I view junk silver as silver coins of no numismatic value, or a numismatic value that is less than their silver melt value. Many well worn WW2 nickels fall into this category IMO, so do most of the worn out pre-64 Roosevelts. Given the above definition, is there such a thing as a junk silver Morgan dollar, and do you have any?
Morgans have always had a premium over junk. An acceptable Morgan was $6 or $7 when junk silver was selling for 3.2 time face. Any silver dollar, but especially morgans, would only sell for junk if it were physically damaged, like holed or majorly bent.
Agreed, but as the price level increases, there's more and more silver dollars qualifying as Junk. I can buy near-slicks (most seem to be 1890s vintage) for the same price as dimes, quarters, and halves. I don't, because that defeats the purpose of having small denominations available for barter. You can straighten out bent silver coins (so they fit neatly into plastic tubes) by laying them on the sidewalk, covering with thick cardboard, and giving them a couple good whacks with a big hammer. Aim properly.
Or just do what I do and put them between pieces of thick leather and put them in a vice. Slow pressure will remove most bends without harm.
Yes there are junk Morgans (at least that's what I consider them) as well as Peace dollars, I try to pick them up when I see them for a "good" price. Always over spot by minimum 3-4 bucks, but those premiums seem to carry through whatever happens to spot. A year ago I bought some for $26-28, now they're around $22-24.
What the numismatic community considers junk Morgans are as common as dirt and they always have been. You can buy them by the $1000 bag all day long if you want for just a tiny percentage over their melt value. And don't call that a numismatic premium because it isn't. Any silver, in any form, is going to cost you a percentage over melt. Can you get lucky and find something silver, or coins, and end up buying it for less than melt ? Yes, but that is the exception, not the rule.
I have a 1900 Morgan that is worth only melt and acquired it for just under melt only because it looked neat, nothing more.
Also keep in mind that $1000 face in Morgan dollars contains roughly 7% more silver than $1000 face in dimes, quarters, or halves. From Coinflation, 1541.48 is 6.92% more than 1441.71 so you may have thought that increment was a numismatic premium. 1964 Kennedy Half Dollar $0.50 $7.2085 1441.71% 1965-1970 Half Dollar (40% silver) $0.50 $2.9475 589.50% 1878-1921 Morgan Dollar $1.00 $15.4148 1541.48%
LoL!!!! That is the 3rd or 4th steel tool made in China I specifically know of failing that way. I had a Follower Rest from China do that on my lathe not too long ago. A discount pair of pliers a friend bought, and a 1" socket on a socket wrench someone else had. I was amazed when the Follower Rest suddenly shattered in mid operation as the bar it was holding was round and there shouldn't have been any stress. I would be so ticked if I had it happen to a vise too. Fortunately my own vise was made long ago in USA. After the Follower Rest went I gave up on their tools for anything except a desperation buy. Clearly their steel product manufacturing standards (or at least on what they export) aren't the same as those I grew up with here in the USA.
And yet this week, the Chinese landed a rover on the moon. Of course, once you're that close, that's the only place the pieces can fall to...
LoL. They probably ran into a shortage of volunteers, hence the robot. The old lowest bidder phenomena with substandard materials added just for the fun of it.
That's why I use my good old American made (and English made) tools on my good old American made workbench - yes I know my shops a mess it always is
My table saw and jointer are in the back room both are those big old Rockwell delta monsters from the 60s weigh a ton completely accurate and absolutely indestructible most all my tools and equipment are old American made ones they just don't make stuff that holds up to the hard use I give it today especially with the low grade imports
As far as the Morgan's theirs a premium over melt as with peace dollars if their not damaged but not a big premium is the same with most non presidential silver most people aren't melting walkers stl quarters etc unless their damaged but common date circulated Morgan's are basically " junk"
LoL. When my Follower Rest broke, I mailed it back with an insistence on a new one, or cash back. They sent me a new one. It is still in it's box and tagged in minds eye for emergency use only. While I waited I located one made in the USA and milled it to fit the mini-lathe. I think in the failure pieces I have handled the flaw lay in the use of sintered metal before perfecting the process. I remember decades ago seeing specimen parts that failed from a prominent firearms manufacturer then entering the arena.
This whole thread makes me sad. But I can fix it. If you have any junk silver or 'broken' gold or stuff along those lines just send it to me free of charge and I guarantee I will deal with it in an environmentally responsible manner which will not cause global warming
