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 Replies: 25 / Views: 3,768 |
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Pillar of the Community
United States
3843 Posts |
A couple of years ago I made a recommendation to an aunt on where to sell my elderly grandfather's collection and not get cheated so that the proceeds could be used to pay some of his bills. Even made the arrangements for her to get a free appraisal with no strings attached with a dealer I've found to be very fair.
Guess what she did -- she took the collection down to the nearest pawn shop and sold it for pennies on the dollar and significantly below the silver content alone. This was a several generation collection started in the 1880's that I had offered to purchase previously for 4X more what the pawn shop ultimately paid her after talking down the collection and the condition of the coins as "junk".
There were a few decent coins but mostly lower end stuff and it would have been nice to own coins that had been in the family for so long. Now I have a rule -- don't discuss coin collecting with relatives and absolutely don't talk valuation.
Edited by Joe2007
07/22/2020 6:03 pm
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Rest in Peace
United States
2668 Posts |
Just choose a poke in the eye with a sharp stick.  |
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Pillar of the Community
United States
1667 Posts |
Maybe the relative just isn't really that interested in selling in the first place to want to actually deal with it.
Best to just let it go really. Maybe in another year or two they will be more motivated.
it's hard for the collectors of things to part with stuff, and when it comes to selling, it's hard to trust anyone that comes across as "too enthusiastic" about helping you get rid of your stuff.
For older folks it can become overwhelming, and while it seems like a good idea, when they get into it, they shut down and turn off of it.
I've wanted to sell some of my collection for a while, but in the end, it's easier NOT to do it, and I don't have to feel insulted when I get lowballed by people, even if it isn't a lowball, it's still how I will feel about. Got a closet full of comic books, baseball cards, and toys from my childhood in the 70s , 80s and early 90s collecting dust but I can't part with them and it's half because of the hassle, and half feeling insulted because it has a different value to me than other people.
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Moderator
 United States
187446 Posts |
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... This was a several generation collection started in the 1880's that I had offered to purchase previously for 4X more what the pawn shop ultimately paid... That breaks my heart.  |
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Pillar of the Community
Canada
999 Posts |
I have a very elderly neighbour who wanted to sell his coins but didn't really know where to start. I offered to create an inventory of everything, which I did on Excel. I then had a dealer come to the house to take a look and make an offer. Eventually I made it known that I would be willing to buy the collection for what the dealer offered. He was thankful for the work I did and sold it to me for the dealer price less 10%. I kept some for my collection and sold the rest on ebay and to LCS. Since then, he has found other random coins in his house. I have sold some coins on ebay for him. I type everything out showing the sell price and the costs that ebay and PayPal charge. My neighbour will often give me a percentage of the sell price as well. I do this because I enjoy listening to his stories and viewing a wide range of interesting coins, not for the monetary compensation. |
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Moderator
Australia
16804 Posts |
Sometimes, people say they "want to sell" and ask for help, but in the end they change their mind. That's just the way people are, and I don't think there's terribly much you or anyone else can do to change their minds. It's just a matter of being respectful, offering help and giving advice when asked for, and remembering always that until and unless you actually agree to buy the coins and hand over the money, the coins aren't "yours".
There was an older lady in my church, whose late husband was a collector. She still kept his collection stored away in a trunk but had no interest in it herself; neither did anyone else in the family, apparently. She knew I was a collector and that I helped people in the church sell their unwanted coins and stamps to raise funds for mission work, so she let me look through part of the collection with the aim of selling it off.
Perhaps it was watching me look through the coins enthusiastically (there were some nice pieces in there), listening to me talk about the coins, reminding her of her late husband's enthusiasm on the subject. In the end she decided to keep it all "just in case the grandkids might change their minds and want it". She has since passed away too; I've lost touch with the family since her passing and have no idea what might have happened to the collection. I'd like to hope one or more of the grandkids did end up keeping at least part of the collection, as a reminder of their grandfather, but truth is it would be far more likely that the coins were fire-saled for a fraction of their true value and the proceeds divided up with the rest of the estate.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Moderator
United States
187446 Posts |
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I do this because I enjoy listening to his stories and viewing a wide range of interesting coins, not for the monetary compensation. This value cannot be underappreciated.  Quote:
... In the end she decided to keep it all "just in case the grandkids might change their minds and want it" ... I'd like to hope one or more of the grandkids did end up keeping at least part of the collection... Your aim was true and you gave it your best shot.  |
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Valued Member
United States
182 Posts |
I would forget about it help them. The more you try, the more they would feel uncomfortable. They will come to you when they are ready for your help. And make sure you don't touch their coins unless they physically put them on your hand and ask you to take a look. And if you think there is trust issue, make sure you return them before they walk away. Sadly, the best way to avoid any complications is to avoid helping them.
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Pillar of the Community
United States
1913 Posts |
Youngmaster, sorry to hear about your bad experience trying to help someone. I think that it all comes down to their mindset and that's something you can't control. A coworker of mine's cousin passed away. She knew that I collect coins, so she asked me if she should just take the silver coins to the bank. I told her no, but to bring them in so that I could take a look. She brought them in and I sorted them. There was nothing really collectible, just good bullion coins, so I told her what she had. She then asked if she should just take them to the bank or a pawn shop. I was going to a coin show, so I offered to take them and sell them for her. I shopped them around as I was looking for coins myself. I ended up getting a little over $1,800 for them. When I brought her the cash, she cried and gave me a hug. I didn't expect that kind of reaction, but it made my efforts worth it. She really appreciated the fact that I help her avoid getting ripped off.
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Pillar of the Community
Canada
5391 Posts |
One of the reasons that we charge appraisal fees for more than a cursory look
at a collection...... you quickly find out how serious they are about selling .
Second bit of sage advice , never ever get involved in helping a family member
or a good friend with a collection....YOU will often end up being the bad guy !
Edited by Pacificoin
08/29/2020 11:01 am
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Replies: 25 / Views: 3,768 |
First Page
Posted 07/22/2020 6:06 pm
