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 Replies: 11 / Views: 1,541 |
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Valued Member
United States
327 Posts |
I'm considering placing an ad in my local area to buy coins; specifically silver Morgans and older. For you dealers out there, what risks do I run? I'm thinking I can pay more than a pawn/jewelery store. Perhaps even more than a brick and mortar coin shop. So, I'm just wanting to consider the potential pitfalls. I can think of three atm:
1. Anonymity - Being able to purchase at a neutral location and hope I'm not followed home.
2. Stolen Property - I'm guessing that I run the same risks as any retailer who is buying off the street. I suppose I would need to take ID and pray a lot?
3. Fakes - I'm no expert and have limited knowledge on detecting fakes. (At least the good fakes) While I will not be buying high grade coins, I suppose anything can happen.
So please expand on this list and/or share the upside if there is one. I'm just looking to expand my collection and invest a little more into silver. Thanks.
John
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Pillar of the Community
Canada
3692 Posts |
If you're really paranoid, have a friend or relative hold your money while you check out the coins.
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Pillar of the Community
United States
564 Posts |
I buy coins all the time. I offer find that people think Morgans are worth hundreds. I almost never buy them for that reason. I try to buy whole coin collections rather than just one item. I have never been robbed, I make it clear I will go to a bank to get the cash once the sale is final. I just leave the cash in my truck and walk out and get it. That also gives you a chance to review a price guide if needed. Good luck.
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Bedrock of the Community
United States
20753 Posts |
A really good idea is to know the area your now in or the area your planning on going for those coins. For example a neighbor of mine placed an add on Craigs list to sell a camper. He got calls and one night one of the so called possible purchasers showed up. He also had a few people with him, they also had guns, they stole the camper and some cash he had on him.
Someone I know also placed adds for coins and one individual asked him to meet in a parking lot for the thansaction. He went there with cash to purchse coins and also ended up robbed.
Yes you could find someone willing to sell you coins for a decent price or really great price. This is really dependant on where you live and the type of people you are contacting. When placing such an add, you probably will give out your phone number. Note that on a web site called People Search you can find people by reverse phone number searching. With this you can find their name and address.
In other words, advetising you collect coins is just not to smart today.
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Valued Member
 United States
327 Posts |
Great advice Carl. I did adjusted my ad last night to include buying any US collection but I do not include a phone number. They will have to email me with details. Perhaps I might not get as much business this way but oh well. I think in terms of a meeting place, it needs to be a very public place like a McDonalds or equivalent. I live in a smaller population county (Perhaps 600k)and their isn't much crime out there. Nevertheless, the possibility always remains right?
We'll see how it goes. Maybe no one will respond and the issue will be resolved.
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Pillar of the Community
 United States
2448 Posts |
Unless you're buying a huge collection, I'd make the meeting at your bank.
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Valued Member
United States
188 Posts |
I've been advertising on craigslist for a few years. I always meet at Starbucks or someplace similar. I get there a good half hour ahead of time and have some coffe or food, with the cash on me. They come in, sit down, I look at the collection. I make an offer and pay if they ecept, then I let them walk out. I get another coffe and do whatever work I'm doing ont he computer for a while, then head out to the car. I've never had a problem, other than people thinking their coins are much more valuable than they actually are. I even show them the grey sheet and someties they still don't believe you. I've made it a point the last few times to meet at a starbucks by the local across from the local coin dealer. I know exactly what he pays for most things. If they don't like my offer, I tell them to walk across the street and see how much they will get for it from a professional. They always come back and sell it to me. I've never had any probelms with theft. I have a right to carry permit just in case.
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Bedrock of the Community
United States
20753 Posts |
Quote:
Unless you're buying a huge collection, I'd make the meeting at your bank.
Never thought of that one. Probably one of the better meeting places. However, probably should check with the bank if OK first. Another thing to remember is at a place like Starbucks, as noted don't be the first one to leave. To easy to see your cars license number, village sticker if your city requires one. Could be followed too. Yes leaving last is the smartest method. Quote:
I have never been robbed, Always remeber that until your robbed the first time, it's easy to say you've never been robbed. Hundreds and/or millions have said that until they too fell to a robbery. It's sort of like saying I've never died YET. |
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Valued Member
United States
327 Posts |
Maybe I will borrow a friends car instead! :)
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Valued Member
United States
253 Posts |
I've been a member since 06 and have never heard any thing but sage advice from you Carl, Thanks
Coggie
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Pillar of the Community
United States
672 Posts |
The few times I have done it I meet at a bank, or in the coffee shop next to the police station. The second I just got lucky to find.
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Pillar of the Community
United States
880 Posts |
Coffee shop is a great way to do it. That's what I always do when I sell on craigslist. I usually go and buy a coffee also. I've never been there 30 minutes early, but doesn't hurt. I will start bringing my laptop though. That's a great idea. This way you can watch them leave and they don't need to know what car you drove up in.
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Replies: 11 / Views: 1,541 |
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Posted 11/14/2010 9:05 pm
