Getting the most for silver coins?

PanManStan

PanManStan

Jr. Member
Mar 5, 2007
67
0
Milwaukee
Hi everybody. I was wondering if anybody had any suggestions for getting the most money for silver coins. I'm asking because I've been buying Morgans and Walking Libs from ebay, Paying on average about $12 each for the Morgans and $4.50 each for the WL's. I just went down to the only coin shop in the area to buy some 2x2's and figured I'd bring along my stash and get their opinon on it. The guy said none of them were special (which I already figured) and said the Morgans were worth about $5 a piece and the WL's about $3. I know he's got to make a profit, but sheesh!.

I really want to believe the guy is honest because he's given me great deals in the past, and I buy 5oz silver bars from him which he lets me trade in for 10oz bars at no cost when they have a 10oz I like. Then he lets me trade the 10's for 100's at no cost. But when I went today he was with someone else, so I was looking at his Morgans. He had a few, of the exact same year, mint, and condition as mine and they were selling for $55 - $110!. I realize y'all weren't there but, doesn't it sound like he's trying to pull a fast one?.

Anyway, back on topic, how do I get the most for these coins and get back to buying bullion?

Stan
 

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Just in silver value Morgans are worth around $10. Thats like selling someone a $10 bill for $5! Makes no sense. What he probably told you is what he would give you for them. There is a big difference. To get the most for your silver you sell it to another private collector. Never sell you coins to a coin shop unless you can except that they are in business to make money and they have over-head.
 

I understand that, but how's he gonna offer $5 for a coin he's selling for $110. I know, I should have asked but I didn't want to bust him out if he was trying to scam me. I get to good of a deal on the bullion.

Stan
 

PanManStan said:
I understand that, but how's he gonna offer $5 for a coin he's selling for $110. I know, I should have asked but I didn't want to bust him out if he was trying to scam me. I get to good of a deal on the bullion.

Stan
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Give me the date and mintmark of the coin you are talking about. A picture would help a lot too and I will tell you about what yours is worth. Grade has a lot to do with it. Sometimes just a couple points higher can mean everything.
 

I don't remember exactly which four were the one's I identified but I believe it was these:

1892o VF to EF
1889 VF to EF
1883 that is AU-50 to MS60
1900o VF to EF

I am still trying to find my camera after a night of drinking about 2 weeks ago. Don't drink and click. I will double my efforts tonight to find it.

Stan
 

PanManStan said:
I don't remember exactly which four were the one's I identified but I believe it was these:

1892o VF to EF
1889 VF to EF
1883 that is AU-50 to MS60
1900o VF to EF

I am still trying to find my camera after a night of drinking about 2 weeks ago. Don't drink and click. I will double my efforts tonight to find it.

Stan
Click to expand...

1892o VF to EF --- $30
1889 VF to EF --- $16
1883 that is AU-50 to MS60 --- $26
1900o VF to EF --- $16

This is just an estimate off your grades. Sell price for all together, around $60.
 

You never get what a coin is worth when you sell it. Unless it is very rare or gold. A coin dealer will not pay $30 for a coin listed being worth $30. He may give you $20 and sell it for $28. You will not pay $30 for a coin that a coin guide lists as being worth $30. On Ebay, everyone is looking for the cheapest price. If you have a $30 coin, you may sell it for $22 but after Ebay fees and Paypal charges, you will be down to around $19 for you coin. The buyer is always aware of the shipping fees and add that to the price of the coin so in reality, you lose that too. The biggest key to selling on Ebay is good pictures, good description and rock bottom low shipping. Don't lose money on the shipping but charge just enough to cover everything. If I sell a regular Morgan dollar, I charge $2 to ship.
 

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Someone once told me not to have a coin graded until the grading price was 10% or less than the value of the coin, thats why I was asking. I just like the look of the coins in the slab. I just got the 2007 SAE from the offer in the front of the "Red Book". Only $10 and came slabbed and graded (Gem Uncirc) and just fell in love with it. Of course now I'm sure I'll have to dodge offers from them for the next 10 years, but still worth it. They tried selling me a double eagle that lists in the "Red Book" for $3100, for the low low price of $2250. I just found it odd that they'd try to sell it to me right off the bat, without me knowing anything about them and not even seeing the coin or picture of the coin.

Stan
 

PanManStan said:
Someone once told me not to have a coin graded until the grading price was 10% or less than the value of the coin, thats why I was asking. I just like the look of the coins in the slab. I just got the 2007 SAE from the offer in the front of the "Red Book". Only $10 and came slabbed and graded (Gem Uncirc) and just fell in love with it. Of course now I'm sure I'll have to dodge offers from them for the next 10 years, but still worth it. They tried selling me a double eagle that lists in the "Red Book" for $3100, for the low low price of $2250. I just found it odd that they'd try to sell it to me right off the bat, without me knowing anything about them and not even seeing the coin or picture of the coin.

Stan
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If you sent it to PCI to have it graded and it came back 63, you would still be just under the worth of the coin. If you enjoy it, do it. Or wait until PCI has a sale on certifying silver dollars.
 

Yeah, the way I undestood it was the price of grading is $30 - so unless the coin is worth $300 or more, don't bother. I'm going more for investment, so I doubt I'll have a $30 coin graded, although it would be nice.

Stan
 

PanManStan said:
Yeah, the way I undestood it was the price of grading is $30 - so unless the coin is worth $300 or more, don't bother. I'm going more for investment, so I doubt I'll have a $30 coin graded, although it would be nice.

Stan
Click to expand...

You can have PCI do it for $12, less if you get a deal thru their website. The more you send in the better the shipping costs look too.
 

Did you happen to get a 1878 CC or a 1884-S??
 

Realistically speaking, he is not really doing you a favor on trading up you bullion, he is doing himself a favor. He can make more from charging over spot on 5 one ounce ingots that he can on one 5 ounce ingots, more on two 5 ounce than he can one 10 ounce, etc.
 

I only know of one free place for listing coins. It is a free membership website that has a database for Have and Want US coins. The lists cross reference. So if you put up a HAVE list, you can then click the date for one of your coins and it will find all the members who have that same coin in their WANT lists. So it cross-references Haves with Wants. Because there is no mddle man, the only cost involved is whatever shipping folks agree to. And so you get the highest rates for your coins.

http://www.ispcowboy.com/mycoins.

I am under the member name Wildlander (see the Member's Listing tap). I only trade US pennies at the moment. But you can set your coins to sell only or trade only.
 

Easy answer: wait a while till the price of silver goes up.

(I know, I know, not the answer you were looking for.)

Try different dealers, and get to know other collectors. Go to a few coin shows, and then try to find even more dealers. If any of them are worn down so they're completely smooth, contact some of the bigger magician organizations. They buy smooth, culled Morgans and Peace dollars. Magicians love to use these coins for their tricks.

Until you find a collector who wants the exact coins you have, what you have is bullion---which isn't a bad thing, btw.

Good luck, though---I'd hate to see those old coins sacrificed to the fire gods!
 

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