What's a GOOD OFFER ?

[Dozer D]

A very close lady friend of my wife and myself asked me to grade if possible a lot of silver dollars (about 75? Morgan's & Peace), which in most cases are AU/MS60+. The Morgan's are as good as you see on TV's Coin Vault show. These coins were part of her fathers collection (he passed away in the early 90's, and her mother recently passed away just this past Dec., at age 92).She wants a fair common man's appraisal of them so that if & when she takes them in to sell, she at least has a fair idea of their grade & Red Books worth. I cannot afford these Silver Dollars since they are grading soooo high, BUT, she also has $24 FV of junk silver (dimes, qtrs, halves) none of which grade very high as to numismatic value. I'm thinking of offering her 8 times face, could possibly go up to 10xFV. She also has $44 FV of 40% junk halves (Kennedys), of which I might offer her 3xFV for them. I will tell her what the total Silver Ounces are involved, and what the current melt value $ is for AG.

My question to you guys is, what do you think is a fair offer to be made on both groups 90% junk & the 40% junks,

She also has about 25-30 ASE's (mostly 1986, 1987), that are in BU condition +/-. Same question here, What's a good offer?, but they are grading at $50-60 a coin as I see them in the current Red Book.

I have all the coins in my possession, she trusts me that much. Your comments?

 

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[bertmaster2000]

I would offer to grade the silver dollars in exchange for the junk silver.

Use the blue book or gray sheets to value her dollar coins. If you use the red book she’ll expect double what any LCS will offer her, which will reflect negatively on you.

 

[FormerTeller]

Use the blue book or gray sheets to value her dollar coins. If you use the red book she’ll expect double what any LCS will offer her, which will reflect negatively on you.

This. Whatever method you use to valuate them, be sure to explain the difference between book value and the amount one can realistically expect to receive when actually selling them, and why.

 

[FormerTeller]

As to your question, I find out how much my LCS is paying for junk silver and ASE's, and base my offer on that. Most LCS here pay 80% of melt for junk, and maybe 90% for ASE, a little higher for AGE. I usually offer 85% of melt for junk.

 

[Diver_Down]

If she is that close of a friend to your wife and she implicitly trusts you as you say, then stand tall on the offer for 90%'ers. I wouldn't offer anything less than 10x. For the 40%'ers, I would ask that they be your "fee" for the grading of the rest. Sit with her and ask what her intent is with the disposal of the collection. Is she looking for the quickest liquidation or is she willing to piece it out over time? Explain to her the difference in market valuations as what a LCS will offer versus selling direct to a collector. If you have the photography skills and the ebay experience, I would sell them for her in exchange for some choice Morgans. She will get top dollar in some cases surpassing Red Book values depending on the coin's desirability. I would consider doing 2 appraisals. One on what the LCS will realistically offer, and another on what closed auctions have realized. When she sees the difference and knowing that she trusts you, she will likely opt for you to disperse her collection for her. And it will give you an opportunity to acquire coins that you wouldn't normally be able to afford.

 

[kingskid1611]

My suggestion is value them as if they were your own with that value. That way you will give her the best idea of value and won't be worried about cheating her.

 

[Owassokie]

A very close lady friend of my wife and myself asked me to grade if possible a lot of silver dollars (about 75? Morgan's & Peace), which in most cases are AU/MS60+. The Morgan's are as good as you see on TV's Coin Vault show. These coins were part of her fathers collection (he passed away in the early 90's, and her mother recently passed away just this past Dec., at age 92).She wants a fair common man's appraisal of them so that if & when she takes them in to sell, she at least has a fair idea of their grade & Red Books worth. I cannot afford these Silver Dollars since they are grading soooo high, BUT, she also has $24 FV of junk silver (dimes, qtrs, halves) none of which grade very high as to numismatic value. I'm thinking of offering her 8 times face, could possibly go up to 10xFV. She also has $44 FV of 40% junk halves (Kennedys), of which I might offer her 3xFV for them. I will tell her what the total Silver Ounces are involved, and what the current melt value $ is for AG.

