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 Replies: 36 / Views: 6,085 |
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New Member
United States
11 Posts |
I'm a complete novice but believe I have found a valuable Morgan in an estate collection (it's in the top 25 silver dollar coins). What a thrill, it's almost enough to make me a collector. The first local dealer I could find wanted to buy it for melt value or $22. At that time I didn't realize what I apparently have, but luckily I didn't sell to him. What reputable dealers can I use to confirm value around Altoona PA, or Washington DC? If value is confirmed, how would I go about selling it for the estate? Also if value is confirmed, how do I insure it?
Rob
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Pillar of the Community
Canada
5417 Posts |
Well if you could tell us date and mintmark or better yet, provide pictures we could help you better.
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Rest in Peace
United States
10625 Posts |
The best way to have it evaluated is to post a picture of the obverse and reverse.
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New Member
 United States
11 Posts |
Thanks for the response. Since the Morgan is from an estate, I feel I would have to have a reputable dealer look at it. As I'm beginning to learn, when you just use the yellow pages you find hole in the wall dealers that want to pay melt value. So I believe the steps would be find a well respected dealer or two, validate or not what I believe to be a valuable coin, insure it if I'm correct, and get some advice on how to sell it. Anyone have experience with respected dealers in central PA or Washington DC.
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Pillar of the Community
United States
2850 Posts |
Folks here can give you just about the same info, if not more, as a dealer and you can guarantee it to be completely honest. I think dealers can sometimes tell if you're not as knowledgeable about coins and could possibly take advantage of that. I'm definitely not saying that all of them are like that, but posting a photo or telling us a little more about the coin itself (date, mintmark, condition) would be a good starting point. From that we can possibly get you headed in the right direction.
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Bedrock of the Community
United States
12437 Posts |
 It is entirely possible that you do indeed have a Morgan dollar that is basically worth melt value. Keep in mind that "old" does not always equal valuable and the value of a coin is greatly dependent on its condition. A coin that is worth hundreds or thousands of dollars in uncirculated condition may only be worth its precious metal content in a moderately worn state. |
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Pillar of the Community
United States
4883 Posts |
I don't understand your reluctance to say or show here precisely what you have. There is enormous expertise avilable gratis on this forum, and some participants here are even "reputable dealers" as you put it. Most importantly, you'll get an honest apprasisal here, if for no other teason that to mislead or lowball you simply won't happen because everybody else is watching.
Also, if you do have a truly rare and valuable Morgan in top condition, you should know that you can greatly impair its value with just an instant of mishandling. The folks here can also advise you about the process of certifying the coin, if that's warranted. But we really need to know what you have first.
Colligo ergo sum
Edited by Lucky Cuss
05/27/2014 12:10 am
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Pillar of the Community
Canada
5417 Posts |
Everyone makes valid points. I myself do not understand your reluctance. If you are scared of something let me tell you this, people here are honest. Why? Because we have nothing to gain unlike a dealer. Purchasing from a member asking for help or making an offer via threads is strictly prohibited and remember members have to stay on even after they buy from you, so being sleazy to save a few bucks isn't worth it for anyone.
Apart from that a lot on members here are experienced collectors of many years and our member-base includes many long-time and prestigious dealers. Another point that I need to make as to the value of the coin. Old does not necessarily equate to valuable, sure offering melt for a morgan is a bit of a lowball but very reasonable if all you have is a common date Low-grade slick.
It's up to you whether of not to trust us but if you look around you'll quickly realize that we're the largest, most popular and most active forum for coins on the web and there's a reason for that.
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Pillar of the Community
United States
1234 Posts |
Quote:
How to Evaluate and Sell a Morgan?
