| Author |
 Replies: 10 / Views: 1,753 |
|
|
Rest in Peace
United States
9104 Posts |
I got a call from a lady who inherited a dozen coins and is interested in raising college money. She has invoices where he bought from a full-retail+ dealer. I think you see where this is going. Nice material, not necessarily investment grade. Of course, in addition to not getting bargain prices, the market is down about 2/3 since then. I've tried to cushion her for a fall, but from what she described, there's only a couple pieces she won't get absolutely killed on, an 1896 Educational $ ms65/65 ($1100) and a 1927 Saint ($2375). But what about a 1903 McKinley $1 gold ($2725) and an 1898-o Morgan ms63/ms63. Overall, he paid around $20,000, if I remember the story correctly. I haven't examined them yet, but it's not looking real good, considering they're prolly not TPG, to boot. Wish me luck! |
|
|
|
Pillar of the Community
United States
7840 Posts |
Tell her the way it is. I would certainly want to hear the truth instead of creating false hope.
|
|
Bedrock of the Community
United States
20753 Posts |
You didn't specify who she is to you. If a relative, could end up being a problem you don't want to get involved in. If just someone that knows you, might be different. By this I mean with a relative or even close friend, regardless of what you say or do, it could well start rumors throughout the rest of the family about how you ATTEMPTED to take advantage of her. AND that does happen more than you would ever think possible. If just someone you know, simply tell them the truth. Show them how they can actually check out values on line. How to verify values on ebay. If you wanted to take the time, buy her a grey sheet or a copy of Numismedia. Regardless, in these situations I almost always suggest not doing the purchasing. Not getting to much involved. Usually you'll end up a crook to many people. Just not worth it all. |
|
Pillar of the Community
United States
5826 Posts |
Knowledge is the key to everything, I don't know why those people jump in to whatever they aren't aware of first, is it because those people believe that if they don't get on the band wagon they will miss the ride to fortune?
This is going take a long time for her to get over with, once she finds out from other dealers/buyers that its not what it is worth at this time. I would in my case offer her a fair bid/price and suggest to her to take it to other dealers, and see what they will offer her?
|
|
Pillar of the Community
 United States
2448 Posts |
I once made the mistake of telling a friend what her coin might be worth based on mint stage values and told her that its true value would be determined by the numismatic grade and value. It only graded out to AU and she was very disappointed. I no longer give my friends a range of values. I tell them to get it graded first, then we'll determine the value. I'm not going through that again. Tell her exactly what they are valued.
|
|
Valued Member
United States
318 Posts |
Well, she did inherit these coins, so telling her the truth should not hurt too bad. It was the purchaser that paid too much for them.
I would make her a fair offer and if she can get a better deal from someone else, tell her to go for it.
|
|
Pillar of the Community
Canada
3692 Posts |
Be totally honest with her no matter who she is. You'll get referrals and repeat visits in the future, hopefully with stuff of even greater value. She should be happy with those pieces alone - they can even pay the rent for a few months.
The best thing an appraiser can do is tell you its authenticity, grade, and replacement value. But, do let her know that a dealer will not give her retail value for it. If she doesn't heed that advice then wish her luck with her brick and mortar shop for one single item in stock.
Edited by Libertad
04/13/2012 4:51 pm
|
|
Rest in Peace
 United States
9104 Posts |
I'm meeting another lady today, she has a large cent, Half Cent and some silver. I quoted her realistic ranges on the coppers, she was disappointed, because "I looked it up on the Internet four years ago and it was $91." I hate hearing that, because you have no clue what or where she looked up. |
|
Moderator
 United States
14463 Posts |
Quote:
I looked it up on the Internet four years ago and it was $91. that was probably the selling price on HSN  |
|
Valued Member
United States
223 Posts |
Unfortunately this only shows that coins are not that great of an investment. Sure, the high grade key date coins will go up but so does the price of everything else. Be honest and tell her the value and most of all be fair if you decide to buy the coins.
|
|
Rest in Peace
United States
9104 Posts |
I didn't get the half or large cents (the half had a scratch with something weird on the obverse). She did sell me her silver, so it was a good day.
|
| |
Replies: 10 / Views: 1,753 |
|
Posted 04/12/2012 10:26 pm
