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 Replies: 14 / Views: 1,397 |
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Valued Member
United States
134 Posts |
My grandfather left me his collection when he passed away 25 years ago. He didn't buy coins just saved them from pocket change. Besides the books he also had a pretty good bit of junk silver coins. I found a gold/silver exchange place today that said they would help me try to fill the holes. The guy told me that I could bring my books in and the junk and he would trade my junk coins for what I needed. He also said if he had any coins in better shape he would swap me. I can't wait to get started. I think this is the closest way to finish the book to the way my grandfather collected as I can get. I've never wanted to get rid of any of his coins but swapping them out seems perfect. Is there anything I should be worried about?
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Pillar of the Community
United States
1704 Posts |
There are a couple of things to be watchful of. First, be careful he doesn't swap out a problem free rare coin for a "nicer" one which has been cleaned or has some other type of problem. Second, since you know very little as far as grading and values for your coins he may take advantage of that and try to sell you coins which are overpriced. Learn where the mint marks are on the different denominations and before you begin to add to your grandfathers collection buy a Red Book and look up all the coins you presently have and see if there are any better dates / mint marks so you know what you have. Having some knowledge of the contents of the collection will help prevent you in the event he has an ulterior motive for trying to "help" you fill in the blanks of the albums. Good luck! Ed ANA LN-3175 |
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Bedrock of the Community
United States
11951 Posts |
Quote:
Is there anything I should be worried about? Yes Sounds like you do not have much knowledge of coins. You are planning to go to someone you have not done business with before, and that person makes a living buying and selling coins. I could make a really good guess on who will come out better on the deal. Here is what I would suggest. Figure out what coins you need, and what you should spend for them. Figure out what coins you would like to sell/trade and what they are worth. You can ask those questions on here. For example. If you needed a 1932 D quarter, maybe in fine condition, it might cost around $100. Ask on this site what would be a good amount of silver to trade. All I am suggesting is, know for sure what you have and what you are getting. Do not be in a hurry and try to make a lot of trades in one trip. take your time, look for the coin you need and make a good deal. |
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Valued Member
United States
87 Posts |
I'm in the same situation with my uncles collection! Good luck!
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Valued Member
 United States
134 Posts |
Thanks for the responses. I wasn't planning on trying to fill the rare wholes right off, maybe just the books close to full will spark something in me to really get into this. I will mostly be looking through his "junk" coins for I what I need and trading my junk coins. I have a pretty good amount of Mercury dimes that are very worn that I was planning on trading. |
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Valued Member
United States
266 Posts |
Even in very worn condition, there are certain dates/mintmarks of Mercury dimes that are worth many times their worth in silver. Like the others have said, buy a Red Book, do some research, and then go to this guy and try to do some trading. |
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Pillar of the Community
United States
8904 Posts |
 with all the above! First, know what you have, (always think in terms of dollars worth of "trade"). It may not be a bad idea to have two separate talks; one for the value of your coins first, and then talk about what you want from him. Like negotiating the trade-in value for your old car before you discuss the deal on the new one. Second, know what you are willing to spend on the missing coins from your collection. It's easy to try to fill all the holes and you may be tempted to "spend" more than you should. Third, walk away if you're not getting your fair end of the deal. It's business, not personal. Drive a hard, but fair, bargain. and then  |
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Valued Member
United States
134 Posts |
From what I was told it will just be a straight silver for silver trade. I'm going in today with my Mercury dime book, I'm taking Roosevelts to trade for Mercuries. |
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Rest in Peace
United States
5375 Posts |
I'd still be careful; many dealers are not honest.
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Valued Member
United States
134 Posts |
I met with the guy during lunch. He seems like a pretty good guy, showed what books I needed to buy if I wanted to start collecting. He didn't currently have any of the coins I needed but said when they come in he'll let me know. He said he would take my junk Roosevelts for any the mercs I needed. He seemed to not care about dates and mm because they were all going to be melted anyway. If all goes well I may offer him 1.5 roosevelts for each merc.
Edited by markj11
10/07/2011 2:26 pm
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Valued Member
United States
81 Posts |
I would suggest making sure what you have is really "junk". He wouldn't be offering such a deal if he wasn't making out on the deal. Just beware.
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Pillar of the Community
United States
1704 Posts |
1.5 Roosies for each Merc is not a fair deal for you as they have the same silver content. You don't want to give too much more than what you're going to get. You should be trading one for one or maybe six Roosies for five Mercs unless you're getting uncirculated coins for circulated ones. Ed ANA LM-3175 |
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Bedrock of the Community
United States
10284 Posts |
Wait a little longer before you do any swapping. Stopping by here might have been the best move you made. Educate yourself and you will have a much nicer collection rather than holes filled up. Best of luck!
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Bedrock of the Community
United States
20753 Posts |
Mostly already said. Heed the warnings posted here. I suggest before you do anything, you purchase a Red Book by Whitman Publishing to get a little more knowledge of what you may have. Just because someone says a coin is Junk or only good for Silver, may be far from true. You really should get to know what you have. For example many would take Mercury dime dated 1942 and dismiss as of little value. However, a closer inspection may show a 1 under the 2 meaning it is a 1942/41 which would go for hundreds of dollars. There are numerous other things to watch for. A blurry 1955 Cent could well be a famous double die. I really, really suggeset you do nothing until you know what your doing with coins. |
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Valued Member
United States
134 Posts |
Thanks again for all the advice. I have been a member here since January and have been reading the threads everyday since then. I have gained a lot more knowledge about coins in the past months than I thought possible thanks to everyone here. As far as I know, heavily circulated roosies do not hold any premiums so I feel pretty safe that I can not be taken.
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Replies: 14 / Views: 1,397 |
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Posted 10/05/2011 6:10 pm
