coin dealer question

[jonhls]

I have a guy i work with that is going to take his grandmas coin collection to a dealer to get an estimate....he is going to let me look at it first to see if there is anything i might be interested in.....he asked me to roughly grade and price everything for him so he can get a general idea of what the dealer might offer him...there is between 30-40 dollar face value he thinks 8 peace dollars a few walkers and franklins,a bunch of kennedys and rest mercs and washingtons.I can get a rough value for him out of redbook but boes anyone know about what percentage of book value a dealer will offer.I told him with there profit margin to not expect much unless he has some key dates which it doesnt sound like.he thinks an uncle went thru them a few years ago and took what he wanted....any insight or opinions would be appreciated...hh jon

 

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[piggman1]

Don't trust the dealers! They are out to get something for nothing. Selling on Ebay seems to bring fair prices for most coins.

 

[DPBOB]

Ebay them with good pictures and let the public decide.....Or buy them from him yourself...

 

[BIG61AL]

I never get coins from a dealer...always over priced....ebays a better option to buy coins

 

[Stormtrooper154]

Dealers use a price guide called Grey Sheet. There is a bid and ask price for the coins. Most dealers I know or have run into want to be about 10% back of grey sheet bid. Red book will just give you a retail price, that is no where even close to what any dealer will offer you. I would suggest the ebay route also, for someone without knowledge of coins or grading the coins.

I am sure you can get a deteailed list of the coins and put them on the coins forum on this site. They will be able to tell you what coins are bulk silver, or common dates, or key coins. Once you figure that out, then you can take the non-common coins and get pictures and sell them on ebay.

 

[BuckleBoy]

Dealers use a price guide called Grey Sheet. There is a bid and ask price for the coins. Most dealers I know or have run into want to be about 10% back of grey sheet bid. Red book will just give you a retail price, that is no where even close to what any dealer will offer you. I would suggest the ebay route also, for someone without knowledge of coins or grading the coins.

I am sure you can get a deteailed list of the coins and put them on the coins forum on this site. They will be able to tell you what coins are bulk silver, or common dates, or key coins. Once you figure that out, then you can take the non-common coins and get pictures and sell them on ebay.

Well said. I agree with Stormtrooper on this one.

Buckleboy

 

[desertfox]

Sorry, I'm another one that belives Ebay is the way to go on this one. That is unless your friend will let you have them for bulk silver prices.

Desertfox

 

[RON (PA)]

I agree too. Ebay is the way to go in this case. The coin shops that I have been in have been overpriced. Another option might be to give a week or two in the "For Sale" section of TreasureNet. Just a thought.

 

[Green Frost]

I actually have a question also bout coin dealers if someone could answer it. Will most dealers by coins by the % metal value?

 

[piggman1]

Yes, minus a certain %. They will pay less than spot price.

 

[ivan salis]

they buy at at spot silver price minus a certain % for garanteed profit---they basically pay you a bit less than current "scrap" metal melt value-- that way if they can't "move" them at full price they can always melt em for scrap value and still pull ahead---Ivan

 

[DFX-SE Gregg]

if you just sell even at spot to a dealer you are getting ripped off unless the coins are junk/bad condition. Are you missing the ebay suggestions?

 

[SC_hunter]

If it is just regular silver...and no "interesting" dates..most down here pay 8 times face value for the silver and sell for about 10 times face...But I, like the rest would check on ebay.
Here is a pretty neat little website to check out http://www.coinflation.com/coins/silver_coin_calculator.html

 

[Charlie P. (NY)]

what percentage of book value a dealer will offer

I go with Agreen60 . . . or even worse. 40 to 60% of Red Book. They sell 10 to 20% below and still make 30 to 40% margin. It costs $15 to $25 to slab a coin and that is usually lost investment when it comes time to sell (unless tyey lock you into a favorable grading).

There's only three Peace Dollars that have much higher values - a geally good 1921, the 1928 and the 1935-S. And, as with stamps and baseball cards, condition is everything. Coin dealers can be ruthless in their buy grading but goofey in their sell grading. Make sure to have him/them itemize a list so you can get a second opinion if you feel shorted. DO NOT mention that you are a metal detectorist. Some won't touch dug coins and most will assume you've cleaned or altered the coin's finish.

http://www.pcgs.com/prices/

 

[Rob66]

I collect coins myself. I would go through every single piece to see if there are any special ones the red book will tell you.I single coin can be worth the bunch. be careful with dealers they have to eat too.private party is the best.Wouldn't have a 1921 peace dollar,would you ?

RD
P.S the dealers will know if you cleaned the coins or not, so don't do it!!!

 

[oldplacesnofinds]

List them in the for sale section on here. Forget Ebay and their high priced fees.