old lady with coins -- what shoudl I expect?

Geoman

Recently, I put a free add in the newpaper in the town I live in, stating that I was a beginer coin collector, and was interested in buying older coins. I had a older sounding lady call me today and said she had a bunch of old coins she found while cleaning, and if I was interested, I could come over and look at them. I am not looking for rare, expensive, or high-grade coins, just circulated ones to push in some Whitman folders for my kids. She said they were all circulated and worn.

She also went on to say that she has "done a lot of research" on the coins and figured out prices. One price she gave me was she wanted at least $10 for each silver dollar. Of course, it depends a lot on what condition the coins are in, abd what years. But my question is what do you usually find in this kind of set up? Are they usually all junk? Do most people believe they are worth a lot more than they really are? And if I happend to find something that is rare and worth a lot, so I tell her? Or do I buy it at her price and leave? What have been your experiences with something simialr?

Dog97

She might think she found a sucker in you. Just because she is a little old lady doesn't mean anything. She might be like that old woman that sells her dead husband's (Harold) coins on eBay.
If she wants $10 per silver dollar and you find something rare or good just be quite and pay the $10 since she has "done her research." If you make the offer then offer what they are worth to you.
Most people think they are worth a lot more than they really are and they probably will be ave circ probably common dates in VG/Fine.
You might get lucky though. Good luck & keep us posted!

Placid

She might clean them up for you before you get there.

Loki

Just go there with an open mind, an empty stomach, and EAT HER DELICIOUS HOMEMADE COOKIES!!

TheNumish

Loki has the right idea. It'll be an adventure. Just don't try to be a nice guy and overpay her for her coins. Keep your head clear and only pay what they are worth. Even if she gives you cookies.

mr1931S

you might consider having security present in case things get out of hand...

coynclecter

I've run adds too. I've found a variety. One lady had a couple of hundred junk, worn flat barbers and thought they were worth a lot. No matter what I offered it wouldn't be enough. She called me 6 months later from the same add and tried to sell them agaain.
Another time I bought a couple of hundred rolls of wheaties at 2.5 cents each. I had looked at a few and found some nicer ones so I took a chance. Not only did I fill the first book (minus 3 coins) but half a second PLUS there were over 150 indian cents in there.
It was fun but no great deals, Just be careful not to be giving free appraisals. Let them set the price.

SarasotaFrank

I bought a collection like that a few months ago from an older couple. An old metal file box of coins that hadn't seen light in 30 years. They had received the coins due to a death in theor family in the seventies and had not opened the box since. There was a wide variety - from lage cents to those nasty old Franklins.

Many were in Whitman folders, and there were a bunch of old change purses filled nickles and dimes and quarters. THere was a lso a very unique old bank, probably from the twenties, that I carefully took apart - it was filled with Buffalos, Mercs and SLQ's/

The Treasure Trove was in the Buffalos and Indians. I picked up more than three quarters of a full set of Indians, and likewise on Buffalos - including a 20 and 20-D both XF++. There were also a number of flying eagles 57's and 58's. There were a few arrows and rays coins - some in terrific shape, which I sold for good prices to make up for a large part of my investment, lots of barber quarters and nickels and SLQ's. The silver dollars - where I had hoped to find good stuff was all junk however.

All in all, I got more than my money's worth - but not a big haul by any stretch. I paid $1100, sold more than that much worth of merchandise to make up my cost, and ended up with a hundred or so coins I kept to build collections, or have just hung on to in inventory. From an investment standpoint, it probably wasn't worth the time, from a collecting standpoint, it was a great experience and a lot of fun.

edited to add:

I was the instigator of the purchase. I reviewed everything and made an offer without particulars. I offered a flat price which was fair, maybe just a bit generous and left with the coins that afternoon. In hindsight, I probably should have just offed $1000, which was enough to make the deal, but I had a clear conscience that I did not take advantage of folks who did not know better.

dorkkarl

not a dealer, but i'd venture to guess you'd waste your time on such folks, what, 90% of the time? but twice a year, a local shopping mall has a "coin day" & lets dealers set up. just from eavesdropping, i've heard enough convincing stories to guess you'll hit a home run from time to time.

i was sitting in a coin store once when a "litle old lady" walked in with four bust dollars!

good luck!