- I'm a complete novice Lets start with the basics... It's Round? good. 26.73 grams? ok... 38.1 millimeters in diameter? nice  Step ONE: Determine the DATE - This is found on the Obverse or FACE also called the "Heads" of the coin, it has a Face on it. Under the Face is a four digit number that should either start with a 19 or an 18. If it's a 19 then is can only end in 00, 01, 02, 03, 04 or 21. There are a lot of different things that is could end in if it starts in 18. Step TWO: Determine the Mint Mark. This is on the Reverse or Back of the coin, also referred to as "Tails". if there is a letter or two under the bow below the eagles tail feather then it is not from Philadelphia, if there is nothing under the bow below the eagles tail feathers then it is from Philadelphia. If there is an O it is from New Orleans, LA but if there is an S it's from San Francisco, CA if there are two c's like this 'CC' then it is from Carson City, NV and if there is a D then it must be from Denver, CO. Quote:
when you just use the yellow pages you find hole in the wall dealers that want to pay melt value A Dealer that wants to make a profit... I'm sorry that is the only type of dealer we know. If you are looking for something better than the yellow pages why not try Craig's list, much more localized for your purposes. Just run the same vague post you started here with and see if anyone has local stories. IF you would like a frank, sincere, accurate evaluation of the coin in question please post pictures or, failing that you could at least tell us what decade it's from ... just something... we don't even need to know the actual year just narrow it down to a decade, PLEASE. PLEASE! |
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Rest in Peace
United States
10625 Posts |
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Pillar of the Community
United States
1804 Posts |
Roband............. To CCF Quote:
I feel I would have to have a reputable dealer look at it. As I'm beginning to learn, when you just use the yellow pages you find hole in the wall dealers that want to pay melt value. So I believe the steps would be find a well respected dealer or two, validate or not what I believe to be a valuable coin, insure it if I'm correct, and get some advice on how to sell it. Anyone have experience with respected dealers in central PA or Washington DC. Dealers respectable or not, are in business to make money. Even off of YOU. Get over the fact, that if they pay you for the coin ... They will (or intend) to profit from your valuable coin. Do your home work and go from there. Good luck ... Post your pictures here on CCF. You will get good advise here. |
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Pillar of the Community
Korea, Republic Of
1881 Posts |
I wonder why you are not telling us what coin you have.
What's its date? What's its mintmark? What's its condition?
Even provided with information, when you really don't know much about coins, you may make some mistakes. I've seen one guy on youtube trying to find out his Morgan's value, and stated that it was pristine Uncirculated, although obviously circulated.
What we are trying to know are the basic, basic informations about a coin that even a complete newbie that has only collected for a few weeks can tell. Don't need to go to an experienced dealer to know the basics, right?
Pictures would be very helpful.
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New Member
United States
11 Posts |
Hi All. The coin I thought was valuable is a 1901 Morgan silver dollar in very good condition. The third most valuable US coin is a 1901 Morgan, however it probably has to have an S mint mark, and mine shows an O below the eagle. How do I attach pictures? |
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Pillar of the Community
Korea, Republic Of
1881 Posts |
Neither a 1901, 1901-O nor 1901-S are the third most valuable US coin.
The 1901 does get more on the expensive side in Uncirculated, and the 1900-S does carry couple hundred of dollars of value in MS.
However, the 1901-O is worth about $50 and over even in MS. I think the $22 offer wasn't too terrible, considering that your coin is in Very Good.
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New Member
United States
11 Posts |
Thanks. Actually, getting offered half what a coin is worth by a small dealer is not too bad. What would be bad, of course, is selling a $325,000 coin for $22. Since one of the beneficiaries of the estate wants to buy the silver coins in bulk (to wait for silver prices to rise), should I sell them at the small dealer (melt) price or fair market price? We have a box of old silver coins (5 dollars, and cans of halves, quarters, and dimes which no one has gone through yet). On the Morgan, apparently what was confusing to me was seeing the 1901 Morgan listed as the third most valuable coin on cointrackers.com. Is that information totally wrong? Would it have to be uncirculated or have some other characteristic to be worth $325,000? Here's the link < http://cointrackers.com/blog/11/mos...able-coins/) |
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Pillar of the Community
Korea, Republic Of
1881 Posts |
A 1901 Morgan will be worth around $300,000 to $400,000 in MS-65. However, not all 1901 Morgan dollars are worth that much; it all depends on its condition. It's under $100 in lower circulated grades. Yes, it is a valuable coin in higher grades; however, it isn't the third most expensive US coin ever, as a 1901 Morgan dollar isn't even on the top 250 list of all auction prices realized. |
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Replies: 36 / Views: 6,085 |
Posted 05/26/2014 11:02 pm
