I routinely get emails from the American Coin & Stamp Brokerage. I've occasionally made purchases and find their grading to be strict. Their offerings are quite varied and extensive. Even when I don't find a piece for my collection, I always enjoy their often humorous, "dealer-perspective" editorials. Here's the latest ....
The big "I Bomb"! The other day, a well dressed, distinguished gentleman walks into the store with a briefcase. He proudly announces that he has a couple of complete sets of rare coin to sell. I immediately begin to envision complete sets of classic
United States coins, like maybe a Morgan set, Large Cents, or some other "goodies". My mind starts to hope for some nice high grade coins, with outstanding original surfaces. As he pulls out some nice Dansco albums, he explains that he has put these together over the past 40 years. Sounding better with each passing moment, I look forward to digging in, and exploring the treasure that each album contains.
As he slides the first album across the counter, my initial hopes are somewhat deflated, as on the cover, it states "
Eisenhower dollars". Trying not to display my disappointment, I open the Ike album, and unfortunately, not only is the "set" a business strike set, without the Silver or Clad Proofs, it apparently has been pulled from circulation. Not only pulled from circulation, but it appears that a couple of the coins have doubled as hockey pucks at some point of their existence. As a matter of fact, some of the portraits look like they have played a couple of years in the NHL, complete with scars all over their faces. For those of you who are somewhere north of 50, just like Gerry Cheever's goalie hockey mask. For those of you under 50, Cheevers was an old time hockey goalie, who while playing for the Boston Bruins, decorated his mask with painted scars from where he would have had stitches if he wasn't wearing the mask. In other words, a really ugly circulated Ike set.
As I'm looking at the album, he proudly points out the 1973 P & D issues, stating that it took him almost 20 years to find them, as they were never released into circulation. I'm trying to size up the stability of this gentleman, so that he doesn't look to "off himself" in the store when I break the bad news to him. Just when I think it can't get any worse, he drops what we call the "I bomb." In other words, he wants me to price EACH coin INDIVIDUALLY!! I ask him if he is serious, and not only is he serious, he then pulls out a copy of the latest Littleton coin price guide. Littleton has been in business for what seems like forever, and have an interesting business model. They certainly grade material accurately, and pay strong prices for coins that meet their grading criteria. With that being said, their pricing structure is somewhat, well how can I put this delicately, sky high. I mean like $20.00 for Uncirculated Ikes that wholesale for under $3.00 EACH.
Now Rich, who has been sitting at his desk, doing some type of computer work, is catching bits and pieces of this conversation. Using his "lame" excuse of "my fit-bit told me it's time to move", comes over and glances over my shoulder. Of course, he doesn't say a thing, but heads into the back of the store, graciously allowing me to "swing in the wind" all by myself. Making a mental note that revenge is best served cold, I will wait for the opportunity to get even with Rich at some future time. I explain to the gentleman the reality of the situation, and that I could sell him a complete BU and Proof Ike set in a Dansco album for less than the Littleton price of his first 9
Ike dollars. I go into the back of the store to get a complete Ike set to show the guy, not missing the opportunity to say 2 words to Rich, which, by the way WEREN'T "Happy Birthday".
Going back to the front of the store where reality is starting to set in for the guy. Recovering from realizing that his "price guide" isn't accurate to the real world market, out comes the second set in a Dansco album,
Roosevelt dimes. I get the sense that this deal isn't going to get any better. Different album, same story. A circulated set of Roosys, but at least these have the silver coins in it. After hearing that "each of these silver coins have $5.00 worth of silver in them", I have determined that this potential purchase is going now where. I attempt to graciously explain that he might think about giving these collections to his grandchildren, as opposed to selling them to us, as he will get much more satisfaction explaining the history of the coins to them, as opposed to selling the collections to us.
This is where the gentleman no longer becomes a gentleman and morphs into a raving lunatic, claiming that I only am trying to "rip him off". Biting my sarcastic tongue, I ask him how much money I will make when he gives the collection to his grand children. After thinking for a minute, he says I'll make nothing. Then I ask him, how am I ripping him off? He proceeds to back up his brief case, without showing me the final album, which by the way is a Lincoln Memorial collection, without proofs, of course. He leaves the store, and Rich comes back up front, and asks if I bought the deal. I quickly look around the front counter for something to throw at Rich..
Posted 04/23/2017 05:36 am
