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 Replies: 20 / Views: 3,415 |
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Pillar of the Community
United States
5863 Posts |
That's an excellent question! I just found a new pawn shop today and apparently the co-owner (who wasn't in the shop today) has a boatload of lesser grade Morgans that the other owner thinks might be for sale at $25 each. My first thought was that this was way too high, since melt is right around $21. But after reading this thread I think it may not be too bad. Maybe if the guy has a ton of them I can offer him something like $24 apiece if I buy 100 of them or something...
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Pillar of the Community
1283 Posts |
$25 is a descent price for basically any Morgan, its not the best in the world but it is probably a good price if there are some descent ones in there. A couple bad things about Pawn Shops, I have found. 99% of the time the coins in the "junk" bin are ver worn and been picked through a few dozen times or more pulling any key or better quality piece. When it comes to coins at the pawn shops I have found they are less willing to make "deals" like others would. I personally have never had any luck shopping at pawn shops. IMHO hoarding silver through the acquisition of Morgan silver dollars is a no brainer. I personally try to never sell a silver dollar unless someone pays me a great premium. It seems that they never drop in value even with the huge swings in the silver market. If you look on ebay you will rarely see a Morgan for under $30 on ebay and thats with like $20 melt. And one more thing Barryg, use some Maple Leaf tubes to store your silver dollars, they work perfect and hold 28-30 per tube. |
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Pillar of the Community
United States
3184 Posts |
slabbed for 24? Youd be crazy not to buy at that price
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Pillar of the Community
United States
5863 Posts |
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99% of the time the coins in the "junk" bin are ver worn and been picked through a few dozen times or more pulling any key or better quality piece. You're probably right. What caught my attention, though, was the fact that this place doesn't actually have a "junk" bin -- instead, he just apparently has a hoard in the back, so it may not have been picked through. I've been using Morgan dollar sized coin tubes to store my Morgan dollars, personally... |
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Valued Member
United States
376 Posts |
My local shop sells Peace and Morgans for $22 right now. But most are in the Good to Fine condition with reasonable tarnish.
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Pillar of the Community
Canada
1731 Posts |
When silver was a little higher than it is right now, I got morgans that were usually EF and above, even an Mint state or two for around $27.
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Pillar of the Community
United States
4008 Posts |
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A couple bad things about Pawn Shops, I have found. There is so much variability from shop to shop that it would be difficult to formulate a meaningful sense of what pawn shops are about. Some are pretty bad, some pretty good, and most fall somewhere in between. The pawn shop where I buy some 90% silver coins doesn't have a lot of inventory but what he has is usually in pretty good condition, fine or better, and I can get it at spot so it's a pretty good deal. My only complaints are his small inventory and slow turn over. |
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Bedrock of the Community
United States
36878 Posts |
If you buy from pawn shops and not coin shops, beware of the Chinese fakes. China is not picky on the dates they counterfeit and even the most common dates have been faked. Pawn shop owners might not catch the fakes as easy as a coin dealer would.
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Pillar of the Community
United States
4008 Posts |
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Pawn shop owners might not catch the fakes as easy as a coin dealer would. Yes, there is that. But checking with a magnet and a scale should help eliminate the obvious fakes. Most of the 90% that I buy are halves, quarters, and dimes, so if someone wants to put their effort into cloning those I guess we just have to take the risk. As always, be watchful... caveat emptor and all that. |
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Pillar of the Community
United States
667 Posts |
Wow this is a vague question and what I will give you is a normal range for the current spot silver price. This is what you can expect from most dealers.
Cull or Damaged Morgans - $27.00
Pre 1921 Morgans BU - $45.00
1921 Morgans BU - $34.00
Graded Morgans such as MS 60 - MS 63 - These can command even higher prices. Too many variables to give actual numbers but lets say $89.00
Of course there are several grades in-between Cull and BU, as well as graded and slab and key dates.
Now you can get better buys from some dealers but the above is just a guide.
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Pillar of the Community
United States
5863 Posts |
Ah well, so much for that idea... On my lunch break today I went back to the pawn shop I visited on Saturday. The "other" owner was there this time (turns out he's the father of the guy who was there Saturday). I explained that I was in on Saturday and was told that he might have some lower grade Morgan dollars he'd be willing to sell for around $25 each. Nope. All his Morgans go for $35 each. Then he told me "I'm a retailer -- I don't do spot." I tried to explain that "spot" on a Morgan is only about $21 right now, but he wouldn't budge. He also had a nice old 100-ounce silver bar in the display case that I asked about when I first came in (before I asked about the Morgan dollars). "Not for sale." As I was leaving, he did say that he could let it go for $3200, but I declined. Now, maybe it's a rare and collectible old silver bar or something, but I don't know enough to tell and I was just looking for the silver value. $1-2 over spot would be reasonable (especially since it would save me shipping fees), but $5 over spot just seemed ridiculous. |
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Pillar of the Community
 Canada
572 Posts |
Thank you all for your input! They have been very helpful! So I finally picked up 2 morgan and 3 Peace dollars, including one PCGS MS63 and one ACG MS63, at $24 each! The morgans are in good condition only. The other Peace dollar is AU, I think. I'll try to take some pictures in a few days and upload them here so you guys can help me grade them. :) @barry: I wonder what would be his buying price for the morgans... |
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Pillar of the Community
United States
4008 Posts |
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I wonder what would be his buying price for the morgans... THAT is when he recognizes the spot price!  |
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Pillar of the Community
United States
863 Posts |
really good deal. id buy them all for that price
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Pillar of the Community
Canada
572 Posts |
Hi guys, finally I got them scanned. Here go the pics. Sorry the slabs didn't show well under scanning. The ACG Peace dollar does look shinier than the PCGS one.  One 1924 Peace dollar. Does it look like AU? Also, interesting ring toning or dirt on the reverse. Seems like it has been stacked under a half dollar or something for a while. Or was this an end piece of a roll?   An 1879s and a 1900o morgans. Anyone care to grade?     Thanks. :) |
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Posted 07/14/2012 4:13 pm
