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 Replies: 12 / Views: 2,134 |
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Pillar of the Community
United States
516 Posts |
So, it looks like I might have the first crack at a newly widowed ladies coins that her husband passed onto her in a few weeks. Obviously, in the situation that she's in, I'm not looking to take advantage of her. I hear that she may have in excess of $10,000 of coins that her husband documented in a word document for her.. The document is apparently 25 pages long.
So, my question is if I do decide to buy stuff from her - or even a lot - what's the fairest way to come up with a reasonable price? I'm not a dealer (or even a seasoned grader), but I can usually get close to the right grade. Obviously, if I overgrade everything, I would stand to lose money.
So, how would you come up with fair pricing for items like this? Would you take x% of numismedia? y% of greybook? Give her what a dealer would give her in trade-in value? Somewhere in between?
Her daughter told me that they were looking into posting stuff on craigslist.. I've never really bought or sold there before, so I dont know what kind of prices they would get out of that.
Just looking for eveyrone's opinions on what would you think would be fair before I see the coins or hear their asking price..
The other thing.. I'm guessing his prices on silver are way too low. If they offer, would you say that's too low and offer more? What kind of offer would you make in that case?
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Pillar of the Community
United States
759 Posts |
I would like to see the Word document first, if I could, because her expectations are probably based on that. Then I'd figure out what I want to buy. Now I don't think there's a better reflection of the current market than ebay completed listings, with the possible exception of daily buy prices for junk silver locally. So I'd say 75-80% of completed ebay prices for numismatic items and a few points below the local buy prices for silver. If you want a bunch, even a bit lower is reasonable. Be very conservative with your grading. Explain ebay fees, the risks of Craigslist and the amount of work each entails. Personally, if their ask was ridiculously low on anything, I absolutely would point that out. Chances are you'll be rewarded beyond being able to sleep at night. And although I'd address the widow, I'd key in on the daughter's reactions as to whether a mid-stream change of strategy is needed. You're headed into a great unknown. They may think a slick 1922 Peace dollar is worth $150, or $15. Good luck! |
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Bedrock of the Community
United States
19935 Posts |
Much easier....take them to a dealer and see what they offer and then match the offer. That's fair for both the buyer and the seller.
Craigslist is a HORRIBLE idea. Not only for obtaining a fair price, you have a good chance of being robbed.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
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Pillar of the Community
United States
4008 Posts |
Quote:
Craigslist is a HORRIBLE idea. Not only for obtaining a fair price, you have a good chance of being robbed. Yes... or worse! |
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Pillar of the Community
United States
2335 Posts |
I recently looked at an estate that had a little over $10k worth of coins. Around 98% of it was best sold as melt. This was in a fairly large city, they had called around & knew of a place that was offering 90% of melt. With the current volatility in the market 10% below melt wasn't something I was interested in. I recommended that with the volume they had they could do better with APMEX or Kitco. I didn't have any lead time on the collectible coins, in fact I didn't even know if there would be any. I took a current grey sheet & based my buy prices on that, keeping in mind a bricks & mortar dealer probably wouldn't offer bid. I like to be fair & at first I was worried I underpaid. After getting second opinions from other forum members on the coins & comparing ebay prices to greysheet prices I think I paid about right. I'd ask for a copy of the coin list before I did anything. That would let you see what's available & what actual market prices are. If you expect to resell be sure to consider fees & time to sell. If you are buying for your own collection you can probably pay a little more & still feel like you got a deal. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
Much easier....take them to a dealer and see what they offer and then match the offer. That's fair for both the buyer and the seller.
Craigslist is a HORRIBLE idea. Not only for obtaining a fair price, you have a good chance of being robbed.
Quote:
Yes... or worse!
Sort of says it all. As I usually say, better to be safe than sorry. |
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Pillar of the Community
 United States
516 Posts |
Thanks for the replies. I've passed on the warnings about craigslist to her, so I think she'll avoid that route. I should find out more about the estate after Mother's day. She's going to bring home the list that she has then and give me a copy. I'll post more once I take a look at the collection.
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Pillar of the Community
United States
516 Posts |
Wow - got my first look at the document today.. About $35-$40k retail. Over 10k worth of commemorative halves.. Over 6k worth of fed reserve notes.. Tons of ASEs, Kookaburras, silver pandas.. Probably 40-50 morgans.. At least that many Peace dollars.. This is going to be fun. |
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Pillar of the Community
United States
7188 Posts |
Are the commemorates graded or loose, classic or modern?
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Pillar of the Community
United States
516 Posts |
Appears to be loose based on the sheet.. And the 10k worth of commemorative was only for the classic. There are a whole bunch of moderns too.
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Pillar of the Community
United States
3592 Posts |
I will usually offer 5% over what the dealer does...leaves plenty of room for resale and makes it look like you are more than fair.
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Pillar of the Community
United States
7188 Posts |
Sounds like a good set of classic commemorates, do you have a type listing?
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Pillar of the Community
United States
516 Posts |
Do you mean a type listing for the classic commemoratives? Or a type listing for everything? Yes, I have both.
And I did see that there was a Spanish Trail, Hawaiian, and Pan Pacific half dollar listed... I'm very interested to see those.
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Replies: 12 / Views: 2,134 |
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Posted 04/25/2011 2:44 pm
