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Got Morgans From The Bank Today!

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Pillar of the Community
eaglefoot's Avatar
United States
6326 Posts
 Posted 10/09/2009  11:08 am  Show Profile   Bookmark this reply Add eaglefoot to your friends list Get a Link to this Reply
I could not even imagine having THAT kind of luck !......whew !
Pillar of the Community
DNA's Avatar
United States
2734 Posts
 Posted 10/09/2009  11:17 am  Show Profile   Bookmark this reply Add DNA to your friends list Get a Link to this Reply
It makes me sad that the old man didn't get at least junk silver value for his coins...

At least now they're in the hands of someone who appreciates what an
amazing find that he lucked into!

Pillar of the Community
eaglefoot's Avatar
United States
6326 Posts
 Posted 10/09/2009  11:18 am  Show Profile   Bookmark this reply Add eaglefoot to your friends list Get a Link to this Reply
Valued Member
mercapri302's Avatar
United States
95 Posts
 Posted 10/09/2009  2:46 pm  Show Profile   Bookmark this reply Add mercapri302 to your friends list Get a Link to this Reply
I agree - it's sad that non-collectors have no idea of the value of these coins. However, the fault also lies with the bank teller, who A) didn't warn the elderly man about the value, because B) he was ignorant himself.

I never really considered collecting a date run of Morgan dollars - they're simply too expensive for my budget. But having just got a jump-start on a potential collection, I've decided to keep them, instead of liquidating them at 11x face. 11x face is suitable for junk silver halves, not decent grade Morgans with a story behind them.

But due to the unusually high silver spot, I plan to liquidate the 300+ 40% halves found in circulation, and use that as "seed money" to go out and start searching for more silver. I don't mind parting with those.

After seeing your posts, I don't feel that I've taken advantage of anyone. I've realized that this old man, whoever he is, has given me a large gift, albeit inadvertently.

I prefer to look on this small hoard as the beginning of a small Morgan collection, with 13 dates down (and many, many more to go!) Throw in some junk Morgans I found in my collection, and now I have a small set of about 20 different dates that I can be proud of, and improve over the years. In essence, that man just made me discover the wonder of collecting Morgans, and being proud of a collection, even if it's small, and consists solely of common-date, low-grade pieces.

Peace,
Merc
Pillar of the Community
Morgans Dad's Avatar
United States
5615 Posts
 Posted 10/09/2009  3:41 pm  Show Profile   Bookmark this reply Add Morgans Dad to your friends list Get a Link to this Reply
I said it before, congrats, I do not want to take away from your parade, I just wanted to also remind you that as happy as you are, that would not of come your way if someone, anyone, would of "stooped" to help educate a senior citizen, who apparently was hurting to "cash in " this coinage during these difficult times.

I do not and am not finding fault with you, I am trying to bring attention to the fact that there is another side to this story, not as happy!!PS: some of the dates mentioned ARE not common date Morgans, 1879-0in MS 60 value about 90.00, this to me, is not a common date and the looks of some of "your" coins, are not "low grades".....
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collect4fun's Avatar
United States
1151 Posts
 Posted 10/09/2009  4:23 pm  Show Profile   Bookmark this reply Add collect4fun to your friends list Get a Link to this Reply
Uuummm.... Where do you bank?
Pillar of the Community
Morgans Dad's Avatar
United States
5615 Posts
 Posted 10/09/2009  4:55 pm  Show Profile   Bookmark this reply Add Morgans Dad to your friends list Get a Link to this Reply
19.00 you paid for over 200.00 at melt prices,based on an 11-1 ratio, I would ask again, what state do you live in?
Valued Member
BuffaloLover's Avatar
United States
62 Posts
 Posted 10/09/2009  5:01 pm  Show Profile   Bookmark this reply Add BuffaloLover to your friends list Get a Link to this Reply
Wait while I pick up my jaw from the floor. HOLY Coin man!
That is so awesome...
Valued Member
sully's Avatar
United States
101 Posts
 Posted 10/09/2009  5:51 pm  Show Profile   Bookmark this reply Add sully to your friends list Get a Link to this Reply
awesome find!
New Member
ChangoJasperz's Avatar
United States
1 Posts
 Posted 10/09/2009  7:01 pm  Show Profile   Bookmark this reply Add ChangoJasperz to your friends list Get a Link to this Reply
ya snooze ya lose.

