Buying coin collection?

[weighit]

Met a lady in the bank last Wed asking the teller if they knew anyone in town that would look at the coin collection she had and buy it? The teller pointed to me and said ask him, he is always in here looking for coins. I gave her my phone number and she said she would call me. Well yesterday I got to see and inspect the pile of coins. We counted and sorted bags of silver, and using the current silver values as a starting point and not giving any credit to key dates, came upwith what I felt was a fair figure to her, $2,067 to purchase the pile. I said to her to take the written amount figures we came up with and see if she could maybe find someone willing to pay more, I'm sure that will not be the case. She could use the money, but not desperate for the cash. So now I wait to see if I will get the pile. She said yesterday she was "almost ready" to let them go as they belonged to her father that died 2 years ago. I figured silver melt value less 10% is how I got to my cash figure. Hope I'm not over paying, I would not be selling just stockpiling and holding with my current silver.

 

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[kingskid1611]

When I usually go through a collection, I get a rough idea of size and come up with a melt value. If you have a lot of free time to get into detail then it may go up but you also have to make some profit. I have bought out several collections this way.

 

[DeepseekerADS]

I've been a coin collector all my life, stamp collector as well. Someday my kids will have to deal with the issue of my collections. As far as coins, I lost all the really good ones thru divorce. But I've still a few neat things.

As far as dispersion of mine, I'd really rather that some of those nice things aren't sold on a bullion basis.

I personally think that ethically - and we must always be ethical - we really do need to consider the value of the nicer things.

Otherwise we're essentially "stealing".

 

[1637]

i think giving her time,and to check around is fair.
good luck brad




.

 

[Dannycoco]

Can't wait to see the pics. Good luck.

 

[trdking]

The reality with common date silver is that it is worth at or very near melt. That would be the bulk of the collection IMO excluding silver dollars and key dates.
I give it a quick look over for keys and separate them while I am counting face value. Calculate an offer based on Face times multiple plus Dollars and keys. It has always been fair

 

[oeschampion]

PM sent

 

[Old Bookaroo]

DeepseekerADS: 100% agree! There is all the difference in the world between purchasing from a professional and from an amateur. I buy books from dealers. They put a price on a book and I'm either willing to pay it or not. Perhaps they could get more someplace else. That's not up to me. What they paid for it is based on what they thought they could sell it for. They want $5 - I think it's worth $45 or $50, so I buy it.

When collectors or people like this lady who inherited something offer to sell it and they don't know what it's worth, that's very different. Then I lean over backwards to be fair.

Others may see it differently - just my view.

Good luck to all,

The Old Bookaroo

 

[DeepseekerADS]

Hey Book, we're the same in our ethics. We're not here to take advantage of anyone - plenty other predators out there who will. We just look for the goodness we might achieve along the way. What did Rodney King say? Why can't we all just get along.

However there have been incidents of crazy in our worlds - emotional hysterics for instance. We grow past that - you are friend. Thank you for your faith in me.

 

[Dozer D]

Don't offer more than 9 or 10 times face on the silver, just in case silver prices take a dump. Look for key coins and a separate offer without going into great details. Good luck

 

[LooseChange]

If it was a pile of coins (no slabs, flips, or 2x2's with notes) it should be considered junk and valued based on melt. There is a slim chance of finding a cherry, but it wouldn't make sense to search the pile for her. That would be her responsibility.

It would be different if a handful of coins were kept separate or were marked with date/mm. Those should be researched and value as collectible.

 

[fistfulladirt]

I think your offer is very fair. Silver prices have already tanked at least 50% over the last couple years. When prices go lower than what they are now, usually the premiums make up the difference. For those of us that bought at $30 and higher and holding...

 

[weighit]

Well, no answer from the lady yet. I sent a text on Saturday checking on what she might be doing with the collection and so far no reply. So I guess I will keep my fingers crossed in hopes of her getting back with me this week. I will let you know if I end up the owner of this collection...and exactly what I end up buying.

 

[weighit]

Here it is a full week later and no response from my lady with the coins. Looks to me I lost this collection. Oh well!!

 

[Dozer D]

Don't give up yet, she may NOT as excited to get rid of the coins as you are overly hoping to receive them. Keep the fingers & toes crossed, just never know.

 

[fistfulladirt]

Are you a licensed coin dealer? Ask me why I ask.

 

[weighit]

Are you a licensed coin dealer? Ask me why I ask.

Oh no, just a guy that coin roll hunts half dollar boxes every week, will buy coins from those that have some old coins laying around. So I have to ask, why are you asking??

 

[fistfulladirt]

Oh no, just a guy that coin roll hunts half dollar boxes every week, will buy coins from those that have some old coins laying around. So I have to ask, why are you asking??

I've lost out on sales, 'cause I wasn't 'licensed'...no idea why it mattered, they ended up selling for less!

 

[Honest Samuel]

# 1. You are an fair and honest person. Call her back to find out if she sold the coins. If you purchase the coins, look for dates and mint marks because the coins may be worth more the silver value. Good luck.

 

[FormerTeller]

I've lost out on sales, 'cause I wasn't 'licensed'...no idea why it mattered, they ended up selling for less!

I've been asked this before, and told them that in this state there is no license or licensing board for coin sales (true), and that I am a member of the American Numismatic Association (true) which is about the closest thing you can get to being licensed in the state (more or less true). It worked.