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 Replies: 10 / Views: 1,804 |
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New Member
United States
42 Posts |
So a lady today asked me if I would interested in buying a collection or a portion of he dads coin collection he is deceased and am they have no knowledge of price and just starting to collect I don't either but I figured this is probly a great place to start getting coins at a reasonable price she is a familiy friend so I don't want to screw them but I also don't wanna get messed up suggestions for making an offer would be greatly apprecatied I don't know what he has all I know is it sounds like proof sets and mint sets and other "finds"
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Bedrock of the Community
 United States
12816 Posts |
Kaboel, you'll need to provide specifics (and preferably some punctuation) to get any kind of input or estimates from the Forum here. You can start by getting yourself a Red Book. Values there may be a bit on the high side, but it'll give you a place to start, assuming that the collection is composed mainly of U.S. coins. |
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Pillar of the Community
Canada
3049 Posts |
It doesn't matter if the collection is a close friend of the family or a complete stranger.. the process is exactly the same.
Have a look at the collection in question. Offer a price for either the entire collection or the pieces you're interested in.
As what you should offer.. well that comes down to research and diligence..but the best thing you can go into the negotiations with is as much education as possible about the coins in the collection.
Good luck
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Valued Member
Canada
160 Posts |
Totally agree with the above posters, education is key here. What I would do is see the collection in person, make a list of what I was interested in, and check online extensively regarding prices. Suggest strongly checking eBays advanced search under "Completed Listings." Buy a Charlton catalogue. It will really help you as you go, for $30 it pays for itself very quickly. You can even learn a little about grading in there and you can start grading your own coins (that's how I started). Take it slow and if in doubt, do more research. It will only help you in the future.
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Moderator
 United States
56855 Posts |
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Pillar of the Community
United States
3843 Posts |
Remember that common date 20th century coins such as circulated wheat cents, Buffalo nickels, Mercury dimes, and the like are often overvalued in these price guides. Dealers often purchase theirs back of wholesale prices since they are so common and their isn't enough demand so they tend to sit around unsold. |
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Pillar of the Community
968 Posts |
Purchasing a collection? Don't do it yet. Ask them to hold onto it for a couple more years until you have a better grip on what you're doing. Otherwise, take your time and use the lowest value ebay completed AUCTIONS (not BIN) to calculate values. |
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Pillar of the Community
United States
589 Posts |
Simplest way of doing this would be to take the collection to the local coin store(maybe 2 or 3)and ask how much they would offer for the collection. From the highest offer add 10% to 20%.
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Bedrock of the Community
United States
20753 Posts |
Old problem. So much depends on who she is too. If a relative, may well be asking for problems with the rest of the family. If just a friend, who knows her and is she reliable. If just someone you or someone you know, knows her, got to be careful. Never know who knows what and what is real. With a relative situation, such transactions create a lot of problems.
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Valued Member
United States
331 Posts |
Quote:
Kaboel Posted - 08/23/2014 : 01:04 am
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So a lady today asked me if I would interested in buying a collection or a portion of he dads coin collection he is deceased and am they have no knowledge of price and just starting to collect I don't either but I figured this is probly a great place to start getting coins at a reasonable price she is a familiy friend so I don't want to screw them but I also don't wanna get messed up suggestions for making an offer would be greatly apprecatied I don't know what he has all I know is it sounds like proof sets and mint sets and other "finds" I have done this several times in the past. With friends and family members. What I usually do depending on size of the collection. Is take the collection for a few days- week and study and compare each coin. I know you don't want to get burned but you sure don't want to burn a friend/family member either. I tell them upfront that what ever price I come up with I will buy at that price minus 15% or they have a good starting point to go forward. This is exactly how I started many years ago as a newbie and bought an inherited collection. You will be surprised how much you can learn buying someones collection. So don't be scared to jump in with both feet only if you can afford it. Hope this helps.  |
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Valued Member
United States
234 Posts |
Definitely spend time taking your inventory and do your research prior to making an offer or purchasing.
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Replies: 10 / Views: 1,804 |
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Posted 08/23/2014 02:07 am
