Went to "Rare Coins,Estate's purchased" show.
DHeath
Posts: 8,472 ✭✭✭
One of the local hotels rented space to an outfit that took out a two-page ad in the local newspaper offering to purchase coins, diamonds, estates, and gold. It was a two-day deal, with certified appraisers on premise, and $500,000 cash to spend. They advertised having paid over $80,000 for 3 gold coins at one of their shows. They also offered top dollar in the ad for PCGS and NGC certified coins. Being more than a little curious, I packed up a bag of low-grade slabs, a few nice coins, and some toned Morgans and went to see if they were indeed buyers ($1500 value, $50 face value). I didn't have any hope of selling anything except the silver coins I took, but I couldn't resist the temptation to see how these circuses work. I wasn't disappointed.
When I went into the hotel, there were probably 50 people standing and sitting in every conceivable place they could in the lobby, and there were two large tables with sheets on which to describe what you bought to sell, and to be assigned a number. While waiting in the lobby for my number to be called, I examined the coins 5 or 6 people had brought to sell. Most were low grade Morgans, and a few Peace dollars. One lady had brought in her accumulated pocket change. It looked like about half a grocery bag. One fellow had some worn SLQ's and a few silver Washingtons. Many had gold jewelry to sell. After looking at all the lots I had time to examine before they called my number (45 minutes), it was my turn. I was escorted by a 20 yer old with a radio to a hotel room where they had removed the bed, and replaced it with about 20 folding chairs. It too was full of customers. Most of them had a similar mix, but I did finally see one St.Gaudens. It looked AU. After waiting another 20 minutes, I was invited into a small room where I was greeted by a coin dealer (nice enough guy) who spent about 3 minutes looking at the stuff I brought taking mental inventory. He looked real close at the PCGS stuff. One of the coins I took was a PR65 Dcam 1967 Kennedy. He looked real close at it, and said, "Did you submit this?. I said that I did. He said, "What a shame, you can't make any money with 65's." He said, "The silver looks like melt, and the moderns, they are face. You should sell them on ebay." I agreed, and told him I thought I could probably do better with the EF Barber halves, and the toned MS Morgans I brought on ebay too. I thanked him for his time. As I was packing up, I heard the "I'll have my guy count it, it looks like face value for most of it" refrain two more times from adjoining rooms. It was an enjoyable and educational day. I have no idea what they bought that day, but while waiting, I did see the kids with radios rolling a bellcart with a large tupperware bin out to the car. Looks like buying coins may be easier that I thought. I'd hate to have to look through all the junk, but they really wasted no time deciding what to buy. I wonder what they really bought at face value.
When I went into the hotel, there were probably 50 people standing and sitting in every conceivable place they could in the lobby, and there were two large tables with sheets on which to describe what you bought to sell, and to be assigned a number. While waiting in the lobby for my number to be called, I examined the coins 5 or 6 people had brought to sell. Most were low grade Morgans, and a few Peace dollars. One lady had brought in her accumulated pocket change. It looked like about half a grocery bag. One fellow had some worn SLQ's and a few silver Washingtons. Many had gold jewelry to sell. After looking at all the lots I had time to examine before they called my number (45 minutes), it was my turn. I was escorted by a 20 yer old with a radio to a hotel room where they had removed the bed, and replaced it with about 20 folding chairs. It too was full of customers. Most of them had a similar mix, but I did finally see one St.Gaudens. It looked AU. After waiting another 20 minutes, I was invited into a small room where I was greeted by a coin dealer (nice enough guy) who spent about 3 minutes looking at the stuff I brought taking mental inventory. He looked real close at the PCGS stuff. One of the coins I took was a PR65 Dcam 1967 Kennedy. He looked real close at it, and said, "Did you submit this?. I said that I did. He said, "What a shame, you can't make any money with 65's." He said, "The silver looks like melt, and the moderns, they are face. You should sell them on ebay." I agreed, and told him I thought I could probably do better with the EF Barber halves, and the toned MS Morgans I brought on ebay too. I thanked him for his time. As I was packing up, I heard the "I'll have my guy count it, it looks like face value for most of it" refrain two more times from adjoining rooms. It was an enjoyable and educational day. I have no idea what they bought that day, but while waiting, I did see the kids with radios rolling a bellcart with a large tupperware bin out to the car. Looks like buying coins may be easier that I thought. I'd hate to have to look through all the junk, but they really wasted no time deciding what to buy. I wonder what they really bought at face value.
Developing theory is what we are meant to do as academic researchers
and it sets us apart from practitioners and consultants. Gregor
and it sets us apart from practitioners and consultants. Gregor
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and it sets us apart from practitioners and consultants. Gregor
Bulldog
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Registry 1909-1958 Proof Lincolns
Oh well.
Are you going to charlotte in february?
john
A good idea.
Have hundreds of people bring you their coins and cherry-pick them.
A lot easier than buying in a market-place where there is competition.
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