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 Replies: 33 / Views: 3,401 |
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Pillar of the Community
United States
6326 Posts |
A friend called me last night. After his Grandmother passed away a few years ago, he and his wife continued to pay for her safety deposit box down at the bank. He knew there were a lot of coins in there and he'd last looked at them when she was alive. But he's not a coin collector at all and doesn't know anything about them. He got tired of paying the fee and so he went down and brought everything home. He and his sister want to know the value and then split the money.... He says he has about a "jar" full of Mercury dimes, about the same in Silver Quarters,.....he says he has "a bunch" of Silver .50 cent pieces in there too.........and also some Indian Head pennies.....only a small amount of Wheat Pennies........but the best one is ......he says there is a nice "pile" of silver dollars. He remembered "one" coin was dated in the 1800's.......so they might mostly be " Peace dollars" .....I don't know. He also has a nice batch of "paper money". 1920's and 1930's $5.00, $10.00, and $20.00 dollar bills he said....... He wants me to take all of this home and go through them and use my best guess as to the value of everything. Man !>....I'm pretty excited !......might find some key dates in there !......  ........I've been trying to tell him that the RedBook is NOT "the" price guide for everything though........the Bluebook certainly wouldn't be a fair price guide either.......somewhere in between most likely........Should I go down and get a "greysheet" to give him the values on everything ?....What would give him the best value as to what they're worth?......If "I" buy any or all of them....I'll of course be fair......but I don't want to "overpay" or "underpay".....I'm honest to a fault......but I just want to do this accurately and correctly, and fairly for "both" of us. So what's the best way to do this.......if I pay him RedBook prices....that's overpaying I would think. I can't do "junk silver" prices or "silver melt" prices either without inspecting each date and mintmark on each and every coin........he might have a $1,000.00 Mercury dime in there or something ! But if he was okay with that..... Silver melt prices are what right now of (?)::
Dimes:
Quarter:
Half:If he's okay with that.....it could be easier to tell him this too I guess.....don't know the best way here.  Edited by eaglefoot
04/29/2008 08:14 am
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Pillar of the Community
United States
2797 Posts |
Eaglefoot ... I'm green with envy  The correct way to do this is to have at hand the latest greysheet and copy of grading standards. If you find something you like, explain to them how you graded the piece, then show them the greysheet price spread for that coin and grade. Then, ask them what price they would accept. More often than not, they will appreciate your help and honesty and quote a price below greysheet. Need any help? |
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Moderator
 United States
187914 Posts |
Dude, you rock!  I echo SeatedNut's sentiments of envy!  I'd probably make an effort to get a recent greysheet for pricing. If you plan on making an offer for the whole lot, then going with the blue book pricing might be fair since you are saving him a lot of effort in listing and selling individual items or small lots. That said, I think the more information you share with him (Blue book, Red Book, CDN, closed auctions, etc) the better the deal for both of you. You might even want to post some of that inventory here and get our opinions!  |
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Valued Member
United States
178 Posts |
i would kind of explain the situation and the different price guides etc.
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Valued Member
United States
206 Posts |
I would discuss in advance with him what the protocol should be if you decided you find a coin (or coins) that you want to purchase. Ask him what he would feel is the best way to go about it. I would think if you came across some coins (even if it's many many coins, say in the hundreds) you wanted to buy you could ask about melt price plus a small percentage. By going through as many coins and notes as it sounds like you are going to, you are doing him a big favor (even though most of us here would gladly help him out) and saving him the hassle and money of hiring someone to come in. If I were you I'd ask up front. If he's insistent on Red Book prices than you know, but if he's not a collector I would doubt he would be unfair to you. Let us know how it works out. And of course, if at all possible  |
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Pillar of the Community
 United States
6326 Posts |
He's also my best friend and I'm the godfather to his firstborn, best man at his wedding, fishing buddies, etc. etc. etc......we're both 39 years old....and have been best friends since the 4th grade !!
He IS a thrifty/budgety kind of fella......oh let's be honest ......HE'S A TIGHTWAD AND EVERY PENNY HE CAN SAVE OR PUT INTO HIS POCKET ......HE'S "OVERJOYED" WITH ! LoL Ha Ha....But he'd be the first to tell ya that.....it's an admirable habit to have for sure!...so....I kinda do fear him wanting a "top price" for any and everything he can.....so that's what I mean about just being "fair" with any deals I offer.
