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 Replies: 13 / Views: 1,687 |
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Valued Member
292 Posts |
I brought in some coins for a LCS owner to look at today to see whether or not any of them were worthy of me getting graded and also to see whether or not he wanted to buy some of my coins. The shop owner told me that some of my coins which I called key dates were not key dates. I tend to call coins that have extra value due to their date "keys". He also told me that my Kennedy half dollars from 2002 to current that I called "Not intended for circulation" were intended for circulation. I said, well the Red Book (and pointed to his book) calls them this. He told me it was all a marketing scheme and there's no such thing. So, needless to say he wasn't wanting to buy those from me. He valued three of my coins at about $75 total (I paid $8.25 total) that he was willing to pay as a retailer but said that none of them would be worth having graded professionally. Looking through some of his graded coins I noticed that some of them had labels with pretty nice grades (MS66, 67, etc) but they didn't have any sort of name of a company that grades them. I didn't ask about it but it was neat to see that such things exist. I lastly learned that my AU+ 1940's Mercury dimes are only worth melt. So, knowledge is power...I'll try harder to understand the coin business. |
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Moderator
 United States
23522 Posts |
Empty slabs are available at retail and he can print whatever grade he wants on them. This is not a dealer you wish to patronize. He wants to abuse you.
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Pillar of the Community
Canada
4911 Posts |
Quote:
Empty slabs are available at retail and he can print whatever grade he wants on them. This is not a dealer you wish to patronize. He wants to abuse you. I would take Dave's words to the bank, this guy sounds like baaaaad news.....run forest run! Feel free to call me Will.
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Pillar of the Community
United States
1704 Posts |
Quote:
Looking through some of his graded coins I noticed that some of them had labels with pretty nice grades (MS66, 67, etc) but they didn't have any sort of name of a company that grades them. I didn't ask about it but it was neat to see that such things exist. Keyword in here "some." Quote:
Empty slabs are available at retail and he can print whatever grade he wants on them. This is not a dealer you wish to patronize. He wants to abuse you. It is completely irresponsible to assume this coin dealer is the one who placed those coins in those holders. How do you know that? How do you know he is actually selling them at those grades? You do not. He could very well have purchased them in those holders and did not take the time to remove the coins them and perhaps even left them in those holders deliberately as an educational tool for novice collectors. Edited by Gyrene7483
05/17/2015 2:29 pm
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Bedrock of the Community
United States
11951 Posts |
I agree, the dealer idles not sound like someone I would want
to deal with. Unless I knew exactly what I was buying and selling was worth.
I am curious ... What are your coins, that the dealer said are worth $75?
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Pillar of the Community
United States
6370 Posts |
They could have been ASEs or other moderns or PCI holders (the logo is on the back) he had on display that housed a nice coin but at overly-inflated grades.
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Valued Member
 292 Posts |
My 1928 s standing liberty he said was a $40 coin. My 1917 type 1 standing liberty he said $15 and my 1890 Seated Liberty dime he said $20. |
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Valued Member
292 Posts |
One of the graded coins was ms60 something and it was a newer Kennedy half dollar. If I'm not mistaken the price tag was $40 |
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Moderator
United States
56855 Posts |
Buy the book before the coin. Buy the coin not the holder. Have you been going to this shop for awhile and have you trusted the shop owner in the past? John1  |
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Bedrock of the Community
United States
11951 Posts |
When you posted what the dealer said about the newer Kennedy half dollars and their current status, and AU Mercury dimes being worth melt. That made me wonder about the dealer. I do think that most dealers would not pay over face for newer Kennedy halves, but he should know they are only sold by bags, rolls and sets. As for your coins and his slabs, we would really have to see exactly what they are, to make a judgement about grades and prices. |
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Valued Member
292 Posts |
Well he did.. We sat down and he looked them over. Also, yes I've gone there before but I have never found any shop that I totally trust. Every shop owner is attempting to make money.
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Bedrock of the Community
United States
20753 Posts |
Simple solution. KEEP AWAY FROM THAT DEALER.
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Pillar of the Community
United States
675 Posts |
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Every shop owner is attempting to make money. I would certainly hope so! Otherwise, they won't be in business for long. I have found a number of AU and even up Mercs from the 40s in junk silver bins. I don't know if most dealers will pay much of anything for those. |
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Valued Member
United States
75 Posts |
Keep in mind that while this guy is definitely not someone you should trust as far as valuing goes, that doesn't mean he should completely be avoided. It sounds like he overvalued some and undervalues others. Use that to your advantage. 8-) Just be wary when doing business. I obviously don't know how his business is so h could be trying to take advantage of you, but he may just not be knowledgable.
So my advice,
Do research before you buy or sell with this guy, and any other dealer.
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Replies: 13 / Views: 1,687 |
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Posted 05/17/2015 2:04 pm
