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 Replies: 13 / Views: 1,260 |
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Pillar of the Community
United States
595 Posts |
The mother of a co-worker brought me a whole lot of coins her recently-deceased father had saved. I said I would look at them to give her an idea of what they might be worth if she took them to a dealer. Most of it is not worth anything -- lots of Bicentennial quarters, clad Kennedy's and Ikes, a smattering of nickels, dimes, a few worn Morgans, some old coins but holed, that sort of thing. Also a bunch of neat foreign coins that I know nothing about -- mostly copper, but some 18th century.
She has asked every day if I would like any of them. I would. I'd like the whole thing, but I'm afraid I'd be cheating her because I'm not expert enough to know what the whole thing is worth.
What shall I do? Shall I add it up at face value and then add a premium? Or should I decline with thanks?
I really want some advice, and soon, so the poor woman can stop asking me.
Thanks for listening.
Jan
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Valued Member
United States
383 Posts |
Just tell her the truth. Is this not standard here? Tell her what you know, and what you're willing to offer. Then tell her that she can take them to a dealer and see what he offers if she thinks your offer is low. If it's even within 10% of your offer, she'll probably still sell them to you b/c she knows you.
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Bedrock of the Community
United States
10284 Posts |
I agree with SJUHawks, Tell her the truth, give her your best price and be sure to explain that you are not sure about the world coins. The deal might be done then and there.
Be sure to not let a dealer buy a couple from her when she tries for a price for the whole lot. The dealer will probably take the best, pay nearly nothing and hand back the rest to her.
Just ask her to ask a dealer how much he would give her for all of it and you can pay her a little more over the dealers offer.
The coins the dealer will pick over would probably be the best ones. Maybe she can keep them aside and remember that the dealer was most interested in those and you can do a little research about them and adjust your offer to her if you feel you might be getting far too good of a deal.
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Pillar of the Community
United States
1179 Posts |
Yeah, hopefully she sells to you and not a dealer. I like the advice above about getting them priced at a dealer then talking to you. Seems like the best option.
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Pillar of the Community
 United States
595 Posts |
Thanks, everyone. I'm ruminating on it.
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Bedrock of the Community
United States
20753 Posts |
My suggestion is to be carefull. If you decide to take them all you could show her the Red Book and the prices would be way out of line but how would she know that? Based on your word? If you tell her that most are nothing real great, eventually someone will tell her how you cheated her. If you attempt to overpay just to be safe, she may end up thinking they are worth even more. If she does go to a coin shop and they take them all for a lot, lot less than what you would have paid, you would feel horrible. What I'm trying to say is when it comes to individuals you know, relatives, neighbors, etc., sometimes it is really worth it to just pass on something. Way to many times I've heard stories about how someone that knew someone cheated them. Almost anything you say or do in many instances is just not believed. Like I said, might be nice deal but may not end up worth it. |
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Moderator
 United States
23522 Posts |
You're pretty conversant with the US issues, so determining a fair price for them should be no problem. As for the foreigns, even though there are value-added rarities to be found, you have to consider the huge variety of foreign coins minted and the relative chance of such a rarity being among this random group. I understand your dilemma, but I would be comfortable in your shoes assuming that there isn't anything really special among the foreigns. If by chance there is, the obvious move would be to liquidate it individually and share the profit with her. For the record, if any of that 18th-century foreign copper approaches Mint State, you'd find me an interested party.  |
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Pillar of the Community
United States
2443 Posts |
Best thing would be to offer that you sell them for her on ebay or something so she won't get taken advantage of by a dealer. If you buy them yourself, she might feel that you ripped her off or others might tell her that. Also, a lot of people don't know much about coins and their value so they might hear that silver dollar like hers sold for $10,000 and you have her a few bucks for it (when in fact it was a key date in MS66 and hers was a common circulated one). |
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Pillar of the Community
United States
2661 Posts |
Quote:
(when in fact it was a key date in MS66 and hers was a common circulated one).  Yeah, Like my brother in laws Lincoln Penny. He has, or at least had, a 2000 LMC with "V.D.B." on Lincolns bust. Man what a rarity. He told my wife how that one like that was worth $1000's. He had heard of the 1909S VDB and was thinking that VDB on a penny made it worth a lot of money. I think now he has figured it out. FYI he also thinks the colorized Obama dollars are going to be worth a fortune someday so he is buying up every one he can afford. |
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Valued Member
United States
383 Posts |
You could also go with her to the coin dealer and instruct her not to sell anything there. Then go through the Red Book with her, or just tell her you'll give her 110% of whatever the dealer offers, as they normally low-ball. |
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Pillar of the Community
United States
1882 Posts |
I suggest a Blue Book rather than a Red Book... |
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Pillar of the Community
United States
595 Posts |
I appreciate all the comments.
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Bedrock of the Community
United States
20753 Posts |
Here is another suggestion. Attempt to get the coworker interested in collecting coins. That way he could use those for the start of a collection. You could tell him that in the future should he loose interest in coins, you would then consider a possible purchase of them. That way he may or might accept the coins himself, look up their values himself, no problem with you cheating anyone.
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Bedrock of the Community
United States
12437 Posts |
I would start out by excluding the bicentennial quarters and clad half dollars from any transaction, you should tell the person to just take them to a bank and cash them in since they are only worth face value. Hopefully, the person will not be disagreeable with that and think they are worth a fortune  |
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Replies: 13 / Views: 1,260 |
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Posted 04/01/2009 10:38 am
