would someone look at this for me

[melmcbee]

Hi. I know that bidz.com isn't looked on as a favorable auction site. Would someone look at this link and tell me what you think about this coin. I have already purchased some coins from this dealer in the past before I found this site.

morgans

 

I didn't purchase that one but here are some I did

1902 liberty head nickel

 

thought I was really getting something here

 

1943 steel pennies

 

1921 gem BU Morgan

 

1938-D BUFFALO NICKEL and 1938-D JEFFERSON nICKEL

 

If anyone has time to look, would you please give me your honest opinion of what I should have looked for. What makes them a bad deal or fake or any lesson on these purchases. This is just a drop in the bucket to what I have done in the last month. But these are only from Bidz.com. Thanks in advance for any help.

[kranky]

The Walking Liberty half for $1 is a good deal, until you have to add the $3 handling charge. It's overpriced at $4. Same for the Liberty nickel.

 

The 1943 steel pennies are a bit high at 60 cents each, but did you really want 10 of them?

 

The 1921 Morgan looks OK, but the red flag is that they aren't showing you the actual coin you will receive. I don't think it's a good idea to buy nice coins that way. For circulated WL halves, that's fine though.

 

I guess the 1938-D Buff and Jeff nickels for $4 including handling isn't too bad.

 

Overall, you aren't getting ripped off, but you could probably do better. You are paying a lot for shipping and handling on coins you could probably find in a shop for less.

 

I would caution you from buying a lot of low-end coins like these. Wouldn't you rather have fewer, but nicer, coins? I'm not criticizing your taste in any way - but I think you could get similar coins somewhere in your area and save some money compared to paying $3 handling each time on the types of coins you bought in these online auctions.

[kryptonitecomics]

I agree with kranky's observations........and would add, if you are going to buy multiple cheap low end coins, but them from the same person so you can save on the shipping.

 

 

What is your goal for collecting/Investing?

 

If you are looking at collecting as a hobby then buy what you like, but educate yourself on how to grade and what each coins true market value is.

 

If you looking at collecting/investing like many of us then you are going to want to move away from the quantity and move towards quality. By that I mean instead of buying circulated common coins, save your money and by 1 key coin....even if it's circulated it will still appreciate in value a lot quicker

[kranky]

and would add, if you are going to buy multiple cheap low end coins, [buy] them from the same person so you can save on the shipping.

 

If I understood the seller's auction terms correctly, the seller will combine items to save shipping, but he still applies a $3 handling charge per item.

[kryptonitecomics]

I would not buy from a seller that charged a handling charge on cheap circulated coins. Read the fine print on these auctions before bidding becuase $2.00 to $3.00 bucks for a coin should be a rough average for shipping, and no handling charges. Each additional item is typically like $.50.

 

I just bought a lbunch of uncirculated Ikes and Kennedy halves etc and the shipping is $6.00. These are heavier coins so that should give you some indication as to how much you may be over paying for shipping on your coins.

[TomB]

At first glance the 1887 Morgan looks like a nice coin, however, there appears to be some sort of issue with the lower cheek near the lips and jawline. This might simply be due to lighting, but it also might be due to having something like glue residue, PVC or carbon removed. If the coin is problem-free, then the price is fine.

 

The image of the Liberty nickel is quite dark, however, it looks to be a $2 coin. The shipping, if I read it correctly, is $5.95 for the coin, so this works out to $6.95 total, which is quite a bit for this piece.

 

The WLH has an interesting note that the coin you are bidding on is not the one you will receive. I generally avoid auctions like that and run like heck away from them.

 

I have the same comment about the 1921 Morgan as for the WLH auction.

 

As for your buying strategy, you should keep in mind how much shipping increases the cost of each coin when they are typically less valuable pieces. Also, when folks use stock images they typically deliver a piece that has less eye appeal. As for the coins, they are all genuine and look fine. Just some observations.

[melmcbee]

Thank-you this is exactly what I needed. I have added this to my favorites titled lessons. I am going to start a lessons folder from every piece of advice you give. Now for my questions, and keep in mind I do have a "redbook on the way and I promise to read it. I have also saved every link that has been given to me in my favorites for research purposes. I am digressing again My questions.

What is a "key" date? Can a circulated coin be of value? Why are the prices for Morgans on ebay sometimes in the thousands yet some aren't worth the dollar. What is the lowest grade you would buy of a coin? I assumed older coins would be of more value than newer coins is this true? And lastly, does the actual denomination matter? I mean is a $20.00 coin in bad shape of more value than a penny in the highest grade? Shouldn't coins that are not made anymore like the 2 cent be of higher value and how on earth can a coin from over 100 years old be a high grade?

 

I know these are too many questions so please just ignore the stupid ones.

 

Oh as a note if you want a laugh at the "tuition" I have already paid, visit my purchases on ebay, I am listed as the same name there and I believe I have made over 50 in the last couple of weeks. 99% coins Man am I glad I found ya'll

[kryptonitecomics]

Let me see if I can answer some of your new questions:

 

 

What is a "key" date?

 

It is a coin that has a certain date and mint mark combination that was typically produced in lower quantities than the rest of the coin series, thus making it harder to find today and more valuable. (1909 S VDB Lincoln Cent, 1916-D Mercury Dime, 1877 Indian Cent, 1932 D & S Washington Quarters etc)

 

Can a circulated coin be of value?

 

Absolutely, the main factors involved with the value of a coin are Condition and rarity. You can't go by the date to determine rarity unless you are familiar with each US coin series and have the knowledge of which coins are considered the key's and semi-keys.

