How often does this happen?

FrattLaw

So I'm at a local store today, when I'm about to leave and a guy walks in with 20 toned 1881-S Morgans in old PNG holders and wants to sell them. These were all graded @ MS65 and looked about right. Just amazing colors on each and every coin. He bought them 17 years ago from a telemarketing scam. He paid roughly $600 a coin.

The dealer, as well as I were stunned. The dealer, a great and ethical guy, offered to send them into PCGS for grading, his cost and buy them after they were graded properly, with a premium for toning.

Does this happen to other dealers? Has anyone else seen anything like this? Usually I see some person, trying to get enough $ for the next six pack, trying to sell their grandfather's collection of circulated mercs, franklins and kennedys.

Michael

nwcs

At the local coin shop, I have never seen anything like that. The guy tries to buy at 40% bid.

MadMonk

Whose the dealer! Rare in my experience. But nice to hear.

dorkkarl

it happens plenty.

K S

Conder101

Questions, are you saying the dealer is willing to pay him what he had in them or current market for MS-65plus a premium for the toning? You say they are in "old PNG" holders. PNG didn't use holders they used certificates so do you mean with PNG certificates or are these the old ANACS slabs with the PNG finalizer hologram? If you do mean the certificates could you let the dealer know that I may be interested in one of the coins, and/or potentially ALL of the certificates.

Gilbert

... offered to send them into PCGS for grading, his cost and buy them after they were graded properly, ...

he he he

Well, I admit, they would probably be closer to scale than they probably are, but I guess it would depend on one's version of "graded properly."

BTW, I've never seen such an offer, but I've only had limited exposure to dealers.

TheNumish

I've sent in coins for customers in situations like that and I hate doing it and swear every time I do it that it will be the last time. First of all you have to sort the coins worth sending in, remove pvc etc. etc. They are getting all of your knowledge cheap. Then you have to tell the person how you think they will grade. No matter what there will be coins that come back different and you look like a schmuck. Try to explain a body bag to someone who just paid $25 to have it graded. They think you don't know what you're doing. Then it seems like the people never sell the coins to you. My personal preference is to just make a bid and if they sell them fine and if they walk then as a last resort offer to send them in even though I swore the last time I'd never do it again.

topstuf

I did it on a regular basis. For a selfish reason. ......... I ..........did not want to be the one to tell the poor sap how bad he got hosed on TV coins or old purchases at the top of the market.

Once they heard the fee for "getting the news" they would usually flee.

Coins were usually from a "relative" who "died." Sometimes the geek who REALLY wanted to buy them would come in and stand NEXT to the "seller" thus demonstrating their close relationship and mutual "trust."

It saved time and I ....would....buy legitimately based on real grades and coins and especially enough time for "Mr. Friend" to get cold feet and get out of the picture.

You would have to spend 6 months behind the counter to see how stupid the public THINKS coin dealers are.

"COLORED" eagles were another story. ahhhhhhhhh yessssssssss.