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 Replies: 14 / Views: 1,847 |
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Bedrock of the Community
United States
11951 Posts |
They were short handed at the coin shop this morning, so I was helping out. A couple came in with a coin collection that a relative had put together 40 years ago. They gave the impression they wanted to sell it. It took two of us over two hours to sort and grade the coins. During this time I pull 4 coins out of folders and put into coin flips. They were 1877 and 1908 S IH cent a 1932 S Washington quarter and a 1910 S Lincoln Cent. I was a little surprised to find the 1877 IH, even though it was maybe AG condition. I did tell them this coin is known to be faked and would have to be verified. At this point, after all the coins were written down with grades. The couple decided to go to lunch while we figured out what to offer for the coins. They put their coins back into their box and took them with them. I think you can all see where this is going .. When we called them back with the offer the couple said they would think about it and that maybe they would save them for their kids. At first they were talking about selling coins "they didn't care about" because silver was high, then once they saw what were a couple coins that were worth more than silver they were not sure what to do. It is bugging me that I helped and pointed some of the better coins out, and may have cost the shop a sale. I can see now why some dealers will just go through a collections and offer a price. Not to beat a customer out of their coins, but to .. not invest hours of time going through a collection, show a customer some really cool coins and not make a sale. This experience has really helped me understand how both side of the counter, work at a coin shop. I don't like how this went long, I could go into much more detail if members are interested. I think it is important that members know how to sell a collection, or teach their heirs how to sell a collection. But also understand that coin shop owners have to make money to stay in business. |
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Valued Member
United States
171 Posts |
I can see how this would tick you off. I have had the same experience, although not with coins. Heck, I am mad for you!!
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Pillar of the Community
United States
3592 Posts |
I've seen that happen often enough on the TV show "Pawn Stars"...sometimes they change their minds. But I do agree that any business needs to make money and that people often accuse them of lowballing without knowing everything that goes on behind the scenes.
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Bedrock of the Community
Australia
21786 Posts |
Most dealers will examine a group of coins in front of the customer, making comments along the way, then offer a price for the whole lot.
If I get old and terminally sick, and that comes to us all eventually, (we can't live forever), I will have to sell my collection, or pass it to my children.
When it is theirs, it is theirs to do what they want with, and they may have fewer clues in how to dispose of it. For instance, they may need to knock over a mortgage with the cash.
So what to do? If I am terminally sick, I consider that I may have to break up the collection myself, and sell it in sections.
The problem with giving your collection to your children is that they may be too busy to spend days grading and valuing each coin and probably with less skill and interest than myself. They are at less of an advantage in dealing with numismatic professionals.
So I may take some of the collection to a coin shop. In my case, I will give each item a current value, then offer sections of the collection at a time to a dealer, then negotiate.
For my more valuable items, I am more likely to auction them.
All that some people who inherit coins want to do is dump the whole lot as quickly as possible and get the money quickly. That is a surefire way to get less than the optimum amount of cash for your collection.
I expect that it should take several months to dispose of my collection if I am forced to. That's OK; it has taken me decades to build it. I would then give the cash to my children.
Edited by sel_69l
01/26/2011 06:50 am
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Bedrock of the Community
 United States
11951 Posts |
sel_69l
I think you have the right idea. If I someday got to the point I was going to sell my entire
collection I would sell off the common lower price coins first. Then take my time selling
better higher price ones.
Maineman750
I am sure there are dealers that will lowball on some better coins. When we were putting prices
for these coins we talked on what to do with the 1877. We were concern on the grade and if
it was authentic. Our hope was to talk them into letting us send it into NGC and then come
up with a fair price for it.
Most of the coins this couple had were just common silver and wheat cents. Which is another
worry for dealers right now. With the price of silver going down, buying a few thousand
dollars of silver today could mean in a few days or a week you may have less value then
what you just paid for it.
I understand how from different points of view this situation can look much different
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Pillar of the Community
United States
4085 Posts |
Interesting post.
Stinks that you did all the work and have nothing to show. That's business I guess. I wonder if they really changed their mind or if they were just wanting a free appraisal all along?
The only positive I can say is that maybe they will be back someday. Or maybe, because they had a good experience, they will refer someone else to the store.
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Valued Member
United States
326 Posts |
This happens daily with antiques dealers. People will call for an appraisal then it will either be too small or most likely too big prompting them to keep their items with new found value.
