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You are a dealer and a highly specialized collection is offer to you ...
291fifth
Posts: 24,675 ✭✭✭✭✭
The material in the collection is scarce but so are collectors who want it ... and none of those collectors are in your local area. No one coming into your store has ever asked for material of this type.
You don't know much about this specialty yourself but it is being offered by an heir who just wants to get rid of it for cash and wants the money now.
How do you approach making an offer for such a collection? Remember, you are a dealer, not a collector, and have no personal interest in the material except as "product".
All glory is fleeting.
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While my store is in Bend, Oregon, let's assume I have the Internet and Fedex. I have "decent" imaging skills. As a dealer, I'm in it for a flip (or a score), but not to be the end user. That's for my expert to figure out as we figure out what to pay?.
1) Define "cash and want the money now". Am I paying green right now or he walks out the door? Offer and a cashier's check within 48 hours? Somewhere between?
2) The price? $20K? or $200K? or ?? Is this chump change or 10% of my net worth?
3) Not knowing the esoteric nature of the collection, I can't be expected to know how much reference material there might be. Or auction records. Is it in the Redbook and/or CDN? Is it encased postage? Coin glass? Swiss shooting thalers? Coins with "Breen letters"? I'm told there's still a market for encased/graded Krugerrands.
4) Is it OK to call a guy from EAC that may know someone else who knows about Conder tokens? And who not to call?
As posed, too open-ended to be meaningfully answered.
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More info needed to recommend anything except if they insist offer melt. Then they accuse you of being a crook. Tough situation. May be best to pass and send them elsewhere.
I would never offer "melt" or something lowball for someone else's life's work. If there is money to be made, even if it takes a bit of research and time, I'm in. This is the modern age, for heaven sake.
I would offer to broker the deal through multiple avenues, particularly a dealer that specializes in this area.
May even learn something along the way?
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Rick makes many good points.
Perhaps the single most important is the expert advice that you can and should solicit. Knowing the market is key.
Let's say it's large collection of large cents by Sheldon or Newcomb variety. I would lead them to the most honest EAC dealer, in my opionion, and push them to contact him. If I got any money out it, it might be as a finder's fee from the dealer who gets to buy the material.
If they really twisted my arm and said they had to sell it, I'd get into, but knowing that I have no collector base for that type of material, I'd have to buy the coins "Red Book Variety" prices.
I just don't aptitute here, expecially if it late dates or middel dates.
The coin market and getting the best price needs to be clearly explained to the seller. I personally would never pay cash for specialty coins that I don't know much about. Good way to get ripped off.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Without the time to research both the coins and the market, I would not make an offer. I would refer them to another resource, if I knew of one. Cheers, RickO
It's unfortunate as the seller, but most dealers aren't interested in most of the material offered...
ANA 50 year/Life Member (now "Emeritus")
Ya know, it is OK to give the seller more money later if the collection turns out to be a pot of gold. I'm working on similar deal now. I bought something a bit esoteric, on the low side, and am selling my duplicates. If they do exceptionally well the original seller will get more money.