K S

its4real

You may get lucky and I would be interested to hear the outcome.

Whenever I hear "I've done some research" - it pretty much means that the seller will want MS70 prices for AG coins.

On e-bay this week, I bid up to what I thought a gold $5 1/2 eagle was worth (fine - unslabbed)....around $120. The auction never met reserve so I e-mailed the seller and asked what she wanted, what price she had in mind. She had been "watching e-bay" for a while and KNEW it was worth over $500 because of the other coins like it that were selling for over $500.

I can bet that next year - that coin will still be for sale.

barrytrot

From my experience which is limited I can boldly say that most people think their coins are worth far more than they are.

Someone came to me the other day with circulated 1972 pennies. My gosh, how rare!

In addition people are always quoting me the MS66 price or worse the "Shop-At-Home" price for their AG-F coins not realizing that this hobby is all about condition.

I've run an add like that. I've bought a few gold coins and one time a bunch of Indians. Interesting work, but my net profit (well, if I ever sell is probably going to be $10 or less on spending over $10,000.

But I enjoyed it which is worth $6,000 so I'm way ahead

1956Quarter

This happenes a lot in my other collecting hobbies. One thing that irks the hell out of me is "someone told me this was rare" or some similar crap. Well to that I say then why didn't they keep their trap shut and buy it from you???? Just go there expecting exactly what you suspect. Its all culls and garbage, they want way too much for junk becuase "someone told them it was rare and valuable", or its all moderns etc. If you get there and find a diamond or diamonds in the rough, buy them and enjoy the rewards. By all means if there is something rare of expensive in there keep quiet, make your best deal, don't be too eager, and then get out of there grinning. If they are way off and the stuff is junk, tell them and explain why. Many times that won't help, and they will insist its valuable because "someone told them it was rare and valuable", but you'll feel better trying to set them straight.

IvanOnly

Kind of similar situation for me. I was going through a co-workers loose change of older Washington’s and Rosie’s. When I came upon a true beauty, a 1932-S Washington Quarter, in AU+. I would have liked it, but I still gave him accurate prices for his coins.

Russ

<< <i>From my experience which is limited I can boldly say that most people think their coins are worth far more than they are. >>



Ditto. I run an ad in a weekly here called the Little Nickel. Besides the fact that it clearly states "proof Kennedy halves and US proof sets", and I STILL get calls from people that have everything but, people have very unrealistic expectations.

Case in point. A guy called me last night about a big jar of 1964 business strikes that he got as part of a lot in an estate sale (was in a trunk of junk, only coins in there). He wanted to know the value. When I told him that it was most likely melt, he acted like I was some kind of crook trying to take him for a ride.

I tried to explain to him that they minted over 400 million and that, since they were stuffed in a jar it was unlikely that there was any condition rarity in the batch. He said "well, I'll just keep them", and hung up.

Russ, NCNE

danglen

I run an ad in small town "PennySaver" type papers around the area, stating that I buy coins and coin collections. Ninety five percent of the calls I get are not worth much, but every once in a while you hit a home run. Through this ad I met a retired sea captain, who sailed around the world for forty years. In every port, he would go to the local bank and buy uncirculated coins, then go to the post office and buy sheets of stamps. I get a call from him about every six weeks, go over and see him and take him to lunch, listen to some great sea stories, then we go back to his place and he shows me what he has for sale. I think he's afraid that after his coins run out, we won't be friends any longer, but that is not the case. This is a neat guy, and the lunches alone are worth the price of admission. But back to the original question, as my mom used to tell my sister, "you have to kiss a lot of frogs before you find your handsome prince".