Any questions about US coins, I"m your guy...

[Doug]

There is a boatload of history involved in coins, much of it very polical, rspet with 19th century silver mining interests of the era.

I know why certain coins even exist, like the Ike dollar, Kennedy half, etc.

I touched on seniorage, will ballpark an estimate sight unseen, refer you to an expert if you throw me a real curve ball like a double struck large cent.

The best thing is I'll tell you what I think it may be worth sight unseen and I'm not a buyer.

A photo of something that puzzles me could help

General stuff,limited info, I'll try to toss out a realistic number.

 

[Doug]

I'm so good at this, I can not only tell you what is worth, but why it even exists !

That's why I am the one and only RX God !

Seriously, I'm about the nicest dude you'd ever want to meet

 

[Doug]

If you're a fan of Pawnstars, I'm like that bearded expert guy Rick calls in when stumped about something, and If I don't know for sure, I'll refer you to someone that will know.

Coins produced by the official US mint began in 1793, but there was of course a need for a medium of exchange beyond barter before that...

Paper money wasn't really much of an I
Option.

The mint couldn't produce nearly enough coins to meet demand.

Until about the time of the Civil War, what sufficied as money was a varied mixture of mostly foreign coins from England, Spain or wherever.

Coins of this time were valued by their meallic content, or intrinsic value.
I'll finish this later, I really know too much about this subject, I should have a storefronts with a Jersey Mike's in the front and a coin shop in the rear !

Few know more about this than me, and very unlikely anybody that posts here

 

[devocr]

ok, I have a dozen or so 1 dollar silver coins, 1881 to 1889 Morgan US, in good condition but I'm sure they were in circulation. Google says around $30 each wtf?! Is that it?

 

[Doug]

They are all in " good" condition as they didn't circulate very much because of their size and weight.

Check the reverse for a CC mintmark, those are worth more.

Assuming common dates $30 is not what you could expect to sell them for, actually more like $17 each is more like it.

There was no real reason for the coin to even exist, it was made mainly for political reasons to appease the silver mining industry that was connected and needed something made from their silver.

It really isn't a rare item there are millions of them around, in fact certain dates are usually only found in uncirculated condition, especially 1881-s
So many were made and stored in vaults for like 70 or more years, there were so many, that none were minted from 1905- 1920.

They were used as chips in Vegas until the 1970 or so, it's unlikely you have anything notable in there.
It is what it is, and it is not really much, I have no financial interest in it, so I'll tell you the straight facts !

 

[bilbal]

I recently obtained an uncirculated 1879O Morgan, I can't find a single bag mark on it. I'm thinking it's worth north of $2,000. I won't even send it to a grading service, I will wait until I can walk it in.

 

[Doug]

Bill, I'm guessing you are way high on this.

It's not a rare date number one, dollars from New Orleans are notoriously weakly struck with little to no definition on the eagle's breast feathers.

You're talking like MS-65 or better money to value it at 2k, it would be highly unlikely this coin is worth that kind of money, much likely a lot less.

Send me a photo, I'll tell you what I think.

To get anything close to 2k , it has to be what is known as a condition rarity and be in a slab from PCGS, or at least the other 2 respected grading services, namely NGC, and Anacs

I'll give you an unbiased knowledgeable opinion with a good photo, but most likely it's not worth what you think it is !

How did you acquire it, are you a numismastist ?

It has to be extradornary to justify what you think it may be worth, I'll give it a look and tell you if it is ordinary or extra special, it almost always falls into the ordinary category
Common Silver dollars generally trade at just a few bucks over melt value .

I used to buy them from my coin dealer when silver was a lot cheaper, and tip waitresses with them, one in particular appreciated that so much, as she had a young son with an interest in coins, I'm sure I made that boy's day when his Mom gave him that 1880 - something Morgan dollar, as well as the job she got giving it to him, no ulterior motives, I always tip ( in cash), would occasionally offer the genuine , 100 + year old Morgan silver dollar or basically the equivalent in cash.

As a numismastist, you need to promote the next generation, so there is somebody that wants your stuff when you decide to sell or die whatever !

You can't sell without a buyer !

I hate when novices use terms like Good, which has a meaning and is low on the scale

Age does not equal value, collectiblability and demand matter tremendously.

Coins basically don't wear out like dollar bills do

You can buy a Roman coin that's 2,000 Years old for $20 or even less.

