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 Replies: 842 / Views: 96,396 |
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Pillar of the Community
United States
2257 Posts |
$36 each for circulated Morgan/Peace is high, more than I'd pay and I like them. When buying them I assume about 5% average wear loss which is more than the 1.1% loss dealers use for halves, quarters, dimes. $36 each is about $49 per ounce silver. But Morgan/Peace have some aura to them as other classic USA coins. Some people are willing to pay higher premium for them even though worn with no/little collector value. I would not recommend circulated Morgan/Peace being the major part of a stack, but I enjoy having some.
My wife and I go to estate sales. Sometimes there's a few Morgan/Peace, 90% halves, quarters, dimes, silver bars. They are often priced several dollars higher than at LCS but people still buy them. I assume they don't know they can get them cheaper at LCS.
Edited by livingwater
03/22/2023 09:22 am
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Pillar of the Community
United States
533 Posts |
I have been paying about $32 for Morgans including shipping. Fair condition pre 1900 not culls or slicks I bid on 21 coins on ebay last week won 3. I bid $32 was outbod on 18 coins |
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Pillar of the Community
United States
2257 Posts |
Circulated Morgan/Peace prices have gone up considerably the last few years. During Covid silver premiums went higher generally, especially for ASE. Edited by livingwater
03/22/2023 09:44 am
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Pillar of the Community
United States
844 Posts |
"Junk silver" aka "90% silver" traditionally means circulated, common date US dimes, quarters, half dollars. Their only value was their silver content and they sold in rolls and bags for decades at or near melt. Dealers and buyers didn't have to check dates, mintmarks, varieties, condition. They just counted the pieces or rolls and muliplied the total by melt value. A couple percentage points either way was profit. Boom. Done. Easiest transactions ever. Morgan / Peace dollars always carried a bit of premium, maybe 10 or 20% for common date circulated pieces (especially 1921 Morgans), but same thing: dates etc didnt matter. How many you got? This is how much I pay. Easiest transaction ever. There are a thousand reasons to buy "junk silver" or "90% silver", but at all times it's only value is/was silver content. The premiums we see today are unnatural, fed by hysteria. There is no shortage of silver. Like I said before, don't feed the beast. Every premium you pay drives up the price the next time. My advice: If you're just looking for "junk silver" or "90% silver" like the title here says, there is a way to beat the premiums: WORLD SILVER. There is so much world silver out there you can have near melt: Swiss francs are affordable at 0.835 fine Canadian silver at 0.925 or 0.800 Austria 50 schilling commems from the 60s and early 70s all 0.900 fine! Franklin Mint proof coins and medals at 0.925 are gorgeous! All these things and more trade around melt even in higher grades. I know because if you check the "sales ended" boards on this forum you'll see how much silver I recently sold at or near melt! A lot of happy buyers. I buy silver at or near melt all the time. Was at a coin show last year and a dealer had rolls and rolls of .800 fine Canada dollars at melt + 5%. Morgan dollars have always been popular but the premiums are growing too fast. For the price of one Morgan dollar reported above ($32 or more) you can have 2 Canada silver dollars in high grade. That's 1.2 ozt asw for the Canada dollars vs 0.7734 ozt asw for the Morgan. That's what junk silver is for: ASW. Now if you'd rather have the Morgan because it fits your collection, then you're in the wrong thread. That's not junk silver. |
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Pillar of the Community
United States
2257 Posts |
I don't know much about junk 80% and less silver coins. I don't see them at local coin shows, coin auctions or at my LCS. My LCS does not keep them in stock. Where I live in the Midwest, 90% USA junk is preferred. If I lived in another country like Canada I'd likely stack their 80%. I think there's a topic or two here on CCF about the pros/cons of stacking 80%. I do have some older foreign gold I like, ducat, francs, sovereign, etc. Traditionally 90% junk is halves, quarters, dimes. But cull Morgan, Peace are also 90% silver. Morgan/Peace and halves carry higher premiums than quarters, dimes. Some prefer to use the term Constitution silver rather than junk. Here's a screen shot on a major dealer page, SD Bullion. They consider cull Morgan/Peace as part of junk silver for stacking, as do I. If it's a problem to discuss cull Morgan/Peace prices on this thread, the moderator can let me know.  Edited by livingwater
03/22/2023 7:15 pm
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Pillar of the Community
United States
844 Posts |
@livingwater -
Don't be sensitive. You sure can discuss cull dollars here all you like. Absolutely on-topic and worthy of discussion. I think Eagles and other bullion coins are on topic too even though they're not junk.
My point in my prior rant (above) is that "junk" silver is "junk". There's not supposed to be much of a premium on them! They are supposed to trade near melt so when I read the premiums some dealers are asking I say don't do it! Consider what you're buying and pay a price relative to the value. You can get more silver for less money looking at other countries' junk silver.
