A friend of mine recently found his dad's old silver coins and brought them over. He had 250-300 silver coins. After I wiped the drool from my face and gave the coins a closer look, I noticed that about 99% of them were harshly cleaned (looks like someone took steel wool to them!). He had at least 75-100 Morgans in there, most of them were common dates at a quick glance.
His collection has a pretty cool story, too. He said that his grandfather was developing some land in South Dakota when he dug up a chest. He opened it and found 1,000 silver coins inside. He took them home, his wife cleaned them up and divided them between their three sons. The other two sons (friend's uncles) sold their coins a long time ago for scrap, so only a third of the origional find is still around.
He told me a few days ago that he wants to sell all the duplicates. My question: would you buy these since they have no numismatic value? What would you pay for a silver dime, quarter, half and dollar? He is willing to let them go below melt.
I do purchase problem coins at melt and would most likely do so in this case if he was willing. If your goal is stacking, I see no problem in stacking history.
I agree with the rest of the bunch. At melt, it is a good deal. If not at melt, you can get numeristic value in a coin that will potentially increase over time. these coins being cleaned, lack what a lot of folks are looking for in a collectable coin.
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