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Fair Price?
I have an opportunity to purchase an 1893 S Morgan Dollar - it has been slabbed by ANACS as EF40 - this was one of the prizes of my wife's grandfather's collection. They are settling his estate and no one else in the family is interested in purchasing the coin. My question is - what is a fair price between family members for this coin? Please excuse the quality of the pictures - they aren't bad but they aren't good either. Thanks for any comments.
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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.
Cheers,
Bob
That way nobody will feel like they got the short end of the stick. It is not worth having family problems over the value of a coin (even an 1893-S Morgan)!
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Another option, which would be preferable to me, would be to show the coin to a few dealers, explain the situation, and ask their opinions regarding current fair market value.
My guess is that the coin would bring approximately $8000 ($7000 hammer plus the now-standard 15% buyer's premium) in a public auction. If that were the case, the seller of the coin would likely net somewhere in the $7000 range, while the auction house would earn the other $1000 in the form of their commission. So, perhaps a fair price to pay would be in the $7500 range, halfway in between what a seller might net and what a buyer might have to pay.?
The value to the estate is what the coin would net and that's all that the OP should have to pay. To use coinguy1's example, I think $7000 is the right number. That's what the estate would net from the sale. In this situation, it doesn't seem fair that he should pay $500 more than the estate would get if the coin was sold outright.
If the coin would bring less on a direct sale, I'd even argue that the lower price is the right number. After all, to auction the coin would mean a delay in settling matters, and I'd bet even the family members would say it's better to resolve it now than to wait a few months on the outside chance the coin would bring more. Who knows, it might end up in an auction with a dozen other nicer 93-S Morgans and this coin could get lost in the shuffle. Or the value could drop.
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 think $7k would be the high end for "between family members". There is no way I would charge my mother, brother, etc, the going rate. If they want something of mine that I am selling, they get it cheap (or free, but I can see where this wouldn't be free).
So, it would come down to how many people are "heirs" getting items. Then, will it just all be sold and divvied up? Or, are there items that the kids are taking for some reason (when my grandparents passed away, the 8 kids all were agreed to take back anything they had given the parents and also if there was something that interested them, they could do a "round robin" where everyone got something.
Sorry, but I just don't see paying what an auction price would be for something like this as a family way to do it.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Gray Sheet bid for the coin in EF is $8,250.00. You can't buy properly graded 1893-S dollars in any grade for Gray Sheet bid, but given that this one has been cleaned, the $7.000 figure would seem right estate purposes.
If I were a collector who wanted to buy it, I'd try to haggle the price down from $7 grand because of the cleaning, but I don't think I'd get anywhere. That's probably a fair number.
so for me 4000 to pay for this coin in this situation based on the photo is fair in my minds eye
<< <i>You shouldn't forget to deduct your share from the agreed-upon price. If it's $7K and there are 7 family members, then the price would be $6K.
<< <i>4000 fair price between family members as in an ngc holder net graded as vf25 but it will not say net vf25 just vf25 but net nonetheless and this coin would sell for 4000.00 cash wholesale to a dealer so i like this 4000 price to pay for it >>
Michael, regardless of what you think of the coin's appearance and quality, it's easily "worth" more than that, wholesale, due to its being in an ANACS XF holder.
<< <i>
<< <i>4000 fair price between family members as in an ngc holder net graded as vf25 but it will not say net vf25 just vf25 but net nonetheless and this coin would sell for 4000.00 cash wholesale to a dealer so i like this 4000 price to pay for it >>
Michael, regardless of what you think of the coin's appearance and quality, it's easily "worth" more than that, wholesale, due to its being in an ANACS XF holder. >>
ditto...hint: eBay Michael!
if i had this coin then l would be selling myself short on this coin
If you are are willing to pay no more than Gray Sheet bid for 1893-S, all you are going to get are cleaned or damaged coins at best. Properly graded coins have brought more than "bid" between dealers for many years.
~g
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