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 Replies: 38 / Views: 3,464 |
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Pillar of the Community
United States
5862 Posts |
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Oh, man! Even just the thought of that kind of addition to the silver collection makes me giddy with anticipation. If you manage to acquire that bag of Morgans, PICS WILL BE REQUIRED! But, of course! What's bugging me right now, though, is the fact that, while the cost of a $100 bag of AU Morgan dollars is rising and falling with the price of silver over at APMEX, the cost of a $100 bag of BU Morgan dollars hasn't budged an inch in recent days. If I were to buy anything, I'd probably end up buying the AU bag (assuming they still had any left in stock once prices plummeted). Quote:
Good thing she doesn't read this forum. Heh heh... darn straight!  |
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Pillar of the Community
United States
5862 Posts |
Well, this sucks! I've been keeping my eye on the $100 bags of Morgan dollars over at APMEX and, as I said, the price for the AU coins has been tracking the cost of silver while the BU coins has remained steady. So, I decided to go ahead and buy a bag of AU coins when the price got low enough. All morning I've been watching the price drop and drop as the silver price plummeted. But then, suddenly, the cost of the $100 bag of AU Morgan dollars jumped up by nearly $200 even as silver fell even further! I know they can price it at whatever they want and they need to avoid losing money, but it still sucks... |
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Pillar of the Community
United States
2168 Posts |
I recall many posting similar occurrences when silver first was in the $30 range. Either not avail or prices not with spot or much higher. I am lucky that my local dealer so far has stayed the same with spot as well as having silver avail
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Pillar of the Community
1283 Posts |
I am buying into the slide today's haul.
32 40% halves
5 90% halves
22 90% quarters
16 silver strikes
1911 $2.5 Indian
20 franc Gold piece
Total price $931 delivered
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Pillar of the Community
Mexico
1304 Posts |
Oh my! Taking the plunge! That is quite a haul throwbackkid....if only getting stuff down here from the US was easier. Then agian, its probably a good thing that it's not! ;)
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Valued Member
United States
421 Posts |
Very nice pick up Throwbackid, I might have to throw a few bucks into the silver fire tomorrow if it is staying lower than the $30 level as of right now silver is at $29.22 melt, It had been closer the a flat $29.00 just a few minutes ago.
Sorry I just woke up and it may have been cheapier.
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Pillar of the Community
United States
5862 Posts |
GRRRR.... Well, the good news is that the price for BU Morgan dollars over at APMEX finally dropped a bit (from about $48 to $45 per coin), although it's still too high for my tastes. The bad news is that the price of the AU Morgan dollars has not dropped significantly after it jumped $200 per 100-coin bag right when silver was hitting it's lowest point. This is what got me back in September when I decided to buy my one and only Saint-Gaudens. I watches the price of gold carefully all day long and the moment it dipped below $1600 I pulled the trigger. It was only later that I realized the price for the coin over at APMEX had been going steadily up as the price of gold had been going down, and I ended up paying over $200 above melt for the coin (actually, even more than that, since the coin isn't a solid 1 ounce of pure gold). Meh. I suppose I could buy a bag of "junk" silver, but my heart just really isn't into it... |
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Pillar of the Community
United States
4008 Posts |
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But, of course! Alright, Barry! I KNEW that we could count on you.  Quote:...the cost of a $100 bag of BU Morgan dollars hasn't budged an inch in recent days. Sounds as if they are including considerable numismatic value in with the silver on those BU Morgans. I really like Morgans and have bought about 50 of them locally. Most are X-XF grade IMO and were purchased for $25-30 each. Paying $45 for a Morgan really rubs me the wrong way. Although I like Morgans a lot, paying $10 more for a 0.77 oz silver coin than I pay for a 1 oz. ASE or Maple Leaf coin is really pushing it. Quote: darn straight! I'm thinking that a lot of us on here are thinking that!  Quote:But then, suddenly, the cost of the $100 bag of AU Morgan dollars jumped up by nearly $200 even as silver fell even further! Hmmm... this is sounding like, "Yes, we have those in stock but don't really want to sell them at the current silver price" to me. :-/ Very nice haul, TBK. You've got some nice variety there and all purchased at a pretty reasonable price. I'm not into the 40% half dollars but 9 of them still have the same silver weight as 4 of the 90% halves.  |
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Pillar of the Community
United States
4008 Posts |
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Meh. I suppose I could buy a bag of "junk" silver, but my heart just really isn't into it... OK, so if you are in the market for a bag's worth of "junk" silver but your heart just isn't into it, buy 10 rolls of the proof 90% silver Statehood Quarters from APMEX. They are GORGEOUS coins and a very convenient size for collecting, barter, making change, etc. Best of all, they cost less to buy than the crummy looking circulated Washington quarters. |
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Pillar of the Community
United States
5862 Posts |
