Buying coin "collections"

[hollARDog]

So the past few weeks I have been working on some permissions. I was talking with a local store owner about detecting coins and he said "oh I got what you need." Oh boy I thought, here we go. Out here these kind of situations can go anywhere. Well he went to the back of the store and came out with a couple of plastic ice buckets full of coinage. He began pulling them out and showing different ones he was proud of, man proud of he was on a few. Talking 100k value then pitches back in bucket,lol. Now I'm not a collector, yet, but anything pitched anywhere is gonna be hard to pull 100k.
So to me I see a bucket full of gold dollars, half's and whole silver. And a bucket of wheats and 90% dimes. He wants to sell it to me, says he hasnt showed anyone this in years because know body cares, but since I showed interest he shared.
So how do I go about giving him fair price? It is what it is and I don't mind breaking his bubble. He would probably let me bring home to evaluate, so that's a plus for me not knowing much of what I'm getting into.
So y'all, any advice or direction would be much appreciated 🤘

 

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[vpnavy]

Dang - I would first ask him how much HE wants for his collection.

 

[smokeythecat]

Yes, ask him what he wants. You can go there with your red or blue book for values. I would not under any circumstances take stuff home you haven't paid for. And coin collecting in general isn't very popular anymore.

 

[hollARDog]

Thanks both of ya👍 gives me some thought. I'm not looking to be a collector, but I do like the silver😎
So I need to go seek out a "red" or "blue" book.

 

[KSDirtfisher77]

Thanks both of ya👍 gives me some thought. I'm not looking to be a collector, but I do like the silver😎
So I need to go seek out a "red" or "blue" book.

My local coin dealer dont like messing with wheat Pennyies of NDN head pennies. He sells his Penny's by the pound, just to keep his shop tidy. You might quiz him on buying them by the pound. On average the ones I have bought from him cost me .03-.05 cents each.

 

[smokeythecat]

I had sold some few wheat cents for 3 cents each. It's been years ago and the price hasn't changed.

 

[flinthunter]

I would use the blue book. The blue book shows estimated purchase price and the red book gives estimated sales price. Also knowing condition is everything when it comes to pricing. What ever price that you believe is fair should fall somewhere between the blue and red book values.

 

[ARC]

Grey sheet dealer pricing is what you should use.... and anyone serious about buying or selling coins.
It IS the industry standard and what all coin dealers use.

BTW you have to know estimated grades etc to offer "fair" prices for someone's coins.... that is to be fair etc.

Here is link to greysheet...

Popular Subscription Options

The reference for dealers, investors and serious collectors choice since 1963.

www.greysheet.com

 

[releventchair]

So the past few weeks I have been working on some permissions. I was talking with a local store owner about detecting coins and he said "oh I got what you need." Oh boy I thought, here we go. Out here these kind of situations can go anywhere. Well he went to the back of the store and came out with a couple of plastic ice buckets full of coinage. He began pulling them out and showing different ones he was proud of, man proud of he was on a few. Talking 100k value then pitches back in bucket,lol. Now I'm not a collector, yet, but anything pitched anywhere is gonna be hard to pull 100k.
So to me I see a bucket full of gold dollars, half's and whole silver. And a bucket of wheats and 90% dimes. He wants to sell it to me, says he hasnt showed anyone this in years because know body cares, but since I showed interest he shared.
So how do I go about giving him fair price? It is what it is and I don't mind breaking his bubble. He would probably let me bring home to evaluate, so that's a plus for me not knowing much of what I'm getting into.
So y'all, any advice or direction would be much appreciated 🤘

I'd tell him sorry I'm not allowed to look at anything valued at over a hundred dollars!

Without sorting them it seems like a crap shoot.
And no I wouldn't want to insult him either. He was good enough to let you know they existed and where. Plus an eyeballing.

Silver I'd go a bit over face value. What percentage I don't know.
I'd call my former coin /metals dealer and ask what he is getting (charging a premium as) over face value on junk silver today. Then go a little less.

Gold? If there's gold coins you'll need to research them. Common modern offerings from known mints are worth more than spot price. Looking at offers will give you an idea how much.
By the ounce. Half ounce. Quarter ounce.

Kitco may not be everyones favorite to check spot prices but I use them.
Then I can compare offered gold rounds or bars ect. to spot. While expecting to pay a premium for them being made. Handled . Ect..

