Myers Depot Metal Detectors

Disappointed in the offer

Chipk

Chipk

Elite Member
Joined
Mar 18, 2013
Messages
3,315
Location
Jacksonville / Yulee Florida
My mother in law left us several bags of coins. Tons of wheat pennies, a lot of buffalo nickels, silver dimes and quarters.

And some Morgans and Peace dollars.

We finally got around to pulling them out of the safe to look at them. I'm not a collector but I do appreciate the beauty of them. My wife, however is more practical. She started Googling the " most valuable " silver dollars and we found there were several on the list. There were a number of Peace dollars with the dates and mintmarks on the list and two Morgans. An 1885 CC and an 1890 CC.

Now I know the top dollars go to uncirculated coins and these are not. But they appear to be in fairly good shape so we bagged them up and took them to a coin dealer I believed to be honest.

He barely glanced at the Peace dollars and offered us $16 a piece. Several appeared to be in great shape. He did study the Morgans and conferred with the store owner before announcing they were worth $40 each.

I had no true interest in selling so I bagged them up and thanked them before leaving. I was merely curious about their possible value but now I'm curious about the store's integrity.

So was it a fair offer or not?
 

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Silver dollars were often bagged in-bulk for long-term storage, and movement en-masse. So it's not uncommon to get very crisp low circulation morgans. Thus making it hard for them to grade especially high (the supply/demand amongst collectors).

However, yours are more than just passingly good date/mints. Especially the '85 CC.

My hunch is that the brick & mortar dealer is just doing-his-duty as a middle-man. Poised to buy for scrap only, where his profit is the occasional numismatically better ones. So while he may seem like a crook, yet he's just trying to cover his overhead (brick & mortar store, rent, glass counters, etc...). Like a used car salesman : You're ALWAYS better off to sell to the end buyer, rather than a used car lot . The used car lot will simply turn around and sell to the end buyer at a significant markup. Lest .......... why else be in business ?

Float those better ones on ebay if you want full price. With nice high resolution pix.
 
No where near fair! That 1890 CC is a tough one to come by......and anything CC is highly collectable. Sounds like the coin dealer was trying to put the screws to ya.
 
He's trying to do more than put the screws in you he's trying to hammer them in you. However ,there is some truth to what Tom in California is saying A true broker will tell you the true value of the coin whether he wants them or not. I have been collecting coins for the past 40 years. I would definitely get them graded from what I can see 65 or $70 apiece. Good luck


Sent from my iPhone using Tapatalk
 
Supply and demand, if the dealer can't make 100% profit, he will buy as scrap. Did you ever see a dealers stock room? You might be surprised the amount of silver dollars he has just sitting there considered scrap silver or those that will not sell even if of a higher grade.

I used to sell coins on ebay, Morgan and Peace dollars. They would generally bring what they are really worth. Don't bother to grade them yourself, most non collectors will tend to over grade. Just list them on ebay with large detailed pictures. let the buyers decide what the grade is and what they are willing to pay. Now if you plan on keeping them, this all doesn't really matter.
 
I took the 1893CC eagle I found to a few dealers. One said it wasn't a coin anymore and worth scrap gold. One offered me less than scrap gold for it. They only made 14 thousand of the critters and it was the last year Carson City made gold coins. I laughed at all three.

To be fair they have to make money. But they will take you for as much as they can to make the most on their investment. I think you were smart in walking away.

 
More than once have I offered acquaintances a higher price for their inherited collections. Go to the coin dealer, then come to me.

They end up selling for less to the coin dealer.
One seller exclaimed to me - "but you're not a licensed coin dealer".
 
amc rulz said:
More than once have I offered acquaintances a higher price for their inherited collections. Go to the coin dealer, then come to me.

They end up selling for less to the coin dealer.
One seller exclaimed to me - "but you're not a licensed coin dealer".
Click to expand...

:shock: What ????? :?:

Why should it matter to them if you're not a licensed coin dealer :?:

I wonder if the coin dealer they sold it to at the lower amount would sell the same exact set to you for what you was going to pay or if they would want even more :?:
 
ScubaDetector said:
I took the 1893CC eagle I found to a few dealers. One said it wasn't a coin anymore and worth scrap gold....
Click to expand...