 

Why are the prices for Morgans on ebay sometimes in the thousands yet some aren't worth the dollar.

 

Again it has to due with condition and rarity. If a particular year saw 30 million Morgans minted, and you compare that with a year like 1899 which had 300,000 coins minted.......then it's easy to see that there are going to be a lot fewer 1899 dated coins for collector to acquire. It's the old law of supply & demand in economics at work here. If you have a coin that is in demand and you have a smaller supply of said coin, then prices are going to rise for that particular coin. All morgans are worth at least melt value $6 or $7 bucks just becuase of they are made of almost pure silver.

 

What is the lowest grade you would buy of a coin?

 

This is going to be a personal choice for each collector, but I typically set a grade limit on most US series at the F-12 cut off point. With that said, if you are looking to buy key date coins.....I would and will drop below that grade point due to the cost of the coin. In the fine to very fine range the coin still has some details, which is a key for me from an eye appeal standpoint. The old coin collector rule of thumb is buy the highest grade you can afford.

 

I assumed older coins would be of more value than newer coins is this true?

 

That is an incorrect assumption, but a common one. Again, condition, mintage figures and date and mint mark combinations all play into the value of a coin. I have seen moderns go for $60,000 while some 19th century type coins may sell in $2,000-$3,000 range becuase of high mintages and or low collector demand. When you hear terms like Pop 1 or top pop, collectors are referring to a coin that is the highest graded for the date and mint mark combination by one of the major grading services (PCGS, NGC, ANACS). The registries associated with these grading services drive prices of some coins in to the stratosphere since everyone wants the best of the best for their sets.

 

Does the actual denomination matter? I mean is a $20.00 coin in bad shape of more value than a penny in the highest grade?

 

Yes, the denomination matters, but it is just one of the factors that goes into determining the value of a coin. As stated above Mintage, condition, date and mint mark combination, denomination etc can all go into determining the value of a particular coin.

 

 

Shouldn't coins that are not made anymore like the 2 cent be of higher value and how on earth can a coin from over 100 years old be a high grade?

 

See above, mintage and condition are everything in the coin hobby. Just because a coin is no longer minted, you can't automatically assume that it has great value. If collectors don't like a particular series, then the prices will remain relativly low due to a lack of demand.

 

As for how a coin can remain in great condition for 100 years.......remember their have been coin collectors since the early 1800's so their are a lot of well preserved specimens to be had on the market today. Remember, Morgan dollars in high quantities were stored in bank vaults up into the 60's and then sold to the public. Also astitue collectors from the 19th centruy also stored coins in cabinets lined with felt etc, envelopes and a lot of other different containers, which protected the coins.

 

Well this is a long post and I hope I have answered all of your questions!!!!! Please excuse any typos.....it's 5:30 in the morning for pete sake

[Smittys]

I take it from your questions, there must not be a coin shop anywhere near you. Check out your surrounding town. A Good coin shop can answer your questions and help you with little as well as big purchases as well as no shipping and handling charges.

If you ever get to Penn Yan NY Look me up I'd be more than happy to help you.

The good thing is you have been getting alot of good advice from other posters, keep listening and tone your skills and everything should work out.

Smitty

[TomB]

You have already had an excellent response from kryptonitecomics regarding most of your questions. There is something that kc mentioned a few times, but didn't quite hammer home and that is

 

Coins follow the law of supply and demand!

 

So, in an extreme example, you could have a 300 year old coin where there were only two minted but, if there is only market demand for one coin then the price will be limited. In contrast, one might have a relatively modern coin minted 30 years ago and have a mintage of millions of pieces but, because so many people want them they are priced through the roof. Please keep in mind that this was a hypothetical situation just put out to illustrate the point.

 

Factors that can heavily influence price include-

 

Original mintage.

Extant population.

Ease in finding a comparable piece.

Difficulty in finding a higher graded coin.

Eye appeal of the coin.

Level of preservation.

Any problems the coin has accumulated.

Originality of appearance.

Demand for the type.

Demand for the series.

Demand for the date.

Coinage metal.

 

I am certain there are other factors and folks will list them for you.

[airplanenut]

Tom,

 

Don't forget another important factor:

 

The presence of two people who have deep pockets and want the piece.

[TomB]

That would fall under the overarching caveat of supply and demand.

[Morgannut]

I've read and replied to a couple of your posts. I don't think you want a really honest answer so let me give you a fact or two. I'm looking at the trade coin dealer newsletter that posts prices as of May 7th for sales between dealers for sight-unseen certified PCGS or NGC Morgan Silver Dollars which a coin dealer friend mailed me. The price a dealer will pay for a 1921 P Morgan in Gem BU-----that's supposed to mean Mint State (uncirculated) grade of 65-- is guess what, $95!

I suspect all dealers sell Gem BU 1921's for more than that, or go broke. Do you think you got a true gem you asked for or a lesser coin? I don't know because it wasn't graded by NGC or PCGS and can't see a picture. A wholesale sight unseen bid that is equal to $25 is MS 63 but I would speculate the grade is anywhere from MS61 to 63 (termed "choice") because the guy probably bought a roll for $400 or so

and randomly sent out whatever (20 coins in a roll.) You know what I'd do.? I'd EMAIL or write John Maben on this board who's exteemly honest a get the names of dealers in your area you can just go and talk to while looking at some real honest original investment grade---they can be $25--coins. Hold off buying until you decide if you want one of every type or one coin series. Read the article on the wannabees you"ve been dealing with (Legend Coin Hot topics).posted as a link on boards here yesterday.