why assume that the "old man" was in dire straights? He may have just wanted the convenience of paper money.

the teller should have at least given the man proper U.S. Notes or Silver Certificates, no? LOL

our society is ignorant about a lot more important things than whether someone owes that man a fiduciary duty regarding how to dispense of his own money. The liquidity of cash precludes the "personalization" or attachemnt that one might associate with the selling an antique or heirloom for example. Cash is cash, and information is king.
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Morgans Dad's Avatar
United States
5615 Posts
 Posted 10/09/2009  9:44 pm  Show Profile   Bookmark this reply Add Morgans Dad to your friends list Get a Link to this Reply
I will say I am surprised about some replies, although, I will leave the one's who feel that there is no reason to help seniors,and assume a person just wanted paper currency of face value, instead of the melt value of more than 200.00, and why would any one assume this person was not in need of money, it is not everyday I see or hear of people handing over Morgan silver dollars for payment of goods. Did you think this person knew better, that he could of received almost 200.00 rather than the 19.00 he received,Are you familiar with the world of karma.

I hope you who believe this "ignorant society and no fiduciary duty for those who are not "knowledgeable", live as long as this person is, and some day on some not to distant forum, some one will be writing about you! Think about it, we do have a moral responsibility to Not take advantage of others, well, some of us do.

If this was in the news paper and it was a coin shop, the public would be outraged with the topic.

I really would love to know where this place on Earth is that no one has a clue as to the worth of well over one hundred year old coins, and as usual, there will be some, not seeing past the riches in front of their face!Just the other side of the coin!!
Valued Member
motos's Avatar
United States
310 Posts
 Posted 10/09/2009  11:33 pm  Show Profile   Bookmark this reply Add motos to your friends list Get a Link to this Reply
Can't believe someone would just turn in 100 year old coins without thinking first "what might these be worth?". Whatever the case may be lucky find for you! Grats!
Valued Member
bwbollom's Avatar
United States
293 Posts
 Posted 10/10/2009  12:15 am  Show Profile   Bookmark this reply Add bwbollom to your friends list Get a Link to this Reply
"If this was in the news paper and it was a coin shop, the public would be outraged with the topic."

The problem is, that's what he should have done. If he had taken them to a coin shop and they gave him face value for them, the public SHOULD have been outraged. Instead, he took them to a bank where they can only be worth face value unfortunately. If the bank teller does not know about coins either, then he has no way of warning him that he should go elsewhere to try to get more...he's just doing what the guy asked.

I feel bad for the old guy not knowing what he had and only getting a handful of bills when he could have received much more if he had known, but the "true value" was obviously not common knowledge. Do you think that the bank teller would not have either a) told the old guy of the value or b) set them aside for himself if he had known what they were worth? I really doubt that he would have given them when asked for "odd money" if he knew they were worth so much more than face value. Even someone who deals with money every day might not know or care that those were anything special...they were just different.

So yeah, I definitely feel bad for the old guy, but I'm sure I have done something dumb in the past myself. How many rare coins have I accidentally spent in my day because I didn't know to look for WAMs or Speared Bisons or DDOs, etc.? It happens. Someone else will find it and will enjoy it. I wish the old guy would have been able to get value for what he had, but he didn't know what he had...he deserved better. Hopefully he'll be fine. I'm glad they went to a collector who will enjoy them.
Edited by bwbollom
10/10/2009 12:20 am
Bedrock of the Community
BadThad's Avatar
United States
19960 Posts
 Posted 10/10/2009  01:06 am  Show Profile   Bookmark this reply Add BadThad to your friends list Get a Link to this Reply


AMAZING! CONGRATS!
Lincoln Cent Lover!
VERDI-CARE™ INVENTOR
https://verdi.care/
Pillar of the Community
neversuited1's Avatar
United States
1121 Posts
 Posted 10/10/2009  01:45 am  Show Profile   Bookmark this reply Add neversuited1 to your friends list Get a Link to this Reply
Ok for the record: I am officially buying any Morgans, Walkers, or 64 Kennedy's at face!...

What a great find! Thank you for sharing it with us!!
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