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 Replies: 16 / Views: 1,861 |
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Pillar of the Community
United States
3233 Posts |
Someone is coming over my house (she knows of me through an organization we both belong to) to show me some coins she inherited. She noted that it's an accumulation more than a collection as there's no organization. I think these are from her father-in-law. Like a lot of people after the Depression, he did whatever he could to save for a "rainy day" and put away a number of silver(?) coins all over his house. She thinks there's about 200 coins. Most "collections" I've evaluated and/or bought are just like this one. Chances are (and I've already forewarned her) this is probably an accumulation worth melt or a bit better (see below). According to her estimate, most coins are silver dollars. I'm just hoping that she's not referring to Ikes. Of course, second worst would be 1921 Morgans and early 1920's (not 1921, of course) Peace dollars which are simply bullion value. He didn't try to collect them by date apparently so whatever there is pure dumb luck. Can someone tell me what the current dealer's conservative BUY price is for silver face (not dollars). Is it 9X, 10X? How about common, circulated, pre-1921 Morgans? I don't normally delve into the precious metals markets and I just want to be fair. Edited by Prethen
05/08/2008 11:12 pm
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Pillar of the Community
United States
2797 Posts |
Prethen, I think the standard now with spot @ $16.33 would be in the 10x realm for 90%. At $16.33, Morgans and Peace contain $12.63 in silver. Don't forget Morgan and Peace VAMs ... the market is crazy now! I wish I could be there to help.  If you notice something unusual, post up a pic and we'll attribute it for you.  |
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Pillar of the Community
United States
6326 Posts |
Well, I hope there are some facinating surprises for you, instead of just "junk silver melt" coins !..  .... Like Seated says....maybe there are some VAM's!..  ..good luck ! Even some average ole condition Carson City mints would be pretty special I think !... ...fingers crossed for ya !....  Edited by eaglefoot
05/08/2008 11:59 am
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Pillar of the Community
 United States
5953 Posts |
Just sold some junk Quarters at 11.2 times face today if that helps with you claculations
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Pillar of the Community
United States
1984 Posts |
My local dealer is paying 10X face on minor silver and $12-13 on common date Morgans and Peace right now.
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Pillar of the Community
 United States
3233 Posts |
Mark, I think that sounds about right.
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Valued Member
United States
487 Posts |
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Valued Member
United States
487 Posts |
also there is something strange going on with the 1921 morgans. Last year they where paying $10.50 for 1921's and now its $15.25 and that is with silver at about the same price.
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Pillar of the Community
United States
1984 Posts |
Common date Morgans in non-cull condition (even 1921s) are selling well above melt here ($16-16.50 minimum). Thankfully my dealer still doesn't distinguish varieties or VAMs so I've been able to ferret out a couple of 1882-O/S examples recently.
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Pillar of the Community
United States
1208 Posts |
quote:
Like a lot of people after the Depression, he did
whatever he could to save for a "rainy day" and put
away a number of silver(?) coins all over his house.
On that topic, I know of a couple that went through a grandparent's wardrobe and found cash sewn into a suit of clothes. It was 20k! They deposited the cash... You know what that means... They described the cash as "funny looking". Mostly large bills and bank wraps of small bills. "They had yellow and blue serial numbers. Isn't that strange?" Turned in to the bank, without question.  Edited by ratio411
05/08/2008 8:03 pm
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Pillar of the Community
United States
3233 Posts |
Okay, so here's the lowdown of what she had. It was all pretty much as expected, common silver halves and dollars. There was a handful of 40% silver, some Walkers, a bunch of Franklins, and some Kennedys. For the dollars, a handful were 1921's (Morgan), 1 Peace, and the rest were largely 1882-O (no O/S, but all had a die break through the eagle's left wing tip...VAM?) or 1885 or some other common date. They look to be largely lightly circulated whereas all the halves were average circulated. She needed to split half of the coins with her brother-in-law. I bought the other half. I was totally honest about what her alternatives were for selling them and about how much I was going to make. Her husband and her were very satisfied with the openness of the deal and the offer. They even offered to take my wife and me out to dinner sometime! Wanna know why I pretty much have little to no respect for virtually all the coin stores in my area? She was offered 2X face for her silver by one dealer a couple of months ago. She was not happy to hear that she would have been seriously ripped if she went for that. Her father-in-law kept $1-$100 bills (mainly twenties and fifties) all over the house and largely inside of books. There was about $1200 (if I remember correctly in bills) that were mainly of 1990's vintage in the stash. I told her to spend them. I told her to spend the accumulation of 1976 quarters and 1979-D SBA's (no near dates). That was it. She was here for over 2 hours, but I also showed her some foreign coins and ancients that she got a kick out of seeing. My daughter got three clad Kennedy half dollars for her Littleton folder, too. I had fun and she said she learned a lot. I won't get rich from the deal, but I can sleep at night knowing that I was fair and totally open with her. |
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Pillar of the Community
Australia
1360 Posts |
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Pillar of the Community
United States
6326 Posts |
Well you're certainly a stand up guy Prethen........but we knew that anyway !.... One dealer in my town is paying 8 and a half times face and the other dealer is paying 10-12 times face......... but WOW "2x"....that is indeed a "crook" trying to take advantage of somebody !Edited by eaglefoot
05/09/2008 07:59 am
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Pillar of the Community
United States
1000 Posts |
So how many Franklins did you buy and and how much are you selling them for? I still need about 11 of them to complete my album... |
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Pillar of the Community
United States
6326 Posts |
ratio411...... quote:
They described the cash as "funny looking".
Mostly large bills and bank wraps of small bills.
"They had yellow and blue serial numbers. Isn't that
strange?"
Awwwww Man !!... ...that's heartbreaking !..  ...Why oh why didn't they ask somebody first about this "funny looking" money !....  |
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Pillar of the Community
United States
615 Posts |
wwwww Man !......that's heartbreaking !.....Why oh why didn't they ask somebody first about this "funny looking" money !....
Some people just don't think money is anything but money. It makes coin roll hunting fun though. Why do people sell silver halves and dimes at face value to banks?
-SFWUSC
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Replies: 16 / Views: 1,861 |
Posted 05/08/2008 11:57 am
