What type of premium do Coin Dealers charge on Morgan Dollars ?

[TheJDub]

I'm thinking about selling some Morgan Dollars to a local coin dealer, but this will be my first time. Just to round off to a nice easy number ... if each coin was worth exactly $10.00 worth of silver ... what would you expect a coin dealer to buy it from you for ??

I know that there is a "numismatic" value to certain coins, but do dealers take this into account?  Or do they usually just go off the market price of silver, and then low-ball you from there ?

Thanks in advance for your help !!!

 

[JKK]

Morgans always trade for more than melt, even 1921s (which often trade for less than pre-21s).

Here is what you should do. First, sort out your Morgans. I'm assuming they are all worn, and that you've picked out any that have a significant numismatic premium. Take out any culls (below AG, damaged) and sort the rest into 1921s and pre-1921s. Call up your coin dealers and ask them what they pay for Morgans. If you don't have enough local coin dealers, call some in the surrounding area that you might go to. They will all pretty much pay the same. That will give you an idea. There is no obligation to sell.

If any that you call are insufficiently_thoughtful_persons or otherwise mistreat you on the phone, well, then maybe you won't sell your coins to them. You'd be surprised how often that happens, as coin dealers seem to tend to social dysfunction. By no means all, but more than the average.

[TheJDub]

Thanks JKK.

funny you mentioned "insufficiently_thoughtful_persons" btw.  I called about 4 dealers, who all seemed pretty nice on the phone ... however, once i asked how much they usually buy Morgan dollars for, they all gave me the exact same answer.  "Just bring them in & we'll take care of ya". (lol)

I have no problem "shopping around" to compare the different dealer pricing, just seems like a hassle.  but i guess you gotta do a little legwork to get the most out of your investments these days. ill keep you in the loop if any crazy stories come up from these crazy shops.  enjoy your weekend!

[JKK]

Dealers' bid and ask on commodity items is in a constant state of flux dependent on many variables: existing supply and demand, cash flow needs, and of course what other dealers are doing. Yeah, you may have to go in. That is okay, though, because then you get to test to see how they react when you tell them you'll think about it.

[KarenHolcomb]

On 5/4/2018 at 12:53 AM, JKK said:

Morgans always trade for more than melt, even 1921s (which often trade for less than pre-21s).

Here is what you should do. First, sort out your Morgans. I'm assuming they are all worn, and that you've picked out any that have a significant numismatic premium. Take out any culls (below AG, damaged) and sort the rest into 1921s and pre-1921s. Call up your coin dealers and ask them what they pay for Morgans. If you don't have enough local coin dealers, call some in the surrounding area that you might go to. They will all pretty much pay the same. That will give you an idea. There is no obligation to sell.

If any that you call are insufficiently_thoughtful_persons or otherwise mistreat you on the phone, well, then maybe you won't sell your coins to them. You'd be surprised how often that happens, as coin dealers seem to tend to social dysfunction. By no means all, but more than the average.

How dare you call someone a 

 

On 5/4/2018 at 12:53 AM, JKK said:

Morgans always trade for more than melt, even 1921s (which often trade for less than pre-21s).

Here is what you should do. First, sort out your Morgans. I'm assuming they are all worn, and that you've picked out any that have a significant numismatic premium. Take out any culls (below AG, damaged) and sort the rest into 1921s and pre-1921s. Call up your coin dealers and ask them what they pay for Morgans. If you don't have enough local coin dealers, call some in the surrounding area that you might go to. They will all pretty much pay the same. That will give you an idea. There is no obligation to sell.

If any that you call are insufficiently_thoughtful_persons or otherwise mistreat you on the phone, well, then maybe you won't sell your coins to them. You'd be surprised how often that happens, as coin dealers seem to tend to social dysfunction. By no means all, but more than the average.

On 5/4/2018 at 12:53 AM, JKK said:

Morgans always trade for more than melt, even 1921s (which often trade for less than pre-21s).

Here is what you should do. First, sort out your Morgans. I'm assuming they are all worn, and that you've picked out any that have a significant numismatic premium. Take out any culls (below AG, damaged) and sort the rest into 1921s and pre-1921s. Call up your coin dealers and ask them what they pay for Morgans. If you don't have enough local coin dealers, call some in the surrounding area that you might go to. They will all pretty much pay the same. That will give you an idea. There is no obligation to sell.

If any that you call are insufficiently_thoughtful_persons or otherwise mistreat you on the phone, well, then maybe you won't sell your coins to them. You'd be surprised how often that happens, as coin dealers seem to tend to social dysfunction. By no means all, but more than the average.

There you go talking about insufficiently thoughtful persons again. Lol!

On 5/4/2018 at 12:53 AM, JKK said:

Morgans always trade for more than melt, even 1921s (which often trade for less than pre-21s).

Here is what you should do. First, sort out your Morgans. I'm assuming they are all worn, and that you've picked out any that have a significant numismatic premium. Take out any culls (below AG, damaged) and sort the rest into 1921s and pre-1921s. Call up your coin dealers and ask them what they pay for Morgans. If you don't have enough local coin dealers, call some in the surrounding area that you might go to. They will all pretty much pay the same. That will give you an idea. There is no obligation to sell.

If any that you call are insufficiently_thoughtful_persons or otherwise mistreat you on the phone, well, then maybe you won't sell your coins to them. You'd be surprised how often that happens, as coin dealers seem to tend to social dysfunction. By no means all, but more than the average.

 

[TomT59]

I can completely understand the dealer asking you to come in. He/she has no idea who you are or what your expertise is, therefore he wants to see what dates you have to offer and what condition they are in before quoting a price. But with that said, don't expect a dealer to offer very much unless they really want what you have to offer. Over the 40+ years of observing any collectible market, not just coins, dealers will offer the lowest they believe they can get away with. This does not make them bad people, it is their business, like any other business. Some other things to consider are that the dealer may be flooded with Morgans in stock and may not really want anymore, so they will offer a very low price. Another is that they may need the money they have to buy products they do move, such as newer Commeratives, so they will offer less for your Morgans because they will only end up holding them for a long time. So talk to different people; a good idea may be to attend a coin show with many dealers and play around there. Of course the people at coin shows are there to sell, but you never know. It is also a good idea to have a price in mind for what you want for the coins yourself, as a previous responder said, you have no obligation to sell.