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Need advice on 1500 Silver Dollars
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39 posts in this topic

My dad has approximately 1500 Morgans & Peace dollars that he bought in the 70's-80's that he is giving to me. They have been sitting in bank bags for about 40 years. He knows there are CC's in there but does not believe he has a full set.  Once I pull out the rarer dates, what should I do with all the commons? At what grade level do commons need to be to be worth grading?

And for that matter, I've never sent in a coin for grading so I don't even know the costs. doh!

 

Edited by Timely
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Others might have different opinions, but my thought is that common date Morgan and Peace dollars probably aren't worth getting graded unless they will grade MS64 or better. And the Peace dollars are marginal, even at that grade level.

That said, a major part of the equation is what price you can obtain for the coins without getting them graded. You will need to find out what you can get for the coins as they are and compare that to the anticipated price you will get if they are graded 64 (or better). Then, add in the cost of grading and postage.

Here is a link to NGC's grading tiers and fees: https://www.ngccoin.com/submit/services-fees/

 

If you can post a few images, it might be helpful.

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My first question would be, what do you intend on doing with them? If you are going to sell them, where? If Ebay, I don't find it worthwhile to TPG anything with a value under 200$ 

Are you going to keep them? If so, I would only TPG the very highest value ones. 

I would look around for a local coin shop that is a authorized NGC/PCGS dealer. They should have advice and opinions.  My LCS went over my top 30 coins, gave me advice on which to submit and sent them in for me at very little extra cost. 

Chances are that you can sell them away from ebay easily by offering 10% less than they would go for on Ebay.  

How familiar are you with grading or coins in general? 

I would be sure to not touch any with bare hands, post some pictures as Mark said and see what others think. 

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NGC is having a special that ends tomorrow. This would be a good idea if you are planning on getting any graded. Save almost 50% on associate membership.

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For a limited time, you can get $10 off by entering the code GRADE19 when you upgrade your membership. This can give you a full year of direct submission privileges for only $15. This offer ends Friday, March 1, at 10 p.m. ET.
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Keep them off the market and store them the same way, securely and safely and quietly...that's a good amount of silver to hold so if anything comes about the price going up your already ahead...sight in seen and never picked through is why a dealer will try an snatch them blindly from you. If you really wanna win....have real patience and over time sort all by date. Then by mintmark within each date...record on paper. Remove the ones worth the most to you at what you value money at what price level. Then start with the most common and check for errors then mintmark anomalies...then see what VAM number they are...check by book or internet....see which is rarest and valued accordingly....figure this out by each year. Your reward lies ahead...Trust me...be wary of those who want all of them and tell you it's an offer worth more than silver price or etc....and run from those with a grey sheet....you can do this on your own. If your interested I can tell you what to do after you've done the above...peace

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1 minute ago, Numismatic, A.A.S. said:

your interested I can tell you what to do after you've done the above...peace

I have no interest in buying them I just want you to know something about the market this October and again in 2020-2021...

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My expertise is grading comic books.

I only buy graded coins & I pick the ones that have the best eye appeal to me. I don't have enough experience grading coins or knowing what errors to look for. The coins are still with my dad so I have no pics yet.  I have a vault for my comics so I'll put the coins in there when they arrive, no problems with safety.

The coin market is way different than the comic market in many respects.  To be honest, I don't even know what a grey sheet is!  I assume it's a buy list for dealers that is 25% lower than actual dealer pricing?

 I was buying coins when I was 10-16 back in the 80's with my allowance, then got out until about 2012 or so.  I feel like such a newb!

Edited by Timely
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Would be an awesome image to see all that silver on a table!  What an amazing gift!  I would have soooo much fun looking through that lot to find coins for my albums!

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Have the coins worth a premium authenticated and "graded" if you plan to sell them. Keep the others and wait for a spike in silver bullion to sell; or sell through a local ad direct to buyers. 1,500 is not a large quantity to sell, assuming they are typical uncirculated. If they are baggy, then don't expect much above melt, but if nice MS64 or better pieces, you could find considerable interest.

If you are not sure about the condition, find a local coin club and ask members' opinions.

 

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On 3/3/2019 at 4:12 PM, RWB said:

Have the coins worth a premium authenticated and "graded" if you plan to sell them. Keep the others and wait for a spike in silver bullion to sell; or sell through a local ad direct to buyers. 1,500 is not a large quantity to sell, assuming they are typical uncirculated. If they are baggy, then don't expect much above melt, but if nice MS64 or better pieces, you could find considerable interest.

If you are not sure about the condition, find a local coin club and ask members' opinions.

 

Thanks for the feedback

Edited by Timely
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Never sell them.

They are one aspect of many, of your father's legacy to you.

I suppose you could sort them into "A" stacks and "B" stacks, but from what you've stated, they'll probably all be "A" stacks.

Deciding how to go forward?

Well, you've got what many would call "a good problem" to figure out.

Enjoy.  Life has many rewards.  This is one of them.

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Or --- start slow, learn a little about what you have. Then come up with a plan. why not keep some as a collection in tribute to your father. Sell some, buy others and build your set. Learn as you go. Your father has given you the seeds for a fantastic journey - if you put forth the effort. You'll be surprised to find out where it takes you.

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On 2/28/2019 at 8:53 PM, numisport said:

Get them out and play with them !

YES! I have about 1300 Morgans. I will every now and then just take out 50 or so and just run them through my hands and fingers.  Of course, circulated ones, not the UNC ones! Sometimes, I just take one and wonder who had it in their hands way back when.

Edited by MorganMan
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Generally speaking, and in my experience, Morgans bring more graded than raw. That being said, MS-60 thru MS-63 commons may not bring a premium even if graded. MS-64 and up is usually a safe bet.

