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How to make an offer on someone's coins?

 
 
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United States
11 Posts
 Posted 06/03/2018  01:25 am Show Profile   Bookmark this topic Add justanamateur to your friends list Get a Link to this Message
I've been searching my long-saved modern coins for months, now. I'm getting fairly ok at identifying errors and varieties.

Tonight a really exciting opportunity presented itself. I was at the liquor store, paying with my reject Presidential dollars. The owner asked me if I knew anything about "big" dollars and halves, as he had some from the 1800s. He said that he didn't know anything about them, and was confused because his google search showed a large range in values.

I told him I might be willing to buy some of them. He wanted to know values. I told him we could reference one of my books. He was amenable to me showing him values.

What source should I show him? I'm thinking I'd pay him a fair private party price for his coins. Of course, I'm hoping to stumble upon awesome varities or errors (or high grade). I'm doing my homework, but I'm wondering what would be the best source to show him? And how do I know how much to offer? I'm aware that the books (ie... the Red Book) are just an outdated guide.

Help?

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United States
7836 Posts
 Posted 06/03/2018  02:07 am  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply
The bare minimum would be to show a webpage with melt values. Beyond that, it depends highly on the specifics of the coins. Price guides are inflated, so I would avoid them in this case.
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United States
408 Posts
 Posted 06/03/2018  02:18 am  Show Profile   Bookmark this reply Add Copper Penny Connection to your friends list Get a Link to this Reply
Depends on how many he has. Chances are that customers in his store paid with them and hold no sentimental value to him. If he doesn't have many, A quick eBay search in the "sold" category should suffice. Explain fees and time and buy them at a price worth while to YOU, but fair enough to him so he calls you again if more come into the store.

Ive had this happen to me before, yet still surprises me every time I see it. I had one guy come into my friends gas station and buy 2 packs on newports and pay with 13 Morgan dollars lol.

Just last week an 80 year old gentleman came into my store after the bank sent him into see me. He was returning dime and quarters that he just saved over the years and ended up with about $60-$70 in 90% Silver. It made my day to see that old mans surprise when he learned what I was giving him for his old pocket change.
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 Posted 06/03/2018  02:21 am  Show Profile   Bookmark this reply Add Crazyb0 to your friends list Get a Link to this Reply
ANY BOOK, SITE, CHART will hold very highly inflated price values, NGC, Red Book, even charts as Spruett001 pointed out are NOT a real world pricing. To be fair, for silver as "junk", no special values it runs 13.3% times the face value, that's what you could sell it for, so use that as a start. For instance, silver quarters $3.75 min, halves $5.50 minimum. Then look at rarities and grades. If you really don't know what you're doing, it could be very bad for you or the seller.
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 Posted 06/03/2018  09:15 am  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
99.995% chance the coins he has are circulated, common grades worth little premium over melt if any. You can buy common date BU Morgans on eBay for less than $30, and most common dates are a available for under $20 each.

Also be wary of fakes! I was in this situation about 6 months ago at my bank, when I spotted some Morgans in the teller's tray. They were all fake! Three didn't pass the ring test, but the fourth one did, but had uneven reeding!
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United States
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 Posted 06/03/2018  11:38 pm  Show Profile   Bookmark this reply Add justanamateur to your friends list Get a Link to this Reply
Thank you for your responses. eBay "sold" is usually where I get my own ballpark numbers.
I like the idea of using melt values. I have a scale we can use & I can't really go too far wrong.
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