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 Replies: 14 / Views: 2,212 |
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Pillar of the Community
Canada
576 Posts |
Several months ago I picked up 33 Morgan and Peace dollars for $20.00 each Canadian ($18.00 USD) They are far from perfect, if I sold them I would get somewhere between $600 and $1000 for them (all 33), I am more than happy with this deal. Here is my caution to new collectors: I purchased these from a small coin / pawn shop as I said for $20.00 each, the coin shop made a profit when he sold me thes coins so therefore he paid less than $20.00 each for the coins. (sorry for the detail but I want to get this right) The original owner purchased the coins from the bradfordexchange.ca for $79.99 each plus shipping and handling $11.99 each, Around $92.00 for each coin. The pictures of the coins on the web site are stunning, high quality possibly mint state or very very nice circulated coins. This is very misleading because the coins I have are all over the place, some are not bad, some are just beat, in very rough shape. The coins I have based on ebay sold listings would be worth from $18.00 to maybe $40.00 for each coin. This is along way from $92.00 plus tax each. If you are interested I posted pictures of the coins in "what did you ad to your stash" in the precious metal form some time ago. Short story please be careful out there. Kindest regards, Liverpool |
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Pillar of the Community
 Canada
576 Posts |
Page 42 and 43 of "What did you add to your stash?" form if you want to see pictures.
Awesome deal at $20 but $90 plus.... ouch
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Pillar of the Community
Canada
576 Posts |
Sorry I didn't do the math in the earlier post, the original subscriber would have had to pay $3036.00 plus tax for the 33 Morgan and Peace dollars. I can only guess but he probably got maybe $500.00 for them at the LCS. Sad and scary, please be careful out there. Liverpool |
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Pillar of the Community
United States
4692 Posts |
I find it interesting that the pawn dealer shared the info with you as to what he paid, otherwise you would not have asserted that he made a profit and paid less than $18 each. Is he sharing info on what he paid on all the items in his shop?
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Pillar of the Community
Canada
576 Posts |
"I find it interesting that the pawn dealer shared the info with you as to what he paid, otherwise you would not have asserted that he made a profit and paid less than $18 each. Is he sharing info on what he paid on all the items in his shop?"
From my earlier post:"I can only guess but he probably got maybe $500.00 for them at the LCS."
I was only speculating, he did say when he sold them that he was making money, how much..... I was only speculating as per my earlier post. Apologies for any confusion.
My point for this post is to caution the community to be careful of these subscription "deals", from what I have seen you do not get what is advertized.
cheers
Liverpool
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Pillar of the Community
Canada
576 Posts |
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Pillar of the Community
United States
2815 Posts |
Thanks for sharing this story with us. The BE sure did make a killing on those.
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Pillar of the Community
Korea, Republic Of
1881 Posts |
"Collector's Edition?" They aren't proofs, are they?  Edited by Matteproof
08/14/2014 09:57 am
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Pillar of the Community
United States
898 Posts |
That morgan on the right looks awful :(
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Pillar of the Community
Canada
576 Posts |
I bought them for around scrap plus. I have trouble imagining the dismay felt by the original purchaser.
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Valued Member
United States
70 Posts |
I have seen those same slabs with a wreath around a B. The ones that I saw were at least three grades higher than the coins. Caveat emptor!
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Pillar of the Community
Canada
576 Posts |
I can't know what the original purchaser experienced but after I bought the coins from the pawn shop I looked up the offer on the BE (the company with the wreath), I could not find any disclosure that the coins would in poor condition, Have a look at the pictures on their site, the coins displayed are very nice.
The guy (girl) was making a purchase from a large company that specializes in collectable items. It was not a back street Craig's list deal, he should of had some expectations of receiving what was advertised. So yes, Buyer beware, the company in question has either very low quality management or morals or both.
cheers
Liverpool
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Pillar of the Community
Canada
576 Posts |
I think I've passed on all of my thoughts on this company, now what to do with the two poor coins posted above, the others are not treasures but certainly worth keeping as collectables.
I surfed around the site and a form member is making rings out of scrap silver, pretty cool.
One of these Morgans (1884) will be given a new life as a ring.
Some of the ones on youtube are amazing.
Edited by Liverpool
08/15/2014 09:42 am
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Pillar of the Community
Canada
3692 Posts |
A lot of pawn brokers will lie about what they pay and even how much they sell for. True story, a known thief came into the pawn shop where I BRIEFLY worked at. He came in with 20-30 DVDs that were still clearly labeled Forest Hill Library. The broker said he sells them for $1 a piece so he offered the thief 50 cents per DVD. This Turk is a real life Ali Baba. The kicker is that there was a sign next to his DVDs for sale that say $5 or 3/$10, which was very legible, all you had to do was read it. So the thief accepted the deal for his troubles and went along his way. My point is: never believe a pawn broker. He'll tell you he paid $15 for a coin when in fact he ripped off the poor soul who sold it for probably $10 or less. Lol, sometimes they'll go as far as saying he's breaking even on the deal, whatever. Buyer beware.
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Pillar of the Community
Canada
576 Posts |
Not to take away from my original intent on posting this topic (be careful of BE), but in response to Libertad (awesome name) I've had great experiences with the businesses in my area that deal with coins including the pawn shop guy.
cheers and kind regards to all,
Liverpool
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Replies: 14 / Views: 2,212 |
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Posted 07/23/2014 08:19 am
