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"Collection Dump" -Story time?

CRH4LIFECRH4LIFE Posts: 849 ✭✭✭✭
edited July 17, 2018 8:25PM in U.S. Coin Forum

I will not bore anyone but to make this short a man brought a rather large collection in to the LCS while I was having shooting the sh!¥ and could not help but feel a bit sad with some envy behind that as someone had collected amd enjoyed them for a lifetime and to someone who is not interested or has not enough time just dumps the whole lot. Part of the cycle but still a rather glim scene. Now on the other hand I wish I had a roll of green bc I would have loved to grab some of that lot. Now me and that particular dealer are in a very good standings so there eas no need, So I will await what he sets aside for me. He was gave a fair price but my dealer does not see varietys as anything to look upon other then your basic and widely known examples. That being said has anyone ever got a hold of a collection dump before they went to a dealer? Last but not least I pondered about leaving a collection in a will. How many of you have thought about this? Do any of you have a home for your cherished items once you depart,specific instructions on what to do with them? or is there just a verbal agreement of to whom it will go on to. Thank's for reading this if ya stuck around long enough lol

Comments

  • mt_mslamt_msla Posts: 808 ✭✭✭✭

    I label my varieties on the slab so when / if my wife sells after I'm gone, at least she's not completely taken advantage of. I used to keep a spreadsheet of purchase date / cost but I've fallen behind on that one.

    Insert witicism here. [ xxx ]

  • CRH4LIFECRH4LIFE Posts: 849 ✭✭✭✭

    @mt_msla said:
    I label my varieties on the slab so when / if my wife sells after I'm gone, at least she's not completely taken advantage of. I used to keep a spreadsheet of purchase date / cost but I've fallen behind on that one.

    Not bad!! Good thinking. I keep most of what I have labled but I have yet to keep track of my costs. Maybe better that way lol I may at one point in time build a list or spread sheet of the sort.

  • CRH4LIFECRH4LIFE Posts: 849 ✭✭✭✭

    @291fifth said:
    Don't die with your collection. I have said this for several years and personally stopped collecting coins when I reached 65. I still collect knowledge.

    Nearly all of my collection has been sold as no one else in the family has any serious interest in coins.

    Can not say wether or not I will stop at a certain age, A great view point I will say.

  • JimnightJimnight Posts: 7,702 ✭✭✭✭✭

    I really don't think about dying.. I enjoy life to much and most likely will do the things I do right up until it's time to leave my body... which could be anytime.. any age. This is just my way of story time thinking.

  • BillJonesBillJones Posts: 29,066 ✭✭✭✭✭

    My collection will be sold at some point. The proceeds will go into the general estate and the assets will be distributed to the heirs. Which heirs is a debate my wife and I are having, but I won't go any further.

    As for generalist dealers missing all but the best known varieties, I don't have a problem with that. This gets back to the issue of knowing which dealers are specialists in what areas. Unless a dealer is a multimillion dollar auction house, there is no way that they can attribute or market everything. You simply can’t be an expert in every phase of numismatics, even when you are limiting yourself to U.S. coins.

    Even the big auction houses have been known to hire consultants to attribute coins and do the write-ups for the lots. When the Dan Holms collection of large cents was sold by the Goldbergs’, Chris McCally and Bob Grellman shepherded the collection through the auction house. They reviewed how the coins were graded and cracked out the pieces they thought were under graded.

    Specialized die variety collections requite special treatment when it comes time to sell. That is just a fact of life, and there is nothing unethical going on when sellers and executors don’t or can’t find the best venues to sell certain assets.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible.
  • JBNJBN Posts: 1,396 ✭✭✭✭✭

    Never had an opportunity to purchase/examine a collection ahead of a dealer. Would be very interesting, I'd imagine.

    My collection is an emergency backup financial backstop. I hope dearly never to use it for this purpose. I will pass the collection to my heirs. I also don't want to be in a position to pay gains taxes on the sale - I'd much rather this money go to my heirs.

    I keep a detailed file on the collection with specific information on which dealers/venues are recommended for liquidation of the various series/parts of the collection.

  • topstuftopstuf Posts: 14,804 ✭✭✭✭✭

    My collection and bullion stack are separated. Separated also in will. Heirs will get the stuff at the basis of my time of death so there would most likely be no tax on gain (if any)
    I'd quit now but am radically changing my approach, but the search keeps me interested and thus active.
    Anticipation of newps keeps me ticking.

