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 Replies: 38 / Views: 5,670 |
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Pillar of the Community
United States
5850 Posts |
I never really paid attention to prices of common date "BU" (MS-60 to MS-63) back when silver was at $4-5/ounce. In fact, I didn't start pricing them until silver was on its way past $40, and at that point they seemed to be selling for around $60 per coin. Once silver prices started dropping below $30, places like APMEX started selling them for around $49 apiece, and the price hasn't dropped significantly even after silver dropped below $20 (last I checked, they're selling for around $47-48 at APMEX). Since these have numismatic value in addition to silver value (especially in BU condition), I'm assuming they will never drop below $20. Are they likely to ever drop below $30, though? What about $40? What were they selling for back when silver was $4-5? Obviously, buying them at $60 each when silver was $40 wasn't a very good idea (unless you think silver will go back up there and beyond). But at what price point is it actually reasonable to buy them as purely numismatic items, silver value aside? Or are the dealer premiums always going to outweigh any numismatic value (sort of like the huge premium on common date Saint-Gauden Double Eagles)? |
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Pillar of the Community
United States
9792 Posts |
Wish I had bought more of them when it was "your pick" buckets at shows for $7.00/each. Who is to know what silver melt price is in the future? I f I knew that I'd be a very wealthy guy, up down and wouldn't matter since one can play both sides of the market.
I'd say over time collectible or numismatic coins have always done better than junk silver/gold coins.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Pillar of the Community
 United States
5850 Posts |
Thanks for the response.
I guess the short-term question I'm really asking is "what is a good price to pay for common date BU Morgans when silver is at $20/ounce?"
Were BU Morgans really $7/each at some point? Or was that for worn coins?
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Valued Member
United States
374 Posts |
I never saw $7 bu baskets. I did see circulated baskets with coins ranging from g-xf for 12-14 1999- early two thousands. Silver was 4-5 a OZ then. Check ebay to see what people are paying. |
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Pillar of the Community
United States
5850 Posts |
Well, right now people are still paying a LOT (I've seen then still selling above $60 apiece in BU condition). But that;'s to be expected as sellers are naturally reluctant to sell below what they paid back when silver was much higher. I expect prices to keep dropping the longer silver stays around $20, but I just don't know how low it's reasonable to expect prices to get. Even though a Morgan dollar has only 0.77 ounce of silver, BU examples will never sell at (or near) spot. Right now, $46 still seems a crazy price to pay for a common date BU Morgan dollar, but maybe I'm wrong and this is about as low as they are likely to ever get? |
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Pillar of the Community
United States
919 Posts |
barryg, Great question. I look forward to seeing what others say. I asked just about the same question back in December. I was looking to buy MS rolls of Peace dollars or Silver Eagles. At $30+ an oz I couldn't get myself to commit to ASE's so I went the Peace dollar route. I'm sure some will say I over paid but I paid about $35 each for common MS63 dollars. I checked the other day and the dealer is still selling MS common Peace dollars for around the same price. I also bought graded Peace and Morgans (commons) and those seem to have stayed the same too. I searched an auction site for completed sales and found in 2001 graded MS62/63 $20 gold coins were selling for around $350-400. I'm guessing if gold continues down there is more to loose in those coins then in Morgans. |
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Valued Member
United States
73 Posts |
I personally don't think that any Morgan or Peace dollar other than the super high grade/rarer ones are a good investment. The common silver dollars of any grade from when I was a kid are bar none the worst performing coins I had over that 25 year stretch...the only reason they've gone up recently is just because of the price of silver, and that's it. I actually bought some common date ones again when I got back in the hobby a few months ago, then asked myself "why?". No upside, no rarity, and for me personally they're not my favorite coins (although they're undoubtedly probably the favorite of most collectors). |
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Pillar of the Community
United States
5850 Posts |
Thanks for the input, Taylor! That's kind of what I was afraid of. BU Morgans are just so darn attractive to my eyes that I want to buy them by the $100 face value bag, but I worry that there are so many of them out there that they don't have much investment potential. As a means to preserve wealth, I'm wondering if they might do better than just buying "junk" Morgans (or pure silver bullion, for that matter) whose entire value is pretty much determined by the vagaries of the silver market.
Edited by barryg
07/16/2013 4:12 pm
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Moderator
 United States
23522 Posts |
I used to snag common BU Morgans for $15-18 off ebay. Even if silver goes that far down, we won't see those prices again. No, I wouldn't use them as an investment; every Morgan has added value these days due to demand. |
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Bedrock of the Community
13014 Posts |
Im on the fence as to whether or not theyll come down in price. If they do come down I think theyll be the last of the "junk" silver coins to do so and it will probably take a long period of silver being cheap with little price movement.
My theory is that a lot of people previously using only bullion products like ASEs to acquire silver have turned more to things like Morgans who havent taken the beating bullion has with the falling spot prices. I also think its safe to say at least some people who started out getting silver because of the price run have gained an interest in numismatic products as a result as well creating more collectors for them
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Pillar of the Community
United States
8904 Posts |
Quote:I used to snag common BU Morgans for $15-18 off ebay.  and it wasn't too long ago. |
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Valued Member
United States
416 Posts |
in general most common Morgans seem to go in the $40-$50 range on ebay lately, at least the ones I have watched On other auction sites I have seen them go for as low as $30-$35 Occasionally but for the most part its usually $40-$45 and there is almost always a buyer premium as well |
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Pillar of the Community
United States
9792 Posts |
Quote:
Were BU Morgans really $7/each at some point? Or was that for worn coins? Sorry didn't read that headline very well, $7-8 was for average worn up to EF grades, usually VF/EF common dates. $9-12 for AU and I think $14 for slider/uncs I remember getting rolls of really nice 63+ dollars for $220-260 range all day long. In fact I knew dealers that still had bags they were pulling from and would bring rolls and double row boxes of unc dollars to wholesale out to other dealers at the beginning of coin shows. circa 1985-1989. I'm old but not old enough to remember them in circulation. "Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013! ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector. See my want page: http://goccf.com/t/140440 |
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Pillar of the Community
United States
1536 Posts |
That is a good question. I think they are sometimes overpriced. I went to a local dealer and he was selling his low grade Morgan's for the same as they were when silver was $32 an ounce, $28. Of course I wouldn't buy them. I listed a 1921 AU coin with black spots and one with a rim ding for $35 and one sold in 5 minutes on ebay. What did they think I had? I bought them for $22 a piece, someone listed them like you only got one but it was for two. Edited by buddy16cat
07/17/2013 05:12 am
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Valued Member
United States
331 Posts |
I am glad investment never goes through my head. I just love morgans.
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Pillar of the Community
United States
7840 Posts |
A good buy?  They sure are pretty to look at!  Edited by oih82w8
07/17/2013 08:08 am
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Replies: 38 / Views: 5,670 |
Posted 07/16/2013 12:44 pm
