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 Replies: 13 / Views: 1,584 |
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Valued Member
United States
137 Posts |
My wife's uncle asked me to help him find the best way to sell his silver. He has 54 mixed Morgans and Peace dollars, ranging from Fine to AU or even a weak Uncirc, all common dates, a mix of P, S, and O mint marks, mostly P. Includes a 1899S in Fine, which is a little less common. Some of the nicer Morgans in AU encroaching on you include 1896P, 1888P, 1886P, 1881P, 1880P, Since I'm not in the market, I figured I'd pay a buck or two over dealer buy price. Any opinions appreciated. I called one local shop, and they offered $20 each. Another shop, about 120 miles away shows $25 on their website, but that would involve shipping - and shipping costs. A few of the better coins would trade for more than bullion for sure. I know I have the option of ebay and Craigslist but I'm not wanting to go that route. A local dealer would be the easiest but what is a fair price for these coins? I'm also not looking to sell on here as I'm a new member and have not reached 250 posts yet. |
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Pillar of the Community
United States
1704 Posts |
$20.00 or $25.00 each for common date circulated Morgans is too low, they are worth at least $30.00 and up to about $40.00 wholesale for nice AU's. ANA LM-3175 |
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Valued Member
United States
364 Posts |
Do a lot for all of them in one fell swoop on ebay. I'm serious -- I've watched several auctions of 30-60 at a time end up for well over melt. I think you will do fine. Take lots of photos, protect yourself, and you will do well. If you are interested in selling to a dealer, there is a great one here in GA I will be happy to refer you too. He is always near spot when buying gold from folks I've seen come into his store, and he would probably be fine on silver as well. I can send you his details if you PM me. Plus, this way I can eventually buy some of your uncle's Morgans/Peace bucks myself :) Good luck with them, in any case. |
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Moderator
 United States
6563 Posts |
ebay is a great option but you do have to deal with the time as well as the fees and shipping. Craigslist is my favorite option. You have the choice to meet in a public place and it's all in cash and you can get a little more for them then in a store. A local store will give you wholesale as they need to make a profit somehow. If you are able to buy them yourself and are not wanting them a possible option is to take them to a local dealer and ask how much trade value it would have. Typically you can get a little more for them and get something much nicer for your own collection while still helping your uncle.
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Valued Member
United States
200 Posts |
How about this, offer to broker the Morgans for your uncle, or whatever you are in relation to him, I don't care. Take a % of the sale, or a coin in exchange for your "fee". Spot at this immediate time is $35.06, so figure a 15% discount from a buyer at least. At 41.3 ounces of silver, do that math for spot at what it is for your decision. Most of those coins average easy $25 retail in VG, again do some math and deduct the average 15% for what you can expect to get as an offer. 1] Use strictly bullion as a price guide 2] Use retail sellprice for a collectible coin/s 3] go with whichever is the best $ Note~~~~~ don't forget to factor in the discount, I use 15%, but I can't say what your area buyers use. IMO, if you "broker", you are motivated to get the best price to increase your commission, and your uncle will see that. Thus, no repercussions about nephew, or whichever related you are, taking advantage of poor uncle type of thing. Keeps the better half from sniping at you, too,  Edited by Tam
05/22/2011 1:23 pm
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Rest in Peace
United States
9104 Posts |
Quote:
I can send you his details if you PM me. Plus, this way I can eventually buy some of your uncle's Morgans/Peace bucks myself :)
With 27 posts, I don't think he can PM you. |
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Pillar of the Community
United States
597 Posts |
i make more money when I sell on ebay one at a time with lots you exclude allot of bidders with not so much $ |
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Rest in Peace
United States
9104 Posts |
There's another thread about 17 Jeffersons the poster got for $58. I looked over the seller's other auctions, and I was shocked at the prices he was getting for lots like 7 early cents, a dozen Seated quarters, etc. Normally, I would agree that selling singles is best, but he was getting singles prices while selling by the fistful. In fairness, he had nice pix of every coin in the lot, and most coins were in decent condition. Looks like he's going to be bringing in thousands of $ in short order. |
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Pillar of the Community
United States
509 Posts |
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Valued Member
 United States
137 Posts |
I appreciate all the suggestions on how I could or should sell them on his behalf. Perhaps I wasn't clear enough - they aren't for sale to anyone. I am buying, not selling. Please don't try to circumvent the forum's rules by setting up a side deal to buy from me, as I won't participate. I haven't been around long enough to buy and sell here.
Even if I were selling (which I am not, I am buying these, not selling) I won't do Craigslist again. Two bad experiences with people with really bad attitudes killed that for me.
To clarify, I am buying these from my wife's uncle for my own account, and I want to be fair to him, by paying him a buck or two better per coin than he would get from a dealer. Two dealers offered $20 each and $25.00 each. That seemed a little light to me, so I posted here asking for some guidance on wholesale values.
Thanks to all for ideas on this.
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Rest in Peace
United States
9104 Posts |
Depending on the kind of material you have, 32% can be anywhere from a bargain to a ripoff. Common bullion items don't take much research, and many OTC dealers work on 5% or less, but if you have specialized material, letting someone experienced handle it may be well worth the fees.
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Rest in Peace
United States
9104 Posts |
I see nothing wrong with getting three offers from legitimate dealers and paying 5% more than the best.
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Valued Member
United States
97 Posts |
they are all common and $35 each is fair
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Valued Member
United States
137 Posts |
Thanks to all for help. Mailing him a check.
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Replies: 13 / Views: 1,584 |
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Posted 05/22/2011 12:17 am
