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What To Offer To Purchase Grandps'a Coins?

 
 
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 Posted 01/03/2018  8:14 pm Show Profile   Bookmark this topic Add Kurrykid to your friends list Get a Link to this Message
So I may have an opportunity to buy "2 suitcases" of "Grandpa's coins". I have a friend at work who's Grandpa recently passed away and she says he had 2 suitcases full of coins. I told her I'd be interested in buying them. I've been asking her about it every so often and finally she says to me today "so what's your offer"?

I don't know anything about them. Haven't seen them, know how big the suitcases are or anything. I don't know if they are newer or older coins. I asked her to take some pictures and maybe bring in a few of the coins.

So my question is, how would you approach this situation? How would you determine what to offer? I am not looking to screw her over. I'd be willing to offer a fair amount for them but what do I ask for to try to determine this? What would a coin dealer do to determine a fair offer?

Any help would be greatly appreciated.
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 Posted 01/03/2018  8:19 pm  Show Profile   Bookmark this reply Add scopru to your friends list Get a Link to this Reply
Simply ask her to see the coins. Makes no sense she would expect you to make an offer sight unseen. If that doesn't work for her, I would pass and move onto to something else. Pics of the coins will give you an idea of what she has. But you will need them in hand to make a fair offer.
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Edited by scopru
01/03/2018 8:21 pm
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 Posted 01/03/2018  8:22 pm  Show Profile   Check TNG's eBay Listings Bookmark this reply Add TNG to your friends list Get a Link to this Reply
A coin dealer would look at the valuable stuff and pay a bit over 60% of what it would sell for.
The non key and common silver bullion coins he would pay silver content less 20%.
The bulky wheat pennies and worn V nickels and dateless worn buffalo's would probably be 2x or 3 times face without scanning through for better dates.
If it is a bunch of common 70's 80's and 90's mint and proof sets, not much over face.
The dealer has to sell it and make a profit which ties up his money and takes work and time to do.
It's your conscience you have to live with. Make a fair offer and take it from there.
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 Posted 01/03/2018  8:26 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
No reputable dealer I know would ever make an offer on the basis of it being 2 suitcases full. Even in "storage wars", I believe that people get a quick peak.

It could be $100 worth or $100,000 worth.

Based on my experience with seeing stuff come into coin shops, it is more likely to be lower rather than higher, but why would you want to take a chance of losing money or grossly under-paying the person?
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 Posted 01/03/2018  8:33 pm  Show Profile   Bookmark this reply Add cwb to your friends list Get a Link to this Reply
If you are willing to offer a certain amount of money for two suit cases of unknown size full of unknown coins, I may be able to put together something for you.
How many do you want?

No one would buy the coins without inspecting them, not just a quick glance with the lid open, but a full inspection of what they were buying.

If someone won't let you look at them first, there is probably a reason and you should walk away.
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 Posted 01/03/2018  8:36 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
scopru's advice is right - just ask to see everything first and scope it out. We're here to help.
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 Posted 01/03/2018  8:42 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
Jeez people, really?

Just ask HER what she thinks is a fair price.

When you see the coins it will be easy to yeah or counter offer.
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 Posted 01/03/2018  8:42 pm  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
Sounds intriguing. Keep us updated!
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 Posted 01/03/2018  10:16 pm  Show Profile   Bookmark this reply Add nutmeg to your friends list Get a Link to this Reply
Storage wars auctioneer says in the beginning
"Don't open any boxes". So nobody gets to see before the bidding.
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 Posted 01/03/2018  10:17 pm  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply

Quote:
Just ask HER what she thinks is a fair price.

When you see the coins it will be easy to yeah or counter offer.



You must be able to examine the coins. Start with her asking price and adjust based on the contents. If her initial price is low, just take it. It's not your responsibility as a buyer to make sure she gets top dollar.
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 Posted 01/03/2018  11:17 pm  Show Profile   Bookmark this reply Add Willburton to your friends list Get a Link to this Reply
But if the suitcases are really nice you may have to factor those in.
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 Posted 01/04/2018  11:03 am  Show Profile   Check TNG's eBay Listings Bookmark this reply Add TNG to your friends list Get a Link to this Reply
I kinda missed the "so what's your offer"? part in the original post.
People are silly sometimes. Ask her if she will trade them for what's behind "Curtain No 2".
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 Posted 01/04/2018  11:29 am  Show Profile   Bookmark this reply Add Newbie234 to your friends list Get a Link to this Reply
I would ask her for a date to come pick them up,At that point you can discuss the price. If they're not rare or collectible then I'd offer a basic face value offer. Because you never know what hidden goodies(clash,MAD,etc) is hiding in there.Then if you do find something fascinating you could give her a bit more if you're so inclined to do so!
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