What to offer?

[Sonny01]

I met a guy while at a bank that has a number of 1890's & 1900's silver dollars that he wants to sell and he knows that the better condition ones are worth more then spot. My problem is he wants me to buy them but I have no experience with buying coins and don't know what to offer. I thought for the run of the mill ones offer spot and the better ones offer spot plus 20% but that is just a total guess on my part. What would you experts do?

 

[ArkieBassMan]

I always let the seller begin the negotiations by setting the opening price. That should give you a very good idea on how things are going to go. If you make the first offer, you run the risk of offending the seller with an offer that he/she deems way too low or offering way more than the amount that will buy the item(s) and overpaying. I let the seller name a price and then haggle from there if necessary.

 

[theekman]

Whoever says a price first always looses, let the seller tell you what he wants for them.

 

[50cent]

Selll? A teller soliciting at work !?!?! Should force him to give you force value.

 

[Sonny01]

He's not a teller...just a guy with a bag of newer coins waiting in line to use the coin machine.

 

[50cent]

oh...

 

[MIhunter]

Be sure to inspect the coins carefully for fakes. Measure their weight and diameter. Check them with a magnet. Use the Red Book to make sure the design is 100% correct.

 

[CC-Hunter]

If the coins are what he says they are, spot or even 20% over spot would be a very good price. Even with the drop in silver prices It is still hard to buy a Morgan for $25, some sellers insist on closer to $30. Ironically, I was doing a better job buying Morgans for $20 and $25 when silver was higher.

 

[Sonny01]

Well, I ended up with buying 7 Barber halves, 1 Walking Liberty and 3 dimes for spot. None were in great shape and I also got a dozen or so mixed coins for cheap. Some were foreign but all were well worn. I'm happy with what I got plus the guy and I talked for maybe 1/2 half hour.

 

[Iamrussell]

Well, I ended up with buying 7 Barber halves, 1 Walking Liberty and 3 dimes for spot. None were in great shape and I also got a dozen or so mixed coins for cheap. Some were foreign but all were well worn. I'm happy with what I got plus the guy and I talked for maybe 1/2 half hour.

Cant beat the price you paid especially for the barbers those are always sold more than most other halves (walking liberties, bens and rosevelts)

-------------------------------------
just keep stacking, just keep stacking, stacking stacking stacking

 

[hokiemojo]

was he a Roll hunter too?

 

[Sonny01]

Nope...just had some old coins he didn't have a use for. He had some dollar coins he wanted to sell but decided to keep them...those were the ones I was really interested in but I don't blame him for keeping them.