My question to you guys is, what do you think is a fair offer to be made on both groups 90% junk & the 40% junks,

She also has about 25-30 ASE's (mostly 1986, 1987), that are in BU condition +/-. Same question here, What's a good offer?, but they are grading at $50-60 a coin as I see them in the current Red Book.

I have all the coins in my possession, she trusts me that much. Your comments?

I second what DiverDown said. Give her the various appraisal values (book, LCS, and private sale) so she can make an informed decision. Offer the additional service of selling the coins. Either charge a percentage of coins sold or ask for some choice coins that you can acquire for the service.

OO

 

[LooseChange]

Some online stores have a "sell-to-us" offer for some items on their site that you can use as another reference for valuing.
For example: https://www.apmex.com/apmextop40

 

[FormerTeller]

Some online stores have a "sell-to-us" offer for some items on their site that you can use as another reference for valuing.
For example: https://www.apmex.com/apmextop40

However, those places generally have minimum amounts, so that should be factored in as well. Can't get the prices they offer if you don't meet their minimum quantity.

 

[LooseChange]

However, those places generally have minimum amounts, so that should be factored in as well. Can't get the prices they offer if you don't meet their minimum quantity.

Not suggesting to try to sell to them. Just saying that that is a "published" wholesale price to use to help put a value on some items.

 

[Zomotion]

I think there are some good ideas for dozer to use here, but some I think are missing the question... He's asking what he should pay her, not what he should get out of it.

He's doing a close friend a favor... If any of you had this happen to you would you say to them "sure thing ... My fee is...."

Dozer, good on you for helping your friend out and wanting to offer a fair price

 

[FormerTeller]

I think there are some good ideas for dozer to use here, but some I think are missing the question... He's asking what he should pay her, not what he should get out of it.

He's doing a close friend a favor... If any of you had this happen to you would you say to them "sure thing ... My fee is...."

Dozer, good on you for helping your friend out and wanting to offer a fair price

This has happened to me more than once, and I don't charge a fee for close friends or relatives. Personally, I enjoy going through and cataloging collections, seeing what they or their relatives saved over the years and discussing it with them.

What he should pay her and what he should get out of it are interrelated. I figure it's a given that he'll pay her more than anybody else will - at least that's what I do for close friends and family. My goal is to ensure my friend gets the most money possible from their coins - whether I'm buying them or if I can't afford the whole lot directing them to the person or place that will pay the most. I think that's what most of us have been commenting on; determining what other places are paying so Dozer can make her an offer that's fair, where she won't lose money by selling to him.

I went back and reread Dozer's original question and what he didn't ask is how much should he charge to grade the silver dollars. Dozer, if it were me I wouldn't charge her anything to grade the Morgan's & Peace Dollars. Let her know the various book values, but as many have stated let her know what is a realistic expectation when she goes to sell them, and also let her know that prices change over time (since she wasn't sure if/when she would sell them), so to check the values with you again right before she sells them. Then, after doing that, that's when I'd bring up the junk silver. Tell her what it's worth and which ones you'd be interested in buying from her. Depending on the level of time and effort you put into the appraisal of the Morgan's, I suspect she'll have no problem letting the junk silver go and either sell them to you at your asking price, or possibly give them to you (or offer to do so) in appreciation of all the work you did helping educate her.

Either way, have fun, let us know how it turns out, and post some pictures of the better Morgans and their grades!

 

[DeepseekerADS]

Please note the risk of alienating you and your wife's close friend. There's danger here.

I feel at the initial stage you should educate her first with as good an appraisal as you can. Don't offer to purchase them yourself. Educate her and allow her to offer them to you.

That way there are no repercussions to your friendship.

