Pray for me...

Bad Wolf

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Dec 6, 2012
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Did my almost usual Monday morning rounds between some nearby thrift stores and the banks. Gal in a consignment store says no coins for sale, but she has "a bunch" of Franklin Mint coins she'd like to get rid of. She's going to bring them for me to see next monday, and if I can get them below spot, I will. 8-) But then things got even better...

Walked into the Wells Fargo across the street, asked if they had halves, teller says just two (clad), but she'd check the vault. Comes back and says "How many do you want", and I reply with the standard "How much do you have?", to which she replies "About $2,500 worth", which catches me completely flat-footed with sixty bucks in my wallet. :BangHead: So I tell her I'll take sixty dollars worth and come back for more later. Meanwhile, there are a couple of women in front of the teller next to me. One is in her sixties, and the other looks to be in her 90's. In any case, I can't help but overhear the older lady ask her teller after apparently overhearing my conversation with my teller, "Oh, so you take half-dollars, do you? I have some I'd like to turn in." Her teller, though, says they do not accept large quantities of half dollars--whether because that's their policy or because they've got $2,440 worth in their vault, I don't know--but that she might try to take her halves to other banks or to a coinstar machine, though of course she'd have to pay their fee. So I, of course, politely jump in and say that I might like to buy her halves and save her all the trouble of finding another bank willing to take them. "How many do you have?" I ask the old lady. "Oh, I'm not sure, a box full, certainly. My deceased husband had been collecting them for years & years & years..." The younger lady then introduces herself and then her mother to me, and I offer them my card, which they accept.

I'm hoping that they call.

I'd appreciate it if you'd say a little prayer for me....
 

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BigWaveDave

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Ummm, that could be the BEST THING EVER!....if it pans out, unless he started collecting 2 years ago.
 

SilverFace

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Well, despite being short on funds today it sounds like it was better that you were prepared with your card. Good luck.
 

Dozer D

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I do hope things will be a REAL dream collection of all AG. Wish you well, and let us know the results either way. Good Luck my fellow CRH.
 

weighit

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I'm wishing you all the luck possible, that is something we all wish we could fall into. What do you think you would be offering for 90% coins like that?
 

OWK

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If it works out, don't pay face value.

In order to maintain good Karma, pay her 50% spot.

If you do, more opportunities will come your way.
 

SilverFace

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Thanks to OWK's suggestion, I'm thinking half spot...

I don't think I've ever been in a situation of buying silver coins from someone who doesn't at least know the general intrinsic value of the coins they are trying to sell (other than from bank tellers of course). I was thinking that about 50% of current spot price might be a fair price also. That way you both will come out ahead and I suppose that might be about she could expect to get from some coin dealers too. And that would certainly be a lot better for her just getting fv from a bank or maybe even having to pay to dump them in a coin counter. And of course for you it wouldn't be nearly as good as scoring them at fv, but buying at 50% of spot price is still a great deal. Good luck.
 

ArkieBassMan

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If it works out, don't pay face value.

In order to maintain good Karma, pay her 50% spot.

If you do, more opportunities will come your way.

Don't let anyone tell you what you SHOULD pay in this situation! Ever. That is just an opinion, and you know what they say about opinions... I'll use this 50% of spot suggestion you received as an example: Why is that number "fair"? What if there are coins in there with a lot of numismatic value? What if there are some $100+ half dollars in there? Why would offering 50% of spot (currently $3.64) for these coins be any more fair than say offering 2X face for junk silver coins? See what I mean?

My own opinion is that this lady was going to be happy cashing them in at face value. The bank wouldn't accept a large quantity of them. By accepting them, you are doing her a favor. By giving her anything above face value, you are doing her an additional favor. I always go back to this example in this situation: Suppose you are in line at the bank and you find out someone in line near you is about to cash in 100 silver dollars for face value. You buy them from him/her for $200. Did you rip him/her off or do them a favor? I see both sides, by my own opinion is that you did him/her a favor. He/she was going to be happy with $100 and ended up with $200 thanks to you.

Just listen to you own conscience, and THAT will be the correct amount to offer - every time and without fail. Whether that number is 2X face, 50% of spot, 99.999% of the Redbook value, or whatever.
 

Joe777Cool

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One piece of advice - get THEIR number whenever possible.
 

fistfulladirt

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I hope it's not the old guy that ran the bread store...he had quite the hoard of...Bicentennial Kennedy halves.

Was going to make a quick fortune some day!

Either way good luck
 

Joe777Cool

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A little white lie - "My wife is in the process of changing our cell phone provider and I'm not sure if my number will be changing, would you mind if I called you?" 95/100 people won't ever call back, mainly because of laziness.
 

OP
OP
Bad Wolf

Bad Wolf

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Dec 6, 2012
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A little white lie - "My wife is in the process of changing our cell phone provider and I'm not sure if my number will be changing, would you mind if I called you?" 95/100 people won't ever call back, mainly because of laziness.

Thanks for the advice. Where the hell were you last Monday?
 

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