need to understand something about Morgans ... there are millions of them out there! The key dates are hard to find of course, but common dates are a dime a dozen (I wish, only an expression). If they aren't gem specimens, folks won't pay much over melt. Yet they are still fascinating to look at, hold, and own! That explains their longevity and popularity.
In tougher times, I took one of my common date Morgans (an 1899 O) to a coin dealer to sell for $$. The dealer offered me about $25 dollars for the coin ... the going rate for an MS 63 at the time. Only problem with that is the coin was a minimum MS66. Without a word I retrieved the coin from him, turned and left the shop. You should have heard him wail trying to get me to come back and haggle ... he had his chance! BTW I never returned to that store. 
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Prethen
Pillar Of The Community
USA
2057 Posts |
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