| Author |
 Replies: 13 / Views: 1,381 |
|
|
Valued Member
United States
421 Posts |
There is a local Pawn Shop/ coin dealer near me that always has a large selection with great prices. He is not in the market for turning large profits just moving inventory quickly. He made me an offer and I need your advice. Mixed date Morgan's that he has had to long. 115 coins some in fantastic condition some not so much. None are slabbed He offered me $30 per coin if I take the whole lot. What should I look for to make it worth my wild. I'm not a Morgan expert by any means. Thank you
|
|
|
|
Pillar of the Community
United States
1316 Posts |
Are your goals to resell short term, long term, or you simply want 115 Morgan's / 100+ in the stack of assets?
If my goal was to resell, I wouldn't want to be at $30 if most of these are common years/mm and circulated. As a wholesale mixed lot, I'd have to be close to spot Morgan values not far over $20 if it was my cash.
|
|
Pillar of the Community
 United States
2843 Posts |
 $30 would be a bit high for a mixed lot. I wold look at the lot to determine if they are mostly earlier or later dates. Are they mostly 1921 in average condition? Worth melt each? I would counter with a $25 or less per coin. |
|
Valued Member
United States
63 Posts |
I would have to be under $20 each for a wholesale lot like that. I routinely pick up Morgans and Peace dollars for $18 to $20 each at cash for gold type places. Sounds like the pawnbroker is trying to double his money on his investment since I would have to guess that he didn't even pay spot value for those coins. |
|
Pillar of the Community
United States
3184 Posts |
$30 each seems a bit too high. I would try to get him to go lower.
|
|
Pillar of the Community
United States
1275 Posts |
Agree. It needs to be a lot closer to 20 each
|
|
Pillar of the Community
United States
3210 Posts |
I literally picked up 10 circulated Morgan and Peace dollars today here in Vero beach Florida. Guy wanted $20 per I talked him down to $18 per and he wanted $8 per half dollar I talked him down to 14x face on halves (since I can make a little money selling halves back in NY). Anything more than $20 per Morgan unless it's a rarer date or a unc coin isn't worth it to me. |
|
Rest in Peace
10197 Posts |
JD, If your LCS is still keeping his doors open, you can guarantee he's looked for any "rarities" among that batch. He'd stand to make an absolute killing on any low mintage coin, some even in piss-poor shape. He's offering most likely common year/MM dollars, those here saying $20 is if you flip them, if for your own silver stash, maybe a $2 increase per coin, but no more. My LCS sells $22-$28 for commons per grade.
|
|
Pillar of the Community
United States
1187 Posts |
Not a good deal for common circulated coins, I would pass.
|
|
Bedrock of the Community
United States
11951 Posts |
You should look at all the coins and see if there are any better coins. What I would look for 1921 Morgan's Cleaned, polish scratched ... damaged Those I would like to be at $15 .. or less. VF or lower graded common dates... I would feel better at $18 or less. Choice BU or better date coins could be at $30 and up. Carson city mint coins are always a plus. Unless in really bad shape. Check out Red Book ... learn what the better dates are. |
|
Rest in Peace
United States
10625 Posts |
Somewhere close to $20 per seems more realistic for a bulk mixed lot. You don't need to be a Morgan expert just make sure that it's not mostly '21s and not a bunch of problem coins.
|
|
Pillar of the Community
United States
1963 Posts |
If they aren't AU+, no more than $18 each. I sell culls at $16.50 - $18.00.
Edited by coin197
04/07/2017 6:59 pm
|
|
Bedrock of the Community
United States
20753 Posts |
Silver dollars are a great thing for the Chines to counterfeit. Unless you know how to spot a fake, I'd pass on this one if I were you. Someone may have tipped him off already that some or all may be fakes.
|
|
Pillar of the Community
United States
1305 Posts |
As a long time, old time buyer, i'd stay away from any and all silver dollars, especially from a pawn shop. Too many fakes floating our there. I'm jaded by all the Chinese fakes floating around.
|
| |
Replies: 13 / Views: 1,381 |
|
Posted 04/07/2017 1:57 pm