TL; DR: junk is called junk for a reason
PS: don't get me started on "Constitutional silver"
Edited by jeffbuckes
03/22/2023 7:36 pm
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Pillar of the Community
United States
533 Posts |
US coins carry a premium but usually get it when you sell so cost more bring more sort of a wash I have about $20 face in junk Morgan's vs maybe $500 in dimes not to mention quarters Dollars are sort of junk dimes are junk
Edited by jaxenro
03/22/2023 7:50 pm
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Pillar of the Community
United States
2257 Posts |
@Jeffbuckes, I'm not being too sensitive.
Edited by livingwater
03/22/2023 8:37 pm
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Pillar of the Community
United States
844 Posts |
Stopped by a pawn shop today - just for curiosity, I already know pawn shop coin prices are too high. But boy do I like digging through the coffee cans of 90% silver! Well, they had no 90% / junk silver at all. They buy alot but don't retail it. They sell it straight to a wholesaler at spot plus a few points they said. That to me was very interesting. Coins shops in my area are closing left and right. Even a few years ago I could buy a roll of 90% at 5 or 6 shops any day of the week. Now, nothing! Anyway, this pawn shop did have silver Eagles at $42 ea or $38 for 5 or more and said they sell quickly. In fact they didn't have any full rolls in stock. Morgan and Peace dollars listed at $33 - $37 each for common dates. I couldn't believe their retail prices so I asked how much they pay - they wouldn't tell me, not even a general number. They insisted they'd have to see my coins first. Oh, well... But that got me thinking so I called another shop when I got home. They pay 70% melt for 90% silver and SPOT for Eagles and $17 for common Morgans. I didnt bother asking for the list prices! I usually do all my buying and selling at an annual coin show and I'm sure I can get better prices, but other posters recently said their shops are paying $27 for cull Morgans? Where's that shop! I could get rich selling to them :) |
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Pillar of the Community
United States
844 Posts |
BTW: awhile ago another member sent me a link to a coin shop that publishes it's buy prices. He asked me not to name the shop. I don't know why. But I just checked their buy sheet:
CULL WITH DATE NO HOLES $26.00
VG OR WITH LITE PROB PRE 21 $29.00
F PRE 21 $33.00
XF+ PRE 21 $34.00
AU+ PRE 21 $44.00
BU PRE 21 $50.00
VG+ 1921 MORGAN $29.50
VG+ PEACE $27.5
I can't believe these prices. They're paying $26 for cull Morgans, more for better coins. Incredible. I might have to sell some.
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Bedrock of the Community
 United States
25685 Posts |
A cull Morgan has about $16 worth of silver, and they are paying $26?
Please tell us who this is!!!
Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
 United States
5192 Posts |
As of now, buyers probably outweigh sellers to the tune of an order of magnitude or more. Therefore, premiums will only come down when we see supply increase a lot.
And me thinks that is very unlikely as junk silver probably resides in "strong hands", i.e. not selling under any circumstances.
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Pillar of the Community
United States
844 Posts |
NumisEd - I think you're right. The silver is out there but those strong hands are holding. Maybe waiting for a repeat of 2011? I'm a seller at these prices, I dont need to wait for 30 or 40 bucks an ozt!
Hondo Boguss - I couldnt believe it either. Nobody in my area is buying at those numbers, but @livingwater said his shop is paying 27 for culls so I checked this link my buddy sent and they're offering 26! I'll ask if he doesn't mind me divulging the buyers link. Not sure why he was shy about sharing it so shouldnt be an issue
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Bedrock of the Community
United States
25685 Posts |
jeff, I was perusing one of the auctions on HiBid - I believe it's the Washington Surplus - and people are bidding $8 each for 1 gram Valcambi Suisse silver "bars". Do the math on that!!!
By the way, I made the mistake of buying a few items from one of their previous auctions. Their shipping and insurance charges were astronomical. Never again.
Inordinately fascinated by bits of metal with strange markings and figures
Edited by HondoB
03/29/2023 6:59 pm
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Pillar of the Community
United States
2969 Posts |
I have been hit and miss on this thread so far, and very interesting and informative to me  I personally collect all types of silver from a few rounds of an ounce each, silver ASEs, 90% "constitutional silver pre-1964", ALL types of foreign silver from the billon 10% Mexico pesos (50s and 60s) to greater than 90%. I even collect if I want 40% silver halfs from 1965 to 1970, and the 35% War Nickels... Did I mention I can be ok with any silver cull coin regardless of where it is from if I think it could be a diamond in the rough? In other words, more numismatic value plus stacking combo for me in an interesting balance...  |
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Posted 03/22/2023 08:50 am
