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New Member and new to PM Collecting

Discussion in 'Hello! New Member Incoming' started by Swiftmotoring, Jan 22, 2014.



  1. Swiftmotoring

    Swiftmotoring New Member

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    Hello, I am new to GIM and preciouse metal collecting and stacking. I recently inherited a couple hundred Morgan dollars and 50 Peace dollars amongst other junk silver coins as I have learned they are called! This sight is amazing and very helpful. Still trying to set some goals and parameters for my PM collecting....I was able to make 2 sets of Morgan Dollars (set=all years but not all proof marks) for my Daughter and I. I am hoping to convert (sell) some of the duplicate Morgans so I can buy JM 10 oz bars. Happy to have found GIM!
    MW
     
  2. Chester-Copperpot

    Chester-Copperpot Gold Member Gold Chaser Site Supporter Platinum Bling

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    Make sure and check for Mint marks on the coins. The Carson City "CC" coins are worth a hefty premium.

    [​IMG]
     
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  3. Swiftmotoring

    Swiftmotoring New Member

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    Thanks for the advice....I have checked all the Morgans and alas I found no CC coins....oh well cost basis is still very good!
     
  4. smooth

    smooth Gold Member Gold Chaser

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    If it were me I would hang on to those Morgans. They command a pretty good premium right now. If you do let them go, I would look for a private trade.
     
  5. Chester-Copperpot

    Chester-Copperpot Gold Member Gold Chaser Site Supporter Platinum Bling

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    Agree with Smooth. I'd take the Morgans, and Peace dollars all day long over 10 oz bars. They can make 10 oz bars all day everyday, silver dollars are extinct.
     
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  6. smooth

    smooth Gold Member Gold Chaser

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    Exactly............


    Oh, and welcome aboard
     
  7. Pyramid

    Pyramid Gold Member Gold Chaser Site Supporter

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    Welcome aboard. What kind of boat do you have? :captain:
     
  8. birddog

    birddog Gold Member Gold Chaser

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    Welcome!

    I think most folks here would say keep what you got. I would LOVE to inherit a bunch of old morgan and peace dollars. Just buy more PMs when you get too much of that crap FIAT paper laying around.
     
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  9. Swiftmotoring

    Swiftmotoring New Member

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    Thank you for the advice, thats exactly what I plan to do after a trip to my LCS today. As I am new to PM collecting this is not a shop I have a track record with so I bought a 10oz JM bar at a reasonable price in hopes that I could trade some Morgans for more bars.....I was offered $19.50 per for 8 1921 Morgans and $21.50 per for 11 1887 and 4 1898 Morgans. Didn't seem like a square deal so I declined and vowed to be back to buy more silver JM bars, which I will do. I understand how trades work and just wanted to test the waters....makes sense to keep the dollars and buy silver bars as i can afford them! Thanks again for the advice.
     
  10. samwiii

    samwiii Gold Member Gold Chaser

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    Good call! Keep those Morgans and Peace Dollars and stack the bars as you can afford them.

    I know you've been informed and looked for the Carson City mint marks, but you also want to watch out for some other key dates. You can Google around to see different variations, mints marks, dates, etc... (such as http://www.us-coin-values-advisor.com/Morgan-Dollar-Price-Guide.html or http://ezinearticles.com/?Morgan-Silver-Dollars---What-Are-the-Key-Dates?&id=5354686). There are some very valuable ones that aren't CC and you don't want to be uninformed.

    Happy stacking and welcome!
     
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  11. Swiftmotoring

    Swiftmotoring New Member

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    Morgan and Peace dollars are locked away in the safe, thanks again for the solid advice! Looking forward to the world of PM stacking.
     
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  12. smooth

    smooth Gold Member Gold Chaser

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    You are making the right choice here Mate. Even if the price of silver declines further, there will still be some demand for those Morgans. As Chester so well explained they are extinct in a manner of speaking. Dont forget to buy a little gold as well friend. Seeing how you already have a silver position, you might want to look at some foreign small gold coins. Trust me, you will enjoy the feel of real money in your palm.
     
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  13. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    Welcome to the board and to stacking!


    Lots of good info and helpful people here - as you've just found out.
     
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  14. Swiftmotoring

    Swiftmotoring New Member

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    How do I "thank" a helpful post?
     
  15. TAEZZAR

    TAEZZAR LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH Midas Member Site Supporter

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    Welcome to GIM.
    Count your blessings & hold that stash tight.
    In my opinion, trading your Morgans for anything is going to cost you. :s9:
     
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  16. samwiii

    samwiii Gold Member Gold Chaser

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    I believe you need to get to 10 posts to activate your "Thanks" button.
     
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  17. Swiftmotoring

    Swiftmotoring New Member

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    Thank you! (old school)
     

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