The widow just walked in the door of your coin shop...

291fifth

She has rolls of wheat cents, a tin full of low grade Indian cents, Liberty and Buffalo nickels, and a stack of twentieth century Whitman folders, all partially filled, with a few key dates, all low grade or damaged. She also has a loose group of circulated Morgan and Peace dollars. She knows nothing about coins and declines to buy a copy of the Blue Book when you advise her to do so. It is obvious that she just wants fast cash.

How much will you offer her and why?

razorface1027

It is obvious that she just wants fast cash.

Give her the fast cash. On my end, it would be like a crapshoot or dropping a load of greenbacks on a # at the roulette table. She could lose and I could win or vice-versa. It wouldn't be a lucrative business for me if I started getting too ethically correct. If she's lookin' for fast cash, cash she will get.

GaCoinGuy

I'd do a quick once-over of the coins, and then offer up an amount times face value, based on what was in the collection.

darktone

I would not tie up my money in the junk stuff but if were to make an offer it would only be for face value for the modern stuff and silver value for the rest. mike

roadrunner

A friend of mine was in this situation just a month ago. He was offered a large collection (included an unc 89cc Morgan) that had a lot of bulk silver coins. The lady offered them up for face value figuring that had no extra value. She got a fair offer instead between 3-4x face value.

Basically, you should offer what is fair, regardless of the seller's situation (dealers are fair game, they're pros).

roadrunner

BBN

I don't know. I'd have to see it. I've already warned my wife about NOT doing that if something happened to me. That goes for my coins and my vintage & new Redskins memorabilia collection. I told her to go to ebay with it all! She knows better anyway. That way my stuff will make her some good money and it will finance her honeymoon with her new husband.

razorface1027

don't know. I'd have to see it. I've already warned my wife about NOT doing that if something happened to me.

DITTO: Precisely why I have my collection recorded with ASK & SELL price. Simply, I croak go to eBay!

That goes for my coins and my vintage & new Redskins memorabilia collection

DITTO: However, she'd be getting rid of my DALLAS COWBOYS memorabilia.

poptopsRus

As a dealer with a shop you make an offer on EVERYTHING that comes in the door even if it is crap. 90% of the coins you buy in a shop common garbage, 90% silver, common to no date buffalos, wheat cents.... You just sort it and accumulate it until you get a quantity then sell it. It's just the way it is. You'd be surprised every so often in these garbage collections there is a real collector coin or two in it. If you don't buy it all they will not offer you material in the future. If you buy it all they tell their friends and when their friends have coins to sell guess where they go. It does pay off eventually.

mercurynut

Just be honest and bid on what she has and educate her on expectations if she wants to shop them around.

jdimmick

I am not a store shop dealer, but several freinds are, and what Jared said is really key. You really have to buy it all, you may not be able to pay that much for the junk, but in order to get the good coins that come in once in a while, you have to buy everything. People will come back if your fair and you dont just pick over. You never know what will come in next.

True story just last month, a couple came in to a freinds shop with a bunch of scrap silver, wheats , nickels and some other stuff with an occasional decent coin or two. He bought them for a fair price and the people were happy. About two days later they returned with a litlte bit better stuff, becuae they thought they were dealt fair and honest. The next day they came back in with the whoppers. Some really nice certified type material and better date Morgans.

I think several people do this especially when they are a little uneasy. To take a small amount in first to see how they are treated and then depending on that decide to return if they feel they are done right and fair.

As far as your question, I would have tried to look over the coins quickly for any better date material figure those, then and add up the rest buying by volume pricing such as rolls prices, silver x etc.

jim

numonebuyer

I would have to agree with GaCoinGuy.



<< <i>I'd do a quick once-over of the coins, and then offer up an amount times face value, based on what was in the collection. >>

mrearlygold

Whatever it's worth and try not to waste much time.

Tom

09sVDB

Enough to make about a 10% profit.

mgoodm3

Tree fitty is what I would offer.

Shamika

<< <i> I'd do a quick once-over of the coins, and then offer up an amount times face value, based on what was in the collection. >>



Ditto.

MrEureka

The widow just walked in the door of your coin shop...

My shop is closed on Saturdays. I'd hit the panic button, have her arrested as a burglar, and hope she leaves the coins behind in the excitement.

JadeRareCoin

She has rolls of wheat cents, a tin full of low grade Indian cents, Liberty and Buffalo nickels, and a stack of twentieth century Whitman folders, all partially filled, with a few key dates, all low grade or damaged. She also has a loose group of circulated Morgan and Peace dollars. She knows nothing about coins and declines to buy a copy of the Blue Book when you advise her to do so. It is obvious that she just wants fast cash.

The scenario you outlined is quite common. I get about 2 or 3 similar deals each month. The first thing that I do is spend about 10 or 20 minutes just getting familiar with the collection. Then I get out my appraisal form and start itemizing each group of coins. For example, I count up the number of Indian Cents and then multiply by what I am paying. If they are low grade common dates, then it's $0.50 each. If there are nicer coins in the bunch, I pull them out and offer 10% back of bid (1860's and 70's). I would do the same with the Buffalo nickels, only at $0.40 each for common dates in G-VG. More for earlier dates and nicer condition coins. Peace dollars are $6 each for circs and Morgans are $7 for circs and $12 or more for Unc's. Individual coins, such as seated or bust coins, key dates, high grade Walkers, etc, are priced at 10% back of bid. Etc, etc. You make an offer on everything......even the Franklin Mint stuff and the occassional album of stamps.

Then I add it all up and say "okay, now I would like you to take this offer and your coins and go obtain 2 or 3 competitive quotes". Sometimes they have already done so. Other times they just don't want to take the time and occassionally they will get other bids, then come back. The important thing about the above information is that I follow the same criteria regardless of who the person is. It could be a widow or it could be Q. David Bowers.....doesn't matter.

FatMan

Jade
An excellent post and a model for what should occur. I commend you.