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 Replies: 13 / Views: 1,410 |
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Pillar of the Community
 United States
5953 Posts |
To cut an even longer story short. My Mother in-law has significantly down sized her habitation. Where did all the spare stuff go? Into my double Garage! After almost a year of not being able to house my Poor beat up truck we issued an ultimatum. 'Give the stuff away sell it or remove it..' She chose to sell. She is 72 and has no clue about estate/yard sales so my wife and I have handled the advertising. Her 'Friends' are coming round to run the sale. Anyway in several of the advertisements I mentioned jewelry and old sliver coins. She does not have anything special and most of the coins are not worth much more than melt. She however does have a set of Barber half dollars that I would conservatively estimate at around $600. I have had 9 e-mails so far asking about the silver coins. I replied to all with a list and the asking prices. My e-mail address kind of lets people know I play with coins. 7 of the 9 failed to respond. 2 however replied. One telling me that the bottom has dropped out of the silver market and I would be lucky to get 5 times face for the silver. The second offered $200 for the half dollar collection. I sent a link for kitco's buy prices to the first who has yet to respond. The second I sent a note explaining how I reached my grade and price opinions. The response was to the effect that I obviously know nothing about coins and I should really take his offer as it was a very good one. He also wants to come pick up the coins before the sale starts. Admittedly I don't know much about Barber half dollars but I do have Photograde, the ANA,PCGS grading guides and a Red Book. I doubt my grades are off by more than 5 points and I would say they were conservative. I have to assume that both these people scan the advertisements and try to obtain coins dirt cheap. I have no problem with the concept but what they are doing in my mind is pretty close to theft. I have to assume their tactics work some of the time or they would not be doing this. The smart ones accepted the lists and prices, they may or may not show at the sale. These two were dumb enough to make me mad. Both use their names as their e-mail address so I will be on the look out for them this weekend in case they decide to show up at the sale. In all probability the only coins that will be sold at the sale will be the junk silver and I will make sure she gets at least 10x face which seems to be the average ebay sell price. The half dollar set will be put in the safety deposit box until I can take it to a trustworthy dealer and get an insurance valuation. |
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Pillar of the Community
United States
3294 Posts |
I scan ads for silver coins, but offering 5x is a joke. I usually start with an offer of 8x, because the coin dealers around here will offer 7 or 8x, but I am not out to cheat anyone. I actually like to bait the people who offer to buy the junk silver for 5x who seem to spam craigslist. I give them a line of bull about how I have 100 half dollars or something and negotiate to get them up to 5.5x, and set up an appointment at some place, and the day before, tell them that all the half dollars are 1965-1969. Its kind of funny actually.
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Pillar of the Community
Canada
4227 Posts |
You're absolutely correct in your thinking. People see "garage sale" or "estate sale" or "yard sale" and automatically think everything basically being given away because these people are so "desperate" to get rid of the stuff. Often it's not even coin dealers/collectors looking to buy coins, but general antique/collectables people that only have (at most) a basic understanding of coins. I would be surprised if any of those you mentioned show up at the sale. Best of luck!  |
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Pillar of the Community
 United States
5953 Posts |
nod2003 I kind of like your Idea. Does that make me a bad person?
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Valued Member
United States
314 Posts |
Richard, if you ever come to Louisiana, there are a couple good coin dealers that will give you good value for your coins. I know of one in Denham Springs that will give an excellent deal and I think there is one in Lake Charles (only been there once) who is very honest.
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Pillar of the Community
United States
5953 Posts |
chris122nascar I have no problem with the real coin dealers in my area most are honest and would give me a reasonable price. The set is not mine to sell though I will be there to supervise the sale to make sure the in-law does not get ripped off. The closer we get to the sale (tomorrow) the more I am realizing that she does not actually want to sell anything...
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Bedrock of the Community
United States
20753 Posts |
I started to read your post and stopped. The reason is what I always tell people when they get involved with a relative and their money.