Gold Spot Prices | Silver Prices | Platinum & Palladium | KITCO

Live Spot Prices for Gold, Silver, Platinum, Palladium and Rhodium in ounces, grams, kilos and tolas in all major currencies.

www.kitco.com

Rare or special coins of course would be worth more. But condition still matters.
Splitting hairs like that might not make both parties happy. But I'd warn of that from the start.

 

[ARC]

I had sold some few wheat cents for 3 cents each. It's been years ago and the price hasn't changed.

I could sell rolls of 50 for 5 bucks each all day long if i had em to sell.

Dealers buy em at three to five and then resale them higher now.

Round here anyway

 

[hollARDog]

Sounds like I'm getting in over my head at this time and should just step away. For now. Me and him are pretty cool with each other and I'll keep it that way. Thanks guys for y'all's input👍
I'm always getting into something and cool to have y'all around!

 

[cudamark]

If you choose to jump into coin collecting and values, you need to learn how to grade a coin. All the coin value books and gray sheets won't help you a bit if you don't know what the coin grades as far as wear, variety, and/or damage. In looking through this guys coins, I'd start by sorting them according to denomination, date, and mint mark to determine if any are key date coins. Also, any coins in obviously better condition would be separated and protected from further damage until they can be evaluated.

 

[Riverbum]

I imagine he'd want face value

 

[hollARDog]

If you choose to jump into coin collecting and values, you need to learn how to grade a coin. All the coin value books and gray sheets won't help you a bit if you don't know what the coin grades as far as wear, variety, and/or damage. In looking through this guys coins, I'd start by sorting them according to denomination, date, and mint mark to determine if any are key date coins. Also, any coins in obviously better condition would be separated and protected from further damage until they can be evaluated.

The grading part is the biggest part holding me back at this point.
He ain't going anywhere, I ain't going anywhere,the coins aren't going anywhere so I'ma just start slow and see what happens. I did make an agreement with him to start buying all coins for a month and see what comes up. He is hardly at the store and the girls running it don't look for anything. So they are just going to throw all the change in a bucket in the evening and I'll go by in a couple of weeks, sort,weigh and buy. I think I got a decent plan🤔🤪🤔
If this works I have my 2 local convenient stores willing and ready.

 

[hollARDog]

He has notes on some key dates, no mints just dates. Thinks a couple are worth 100k. He didn't have his glasses on, I was looking at his note to, said 1k. Still don't think there is anything like that in these buckets just do to conditions. But hey, I DKS about this game🤘

I imagine he'd want face value

 

[unclemac]

Yes, ask him what he wants. You can go there with your red or blue book for values. I would not under any circumstances take stuff home you haven't paid for. And coin collecting in general isn't very popular anymore.

... have you had a look at eBay recently? tell THEM coin collecting isn't very popular anymore....

 

[hollARDog]

... have you had a look at eBay recently? tell THEM coin collecting isn't very popular anymore....

That's kinda what's got me going🤘
Side note, buddy textd from the store and he has a few rolls of Halves someone paid with. He let me know that they are set aside for me😍
Love small town, USA

 

[VaGent]

I see a bucket full of gold dollars, half's and whole silver. And a bucket of wheats and 90% dimes.

Are we talking Sacagawea "gold" dollars, or 1800s Liberty Head *gold* dollars? Theres a very big difference....

 

[hollARDog]

Are we talking Sacagawea "gold" dollars, or 1800s Liberty Head *gold* dollars? Theres a very big difference....

Sorry about that, I'm still wet behind the ears and don't have all my terms correct at this point. The new Sac dollars. Nothing I was interested in(I think).
Nor do I want the wheats(I think).
I was after the silver. A few pounds of dimes. Some silver halves and dollars maybe.
But I'm over my head at this point and he stuck it back under the desk for now👍
But they are saving all extra change in a bucket. When it's full I'll go buy it and see what I find. I really don't know what I'm doing. Came here to learn about metal detecting and now I'm counting change in back rooms😎

 

[unclemac]

coin collection can get really, really deep. You need a focus.... let me suggest something like a Dansco 7070...

7070 U.S. Type major coins from 1800 Dansco Album

7070 U.S. Type major coins from 1800 Dansco Album. Cents - Dollars and Commemorative

www.danscoalbumstore.com

There are hundreds of ways to go in this hobby, the more you learn the deeper you go. The deeper you go the more you expand your focus. The more you expand your focus the more things become interconnected. I started years ago with a 7070 and now am (not ever sure) 25 books deep or so.... I have a friend that is even deeper.... currently he is going after a "Seated" set. That means EVERY coin of every denomination, from every mint and all the major varieties.... of coins like this...