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 Replies: 33 / Views: 4,090 |
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Pillar of the Community
United States
4421 Posts |
I hope that my slight suspicion proves unfounded. Good luck!
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Pillar of the Community
United States
968 Posts |
You really should get a scale. Harbor Freight has a digital scale for $11, and they are always sending out advertisements in the mail with 20% off coupons. So it would only be around $9. Plenty of other places sell scales too, but I HF is often the cheapest place to find something like that. http://www.harborfreight.com/1000-g...e-60332.html |
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Pillar of the Community
 United States
790 Posts |
Thanks! Added scales to my "to buy" list.
ETA LOL! So then I googled "gram scale" and the first image hits all show green crumbly plant stuff on scales. I guess coins aren't the main thing those scales are used for. At least I live in the right state--bound to be plenty around to buy!
Edited by twslisa
10/01/2016 06:54 am
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Pillar of the Community
United States
2125 Posts |
I like this coin. looks AU-53. Better pictures in natural daylight may give us a better idea if it was cleaned before.
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Pillar of the Community
United States
790 Posts |
Well, I took the coin to a dealer I like, and they looked it over. They graded it VF, reckoned it was worth $30. So I did get a pretty good deal. Might have to check out that shop where I got the coin again!!  |
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Pillar of the Community
United States
4421 Posts |
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Valued Member
United States
231 Posts |
Detail is way better than VF. Most of eagle feathers are visible.
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Bedrock of the Community
United States
20753 Posts |
It is always sort of odd that a coin that old has no dirt inside letters or numbers. The coin does have wear indicating it has been in circulation and that means there should be some dirt inside some of the letters or numbers. Yet for that grade and that price you did OK.
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Pillar of the Community
United States
1450 Posts |
Did the dealer offer you thirty dollars for it? If you take the coin to be appraised and the dealer tries to buy it from you that is unethical unless you offer first to sell it and then it is still not right. The person who appraises a coin or object of any kind should not be the buyer. They have conflict of interest. I think it is much better than VF just due to the date and the eagle on the back. To find any SLQ with such a good date is rare before the year 1925. I saw a 1923-S on ebay that was graded EF and it did not even have a full date. |
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Pillar of the Community
United States
4421 Posts |
Quote:
Did the dealer offer you thirty dollars for it? If you take the coin to be appraised and the dealer tries to buy it from you that is unethical unless you offer first to sell it and then it is still not right. The person who appraises a coin or object of any kind should not be the buyer. They have conflict of interest. IMHO, this is simply not true. Typically, when dealers do estate appraisals, they will charge a fee. They will give a retail appraisal and/or simply a wholesale appraisal. They may offer to pay the wholesale price and thus forgo a fee for the service. If someone brings a single coin or a handful, the dealer likely won't charge but may ethically make a wholesale offer. My guess is that the $30 appraisal may well have been a wholesale value. It's difficult to say, without seeing coin-in-hand or having more details. While our OP's coin appears to be XF or better, the dull gray color MAY be a problem. Quote:
To find any SLQ with such a good date is rare before the year 1925. I agree that the 1923-S quarters are rare in any grade. The majority of dealers at any given show will not likely have one in stock. IMHO, to say that any four digit SLQ prior to 1925 is rare is simply not true. Virtually every dealer at a given coin show will have multiples in stock. Where coins are concerned, the word "rare" is probably the single-most abused adjective. |
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Pillar of the Community
United States
1450 Posts |
ExoGuy
If you cannot see the obvious conflict of interest I mention then I don't know what to say. Nobody is going to pay $30 to have a non-scarce coin appraised by a dealer at a coin shop. If a non-coin collector brought in a 1893-S Morgan in MS condition and the appraiser/dealer told the non-collector that the coin was worth $100 and then bought it from him for $100 what would you call that besides fraud? If you sell something to someone who does an appraisal on that thing you are asking to be robbed unless you actually know the value yourself. When I buy a coin I know the value before I ever make an offer. If I had a very valuable coin I would get it graded and not rely on a local dealer/coin shop.
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Bedrock of the Community
United States
94367 Posts |
terry - Must disagree. I don't think twslisa has said any thing more than the dealer gave her a $30 opinion, that's all. But importantly, there is absolutely no conflict of interest here even if he had made an offer! Most uninformed people go to a LCS for an offer - that's what a coin shop does, help people liquidate what they have found or inherited. Most dealers (esp. ANA, PCGS members) are ethical or they would not stay in business for long.  Edited by Coinfrog
10/04/2016 6:55 pm
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Pillar of the Community
United States
4421 Posts |
Quote:
If you cannot see the obvious conflict of interest I mention then I don't know what to say. Nobody is going to pay $30 to have a non-scarce coin appraised by a dealer at a coin shop. Terry ... You are not understanding what I wrote. I simply said that most dealers, shops, whatever would NOT likely charge to appraise a single coin or even a handful. Coin dealers, especially those who own shops, have operating costs. They cannot stay in business, buy coins at catalog prices. Also, their time, is worth money; especially so, when appraising a large collection. Then too, dealers often run across items that take time to research. They cannot know it all .... all the varieties, the errors, the exonumia, you name it. They are human, like the rest of us, and they make mistakes. The overwhelming majority of coin shop owners I've encountered, particularly those who have been in business for years and cater to collectors, are honest. They need to sell below book value, not at high retail, to sustain a living. Moving coins fast is the key. If they sit on old material too long, they lose money. They will pay stronger prices for material that they can flip fast. Sure, if a dealer bought an 1893-S $1 for $100, I'd regard that as fraud. On the flipside, I once saved a Florida dealer from buying a counterfeit 1889-CC $1. It was "hidden" among a group of genuine Morgans that a customer was peddling. Fraud is a two way street. Note that our OP's quarter is not a fair comparison here. |
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Bedrock of the Community
United States
11951 Posts |
I also think that many dealers will tell someone that brings a coin in,
what they would pay for it. They have too. Many customers do not
under stand that a coin shop has to sell a coin for much more than
they pay for it, just to stay in business.
Most coin dealers have experience selling coins, believe me it is
much different being on the dealer side of the counter.
A dealer has to look at the lowest price that a coin might sell for.
For this coin, it does have good detail. Detail that could put it in the
XF range. But the date is weak and it does look like it has had a
old cleaning. These issues could make a dealer want to drop
the buy price by a grade .. or more.
As for making a $100 offer on a 1893 S, I don't think that would happen
in a good coin shop.
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Pillar of the Community
United States
790 Posts |
Great info above--thanks!
No, this dealer didn't offer to buy it. However, I do realize he's going to name the price he'd offer, rather than the price he'd turn around and sell it for. If he'd said it was worth $50 and then I tried to sell it to him for that, he'd have to backpedal and explain why he can't make a profit at that price, and then he'd risk me leaving all mad and giving his shop a bad review on YELP. LOL.
I assume that if I really want the replacement value (my cost to buy a similar coin) I'd have to pay for the appraisal, or hunt around to see what shops are selling coins in the same or like year and condition for.
I really appreciate you guys taking time to inform! I am learning a lot!
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Posted 09/30/2016 10:13 pm