    UNLESS THE DAMN POST OFFICE CAN'T FIGURE OUT TO DELIVER MY STUFF !! ;):#

  • mustangmanbobmustangmanbob Posts: 1,890 ✭✭✭✭✭

    Everyone should have the opportunity to "eavesdrop" on a dealer when a collection dump is being sorted and purchased.

    For example, one dealer was looking at a collection that included 20 +/- Mexico 50 peso coins, that contain 1.2 ounces of gold. He told the seller that he pays gold melt for them, and gold was $x an ounce, and so he paid 20 x $x. That was just one item in the lot. As soon as the seller left, the dealers friend, who was in the store, walked up to the dealer, and paid the dealer 20 x $X x 1.2, true gold melt, so the dealer made a 4 ounce of gold profit in 5 minutes by ripping the customer, and that was just 1 piece of the deal.

    Another dealer I saw was offered uncirculated rolled state quarters in the mint wrap. He lectured the seller on how the market was poor for them, blah blah blah and he could only pay .X % back of what he sold them for, blah blah blah. He totalled it up, and paid the man. After the man left, the dealer and his helper were laughing about how they had bought the rolls for less than face value, and what an idiot the seller was to not figure that out.

    Needless to say, never purchased from either of them.

  • BuffaloIronTailBuffaloIronTail Posts: 4,799 ✭✭✭✭✭

    @mustangmanbob said:
    Everyone should have the opportunity to "eavesdrop" on a dealer when a collection dump is being sorted and purchased.

    For example, one dealer was looking at a collection that included 20 +/- Mexico 50 peso coins, that contain 1.2 ounces of gold. He told the seller that he pays gold melt for them, and gold was $x an ounce, and so he paid 20 x $x. That was just one item in the lot. As soon as the seller left, the dealers friend, who was in the store, walked up to the dealer, and paid the dealer 20 x $X x 1.2, true gold melt, so the dealer made a 4 ounce of gold profit in 5 minutes by ripping the customer, and that was just 1 piece of the deal.

    Another dealer I saw was offered uncirculated rolled state quarters in the mint wrap. He lectured the seller on how the market was poor for them, blah blah blah and he could only pay .X % back of what he sold them for, blah blah blah. He totalled it up, and paid the man. After the man left, the dealer and his helper were laughing about how they had bought the rolls for less than face value, and what an idiot the seller was to not figure that out.

    Needless to say, never purchased from either of them.

    Those stories, my friend, sadden me.

    Pete

    "I tell them there's no problems.....only solutions" - John Lennon
  • topstuftopstuf Posts: 14,804 ✭✭✭✭✭

    It's been MY experience that the more "drecky" a "collection" is, the more likely it will be looked at as bulk ...stuff.... that will have to be wholesaled out to the traveling "junk" guys.

    The NICE collections I appraised and bought were usually owned by someone savvy enough to care what happened to it.

    AND.....had better coins.

    When I was in bizz, I would SHUDDER when the boxes of proof sets and MIXED stuff came in.

  • CRH4LIFECRH4LIFE Posts: 849 ✭✭✭✭

    @mustangmanbob said:
    Everyone should have the opportunity to "eavesdrop" on a dealer when a collection dump is being sorted and purchased.

    For example, one dealer was looking at a collection that included 20 +/- Mexico 50 peso coins, that contain 1.2 ounces of gold. He told the seller that he pays gold melt for them, and gold was $x an ounce, and so he paid 20 x $x. That was just one item in the lot. As soon as the seller left, the dealers friend, who was in the store, walked up to the dealer, and paid the dealer 20 x $X x 1.2, true gold melt, so the dealer made a 4 ounce of gold profit in 5 minutes by ripping the customer, and that was just 1 piece of the deal.

    Another dealer I saw was offered uncirculated rolled state quarters in the mint wrap. He lectured the seller on how the market was poor for them, blah blah blah and he could only pay .X % back of what he sold them for, blah blah blah. He totalled it up, and paid the man. After the man left, the dealer and his helper were laughing about how they had bought the rolls for less than face value, and what an idiot the seller was to not figure that out.

    Needless to say, never purchased from either of them.

