| Author |
 Replies: 18 / Views: 3,796 |
Page 2 of 2
|
|
|
|
Pillar of the Community
United States
2335 Posts |
I've been buying for resale for several years. One thing I've learned is that when spot prices go up a good bit over a short time period they can come back down just as quickly. You pointed out silver has increased by 20% in the last month. Even a 10% drop could eat up your profit....and you could be losing money by the time you figure selling costs.
I won't even look at cents that have been put in dated rolls. It takes way too much time to sort and find buyers. I've got between 15-20 pounds of wheat cents that make me cringe every time I see the bag. I guess I'd feel differently if I collected them.
If I was looking at the collection I'd separate the junk silver & bullion from anything with numismatic value. I've got a few outlets for that type of thing & know what they will pay. I'd make my offer on that part of the collection based on my buyers price minus whatever profit I think is fair. If the offer was accepted I would immediately resell. The coins with numismatic value I'd figure separately. Keep in mind that moving that part of the collection is going to take more time & effort which means the profit margin should be higher.
Edited by trdhrdr007
09/04/2019 4:21 pm
|
|
Pillar of the Community
United States
1391 Posts |
Looks more like a hoard than a collection. Not saying I wouldn't want to go through it myself, but it mostly looks like things were purchased for silver value.
|
|
Moderator
 United States
56855 Posts |
Is her husband still around? He would have an idea of value. Any slabbed coin not in one of the three TPG's,ignore the labels info. John1  |
|
Pillar of the Community
United States
3327 Posts |
A lot of stuff there! Don't trust what's written on the coin tubes - verify. I see a couple of cent tubes labelled 1932S and 1933S.
"Nummi rari mira sunt, si sumptus ferre potes." - Christophorus filius Scotiae
|
|
Pillar of the Community
United States
819 Posts |
I am coming to the end of a giant hoard that I have been selling for two years.
As I know the owners. I am doing this for 10% if all sales. All the dealers
I have talked to said they would have told them 20%.
It's a lot of work but you get first pick of what you want.
Pay fair price and get 10% back. Not bad in my book.
Depending on how much someone buys I will sometimes
Split the shipping or pay it all. Make a bit less but make
Someone happy it's all good.
Edited by chipjones
09/04/2019 11:18 pm
|
|
Pillar of the Community
 United States
802 Posts |
Wow, thank you everyone for the great feedback so far. Her husband passed and she's been holding onto this not sure how to even go about finding values, meanings, or how to sell it.
She said her husband has "documentation" but I'll see what comes of that. One month ago I'd have no problem buying it as seeing silver was at a steady bottom for years, but seeing this 20% pop scares me it'll drop back down. Even if it was a 20% discount, there isn't any room for profit.
I appreciate the feedback and will keep you all in the loop on progress (over the coming weeks).
(Any further insight comments around selling are appreciated)
|
|
Pillar of the Community
United States
3540 Posts |
trdhdr000007 is spot on.
KNOW what the market is for each niche. Sell what you can immediately. Don't try to predict the future. Make the money or break even and be done.
KNOW what you absolutely want to keep.
Get in, get out, savor a little icecream. :)
|
|
Bedrock of the Community
Australia
21788 Posts |
Why doesn't her husband want to, or is not able to sell his collection?
He put the collection together.
He would know what it is worth.
He would have the best idea on how to sell the collection.
If I was in your position, I would ask the husband first, before making any decision to sell.
If you are friendly with him, he should be able to advise you, if you wish to start a collection of your own.
|
|
Moderator
United States
15469 Posts |
@ sel - the OP states above that the husband has passed way and the heir is seeking to dispose of the coins.
|
|
Bedrock of the Community
United States
20753 Posts |
If that person with this collection is a close friend, I'd be careful what you do. I've seen situations like this where it all ends up bad for the purchaser. Others will eventually say she got cheated and that will start a lot of similar discussions as to what really should have been done. SHOULD have and not what was done. Now after some time those involved don't even talk to each other and also, this carries on to other family members. I'd tell the seller to try to sit down and attempt to evaluate this her self for now. Purchase a copy of the Red Book and give it to her and mention how the prices shown are rather exagerated so use as a guide for now. Suggest selling off smaller amounts at first if money is not required at least for now. Tell her to take time since moving to fast may well end up making a mistake worth a lot of money. Just be careful of YOUR involvement with this type of situation. |
|
Pillar of the Community
United States
1278 Posts |
Can't you have her get offers from dealers and then pay her some amount over the best offer?
|
|
Pillar of the Community
United States
802 Posts |
Lots of great insight here. I'm glad I posted this. Some follow up replies to questions.
- I don't know this lady personally, she works at the bank and I've talked with her only a few times, which is how we got on the topic
- Get in, keep what you want, get out (really like that idea, minimizes risk of any silver price fluctuations)
- Ask her to get a dealer offer and beat it, good though. I think she's afraid of carrying $10k-$20k of coins around though (my rough estimate from the pictures)
- I will have to verify everything... Unless that penny tube is loaded with 1931S and 1933 coins :) lol
- TRDR great insight!
Thank you everyone for your help on this!
|
|
Pillar of the Community
United States
2335 Posts |
The first really big collection I bought almost bit me in the behind. It was being handled by an estate sale company I deal with as their "coin & jewelry" buyer. I made an offer on the junk part of the collection on Friday afternoon. By the time the offer made the rounds of the heirs for approval it was the following Tuesday. By that time the spot price had dropped enough to knock $2000 off the value. That was more than twice my profit. Luckily everyone understood and I was able to renegotiate. Since then I always specify that the offer is only good for a specific time period and/or as long as spot doesn't move.
I also buy sterling flatware and hollow ware (teapots, plates, creamers, etc). Better than 90% of those go to the refiner. The refiner doesn't have a minimum but it's not worth shipping until I've accumulated a certain amount. I've had several times where I didn't have quite enough to ship....but enough to where it hurt when spot prices dropped suddenly.
|
|
Bedrock of the Community
Australia
21788 Posts |
That makes it a great opportunity for the OP to take his time and do a nice cherry pick !  |
|
Pillar of the Community
Canada
3733 Posts |
i buy and sell silver all the time, so I agree with most information you have already received,, all the bullion, and silver sets, I would offer 90% of spot price, for them, the box of peace and Morgan dollars, I would do a thorough look through for keys and semi keys, if there are none, I would offer, close to spot price, as long as they are not beaters. you will always get more than spot for silver dollars. as far as bulk, half dollars, and quarters, etc. if nothing is marked as keys, I would offer 90% of spot.. and for the cents. I would have no idea, without seeing them... so to sum up my thoughts. you can't go wrong, if you offer 90% of spot value, for everything silver, and if there is any upside it is yours, but don't be afraid to say, this coin, or these 10 coins are worth more than that, because that goes a long way when trying to close a deal.. where dealer's may say every silver dollar is worth 18$ and you say well a couple of them are worth 22$, it may sway the deal your way.. |
|
Page 2 of 2
|
Replies: 18 / Views: 3,796 |
Page 2 of 2
|
First Page
Posted 09/04/2019 5:15 pm
