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 Replies: 81 / Views: 9,047 |
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Valued Member
United States
227 Posts |
How many people have gone into a coin shop and known they were getting ripped off. It's ridiculous what some of these guys can get away with. I was in a shop this morning. I showed him 2 coins I had purchased a number of years ago on ebay when I was stupid anyway. They were 2 Morgan dollars that were grade in the MS66 and MS65 by an off name grading service. I and Everyone who would looked at the coin would agree that They were really some where around AU-50  But this guy offered me 25$ for the both.  I'm No idiot the silver in the stupid things is worth almost that much. Needless to say I didn't sell but buyer be where with some of these guys. I looked when I got home the value of them was about 35$ a peice. Its unbelievable some of these guys.The sadest thing is they are taking advantage of people who really need the money |
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Pillar of the Community
United States
1353 Posts |
If you get up to 50 posts then you can sell them here,and get an honest value for the coins. Include pictures
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Pillar of the Community
United States
5318 Posts |
Quote:
They were really some where around AU-50 But this guy offered me 25$ for the both. That's the business model of some dealers, but it doesn't engender trust from collectors. Show some pics, and I think you'll get more accurate opinions here.  |
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Pillar of the Community
United States
1807 Posts |
What was the date and MM on those coins? Pictures ple ASE |
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Valued Member
 United States
227 Posts |
They were a 1898-P and 1902-O
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Bedrock of the Community
United States
12437 Posts |
Sorry to say, but common AU Morgans are not worth $35. What kind of price guide are you using? In reality, most circulated Morgans are not worth much more than silver value. $25 for both is a reasonable buy offer and I can purchase as many as I want from my local dealer right now for $15 each- he has several five gallon buckets full.
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Valued Member
United States
227 Posts |
The Guide I'm using is the Monthly magazine called coin values. I've been told its pretty accurate for fair value. Several of the other guides tend to be higher.
On another note where can you buy morgans for AU morgans for fifteen dollars. I would love to buy some. All the pricesI have seen around here even 1921s are going for 20+
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Valued Member
United States
442 Posts |
Going with biokemist6 here I'm afraid. I work in a coin shop. $25 is a more than fair offer from a shop. We have humdreds of Morgan and Peace dollars. If a bigger buyer or regular customer that spends substantial money walks in he'd sell those same Morgans for $15. If he sold 100 at $2.50 profit each he hasn't made payroll for the day. Three of us were working. Coin shops are, after all, businesses. There is overhead that has to be met in order to keep the doors open. Considering we rarely charge full retail on anything why would anyone expect us to buy at anywhere near full retail? Most dealers pay at least 20% back of Greysheet bid. The internet has cut margins in shops tremendously. I sell myself and if I make 10-15% I'm happy with it. If that's a $20 coin I make a few bucks but also use up my time not to mention that I have the connections that took me years to build. Coin collecting is a great hobby. The keyword being hobby. Don't expect to get rich or even break even in most cases. Most of what I sell goes into other purchases for want lists or a particular coin that I want. I bought 11 silver quarters at work today. Some nice Washingtons, 3 worn Barbers and a Standing Liberty. Silver is down. The boss paid $2 each for the lot. I paid him $3 each. He made $11 real quick. I got a good deal because I work there. It's unfortunate that so many people ARE selling to make ends meet. We sympathize but if we don't buy it someone else will. Usually at much less than we pay. Unfortunate but true. |
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Pillar of the Community
United States
860 Posts |
If you look on the left side column, there are links to ebay for coins under $5. You can click on peace or morgans. Now, only a very, very few will close at that, but many will close near melt, if you just catch them. You may have a low percentage of success if you bid below melt, but it does give you a list to work from. Jim |
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Pillar of the Community
United States
1984 Posts |
Sorry to say, but $25 was a fair dealer offer for common date circulated Morgans. You might end up with less after fees if you try to sell them on the ebay. |
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Bedrock of the Community
United States
19935 Posts |
Seems fair to me too. My fav coin shop takes in hundreds of these daily. If you don't trust them, try another shop and I'll bet you get the same offer.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Moderator
 United States
16677 Posts |
I agree with the above posts as well. Common date Morgans. You are better off just holding them until Silver climbs to the levels it was at the $19-$20 levels, which it will again, the metals market is cyclical. Then, try again. He might give you a little bit more $ but don't expect too much more from any dealer. They are trying to make a profit like any business is.
swcoin.ecrater.com
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Valued Member
United States
67 Posts |
I concur with the other responses but this may make you feel a little better. Once in awhile I drop into a local pawn shop where I have "cherrypicked" a few nice coins; today I stopped in to see what was available and to my surprise they were still trying to fetch $22.00 for silver eagles. They price according to melt + a slight premium but have not adjusted to the current market; now that's a rip-off in my opinion.
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Pillar of the Community
United States
6326 Posts |
Well, here's a thought that no one has mentioned yet.......
NEVER SELL A COIN AT A COIN SHOP !......it's common knowledge that you're going to get "pennies on the dollar". Yes, they are a business that has to make a profit and pay their bills !....
The last place on the entire planet one should go, to sell a coin, is a coin shop !......NEVER do it, unless you're desperate and you'll settle for the least value for your coins.......simple as that.
Edited by eaglefoot
08/19/2008 08:00 am
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Pillar of the Community
United States
2797 Posts |
coinsrus, I'm with the crowd here. Your local shop has to make money on the deal and that was a pretty standard offer for those dates. You'll only get near the Coin Values price selling to a private party who is buying them for a collection. Folks need to understand something about Morgans ... there are millions of them out there! The key dates are hard to find of course, but common dates are a dime a dozen (I wish, only an expression). If they aren't gem specimens, folks won't pay much over melt. Yet they are still fascinating to look at, hold, and own! That explains their longevity and popularity. In tougher times, I took one of my common date Morgans (an 1899 O) to a coin dealer to sell for $$. The dealer offered me about $25 dollars for the coin ... the going rate for an MS 63 at the time. Only problem with that is the coin was a minimum MS66. Without a word I retrieved the coin from him, turned and left the shop. You should have heard him wail trying to get me to come back and haggle ... he had his chance! BTW I never returned to that store. |
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Pillar of the Community
United States
3234 Posts |
I think his offer, although not great, was relatively fair.
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Replies: 81 / Views: 9,047 |
Posted 08/18/2008 6:00 pm