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Pillar of the Community
United States
744 Posts |
To Thine Own Self Be True........
As a semi-retired pawn shop owner myself, I closed my store last April. I still do some business from home, buying scrap gold and silver from home. I've been in a few shops here and there and seen alot of good shops that were fair and alot that were not.
I went into every transaction explaining to the customer that I dont want to waste their time or mine, but I'm willing to be 100% honest with them with what they have. I can go to sleep with myself tonight feeling I've done the right thing. The customer needs to be reminded that I also am in business and with that I justify my "fair" offer for what they have.
Most times I encouraged a second opinion......I feel that by taking the path I did...I was able to semi-retire and be a stay at home dad at the old age of 43.
I wouldn't "bash" the other shops in my area, but I would tell who-ever asked that I wouldn't send my mother there.
I closing, I feel good sleeping with myself every night with no regrets.
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Pillar of the Community
Canada
3692 Posts |
Can you appraise my collection for free? Maybe I'll sell it, I haven't decided yet... hah
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Pillar of the Community
United States
759 Posts |
I don't see what the problem is at all. That's business. Who hasn't engaged in some window shopping or window selling? Everybody buy a car every time they are on a lot? Sold everything you've ever put up for sale to the first offer?
Let me guess, there's a "We buy coins" sign in the window. Is there fine print that states "Ye who enter MUST sell." Sounds like nobody even asked upfront, "would you like to sell these?"
Plus, we don't have all the facts from which to judge further. How much was offered? Was it a fair offer? I'm just assuming it was.
Not all business effort results in a completed transaction. In this case, I don't see where anybody did anything wrong at all. Not factoring in the price of key dates in the offer would be unethical IMO. If it's presented as a lot and the offer is on the lot, then I could live with not pointing those out, although that's borderline to me.
As for how to sell a collection, that could depend on personal situations. Need cash fast? That's one thing. Want to maximize proceeds, that's another. For heirs, give them the insight and tools they need. That can be as simple as a spreadsheet inventory identifying bulk sale items and key items for auction/other sales channels. Add a few comments and you're done. If they don't follow your guide, well, you're really not gonna care at that point.
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Valued Member
United States
313 Posts |
This happens every day in all types of business,people like to "shop around" especially large ticket item's,cars,boats,washers,dryers,etc.it's just part of doing business.Some of the coin shops in the area charge a per hour fee for written appraisals on large collections.
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Bedrock of the Community
United States
20753 Posts |
Quote:
This happens daily with antiques dealers. People will call for an appraisal then it will either be too small or most likely too big prompting them to keep their items with new found value.
Quote:
This happens every day in all types of business,people like to "shop around" especially large ticket item's,cars,boats,washers,dryers,etc.it's just part of doing business.Some of the coin shops in the area charge a per hour fee for written appraisals on large collections. As noted. We all do this and when it is reversed, we just don't see it as just buisness. Ever go to a used car lot? Everyone does it there. And sometimes talk to a salesman for hours and then just walk away saying I'll think about it. We do it at flea markets, coin shows, jewlery stores and almost anyplace. JUST HUMAN NATURE. |
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Pillar of the Community
United States
2541 Posts |
I say going forwards you give them a "ballpark" (probably low) without looking at it, and then tell them it is a low estimate without looking at the coins. Tell them that with a paid upfront appraisal they will likely get more for semi and key date coins. That way, you don't waste any time and don't waste any money for free. Also, tell them the appraisal will be free if they ultimately sell the coins for you. That seems like a win-win for everyone in my book...
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Valued Member
India
265 Posts |
dont sell your collection, please pass it to your son or daughter or your grand children.
warm wishes.
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Pillar of the Community
United States
2130 Posts |
I see where this is frustrating to you, but, I don't see any problem w/ what happened it is part of business. I have been in construction for about 30yrs, & been running my own construction business for almost 20yrs now. I go out to bid jobs, spend a couple hours w/ the customer/s going over details. Then go home & spend another hour or 2 getting and estimate together and printed, set up another appointment w/ customer/s only to find out that they either changed their mind or my bid was beat by the next guy. It's what I call "Cost of doing business."
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Replies: 14 / Views: 1,847 |
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Posted 01/25/2011 10:21 pm
