Morgan Dollars at $2 under spot, collector value going away?

[camtender]

I found local dealer that is selling Morgans at $2 under melt. I purchased about 40 last week for $25 and some this week at $26 each. I purchased all the ones from the late 1800's that are in great condition.

Seems like collector value has gone out the door. Is this a chance of a lifetime right now in this environment to buy collector coins for no more value than the metal content?

[barrytrot]

I found local dealer that is selling Morgans at $2 under melt. I purchased about 40 last week for $25 and some this week at $26 each. I purchased all the ones from the late 1800's that are in great condition.

Seems like collector value has gone out the door. Is this a chance of a lifetime right now in this environment to buy collector coins for no more value than the metal content?

Collector coins are BU and/or Better date.

"Great condition" unless you mean MS63 or above is still just bullion grade.

Plus your dealer is selling them way under what most are. You are just getting a bargain, be thankful

[NDFarmer]

Yes you are getting a deal. I was just at my dealer today. All his common date and poorer grade Morgans started at $30.00 and went up from there.

[VWBEAMER]

I know a guy that claims he SOLD some to a dealer for 25 last week.....IDK, I had offered him 24 each, so maybe he just didn't want to take my offer.

[Rodebaugh]

I found local dealer that is selling Morgans at $2 under melt.

Back up the truck and buy all that he has.

Seems like collector value has gone out the door.

Kinda but no, premiums are in a lag phase vs spot. But, look at how much the common date MS 64 has moved on this last issue of the greysheet. (knee jerk type response to spot). People are catching on but there are still some great bargains out there; especially in 65, 63, and 62 morgans.

[Heartkill]

I dunno but I'm finding myself buying more and more nice Morgan's that in the past several years I would have looked over or passed on at their price point. I just picked up a bunch of very nice MS62ish O-mints for $34-35 each. Granted it's over spot, but its close enough for me to add some quality coins to my collection.

In my opinion this is a good buying opportunity to add some depth to my collection and silver stash at the same time. I believe I'll be looking back this time next year saying to myself "why didn't I buy MORE at that price?!"

[zerocd]

Buy all you can at that price!

[SilverFossil64]

Buy all you can at $2 under spot. Would expect no trouble selling close to spot, and you may get lucky and find something nice.

[PreservingThePast]

Be careful......if something seems too good to be true........There are quite a lot of fake coins circulating within the US and the world.

Articles written about it in coin magazines, online coin reference sites, etc. Two years ago when I attended my first coin show I watched in fascination as a coin expert did measurements on counterfeited "off center" US Pennies prior to the article appearing at CONECA.

I firmly believe that as the price of silver increases the saying Buyer, Beware will be more and more the norm.

[twentybux]

Be careful......if something seems too good to be true........There are quite a lot of fake coins circulating within the US and the world.

Articles written about it in coin magazines, online coin reference sites, etc. Two years ago when I attended my first coin show I watched in fascination as a coin expert did measurements on counterfeited "off center" US Pennies prior to the article appearing at CONECA.

I firmly believe that as the price of silver increases the saying Buyer, Beware will be more and more the norm.

Very good advice. In this day and time this advice should be taken to heart.

[camtender]

$2 under spot is a good deal, $10 under spot would be a significant red flag.

I only buy from reputable people most of the time. Can a fake silver coin give off the same resonance as silver?

This post was about collector value, not fake coins, please search for that discussion using the search feature.

[exbingoaddict]

The quick rise in sliver has left any "collector premium" on junk silver coins in the dust. Buyers of junk silver coins are buying them for silver in this market. Not to fill in holes in a whitman folder.

Key date coins will almost always command some level of premium. Because collectors would be willing to pay up for them. However, junk will always be junk and only worth the silver in them.

[PreservingThePast]

$2 under spot is a good deal, $10 under spot would be a significant red flag.

I only buy from reputable people most of the time. Can a fake silver coin give off the same resonance as silver?

This post was about collector value, not fake coins, please search for that discussion using the search feature.

Fake "collectible coins" confiscated at a coin show that were being sold by a reputable dealer within the "norm price range" so as not to raise a red flag.