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Pillar of the Community
United States
6326 Posts |
Not going to have time to see what he's got for a couple weeks yet !
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Bedrock of the Community
United States
14454 Posts |
quote:
He remembered "one" coin was dated in the 1800's.......so they might mostly be " Peace dollars" .....I don't know.
well not really, since Peace dollars weren't minted until 1921, so if its in the 1800's it would have to be a Morgan not a Peace dollar so maybe there are more Morgans than Peace dollars, be sure to look for valuable VAM's if they are (I don't know about Peace dollar VAM's but with Morgans it can really make a difference in price) |
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Pillar of the Community
United States
6326 Posts |
Bryan1315........ NO NO......!...You misunderstood me...  ...I meant that he could only remember "one coin" that was in the 1800's out of all of the silver dollars.......So there may only be ONE Morgan there.... the WHOLE bunch (minus that one) must be Peace dollars.......... Edited by eaglefoot
04/14/2008 11:01 am
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Bedrock of the Community
United States
14454 Posts |
Oh I'm sorry, maybe you will get lucky and all of them be some kind of super rare VAM Morgans or even super rare Peace dollars would be nice (even though I could be of absolutely no help attributing them) |
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Pillar of the Community
United States
6326 Posts |
Excitement has my expectations very high of course.........but ya know....it very well could be mostly "junk silver"......(which I'd still gladly take)
silver dimes....silver quarters....silver halves.....silver dollars........I'm salivating right now STILL !
I'm going to shoot for... not this weekend, but the next weekend and see if that's mutual for us to sit down and see what he's got!
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Pillar of the Community
Australia
1040 Posts |
I don't know how you can contain yourself. I would have been over there that night!
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Pillar of the Community
United States
6326 Posts |
Bad news !!.....I talked to him last night and his sister wanted her half RIGHT NOW !.......So, not waiting to identify ANYTHING he said he divided up all of the coins equally and gave her half !....OMG ! I said..I thought your sister just wanted the "cash" and not the coins ! I'm thinking his sister is a little greedy.....she has been in the past....but so now I only have "half" of the coins to go through.....I'm DEVESTATED ! lATMAN100........... I'm fearing your right.......I should have gone over that night !.... But he lives 45 minutes away........and the sister lives a couple of hours away and I fear that "half" is gone forever ! And, to top it off, my friend is kind of "hem hawing" on whether he wants to sell anything now. I told him about the "greysheet prices" that I was going to get and he just laughs.....He says..."Greysheet" ?...just look at the name !....That means "grey area" and not specific and that'll be just in the middle somewhere and not my best money value ! It's the same as "cars" with this "Bluebook" , " RedBook", and "Greysheet" he says..........somehow from what I've told him in the past he thinks he should get the top most expensive price offer for them in the country or he'll just keep them for 30 years. This is starting to change to ugly now.......maybe i'll just "indentify" them for him.....give him a greysheet price and NOT offer to buy ANYTHING.... |
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Pillar of the Community
United States
6326 Posts |
So what would you guys offer him for the Mercury dimes....... Silver Quarters....... Indian Heads..... Silver Halves....... Silver Dollars...... Assume they are "junk silver" in low grade condition with no key or semi-key dates.....give me what "you" would offer him "apiece" for each of these. Greysheet or the "going rate" per coin.....whatever.......what prices should I say here as a "general thing"........(before I go through each coin...or IF I do) |
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Valued Member
United States
64 Posts |
Sounds like both of them are just plain greedy.
Explain to him that he might have just given his sister several thousands of dollars of coins more than he kept.
I think no matter what you offer him he's going to want more.
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Pillar of the Community
Australia
1040 Posts |
Maybe you should push the whole slowing economy thing and people (including dealers) aren't willing to pay premiums now. If he hangs onto them it may be for nothing and he should accept melt value, you're doing him a favour after all.
Seems to be always the case. Someone who knows nothing about coins receives some in an inheritance, starts to tell people, and soon enough other people who know nothing about them are giving advice. All of a sudden, your coins granny put away from her change are going to make you rich.
If I were you, offer what you think is fair. If he still wants to try his luck elsewhere, take him to a dealer. Only tell him if the dealer offers less, that is your new offer.
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Replies: 33 / Views: 3,401 |
Posted 04/11/2008 11:03 am
