On The Verge Of A Big Acquisition

They wanted cash and they wanted an in-person transaction for a bunch of coins that were sitting in their basement. They took a haircut on the price to get their wish. They named their price and I accepted. I am not gloating, I am enjoying my new additions as much as I can. The reality is if they had asked 175 a coin, I would have been forced to pass.

The passive-aggressive BS shared by many jealous members here is disconcerting.

Your statement .

"The passive-aggressive BS shared by many jealous members here is disconcerting."

Is in very bad taste. I will take the high road and leave it at that and no longer monitor this thread.

Yes I'm.

I've been gone since my initial post and now that I've rechecked the thread, I find it went exactly how I thought it would.

The thread has now turned into an argument and we still have no pictures of coins, questions, numismatic opinions, or anything else enjoyable. The greater details of what has been purchased by the OP have come out to a degree. The entire sequence of posts made, however, center around the process of attempting to make a profit. Anyone can re-read themselves if they disagree. The thread HAS been boastful and generally unnecessary.

I would encourage anyone who questions why I made my initial complaint to consider to themselves what is was about this thread they enjoyed reading. I saw a title about a "huge acquisition" and was expecting to see someone's recent purchase, a rare coin, a grading question, an authenticity question, or something to those affect. I saw (paraphrasing heavily, yet not wrongly) "I am going to buy some stuff for cheap and sell for more and keep the rest for me...big profit and coins" That's great.

You know, there are tons of threads on this site where people show excitement and are contributing to the enjoyment of the hobby by sharing with the rest of us. Many forum members make acquisitions equal to or greater than this all the time, but I haven't seen a thread forgo all discussion of the coins in favor of mentioning making profit..several times. I can go to my investment forum or my sports gambling forum if I want that. Even if pics aren't included, there are good and bad ways of going about this. This presentation missed the mark, to say the least.

I'm sure the OP will have some response to this post, but there really isn't anything else to be said. It is what it is. To provide something else to discuss, there was something that jumped out at me about what was "claimed."

I am supposed to believe that 18 common date GSA Morgans in lower grades and "unslabbed" were sold to a brick and mortar for just under 200 each. Even if several went 63 and one or two hit 64, a dealer would struggle to cover overhead paying that much. I question the validity of that story. LCS in my area might pay $75 each for those coins and sell (over the course of many months) at $230 or so. Better CC dates, or higher grades with the NGC GSA slabs, sure, but if what was described was sold for the quoted amount, said dealer won't be in business long with such purchases.

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.