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 Replies: 10 / Views: 1,475 |
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Valued Member
United States
278 Posts |
Much like quite a few of you all on here, I posted the "I buy coins" ad on Craigslist. Thus far, I have been granted by a Lincoln Cent hoarder, a junk silver collector who wants 10X face, and a majority wanting to sell me a high grade circulated set of 50 State Quarters. That is, until today. A dealer, whose name I did not recognize, but found quickly online, wants to get out of the business. He is cashing out and getting into bulk bullion in a major inflationary hedge. He sent me a list of what is in his case, 50 items, ~$80K. Mostly things that we see on Heritage or other big auction houses, not even my normal dealer has items like these. Proof Barbers, nearly complete MS 64 certified Morgan series, quite a few UNC/PR Trade dollars. A truly established collection built over the past 40 years. Needless to say, I don't have the funds to buy what I am interested in and collecting, let alone what I would if I could, or what I would like to buy (all of it!). He says he is flexible (prices I have seen are ~80% Greysheet Bid), which makes me want to see how flexible he is. If his prices are flexible enough, I could keep liquid and use ebay, using profits to pay for the coins I am interested in. Pretty much, I would consign the bulk of his coins, using the ones I collect as the premium. Problem one is the fact that he is 2+ hours away and I have yet to see more than images of a few of the coins. Problem two is day job and mortgage/liquidity. Problem three is the ole "mechanics don't drive nice cars" analogy, IE that a collector should not be dealing. Any advise, or how you all would handle a situation like this? |
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Moderator
 United States
6563 Posts |
Another ole analogy...."If it sounds too good to be true...."
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Pillar of the Community
United States
3098 Posts |
Also, ask him to take pics first, and watch that it doesn't have an ebay watermark. If not, say sorry. Actually, for all Craigslist transactions, go meet inside a bank for safety. You might have $80k on you but he might want to rob you. ... just my opinion. If you still want to go ahead, I wish you the best of luck. |
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Bedrock of the Community
United States
10045 Posts |
 be very, very careful...there's a lot of scams going out there. Not to mention--from a several dealers I know, it's easy to park your $$$ in coins and see a very slow turnaround--especially now. I would personally hedge $80K in more liquid investments (coins are not). Good luck!  |
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Valued Member
 United States
278 Posts |
Just to be clear, he keeps a shop with very limited hours. Almost on demand. He is older and was big on the scene in this area, retired and moved a few hours away, where he keeps his small shop now.
He told me to call when I take a day off work and to meet him at his bank. Bah, going to Vegas next week. Maybe when I get back he will have sold it all, or I can just pay cash to liquidate him!
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Valued Member
United States
118 Posts |
Going to Vegas? Isn't it obvious then? Win big at Vegas, and buy the coins  |
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Rest in Peace
United States
1729 Posts |
Frankly, I don't have a very good feeling about this setup. I may be wrong, but BE CAREFUL!
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Pillar of the Community
Canada
1248 Posts |
maybe you should find out who sabbed the coins... maybe it is centsles?
if a reputable firm, verify the coins online. If it is such a good deal, why are they not sol;d already?
OR why did he not give them to Stacks, Heritage or Teletrade for auction.
better than a large discount.... and he would get market value less 5-15% commission.
be carefull..he might be a wolf in sheepscloth...
HHB
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Pillar of the Community
United States
1745 Posts |
Quote:
Just to be clear, he keeps a shop with very limited hours. Almost on demand. He is older and was big on the scene in this area, retired and moved a few hours away, where he keeps his small shop now. If he only has 50 coins, it's not really a shop, but a small high priced collection. Not sure what business case supports this shop. Be careful and your homework. |
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Pillar of the Community
United States
3294 Posts |
Watch out for fakes is all I can say.
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Valued Member
United States
278 Posts |
NGC and PCGS. The list I mentioned was just what he had in his case. He had a spreadsheet with that with him at the time. He just sent me a larger list. I am in awe. This is just nuts really. I asked him the same thing about using one of the big auction houses, and he just said he was "displeased" with them. I will see him shortly and keep this updated.  |
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Replies: 10 / Views: 1,475 |
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Posted 05/11/2009 10:08 pm
