@Dreamcrusher said:
We get calls daily at the ANA on 1943 cents, $2 notes, you name it. We try to explain that while something may not be valuable, that doesn't mean that it's not neat. Lately, we have had a bunch of people calling about a dollar coin from 1776 with a bald guy on it. We call that coin the Nostradamus dollar.
You have a neat handle. What’s the background? Is it for crushing dreams of collectors with 1943 cents and $2 notes?
Several years ago, when I started working at the ANA, I was given the job of answering coin questions from the general public. Most people call you thinking that they have something worth a lot of money. In most instances, you have to level with them and explain they really have something "very modest" in value. I do want to say that at the ANA we make an effort to educate the caller as to why their coin is interesting even if it is not valuable. Most times, the caller is very disappointed. Members of the staff started calling me "Dreamcrusher" and after a while, it stuck.
Sometimes callers get indignant but not always. Sometimes it is very sad. I got a call around Christmas from the Salvation Army in Denver because someone placed a silver dollar dated 1804 in their bucket and they wanted to know what it was worth. I had an elderly woman contact me and asked me if her 1964 Kennedy half dollar was made of silver. When I told her it was, she got very excited and asked where she could sell the coin because she needed the money to pay her winter fuel bill. It's not my favorite part of my job.
I've rambled enough.
Sounds like a tough, but an important job. Glad you were honest and educated people. What was your favorite part of this job and do you still have it?
I spent many years at the counter trying to let people down easy.
After all, this person took the time to find my shop, drive there, park the car (not always easy in the goofy little village I was in), and walk -in......I would launch a speech into the historical relevance of whatever they brought, and usually show them an example of what they thought it was that they had. It wasn't hard to do if you put yourself in their position.
Fred Causey, who ran a shop in Fort Worth from 1966 until his death in 1990, (and I managed for the next ten years) had a 30 year career as a factory sales rep for Roper appliances. Experience in selling to people whose business is selling -- gave him some interesting comebacks to price shoppers:
Customer: How much are your one ounce gold eagles?
Dealer: Spot plus $30
Customer: XYZ coin shop charges only $10 over spot
Dealer: Then I suggest you buy from them.
Customer: But they don't have any.
Dealer: We sell them for $20 UNDER spot when WE don't have any.
Frank Provasek - PCGS Authorized Dealer, Life Member ANA, Member TNA. www.frankcoins.com
Frank, I can't tell you how many times I have had people use that tactic and I always suggest the same thing, that if I was them I would buy from the other guy. it is peculiar that they have never thought things through to that point, assuming that we would change and beat the other price.
another thing that's similar: people will come in with a VG Morgan and when we offer right around spot or spot - they will tell us that they saw it on the internet and it's worth $200. when I offer to sell them as many as they want at half that price they look confused.
@Frankcoins said:
Fred Causey, who ran a shop in Fort Worth from 1966 until his death in 1990, (and I managed for the next ten years) had a 30 year career as a factory sales rep for Roper appliances. Experience in selling to people whose business is selling -- gave him some interesting comebacks to price shoppers:
Customer: How much are your one ounce gold eagles?
Dealer: Spot plus $30
Customer: XYZ coin shop charges only $10 over spot
Dealer: Then I suggest you buy from them.
Customer: But they don't have any.
Dealer: We sell them for $20 UNDER spot when WE don't have any.
Customer. How much do you charge an hour?
Me. $100 an hour
Customer. But XYZ only charges $75?
Me. I suggest you take it there.
Customer. But they’re backlog is 6-8 months.
Me. Crickets.
W.C.Fields "I spent 50% of my money on alcohol, women, and gambling. The other half I wasted.
@Dreamcrusher said:
We get calls daily at the ANA on 1943 cents, $2 notes, you name it. We try to explain that while something may not be valuable, that doesn't mean that it's not neat. Lately, we have had a bunch of people calling about a dollar coin from 1776 with a bald guy on it. We call that coin the Nostradamus dollar.
You have a neat handle. What’s the background? Is it for crushing dreams of collectors with 1943 cents and $2 notes?
Several years ago, when I started working at the ANA, I was given the job of answering coin questions from the general public. Most people call you thinking that they have something worth a lot of money. In most instances, you have to level with them and explain they really have something "very modest" in value. I do want to say that at the ANA we make an effort to educate the caller as to why their coin is interesting even if it is not valuable. Most times, the caller is very disappointed. Members of the staff started calling me "Dreamcrusher" and after a while, it stuck.
Sometimes callers get indignant but not always. Sometimes it is very sad. I got a call around Christmas from the Salvation Army in Denver because someone placed a silver dollar dated 1804 in their bucket and they wanted to know what it was worth. I had an elderly woman contact me and asked me if her 1964 Kennedy half dollar was made of silver. When I told her it was, she got very excited and asked where she could sell the coin because she needed the money to pay her winter fuel bill. It's not my favorite part of my job.
I've rambled enough.
Sounds like a tough, but an important job. Glad you were honest and educated people. What was your favorite part of this job and do you still have it?
Yes, I still work at the ANA and am the education director. I am very blessed because for the most part, I love my job (I happen to be on vacation today because if I don't start taking some time, I will be capped). My absolute favorite part of my job is working with legends in the hobby like Bill Fivaz and Ken Bressett. They have forgotten more than I will ever know but are so giving with their advice and time. I will be teaching Fundamentals of Grading with Bill Fivaz at the next National Money Show. Leading the charge for the ANA to begin sponsoring college scholarships to seniors in high school who are members of the association was also gratifying. I also enjoy writing the monthly article Past Tense in The Numismatist.