My advice is to delve into collectibles like rate coins, stamps, sports cards, or anything close to it, it won't end well, it's a hobby not an investment !

 

[bilbal]

You're guessing based on a coin you haven't seen? I don't guess until I'm wearing loupes to examine the actual coin. Are you are certified grader? I appreciate the input, I'll let you know what the grading service tells me when I get it slabbed.

 

[Doug]

You're guessing based on a coin you haven't seen? I don't guess until I'm wearing loupes to examine the actual coin. Are you are certified grader? I appreciate the input, I'll let you know what the grading service tells me when I get it slabbed.

Valid points, not a Pro grader but knowledgable enough to give sight unseen general guidelines

Nothing comes close to having said item in hand

I'm looking bigger and more general in scope, if I think it's worth a closer examination, I'll say so or request photos or refer you to a specialist in a specific area.
Most items are pretty common and can be given a very fast verbal type of estimate, not perfect but it will suffice for most folks.

 

[Doug]

Bilbal, you are trying to cut a very fine line between what would be the difference between like MS-64, and MS-65-66

They look almost identical, the key is getting it in preferably a PCGS slab at that high number, and selling it

Coins and anything similar are awful long term investments, don't buy them thinking they will make you money, they won't !

I know the game quite well !, Don't get into it unless you want to be a collector, not an investor

I wouldn't advise buying gold and silver bullion either

 

[bilbal]

With your experience in 'the game' one would have figured you'd be a certified grader. In one sentence you're telling me the key is to get it in a slab at an acceptable number and sell it, the next your cautioning me it is a long term investment they won't actually be an investment at all. Interesting advice. I'll let you know what the grading service says.

 

[Doug]

I'd love to know Bill, for your 2k, it needs to be at a level of 65 at least, more like 66. Ultimately you need to be able to sell the item no matter what it is. For a valuable coin you want it in a PCGS slab, it's the gold standard.

These graders authentic the coin as well and guarantee it when it passes their muster, this is important as there are a lot of Chinese fakes around that are extremely high quality.

I stand by my statement that collectibles of whatever variety are bad investments, the dealers need a good markup, they don't pay dividends like a goos stock would provide.

The problem with selling a rare coin for thousands of dollars is nobody actually needs it, your market is small generally old wealthier white guys and they are dying off like WW2 veterans, there isn't a new generation of collectors to replace them, the future investment value of coins is bleak !

Look at the market for sports cards , once hot, now crap .

Stuff like cards and stamps is something I'd buy at a yard sale for like $10 for a milk crate full of them...then try to figure out if I scored or not .

That's reality

A lot of coins graded 63 or 64 look damn close to a 66

Being a grader would be cool !, But I'd be far more likely to be a dealer

 

[baseballexpert]

an excellent coin guy is www. chelseararecoins

 

[Doug]

With your experience in 'the game' one would have figured you'd be a certified grader. In one sentence you're telling me the key is to get it in a slab at an acceptable number and sell it, the next your cautioning me it is a long term investment they won't actually be an investment at all. Interesting advice. I'll let you know what the grading service says.

That's a tough way to go, Bill !

There are tons of problems in doing that...

In doesn't pay enough !, Like 100 k or some I'm

I'm not certified or recognized by any professional organizations, never been a dealer.

You would have to grade more than Just US coins, as in stuff from virtually every country that matters

Relocation to certain cities, it seems PCGS has a location in Newport Beach, try living there on less than 200k !

It's also a high pressure job, you aren't given very much time to make your call

I wouldn't even want the job.

My ideal job is the one I have now, no job, retired, baby !

I could become a dealer with a store front , probably would take a few million for start up costs, inventory, and money available for purchasing stuff, easily a million.

I don't even have any great desire to ever work again

 

[halekulani]

Tenth, quarter, and half Troy ounce American gold eagles be are fine and quite useful in a survival type of situation if the shit hit the fan, that way you don't have to trade an entire ounce, same could be said for holding 90 % silver coins, nice convenient size if you're a survivalist sort.

The smaller AGEs or similar bullion coins will cost more in smaller denominations, not so with small silver.

what is your experience buying these online? or better in person with cash?

 

[Doug]

Both ways are acceptable, I prefer my local guy I've known for decades, I don't like paper trails.