Scuba-detector, since you and I are such good friends, I'll offer you $20 right now for that puppy. Since it's clearly "$10" on the face, then you've obviously immediately doubled-your-money with $20, eh ? And for today: Friends and family discount: I'll throw in shipping with an SASE sent to you.

It's the least I can do for a fellow who has contributed so much to forum board discussions :cool:
 
ScubaDetector said:
I took the 1893CC eagle I found to a few dealers. One said it wasn't a coin anymore and worth scrap gold. One offered me less than scrap gold for it. They only made 14 thousand of the critters and it was the last year Carson City made gold coins. I laughed at all three.

To be fair they have to make money. But they will take you for as much as they can to make the most on their investment. I think you were smart in walking away.

Click to expand...

I tried to find sold listings on ebay but didn't see any for that specific coin.

I found a web site at https://coinvalues.com/liberty-head-gold-eagle/1893 that said -

1893 $10 gold eagle coins contain 0.4806 ounces of gold, but they are numismatic collectibles and are worth much more than their bullion value alone. Here’s a glance at the mintages and values of the 1893 Liberty Head gold eagles:

1893, 1,840,895 minted; $810
1893-CC, 14,000; $1,100
1893-O, 17,000; $850
1893-S, 141,350; $850
1893 proof; $46,000
 
You should try listing them here in the classified section. I've bought and sold stuff with here with almost no issues... just an idea
 
Coin Shops and Dealers

Chipk said:
My mother in law left us several bags of coins. Tons of wheat pennies, a lot of buffalo nickels, silver dimes and quarters.

And some Morgans and Peace dollars.

We finally got around to pulling them out of the safe to look at them. I'm not a collector but I do appreciate the beauty of them. My wife, however is more practical. She started Googling the " most valuable " silver dollars and we found there were several on the list. There were a number of Peace dollars with the dates and mintmarks on the list and two Morgans. An 1885 CC and an 1890 CC.

Now I know the top dollars go to uncirculated coins and these are not. But they appear to be in fairly good shape so we bagged them up and took them to a coin dealer I believed to be honest.

He barely glanced at the Peace dollars and offered us $16 a piece. Several appeared to be in great shape. He did study the Morgans and conferred with the store owner before announcing they were worth $40 each.

I had no true interest in selling so I bagged them up and thanked them before leaving. I was merely curious about their possible value but now I'm curious about the store's integrity.

So was it a fair offer or not?
Click to expand...

They only want to pay about 30% of value
dennis
 
Condition and how rare a coin is determines what someone is willing to pay for a coin.

A business has to think about how long a coin may remain in the store. Their money is tied up until such time as someone purchases the coin. They have to take that into account when they offer to purchase coins.

One never gets anywhere near retail value for a coin when selling to a business.
 
Apparently coin dealers are about equal to pawn brokers when it comes to buying stuff. I wouldn't sell anything to either of them. You're not going to get more than 25-30% of what it's worth from those types, if that!
 
BBsGal said:
Apparently coin dealers are about equal to pawn brokers when it comes to buying stuff. I wouldn't sell anything to either of them. You're not going to get more than 25-30% of what it's worth from those types, if that!
Click to expand...
Well, the OP was offered 25% over spot on the peace dollars. That's a lot more than only 25-30% of what they are worth, for sure. :cool:
 
Very interesting conversation. I talked to my local coin dealer and he told me they take off 60% of the Red Book price based on estimated grade. They will dock you for the smallest micro scratch on silver! I've been collecting coins for years and a friend found an exceptional Barber quarter in EF-40 condition. I would have graded it AU but it came from the ground. He took it to the coin shop. The guy behind the counter said, this came from the ground? He seemed to be rather impressed by the grade considering it was a detecting find. Then, he took it to the store owner. The owner looked at the coin under a microscope and said the coin had been cleaned. Not EF-40, and he really wasn't excited about it. This was a particularly good year Barber too. A $150 coin in EF-40. Funny thing is my buddy is extremely careful cleaning silvers.

Back to the point. The coin dealers won't go out of their way for you! You have to be knowledgeable about each coin you bring in otherwise they take advantage of many situations. Stick with online sales - you will come out further ahead!
 
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