DON'T. You may be a fantastically honest, trustworthy, honerable, etc person but once you get involved with a relative, close friend, nieghbor with money involved, things can get nasty. If you sell something for them, you may have pocketed some of it. If you say it's worth $1,000 they will always suspect it was really worth many thousands more. Other relatives will start wispering at get togethers about how you got away with millions. Yes it grows as it is told. And as you mentioned she is 72 years old. AHHH, so they'll say how you took advantage of her due to her age, HUH?
Your situation may end up different, hopefully everything works out OK. But I've see way to may situations like that where it never turns out great. Sorry about the pessimistic outlook.
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Pillar of the Community
United States
812 Posts |
In case you do not take Just Carl's advise, I have an idea. How about seeing what the dealers would offer, then auction them here on CCF with the dealer's offer as the starting price?
(However, personally, I'd want you to offer them singly or in small groups, as I'm sure I could not afford to bid on the entire set ... and we'll insist on pictures ... and all that adds a whole lot of work to the whole endeavor.)
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Pillar of the Community
United States
5953 Posts |
The sale was a bust. Got rid of a lot of stuff on Saturday morning before the rain and Sunday but it was mostly our stuff not the in-laws. She has a very inflated opinion on what stuff is worth and will not negotiate. Some of the Junk silver sold for 10x face. The rest along with the sets are going to her apartment. I still have a garage full of stuff that's preventing me from housing my vehicle. Back to the drawing board....
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Pillar of the Community
United States
2049 Posts |
There's a local guy here offering 6x face on Craigslist. A buddy of mine emailed him to tell him that local coin shops were paying around 9x face, and apparently he got quite rude in his reply...nothing that I could repeat on a family forum...lol.
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Bedrock of the Community
United States
20753 Posts |
Quote:
She has a very inflated opinion on what stuff is worth and will not negotiate. Some of the Junk silver sold for 10x face. The rest along with the sets are going to her apartment. I still have a garage full of stuff that's preventing me from housing my vehicle. Back to the drawing board.... Sort of what I was saying. If she thinks it's worth thousands and you sell it for a tenth that, you will always be the crook in the family. I've seen this happen. Quote:
In case you do not take Just Carl's advise, I have an idea. How about seeing what the dealers would offer, then auction them here on CCF with the dealer's offer as the starting price?
(However, personally, I'd want you to offer them singly or in small groups, as I'm sure I could not afford to bid on the entire set ... and we'll insist on pictures ... and all that adds a whole lot of work to the whole endeavor.) HMMM. Now that is something I didn't think about. If you offered any of her coins here, you could show her right on the screen just what someone would be willing to pay. You could even print out offers and show the entire family or whoever just is nosey. The nice thing about that suggestion is you would have PROOF that you didn't pocket all those millions. |
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Pillar of the Community
United Kingdom
1077 Posts |
Unless someone thinks that you are so devious that you sold them to your coin forum mates, to buy them back later!
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Pillar of the Community
United States
5953 Posts |
I am walking away from it. I have had very pleasant dealings with my brother in-law for years. We have bought and sold from each other many times. But I think this is the exception to the rule and I am inclined to pass the buck to him. he can deal with his mother...
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Bedrock of the Community
United States
20753 Posts |
Quote:
I am walking away from it. I have had very pleasant dealings with my brother in-law for years. We have bought and sold from each other many times. But I think this is the exception to the rule and I am inclined to pass the buck to him. he can deal with his mother...
AHHH, so you think. I have it on good authority your brother in-law is on another forum laughing about how many times he cheated you.   Just kidding, I hope. No really your doing the right thing when it comes to relatives. No matter how hard you could try, there would always be that shadow of a doubt. AND for any reason you suddenly purchased a new car or something, guess where the money REALLY came from.  |
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Replies: 13 / Views: 1,410 |
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Posted 04/17/2009 10:44 am
