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 Replies: 64 / Views: 5,025 |
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Valued Member
United States
376 Posts |
I can't believe almost everyone's advice is to take advantage of a very old man. To me it smacks of elder abuse. How would you feel if it was your grandfather being taken advantage of?
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Pillar of the Community
United States
1745 Posts |
Nobody is taking advantage of anyone. The man is a businessman (regardless of his age) and he can offer his merchandise for sale at whatever price he wants. In this case, he is below market, which is his prerogative.
Now, if this was an old guy you met at church and offered to buy his old, cruddy, silver dollars for $5 each, that is different. The fact this man is in the coin business makes all the difference in the world and age doesn't come into play at all.
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Valued Member
United States
327 Posts |
Quote:
I can't believe almost everyone's advice is to take advantage of a very old man. To me it smacks of elder abuse. How would you feel if it was your grandfather being taken advantage of? Don't be silly. He's probably into those for $10 ea or less. It wasn't that long ago that silver was 10 bucks an ounce and a melt-grade Morgan was worth around $7.50 or so. I've never met a stupid coin dealer in my life, and I'm sure this fellow is no exception. He probably knows the melt value but simply has problems sending coins to be smelted (as would most of us here). If the OP buys them he'd better sell them off to US HERE AT CCF! |
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Valued Member
United States
458 Posts |
If he's not moving them for $18 why would he ask for more? To hold them longer and get no sales at $27 a coin. I wouldn't be greedy and buy the whole bucket for $18 a pop, I'd buy what I needed and let the next collector come in to the same suprise you did.
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Valued Member
United States
458 Posts |
"He probably knows the melt value but simply has problems sending coins to be smelted (as would most of us here)."
I completely agree, it's fairly common for me to run into sellers at shows or the local shop in my town that is selling silver lower then melt. Both have said unless they see that the coin is in terrible/"uncollectable" condition they would rather sell the coin under melt to a collector, rather then sending them to be melted. They'd rather see the hobby thrive then make a couple extra bucks knowing they are helping to destroy it...
What would you do if you had to sell the most cherished coin in your collection and you had the following two options; sell it to a fellow collector who will cherish it as much as you have for less than what a book or site told you it's worth, or sell it to a person for what that book or site says it's worth knowing they are going to destroy what you've held onto for so long?
Edited by bvalania
03/03/2011 10:44 am
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Valued Member
United States
327 Posts |
Yeah, the last big silver booms millions of coins were smelted for silver content...it upsets my stomach to think what was consigned to the pot back then as "no collector value"...
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Pillar of the Community
United States
1348 Posts |
Everyone thinks because he is an old man he is being taken advantage of. HE like a 40 year old shop owner, I'm sure knows the prices. Also, like bvalania, I agree if they are in his coin shop and noone is picking them up whats the problem with paying his asking price. I'm sure he isn't losing money on them.
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Valued Member
 United States
206 Posts |
Well, here's my update. Unfortunately (or maybe fortunately?) I was not able to buy the whole thing. The conversation went something like this: Me: Hey Rick, you're pricing these Morgans real low, any reason? Rick: I've had them for years and I've already picked out all Carsons and keys Me: Well, they're about 9 bucks below melt, why not wholesale them for the silver value? Rick: Because you don't melt Morgans for silver value He then went on to tell me about his first Morgan dollar, and how he got started in collecting because of these coins. We talked for an hour. I guess that sort of sums it up. He's a dealer, but a collector at heart. He wasn't going to let me buy them all, because he doesn't want to see them bought and sold just for the silver value. I bought 5 of them, because they were in decent shape and one had some nice toning. He was right, no Carsons or key dates. He's 90 - probably doesn't need or want the money at this point, so I respect him for selling the coins as coins - not just for their silver content. |
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Pillar of the Community
United States
1204 Posts |
At age of 90 money have not the same value and I'm sure his just trying to help other collector !
I would buy the whole bucket and would start to go there and show him that he just found new very good friend also show him that I'm very thankful for his kindness . He probably just want see somebody's eyes with that suddenly change of expression for the feeling of such a good deal in one new addition for his own collection .
If you don't somebody else ll so if you do please give him something back maybe his just trying to attract people to his shop , maybe his just trying to attract people around his coins !
I just saw you gave us the result right before I post so I have to edit and tell was very nice of you tell him about the prices .
Edited by Ricardocody
03/03/2011 11:06 am
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Pillar of the Community
United States
3592 Posts |
Quote:
I can't believe almost everyone's advice is to take advantage of a very old man. To me it smacks of elder abuse. How would you feel if it was your grandfather being taken advantage of? I've got a feeling some people would take advantage of their own grandfathers  But kudos to the OP,and after seeing the conversation,it appears the old man still has his senses...that would have been my deciding factor.  |
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Pillar of the Community
United States
3453 Posts |
This turned out as I had hoped. Thanks for the update - I am so glad to hear he is interested in the hobby and not just making a profit. And I think the way you handled it was very classy. "Because you don't melt Morgans for silver value" Gotta remember that line!
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Pillar of the Community
United States
4989 Posts |
Here is how the coin business works:
(1) When people comes to his shop with inventory, he probably offers them $12-$14 per silver dollar.
(2) For all those he buys, they go into a bin where the sales price is $17 per silver dollar. Since those are priced below melt, he sells them immediately.
This had advantages: Excellent profit margin per coin, turns over inventory very quickly, builds rapport with local coin collectors, etc...
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Pillar of the Community
Mexico
1304 Posts |
photoeric21,
Good job! I'm glad you had what it takes to approach the situation sensably.
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Pillar of the Community
United States
508 Posts |
It's nice to hear the old guy takes an awesome approach to his business practices. I could search all day in my area and not find a single shop selling morgans under melt. That would definitely get me to go back there.
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Pillar of the Community
United States
797 Posts |
Sounds like it turned out well. I like the fact that many other customers will be able to buy and enjoy a few morgans without one or 2 people hoarding them all at a good price and then just flipping them or melting them.
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Replies: 64 / Views: 5,025 |
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Posted 03/03/2011 10:02 am