Peace dollars, that's another story. Key dates are always worth the grading fees. Commons in any grade under MS-65 will barely cover the grading fee. MS-65 and up are usually a safe bet as well.

The bottom line, however, is for you to follow your heart and enjoy the wonderful collection.

Cheers

Bob

Edited by Outhaul
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I'm in no rush.  It will be fun to go through them and see what's actually in there. 

My dad also has a lot of gold coins, but he said he's not ready to give those away.  What I remember seeing 15 years back were 3 or 4 plastic containers of 1967 krugerrands. Are those worth certifying or is it only worth melt? He wants to hold on to those & give them to my mom so she can sell them if he's gone & she needs money.

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On 3/1/2019 at 10:24 AM, Timely said:

To be honest, I don't even know what a grey sheet is! 

Is getting alot better than the 2014-2016 days...that said, before it was neglected...before that it was pretty good....what it was, what it is and what it should/will be has to be determined not by me....peace..

P.S. those of us who traveled to shows and stayed out there alot will have mixed feelings. John is a great man and everything has its place...

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On 2/28/2019 at 11:26 AM, MarkFeld said:

Others might have different opinions, but my thought is that common date Morgan and Peace dollars probably aren't worth getting graded unless they will grade MS64 or better. And the Peace dollars are marginal, even at that grade level.

That said, a major part of the equation is what price you can obtain for the coins without getting them graded. You will need to find out what you can get for the coins as they are and compare that to the anticipated price you will get if they are graded 64 (or better). Then, add in the cost of grading and postage.

Here is a link to NGC's grading tiers and fees: https://www.ngccoin.com/submit/services-fees/

 

If you can post a few images, it might be helpful.

Lemme see too :-)

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So I finally got the coins. The 1st portion of the collection my dad got from 1957-1965 when he was a kid.  Apparently back then you could still get Morgan Dollars from the bank for a dollar. Then in 1965 he told his mom he wanted to turn them back in to the bank because he wanted to use the money to start dating.  My grandmother said she would buy them from my dad and did. She kept them for a long time before telling my dad she still had them! These are all Morgans that date from 1878-1904.

The second, larger portion of the collection my dad got in the 1970's- early 1980's. These are mostly later Morgans & maybe about 25% Peace Dollars.

 

They have been in these bank bags since the 80's.  We bought a few tubes to put them in for travel.

 

coingroup1.jpg

coingroup2.jpg

coingroup3.jpg

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1 hour ago, Just Bob said:

Looks like loads of fun!

Have you been practicing your grading skills?

Not so much.  I just got home with them.  Probably take a while just to sort them!

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I went through the coins my dad had as a kid. I'll tackle the larger portion later.  Here's the list of what I uncovered along with the number of coins per date. Kind of interesting to see a truly random collection of what he got way back in the 1950's-1960's. Absolutely no CC's! 
 
1878 9
1879 14
1879-O 1
1779-S 4
1880 5
1880-O large  2
1880-o small 2
1880-S 3
1881 6
1881-O 3
1881-S 1
1882 3
1882-O 3
1882-S 1
1883 14
1883-O 7
1883-S 3
1884 13
1884-O 5
1884-S 3
1885 10
1885-O 3
1886 3
1886-O 11
1887 2
1887-O 5
1887/6-O 1
1888 3
1888-O 5
1889 7
1889-O 13
1890 10
1890-O 10
1890-S 1
1891 5
1891-O 4
1892-O 4
1896 1
1896-O 10
1897 1
1897-O 2
1897-S 1
1899-O 1
1899-o Micro 4
1900 5
1900-O 15
1901-O 7
1902-O 1
1904 6
1921 1
1921-S 1
 
600+ more to go! :)
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10 hours ago, Timely said:
I went through the coins my dad had as a kid. I'll tackle the larger portion later.  Here's the list of what I uncovered along with the number of coins per date. Kind of interesting to see a truly random collection of what he got way back in the 1950's-1960's. Absolutely no CC's! 
 
1878 9
1879 14
1879-O 1
1779-S 4
1880 5
1880-O large  2
1880-o small 2
1880-S 3
1881 6
1881-O 3
1881-S 1
1882 3
1882-O 3
1882-S 1
1883 14
1883-O 7
1883-S 3
1884 13
1884-O 5
1884-S 3
1885 10
1885-O 3
1886 3
1886-O 11
1887 2
1887-O 5
1887/6-O 1
1888 3
1888-O 5
1889 7
1889-O 13
1890 10
1890-O 10
1890-S 1
1891 5
1891-O 4
1892-O 4
1896 1
1896-O 10
1897 1
1897-O 2
1897-S 1
1899-O 1
1899-o Micro 4
1900 5
1900-O 15
1901-O 7
1902-O 1
1904 6
1921 1
1921-S 1
 
600+ more to go! :)

When your finish going through all of them, I'd love to see the individual totals - like above.

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So the second half of the collection was a bit of a disappointment. Here's what was there.

Morgan Dollars-

1886-O 1 coin

1921 P, D & S 244 coins

Peace Dollars-

1922 P & S 213 coins

1923 P & S 127 coins

1924 20 coins

1925 11 coins

1926 4 coins

1926-D 8 coins

1926-S 12 coins

1928-S 2 coins

1934 1 coin

1934-D 2 coins

1934-S 1 coin

1935 3 coins

1935-S 8 coins

 

Overall, a pretty fun experience going through them!

 

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Going through these types of accumulations is a lot of fun.  Now you can look for variations of you really want to get into it. Pick the best - start a set. Dansco Alblums are nice, or go for the registry. Start your journey - It will grow on you.

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