    Yikes!!!!

  • CRH4LIFECRH4LIFE Posts: 849 ✭✭✭✭

    @topstuf said:
    It's been MY experience that the more "drecky" a "collection" is, the more likely it will be looked at as bulk ...stuff.... that will have to be wholesaled out to the traveling "junk" guys.

    The NICE collections I appraised and bought were usually owned by someone savvy enough to care what happened to it.

    AND.....had better coins.

    When I was in bizz, I would SHUDDER when the boxes of proof sets and MIXED stuff came in.

    This makes A lot of sense!

  • skier07skier07 Posts: 1,880 ✭✭✭✭✭

    @ricko said:
    I do not intend to sell my coins... My wife will dispose of them... while she is not a collector, she is highly intelligent and will pursue avenues that will give her a fair return. Cheers, RickO

    I certainly respect your opinion.

    But don’t you think you’re putting your wife in a very difficult position especially if you have hundreds/thousands of coins? Don’t you think you would be able to maximize a higher return than your wife? If your coin collection consists of 1 or 2 boxes of 20 I don’t think it makes as a big a deal.

  • rickoricko Posts: 77,735 ✭✭✭✭✭

    @skier07 ..... No...I do not. Not worried about ROI... and much more that 1 or 2 boxes of 20.
    Cheers, RickO

  • sellitstoresellitstore Posts: 1,388 ✭✭✭✭✭

    Heirs should be left with a list of a few trustworthy names and your recommendation as to venue and/or type of sale, auction vs pvt. This little bit of info. will save a lot of work, grief and mistakes.

    Collector and dealer in obsolete currency. Always buying all obsolete bank notes and scrip.
  • batumibatumi Posts: 625 ✭✭✭✭

    @mustangmanbob said:
    Everyone should have the opportunity to "eavesdrop" on a dealer when a collection dump is being sorted and purchased.

    For example, one dealer was looking at a collection that included 20 +/- Mexico 50 peso coins, that contain 1.2 ounces of gold. He told the seller that he pays gold melt for them, and gold was $x an ounce, and so he paid 20 x $x. That was just one item in the lot. As soon as the seller left, the dealers friend, who was in the store, walked up to the dealer, and paid the dealer 20 x $X x 1.2, true gold melt, so the dealer made a 4 ounce of gold profit in 5 minutes by ripping the customer, and that was just 1 piece of the deal.

    Another dealer I saw was offered uncirculated rolled state quarters in the mint wrap. He lectured the seller on how the market was poor for them, blah blah blah and he could only pay .X % back of what he sold them for, blah blah blah. He totalled it up, and paid the man. After the man left, the dealer and his helper were laughing about how they had bought the rolls for less than face value, and what an idiot the seller was to not figure that out.

    Needless to say, never purchased from either of them.

    Hate to see people get ripped off, though someone who has accumulated twenty 50 peso coins should know they are 1.2 oz each. Not making an excuse for the rip-off, the seller should have checked around. As for the rolls, it is hard for me to find sypathy for someone who would sell uncirculated rolls below face value. It has been stated so many times, a ten dollar Red Book can be a great investment.

  • SmudgeSmudge Posts: 6,166 ✭✭✭✭✭

    I am trying to figure out a way to take mine with me.

  • coinhackcoinhack Posts: 994 ✭✭✭✭

    Common world gold coins sell for about melt retail. I buy XF English sovereigns from the 1800's for melt when I see them. Dealers are buying them for about 10% below melt.

    That is where much of the market is right now. Bullion dealers offering $3 below melt for VF Double Eagles and $2 over melt for XF and $17 over melt for AU.

    I went to a show a few weeks ago with two nice AU $10 gold Eagles. The best offer I got, and I sold them for, was $5 below melt for each of them.

    I sold a nice AU early French 20 Franc coin on eBay at auction. I started it at 99 cents and it sold for about $15 over melt. But after I paid eBay, Pay Pal and shipping, I still netted slightly less than melt.

    There is a dealer who has been offering 1 ounce Gold Buffalos in PCGS MS69 First Strike holders for $40 over melt. Same price for raw ones. He has had them for a while, so it seems no one is rushing to buy them. And he must have paid right around melt for them. Grey Sheet says they should wholesale at $1311 but I don't see anyone offering to buy them at that price.

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