There are people in this chatroom who like to take shots at the ANA. That's okay as we are not perfect. However, I think that for a small organization we do a pretty good job, there are some very hard & knowledgeable workers on staff. I try to keep my ramblings here positive and factual since my purpose is not to change minds. I will say that as with any organization, the more members put into it, the more they will get out of it.
There are people in this chatroom who like to take shots at the ANA. That's okay as we are not perfect. However, I think that for a small organization we do a pretty good job, there are some very hard & knowledgeable workers on staff. I try to keep my ramblings here positive and factual since my purpose is not to change minds. I will say that as with any organization, the more members put into it, the more they will get out of it.
Bid fan of the ANA and summer seminars. Your work is appreciated. LM for God knows how long.
@keets said: After that I would sort them in my head
TD, that's a very good example of what happens with me sometimes. I just have to double check that my head-math is correct.
another thing I have had to learn that is weird with people coming in, the ones who don't know what they have --- sometimes I have to try to explain to them the price we will be trying to sell an item for. people are funny. if they have an item worth $200 they will often walk if I offer them $150-160, thinking they really have something valuable. however, if I was to offer them $30 they would probably sell without hesitation. why is that???
I try to tell them "If I buy that I can probably sell it for $200 so I would want to buy it for around $150-160" and most of the time they sell.
I think this is a really interesting phenomenon and wonder if any of the behavioral economists have studied it (Kahnemann & Tversky, Thaler)? I recall reading a post on a forum where someone had inherited some pristine, raw Southern gold (with no idea as to their value), went to a dealer (who wrote the post)who explained why the coins were valuable and offered them a fair amount. And the heir walked away. Perhaps the key to making the deal is how it's framed, as in Keets' last sentence.
The phenomenon seems fairly simple to me.
The seller realizes they have something more valuable than they expected.
So they feel the responsible thing to do would be to "do more homework" researching it.
They also know the dealer has moral hazard.
So it seems like the dealer's best chance is to show them how they could research it -
a price guide or two, and a couple of comparison coins to bracket the grading.
Of course the seller might still feel obligated to "get a second opinion".
Comments
Sounds like a tough, but an important job. Glad you were honest and educated people. What was your favorite part of this job and do you still have it?
I did that job at Coin World and I did that job at ANA.
it is not a fun task wherever it is done.
I spent many years at the counter trying to let people down easy.
After all, this person took the time to find my shop, drive there, park the car (not always easy in the goofy little village I was in), and walk -in......I would launch a speech into the historical relevance of whatever they brought, and usually show them an example of what they thought it was that they had. It wasn't hard to do if you put yourself in their position.
Fred Causey, who ran a shop in Fort Worth from 1966 until his death in 1990, (and I managed for the next ten years) had a 30 year career as a factory sales rep for Roper appliances. Experience in selling to people whose business is selling -- gave him some interesting comebacks to price shoppers:
Customer: How much are your one ounce gold eagles?
Dealer: Spot plus $30
Customer: XYZ coin shop charges only $10 over spot
Dealer: Then I suggest you buy from them.
Customer: But they don't have any.
Dealer: We sell them for $20 UNDER spot when WE don't have any.
Frank, I can't tell you how many times I have had people use that tactic and I always suggest the same thing, that if I was them I would buy from the other guy. it is peculiar that they have never thought things through to that point, assuming that we would change and beat the other price.
another thing that's similar: people will come in with a VG Morgan and when we offer right around spot or spot - they will tell us that they saw it on the internet and it's worth $200. when I offer to sell them as many as they want at half that price they look confused.
Customer. How much do you charge an hour?
Me. $100 an hour
Customer. But XYZ only charges $75?
Me. I suggest you take it there.
Customer. But they’re backlog is 6-8 months.
Me. Crickets.
"I spent 50% of my money on alcohol, women, and gambling. The other half I wasted.
Yes, I still work at the ANA and am the education director. I am very blessed because for the most part, I love my job (I happen to be on vacation today because if I don't start taking some time, I will be capped). My absolute favorite part of my job is working with legends in the hobby like Bill Fivaz and Ken Bressett. They have forgotten more than I will ever know but are so giving with their advice and time. I will be teaching Fundamentals of Grading with Bill Fivaz at the next National Money Show. Leading the charge for the ANA to begin sponsoring college scholarships to seniors in high school who are members of the association was also gratifying. I also enjoy writing the monthly article Past Tense in The Numismatist.
There are people in this chatroom who like to take shots at the ANA. That's okay as we are not perfect. However, I think that for a small organization we do a pretty good job, there are some very hard & knowledgeable workers on staff. I try to keep my ramblings here positive and factual since my purpose is not to change minds. I will say that as with any organization, the more members put into it, the more they will get out of it.
Bid fan of the ANA and summer seminars. Your work is appreciated. LM for God knows how long.
Um ... that would be for life.
Whoops ... forgot to add the
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
I think this is a really interesting phenomenon and wonder if any of the behavioral economists have studied it (Kahnemann & Tversky, Thaler)? I recall reading a post on a forum where someone had inherited some pristine, raw Southern gold (with no idea as to their value), went to a dealer (who wrote the post)who explained why the coins were valuable and offered them a fair amount. And the heir walked away. Perhaps the key to making the deal is how it's framed, as in Keets' last sentence.
The phenomenon seems fairly simple to me.
The seller realizes they have something more valuable than they expected.
So they feel the responsible thing to do would be to "do more homework" researching it.
They also know the dealer has moral hazard.
So it seems like the dealer's best chance is to show them how they could research it -
a price guide or two, and a couple of comparison coins to bracket the grading.
Of course the seller might still feel obligated to "get a second opinion".