NEED SOME ADVICE FROM ALL YOU EXPERTS. . .
kenoshapete
Posts: 205
A few days ago I received a call from a fellow that said he needed some advice with regard to establishing a value for his deceased Uncle's coin collection. See I am truly a coin collector but have a few flyers out here and there stating that I will buy coin collections, estates or loose coins. It is not my intent presently to become a dealer, that's later down the line when I have much more experience and knowledge. However, I have a fairly keen eye and have STUDIED quite a few coin grading books (ie., like PCGS' book and a few other photograde books). It is merely my intent to broaden my options of purchasing some nice coins while being fair and ethical to whomever I may deal with.
I ask for your advice in this regard. The gent took his late Uncle's collection to a dealer in Milwaukee, WI. I don't know the dealer and will not hint to who it was. The collection consisted of a 50 states collection of silver rounds from the Franklin Mint, with a COA dated 1970.... beautiful stuff, but I'm sure the Uncle overpaid for it (even way back then). The dealer in Milwaukee quoted him a price to purchase it at $175. I told the guy that at best spot would have given him about $343, but that the dealer quoted him low as I'm sure he would have a hard time getting rid of something like that. Moreover, he had a ton of Jefferson nickle stuff--pretty common, but also absolutely gorgeous clad uncirculated Washington quarters that look like they were put away the day the mint issued them. These were all beginning to tone a nice blue color. The dealer in Mke said that they were worth no more than face value.... I told him I thought the Washingtons would go for more than that. The toning was exceptional and for clad quarters, they were in pristine condition. Best I've seen yet.
What's the best thing to do for this gent that sought out help from me? Your thoughts please.
Merry Christmas, Pete
I ask for your advice in this regard. The gent took his late Uncle's collection to a dealer in Milwaukee, WI. I don't know the dealer and will not hint to who it was. The collection consisted of a 50 states collection of silver rounds from the Franklin Mint, with a COA dated 1970.... beautiful stuff, but I'm sure the Uncle overpaid for it (even way back then). The dealer in Milwaukee quoted him a price to purchase it at $175. I told the guy that at best spot would have given him about $343, but that the dealer quoted him low as I'm sure he would have a hard time getting rid of something like that. Moreover, he had a ton of Jefferson nickle stuff--pretty common, but also absolutely gorgeous clad uncirculated Washington quarters that look like they were put away the day the mint issued them. These were all beginning to tone a nice blue color. The dealer in Mke said that they were worth no more than face value.... I told him I thought the Washingtons would go for more than that. The toning was exceptional and for clad quarters, they were in pristine condition. Best I've seen yet.
What's the best thing to do for this gent that sought out help from me? Your thoughts please.
Merry Christmas, Pete
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Comments
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each one contains nearly 21 pennyweight of sterling silver. The offer was a low-ball
offer and most coin shops would be happy to buy these at least at 80% of melt or so.
It would probably bring at least a small premium on ebay since it is such a fantastic
set.
The quarters won't bring much premium unless they are better dates or high grade.
There isn't a lot of interest in these even toned but it might be wise to offer them to
a larger audience just in case. Dealers have been telling people that moderns are
worth only face value for decades which is part of the reason so many are tough. In
their defense many actually use them in the register if they get "stuck" with them.
Shoot me a list if you thnk any are high grade or are good dates. Generally collections
like this do not contain much of special value but there are surprises sometimes.
I believe the original price on the silver medals was in the $14 per piece area with shipping.
<< <i>The dealer in Milwaukee quoted him a price to purchase it at $175. I told the guy that at best spot would have given him about $343, but that the dealer quoted him low as I'm sure he would have a hard time getting rid of something like that >>
That quote would be way too low because the dealer would not have a hard time moving them. If he can't find a buyer for the set quickly he could easily scrap the set and gethis money out of it If the spot value was $343, the dealer could probably get $300 or more from the smelter.
<< <i>
<< <i>The dealer in Milwaukee quoted him a price to purchase it at $175. I told the guy that at best spot would have given him about $343, but that the dealer quoted him low as I'm sure he would have a hard time getting rid of something like that >>
That quote would be way too low because the dealer would not have a hard time moving them. If he can't find a buyer for the set quickly he could easily scrap the set and gethis money out of it If the spot value was $343, the dealer could probably get $300 or more from the smelter. >>
Pure smelt is worth more than $300, the dealer is trying to stick it to him. You will get better than melt wth a nice se on Ebay. The quarters may e nice but really unless anyone here can see them in hand there is no way to price them. Off him a fair deal and both should be happy.
Brian
Thanks again,
Pete
<< <i>Thank you all for your comments. With regard to the Washington quarters, and not necessarily being a fan of modern clads, all I can say is that these blew me away. These things were in ultra super condition and the toning was incredible. I'll call him in a few days and if you all don't mind, let him know your comments too. I gave him this website and particularly how to get to this forum, and just to kind of lurk in the back and see what folks discussed here.... Education is power and I hate to see this fellow get ripped. -- One last note, with that 50 states collection he had, there was one small coin, about the size of a pinky finger nail, and it too was minted by the Franklin Mint, but was done so with silver that was taken to the moon aboard Apollo 11 (or 14, I forget)--all that info was on the reverse side of the coin. Very cool coin, and I hope I get a chance to purchase it from him. Any thoughts on what would be a fair price to offer for that coin?
Thanks again,
Pete >>
The mintage of the small medal is very high. I've seen eight or ten of them.
They sure do fly a lot of coins around the cosmos. I wonder what that says about the species.
Getting such coins certified is an expensive and time-consuming process. Quite often the coins will come back with slab grades, that won’t do the submitter any good. For that reason you probably will not get much interest in that set from dealers. As a coin show dealer, I can tell you that there is not much market for these items as sets at the shows. Most of the time the Gray Sheet “bid” price is about all you can get from a collector at a coin show. And if your customer is another dealer, he often will not pay any more than 10 % in back of “bid.” This explains why your friend would get either low ball offers or comments that the coins are only with face value.
As for the Franklin Mint set, there is a silver melt value involved there, and the offer the dealer made was no commensurate with the value of the item.
I really hate people who claim to be honest folks(dealers) and then attempt to rip off those who do not have the expertise to know what they have. burns my a$$ when I see this...