 

[Dozer D]

I don't plan to charge her any FEE. I'm not a licensed appraiser, but just told her that I would try my best to give the best fair & reasonable GRADE on the coins. I just completed grading most of the higher end "EXCEPTIONAL GOOD LOOKING" coins that were in 2x2 flips, and made a listing so far for her to see in a nut shell what she's got.
Take a look at the pics of the lists I made so far, and you will see why I can't afford to buy these terrific looking coins. Sorry, but it would be most impossible to make pics of each of the coins. In my grading I tended to be on the lower end of a grade, so as not to over-inflate the overall picture. And YES, I still hope to purchase the JUNK silver as stated before, to maybe 10x FV. Pics of lists attached, read & weap.






The DOT reference # just cross references the coin to the listing. I used the colored dots people use at garage sales to price the items for sale. In this case it's only a reference point.
I appreciate your comments, and I'm just doing this as a SPECIAL FAVOR because her folks were very close neighbors of ours ever since my wife was 4-yrs old (now 70) and grew up together with the daughter. Whether I get a chance at any silver is immaterial.

 

[Dozer D]

Just edited the complete PAGE 3 & PAGE 4, final listings. See #14 posting.

 

[FormerTeller]

I love hearing the term "licensed appraiser." What do you have to do in your state to become licensed I wonder?

Seriously, real nice thing you did, but you need to let her know there is very little chance she will be able to sell any of those coins other than the junk silver for even close to the prices you listed, other than the gold and perhaps the rarer date Morgans.

 

[Dozer D]

I should also try to see if I can get a "BLUE BOOK" on line ( how would I find it, under what label ) or off the store shelf, would then have a better idea of what she can get. Thanks again guys for all your post comments.

 

[Megalodon]

Impressive list. Thank you for showing us an excellent example of how to handle a situation like this if or when we are asked. She is fortunate to have such an honorable friend as you.

IMO, it could be worth the investment for her to get some of those coins slabbed by PCGS or PNG (the two quarter eagles, the 1888 and possibly 87 Morgan, the 26-S Peace). Doing so could also help to avoid the low-ball offers by dealers.

 

[Megalodon]

I love hearing the term "licensed appraiser." What do you have to do in your state to become licensed I wonder?

Seriously, real nice thing you did, but you need to let her know there is very little chance she will be able to sell any of those coins other than the junk silver for even close to the prices you listed, other than the gold and perhaps the rarer date Morgans.

I think "it depends...". If they were all taken to the first coin shop and wholesaled as a lot, I'd expect that would bring the worst price and the highest probability that the dealer would undergrade the coins (I'd expect all those MS-63+ would be called 60s by some dealers just because they are raw). They make their money by buying at lower stated grades and upgrading for resale. At the other extreme, if the coins were sold individually on eBay, that would likely bring the best total money - but at maximum hassle.

 

[FormerTeller]

I think "it depends...". If they were all taken to the first coin shop and wholesaled as a lot, I'd expect that would bring the worst price and the highest probability that the dealer would undergrade the coins (I'd expect all those MS-63+ would be called 60s by some dealers just because they are raw). They make their money by buying at lower stated grades and upgrading for resale. At the other extreme, if the coins were sold individually on eBay, that would likely bring the best total money - but at maximum hassle.

I agree 100% with your comments. But even if graded accurately there's no way a dealer is going to pay anywhere close to what Dozer has listed for Peace Dollars and ASE's, nor the 1921 Morgan's.

Dozer, if you can't find a Blue Book at a LCS, you might be able to find one at a library. Even if it's not the current year you can get a good idea of what a dealer pays based on that. For that matter, you could take your lists to a few LCS's and ask them what they'd pay assuming the grading is accurate. Lastly, another good price reference tool is to compare similarly graded sold coins on eBay. As Megalodon noted, selling there takes a lot more effort than just going to a LCSor coin show, but it will give you a good idea of how much those coins can be sold for on the high end.

I notice you appeared to have graded the coins using the grading descriptions from the Red Book. You also might consider getting a copy of The Official American Numismatic Association Grading Standards for United States Coins, or other grading book with color photos. You can also use PCGS Photograde online to help determine your coins graded more accurately, found here: https://www.pcgs.com/photograde/

I recently found myself in a similar situation, which I will share in a separate post so as to not hijack yours anymore than I already have [emoji2]