Hmmmmmmm, what to do
NoGvmnt
Posts: 1,126 ✭
Okay, I was telling someone I know (Buddy 1) about my helping someone else (Buddy 2) grade and appraise a number of pieces in their collection and that those pieces brought almost exactly what I had appraised them for.
Buddy 1 informs me that he inherited a large number of coins (mostly Morgans, Eagles and Double Eagles) over 40 years ago from his father. He now wants me to grade them and sell them for him and he has offered me 50% of the proceeds (although I haven't actually seen the collection yet, it's in a couple safety deposit boxes).
Question is, should i actually sell them and split the proceeds, keep them and pay him his 50%, or cherry pick the best and pay him the 50% of value and then sell the rest and then split the proceeds?
Oh yeah, Buddy 1 owns a scrap yard and repo business.
Jim
Buddy 1 informs me that he inherited a large number of coins (mostly Morgans, Eagles and Double Eagles) over 40 years ago from his father. He now wants me to grade them and sell them for him and he has offered me 50% of the proceeds (although I haven't actually seen the collection yet, it's in a couple safety deposit boxes).
Question is, should i actually sell them and split the proceeds, keep them and pay him his 50%, or cherry pick the best and pay him the 50% of value and then sell the rest and then split the proceeds?
Oh yeah, Buddy 1 owns a scrap yard and repo business.
Jim
0
Comments
Tom
1. Cherrypick the best coins.
1.1 Make a deal with the guy that if he will give you these few coins, you will sell the rest of his coins and he can keep whatever they sell for.
1.2 If he doesn't like the idea, give him 50% of what they are worth and go to step 2.
2. Take the rest:
2.1 Sell them
2.2 Split the proceeds
Hell, if he's not poor, ask if he'll donate the good ones to your set where they will be cherished by generations.
">"http://www.cashcrate.com/5663377"
ddbird, Everyone that knows me personally, knows that they can absolutely trust that I would never mislead them for my own personal gain. With regard to selling everything and buying other coins with my 50%, for me to purchase a coin it has to have EXCEPTIONAL eye appeal and it wouldn't be prudent of me to pass on any such coins that may be in the collection.
K6AZ:
Jim
Why step over the dollar to get to the cent? Because it's a 55DDO.
1) You prepare auctions for all of his lots on ebay.
2) Have him open an ebay account, and instruct him to bid a
maximum amount on your behalf for the select few coins you
desire to own.
3) Any of these coins that he wins (with your bid), up to 50% of
the total proceeds you end up keeping for yourself.
This would technically be shill bidding, but not in an attempt to
deceive other bidders. Instead, it would insure that your buddy
gets a fair shake for all of his coins and he will have no question
about your integrity on any coins you end up with.
The downside, of course, is that there would be ebay fees on
any lots won by you in this manner.
What do other people out there think - would this be a fair
way to handle things? Is it still shill bidding?
Ken
<< <i>Is it still shill bidding? >>
Yes.
"Exactly."
David
<< <i>Is it still shill bidding? >>
No because the bidder honestly wants to buy the coins (for his buddy).
Sell them all and take your 50%. Even if your buddy has no doubts about your honesty, that's the only way to make sure there is no shred of doubt about things being on the up-and-up.
Let's say you either keep some or all of the coins as part of your 50%. Ten years from now, he happens to mention your coin deal to someone. That person insists that he got screwed because he knows "all" collectors do that, blah, blah, blah. Your buddy may never even mention it to you, but the seed of doubt could be planted -- so why risk hurting your relationship?
And the clincher to me is that 50% is an exceedingly generous deal considering the coins you are talking about. Remove all doubt about things being done fairly, sell them all, and whatever you want you can afford to buy back afterwards.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I'd also try to avoid any appearance of conflict of interest and if I were going to "cherry pick" the collection, explain it to him in detail before the fact, as well as pay a fair price for that material. Some type of auction is usually a good way to avoid such conflicts.
i've helped many friends disperse inherited coins, if your honest, & you really treat him like a FRIEND, you'll do fine.
K S
Don't let money come between a friendship.
He came to me and made the offer. Although I don't know the extent of the collection he stated that there are at least 200 Morgans and a lot of Eagles and Double Eagles along with other denominations, but it's been so long since he looked at them he isn't sure what is all there (he has zero interest in coins!!!).
I told him this morning I would not accept 50%, but I will consider, at the most, 25% if there is a lot of time involved in cataloging and selling for the best price. He doesn't really seem to care what he gets for the coins, it's more like he just wants to get rid of them.
I have been explaining how to grade them and intend to get a guide to make sure the Gold is authentic.
Jim