On The Verge Of A Big Acquisition

My dealer works out of a farmers market. His overhead is next to nothing. He is a middleman between me and another dealer paying $190 each. He'll simply pack 'em up and ship them to that dealer, and make $100 for packing a box. I don't see why that is so unbelievable. I've worked hard to develop good connections in this industry, and if you would do the same, you'd find plenty of dealers and collectors that pay good money for stuff that they want and target.

If you want to sell some GSA's, contact Mayer Numismatics. They're paying $185 each right now for the "uncirculated" type with boxes and numbered cards, no matter how many you've got. I believe they have a physical store location, so that should sufficiently refute your claim that a dealer will go out of business buying GSA's for $180. Mayer Numismatics is where these were headed before my local guy offered me $183.33 each. I believe somebody with a lot of money is buying up GSA's right now, wholesale prices have surged from ~$165 to ~$180 in like, 6 months. Bid on unseen coins is in the $190 region on the intra-dealer network sites right now too. So there is either a whale buying them up, or demand has suddenly surged across the board.

I got a bit heated last night, so I apologize. I dropped off the coins for imaging this AM, should have the pics within an hour or two. I think the nicest in the lot is a 66, with at least one 65 and a bunch of 64's, as well as a toned one that's probably a 63.

As for making a profit, I'll probably make a couple hundred bucks on the deal. The reality is I will probably keep most of the coins, so most of my profit will be on paper.

EDIT: I believe a forum member (mysilveryears?) actually bought 3 of the GSA's off my dealer last night. I'm pretty sure the guy is a poster here.

Pics are in. Go grab a drink while they load.

I didn't say they were all PQ coins. My opinions on grade are as follows;

65+
64
65
64+
64
63+
63


I'd bet all seven coins that the first '82 is at least a 65. I know my Morgans well, and it's as clean a Morgan as I've ever owned, the clear standout of the lot. It's just as nice as an '89 I own in PCGS 66 with a green bean.

Beautiful coins chasingtailbar thanks for sharing.

I'm not jealous of your score and flipping the lesser quality ones to recoup some of your cash makes sense. I couldn't afford to keep that much cash tied up (if I had that much at one time).

Question: Which of these would you say has a strong strike? I am trying to get an idea of what a strong strike vs. a weak strike looks like.

-MV

Thank you for finally sharing some pics. They look nice. Knowing that Morgans always look more nick'd in photographs than in hand, I would say I'm in general agreement with the grades you've posted, though I see nothing on any of them that would warrant a "+" or a "*".

I'm in far less agreement with what you've said regarding their dealer bid values. Services that track such indicators such as numismedia or CDN do show some increase in GSA Morgans, but at the low MS end, it's very minimal. Cursory research of prices realized at ebay or professional auction sites wouldn't support a huge shift either. I have not contacted Mayer Numismatics, but there is no way they will give me $185 if I walk in with a low grade common date GSA without grading, regardless of whether or not it says "uncirculated" on the holder or if I have a box. There is almost no profit margin. They would sell such a coin for 230.

You have also got to be kidding me with your mention of "intra-dealer network sites" that are offering $190 site unseen. Is this an underground coin dealer forum which you are now privy to? Dealers might go site unseen on NGC graded GSAs or they may trust another dealer whom they personally know, but again, nobody is giving a random person a low grade common date Morgan site unseen for that much. Keep in mind as well that when dealers work with other dealers at tiny margins, it is the relationship itself the renders such possbilities. You would have been the "public" and they need to make a profit. So I repeat myself, you want me to believe that you sold coins (through and intermediary no less) for 183.33/coin, which all sources I am aware of would pay about $75? A MS-62 1882-CC GSA (or the like) is simply not worth that investment and no professional dealer would consider it.

I guess you've never heard of the CCE. It's not exactly underground, that's for sure. I don't have a membership, because it is tremendously expensive for a small-timer like myself who is mostly a collector and sells to cover acquisition costs, but I know that somebody was buying at $190 there a couple weeks back.

What do you want as proof? A pic of me with a receipt? I don't do receipts, I play in cold, hard cash. I don't really care if you believe me or not, I sold them. I could post the emails between myself and MN to prove the prices I could get, but those are private conversations and I won't stoop to posting private correspondence to win an internet disagreement.

By the way, if you want a new source, I'll gladly buy all your CC GSA's in hard packs with boxes and papers, regardless of grade, for $165 each plus shipping. I'll put my money where my mouth is, I can make $15 each easily by sticking a new address on the box. There, now you have a source that's willing to pay more than double the $75 price you're quoting. If you're local to me, I'll even drive to meet you and pay cash. $75 is a total ripoff.

Thanks for the feedback on grades, by the way.

Thanks for taking the time to point out a strong strike so I can have an idea of what to look for.

The back and forth about what dealers pay for uncirculated common date CC's--does it really matter? CTB found a source that was willing to pay him $180 per coin. Clearly the dealer has a market for them above that price otherwise he would have offered CTB less.

Again, CTB thank you for sharing pictures of those Morgans. I hope you will share future deals you score some.

-MV

I'd have locked this hours ago if I hadn't had to be up and out for work at 4:30AM. I can't believe CCF members are behaving this way. Judgment as to who's right or wrong isn't relevant; nobody forced any of you to post here.