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Hmmm... this is sounding like, "Yes, we have those in stock but don't really want to sell them at the current silver price" to me. :-/ Yeah, they advertise themselves as a precious metal "exchange," which implies that prices reflect the current market plus service fees. In fact, though, they are just retailers like any other coin dealer who can't afford to sell low after buying high. This isn't just my opinion, btw. I just had a little "live chat" with an account representative expressing my displeasure: Quote:Brad: Welcome to APMEX! Brad: My name is Brad. How may I help? Barry: I was hoping to buy a bag of AU Morgan dollars this morning, but just as the price of silver dropped the cost of the bag went UP $200+. I was a bit disappointed, needless to say... Brad: How may I help? Barry: Is that standard operating procedure? Brad: It's not standard. The price was lowered for a period of time. Brad: We took it off the lowered price at 8:30 this morning. Barry: So... The price was lowered while silver was higher and raised when silver dropped? Barry: And yes, 8:30 was when I was about to make my purchase. Brad: The price is adjusted when we loaded more product on the site. Brad: It isn't a matter of what spot price is, it is a matter of what we pay for the product when we buy it. Brad: Our profit margin stays the same. Barry: Can you tell me if there are plans to lower the price again? That's an awfully high premium over spot, especially given that silver has been plummeting like a stone through a wet paper bag today. Brad: We buy and sell these products every day. It depends on the next batch we are able to buy at what price point we get them for. Brad: If it is a lower price and our margins stay the same, you should see a reduced price. Brad: If we have to pay more than usual, you will see an increase in price. Barry: All right, I guess I have to stop thinking of you guys as an actual exchange where the prices reflect the market price and more as pure retailers who have to make a profit. Thank you for the info. Barry: Good bye. |
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Pillar of the Community
United States
5862 Posts |
Quote:OK, so if you are in the market for a bag's worth of "junk" silver but your heart just isn't into it, buy 10 rolls of the proof 90% silver Statehood Quarters from APMEX. They are GORGEOUS coins and a very convenient size for collecting, barter, making change, etc. Best of all, they cost less to buy than the crummy looking circulated Washington quarters. I have considered it, believe me! I'm not all that comfortable buying post-1964 90$ silver coins, however. The nice thing about buying pre-1964 coinage is that everybody knows that they are 90% silver and valuable. I really worry that I might meet resistance down the road if I needed to sell these quarters. Sure, dealers and collectors will know, but they may not be the people I am trying to sell to. I'll keep thinking about it. I just really had my heart set on a big bag full of bright and shiny Morgan dollars... |
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Pillar of the Community
United States
5862 Posts |
Well, I ended up not buying anything yesterday. Silver is up a bit today, but I'm hoping it still has a ways to fall before the end of the year.
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Pillar of the Community
United States
1391 Posts |
I ended up not buying anything yesterday either. I hope I don't end up regretting it but I am saving up for some other larger items.
Barryg, I wouldn't worry to much about people not knowing the value of post-64 silver coins if times got that bad. There are plenty of reference works out there for people to check. If you look at colonial and early American republic history you will find lists of published foreign coin exchange rates that people used. I've even seen some with Egyptian coins listed. In my mind Egypt of pretty remote for early America but apparently enough of their coins made it into our economy that people needed to know what they were made of for trade. The smart people will quickly adapt and get to know their coins, or get to know people who know. The dumb ones will just be dumb and make life difficult for the rest of us. But I guess that isn't any different than now.
Funny thought, if times got bad enough that people started using silver coins again, all those Liberian silver coins that were minted will probably be cracked out of their cases and enter into circulation in America.
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Pillar of the Community
 United States
3670 Posts |
May wanna grab something while it is under 30, if you can find a good deal that reflects the price, as I figure two things happen the rest of this day an tom. One, it will quickly correct an go back over 30, or it will dip again today an more Friday down to 26 or so, then it may start back up rapidly to start the new week, as too me 25 dollar silver is a mental number many big smart money is waiting on to pull the trigger on some large silver.... Barry G, have you ever looked at Provident metals, as I can watch silver fall say fifty cents, and you can then refresh your provident page of the silver you are looking at, and the price is IMMEDIATELY ADJUSTED, as their prices are real fair IMO and their selection is spot on.... It or Silvertown is the only big corp PM company that I will ever consider buying from. APMEX charges too much on shipping to get my bus.... Edited by Silverhawk74
12/15/2011 1:32 pm
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Pillar of the Community
United States
5862 Posts |
Quote:
Barry G, have you ever looked at Provident metals, as I can watch silver fall say fifty cents, and you can then refresh your provident page of the silver you are looking at, and the price is IMMEDIATELY ADJUSTED, as their prices are real fair IMO and their selection is spot on.... Yep, in fact I bought some ASEs from them a couple of weeks ago. I just checked, and their price for single BU pre-1921 Morgan dollars is $45.99, which is exactly the same as it is at APMEX right now. |
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Replies: 38 / Views: 3,464 |
First Page
Posted 12/14/2011 09:29 am
