Average Value of a Circulated 1921 Morgan Dollar

[TheJDub]

Hi guys, IM BACK !!!

Since i'm such a newbie to this stuff ... what would you say the average price of a normal, circulated 1921 Morgan Dollar goes for these days ?

I have about a hundred of them, but apparently, the 1921's aren't a very good year, and due to the hefty price tag, i don't think any of them are worth getting graded.

Would you recommend selling them at a pawn shop?  On Ebay?  At a coin convention??   i feel that i'm still too uneducated to trust a local pawn shop for the simple fact that i'm afraid i'll get ripped off. 

What are your thoughts?  Enlighten me.  YOU guys are the pros, and as always, I really value all of your advice =D

Thanks in advance for your help !!   

 

[JKK]

Well, they are always worth melt, but Morgans (even the 21s) typically get a little more. I'd call some local coin and bullion dealers and ask what they'd pay apiece for 1921 Morgans. Best offer wins. Coinflation.com will tell you the melt value at any given moment.

I would not take them to a pawn shop, nor to a coin show. No one's going to jump up and down, but I think the dealers are your best bet.

[TheJDub]

never visited coinflation.com until just now.   what an awesome site !!  Exactly what I was looking for !!   Thanks JKK, You Da Man !! 

[JKK]

8 hours ago, TheJDub said:

never visited coinflation.com until just now.   what an awesome site !!  Exactly what I was looking for !!   Thanks JKK, You Da Man !! 

Thanks, and good luck selling them. One thing you might want to consider is that silver, nowadays, is a little lower than it has been over the last couple years. I'm guessing it has averaged around $17.50 (and as you have learned, a Morgan isn't a full ounce). If it were my stuff, and I were planning to sell, and I didn't need the money right away, I'd consider hanging onto it a while. That's not to say it couldn't go lower, so bear in mind you would be assuming that risk, but it's enough money to think about such things. Expect the price for common circ Morgans to move in sync with the silver price--or at least that has been my observation.

[TheJDub]

Funny that you mention that ... i actually have been watching the silver price for the past few weeks now ... just yesterday is was over 16.70, and today it took a dump all the way down to 16.27 !!!   I'm definitely planning on holding on to them for a while, but its good to know that the Morgan / silver price is so closely correlated.  

& Not counting my 1879 CC (Capped Die), i'm guessing most of the coins are just worth their silver value (as you said).  & assuming i have around 100 Morgans, if the price of silver is $16.27, i guess i could expect around $1627 if i sold them all...which is kinda funny and easy to track.  So ya, we aren't talking about a huge difference if it does go up or down a few dollars ... but the journey sure is fun !! 

 

 

[JKK]

Well, thing is, you don't have an ounce of silver in a Morgan. A Morgan contains .7734 oz. Ag (the copper has a little value as well, I'm guessing a couple cents). At today's closing, melt on a Morgan is $12.59. However, if I went out shopping for 1921 Morgans, I'm pretty sure I could not get them for less than $17. Ignore the seeming correlation between that number and the price per oz. Ag; the point is that any Morgan that isn't a complete cull gets more than melt. I suspect someone would pay me $15 each for them, or thereabouts, and most would probably sell them for $18-20. The bid/ask spread is significant.

But you can do research well before you want to sell. Whichever dealer offers you the most per piece now will probably offer you the best deal whenever you're ready to sell. If they all pay about the same, then you have a pretty good idea of the market. Might also ask them what they would pay for pre-1921s, just so you can see the difference.