| Author |
 Replies: 11 / Views: 2,085 |
|
|
New Member
Canada
5 Posts |
Hi All, I just found and registered on this board. Anyhow a friend recently lost his parents and found qutie a bit of old Canadian coin in their home. He has bad peeps so he asked me for help. I got a book from a friend and sorted the 1$, 50c, 25, 10, and nickels, haven't attempted the pennies yet. So feeling good about myself I select a few lower mintage ones from 1899 to 1947 and went to the local coin shop. Now none of the coins are uncirculated but most from what I've learned are vg to ef. The guy didn't seem interested at all nor look closely at what I brought. He said the 50cent pieces are worth 2 bucks each and that was it. I pointed out a rare dime, one that in the book said could be worth thousands and he said not good enuff? Now I understand he is there to make a living but it was just a small sample of what there is. I'm going to place some in a book, all pretty like, and try another place but it did take the wind out of my sail, if you know what I mean! Now I can understand how there is countless items on ebay... Comments? Steelhead |
|
|
|
Pillar of the Community
United States
3294 Posts |
What country are you in? If you are not in Canada, some coin dealers might not know anything at all about Canadian coins.
|
|
Pillar of the Community
Canada
4227 Posts |
Any reputable dealer should definitely be more helpful than that, especially where it sounds as though he just wanted to score the silver at less than melt. We can certainly help here, but pictures would be required for any degree of help. I'm not certain where you're located, but if you have other dealers in your area (or coin shows), it would be a decent idea to get their opinion if they're willing to give it. Bad apples can certainly "take the wind out of your sail!" ebay can provide a good source for pictures and prices too. As well, don't get tempted to clean anything up to make it look better. Cleaned coins will become devalued. |
|
New Member
 Canada
5 Posts |
Thanks for the quick responses....That's what erk'd me, offering way less that intrinsic value. Two weeks ago I knew nothing of coin collecting, and actually really enjoyed getting to know the hobby but after I left that store I felt like visiting the smelter...lol. I'm in the Toronto area. Yes, I've already learned not to "clean' em. I will get some pics up, but it will be in a couple of days. Thanks again and keep'm coming.
Steelhead
|
|
Pillar of the Community
Canada
598 Posts |
As mentioned...DO NOT CLEAN ANYTHING... Just like The Antiques Roadshow says! ALL of your silver coins(pre-'68, if you have a book the silver content is listed) are worth approx 10 times face value for silver content alone. In other words the 50 cent pieces are worth around 5 dollars... more depending on condition, date, etc. Do you have a 1969 large date dime? Get it certified before sale (search the forums here for plenty of info on that).  When toting the coins to various shops bring the book with you. You have obviously gained some insight... let the buyer know that.  o! ...<<< I learned that word on ebay!... and I like the little censored smiley so I'm leavin' it!Another thing would be to sort out a collection of his own.  |
|
Pillar of the Community
Canada
1082 Posts |
Sounds like the dealers here in Winnipeg.
Best bet: Now is the time to learn like crazy. There are several knowledgeable individuals on this board who are willing to help you out, but you have to give them something to go on. Pictures are definitely worth a thousand words here.
Get your buddy involved too -- they're his coins. The more the merrier.
|
|
Valued Member
United States
324 Posts |
"That's what erk'd me, offering way less that intrinsic value." Only a small portion of coins ever trade at the prices listed in price guides, since the prices listed there are full retail or book value. Most coins trade at some discount relative to book value depending on the venue (dealer, auction, trade, etc.). Certified coins receive the highest values since both the seller and the buyer usually agree with the assigned grade. Uncertified coins are another matter. Usually the seller over grades them while the buyer under grades them. The net result? Uncertified coins usually trade at a good discount from dealers and an even bigger discount on an auction. A good rule of thumb - an uncertified coin sold by a dealer will typically go for about 60% to 75% of book value, and about 40% to 50% of book value when sold at an auction (such as ebay). And if a dealer is selling an item at 60% of book value, he may only offer you 30% of book value when buying. No dealer anywhere will offer you 60% of book value only to turn around and sell the coin for the same 60% of book value. |
|
Valued Member
United States
324 Posts |
Note that you can usually get better prices selling coins on ebay. But this takes time. It takes time to set up the accounts, to take decent images, to set up the listings and to ship sold lots. If it takes 1 hour to sell a $3 item, is it really worth it? Or does it make more sense to sell such an item to a dealer for somewhat less? Truly valuable coins are hard to find, and that why they are valuable - because there are few of them. |
|
Valued Member
Canada
386 Posts |
mkb, ebay is a good way to sell coins, but they wind up clawing 25% back from you in ebay listing, final sale value fees and Paypal fees. My obseravtion on ebay is that junk silver, gold and key date coins sell well. Run of the mill coins usuaully get below catalog value. |
|
New Member
Canada
5 Posts |
Went to another coin store. The owner was very helpful, friendly, and insightful. That being said the coins I put together, being the best specimens of the collection, were worth very little. The low mintage ones were too low of grade. The best quality ones were too common. Looking at what was being sold there it was obvious he was not pitching a line. Obviously this hobby is for those who really enjoy collecting, and are not concerned with selling.... Perhaps if the coins were higher quality I would try ebay, but for a couple of bucks a piece it is not worth the time and effort. I was trying to help someone but what was offered so far does not at all justify the time being spent, the albums, books, etc.. I told my friend he might as well put them away for his kids. It was nice learning a bit about the hobby but all in all just a big disappointment. Thanks to all that responded. Steelhead |
|
Pillar of the Community
Canada
636 Posts |
Steelhead..what dealer in Toronto did you go see...just give me the location if you would rather not say in public.
I think perhaps you should go see another dealer..and I would be happy to suggest another one.
|
|
Valued Member
United States
198 Posts |
Hi Steelhead  Sorry about the bad experience, but unfortunately some dealer's are like that. Seek out other coin dealer's in your area, and perhaps call first and explain what you have to offer. If you check with a few dealer's I'm sure you'll find someone willing to pay a fair price. ~ Jim |
| |
Replies: 11 / Views: 2,085 |
|
Posted 04/10/2009 10:19 am
