A local competitor offered $750 for these coins

VTCoins

A lady came in today with these coins, and she said that a local competitor offered her $750 for the group. I was amazed that they were trying to buy the coins for melt.

My photos of circulated gold always seem to make the coins look cleaned. These coins are bright, but not cleaned.

The $3 looks to be an XF45 to AU50.

The 1871-S $10 looks to be XF45 to AU50 with possible issues. The "V" in front of Liberty's face looks like a lamination error (though I believe this is not possible with gold), so I'm thinking it is a planchet problem.

The 1881 $10 is a nice AU55 with some dirt on the reverse.

relayer

So you got them for $760?

Russ

He probably only offered to buy them at all because he needed some counterfeit examples for a grading class he's teaching.

Russ, NCNE

mgoodm3

<< <i>So you got them for $760? >>



do you offer free drinks?

VTCoins

So you got them for $760?

Not my style. I bought the $3 and the 1881 $10 for a fair price. The 1871-S I took as a consignment piece.

He probably only offered to buy them at all because he needed some counterfeit examples for a grading class he's teaching.

Nah ... he is just a crook.

relayer

You should put up a sign in the window saying

"The ONLY local shop that offers a fair price for your coins."
"Check with XXXXX first, then bring your coins to US for a fair price"

MrBreeze

"Check with XXXXX first, then bring your coins to US"



I am not a dealer, but don't think that thought would not cross my mind if someone asked me if I'm interested in something. I know some classic low-ballers.

Longacre

I showed a gold coin that I bought to a local dealer (fully original gold coin that I bought from a very well respected national dealer). Here was the local's response:

"That coin is just plain UGLY. Obviously it is a grading mistake, and if I ever saw it, I would never buy it, let along try to resell it to one of my customers."


He then offered to buy it from me for about 40% of what I purchased it for.

jonathanb

FWIW, laminations are definitely possible on gold. I agree that that looks like a lamination.

jonathan

bidask

Yeah those local dealers just have to pay the rent.

291fifth

Back in the 1980's I bought a three dollar gold coin from one of the local dealers. A couple of years later I brought the coin back to him and offered it for sale. He immediately began badmouthing the coin and told me it was a counterfeit (it wasn't). I then mentioned that it must be a very unusual coin because it sure had been genuine when he sold it to me two years earlier. He quickly changed his story and bought the coin.

I wish I had more good things to say about dealers but I'm afraid the bad ones far outweigh the good ones.

VTCoins

You should put up a sign in the window saying
"The ONLY local shop that offers a fair price for your coins."
"Check with XXXXX first, then bring your coins to US for a fair price"

Whenever someone is not sure if we are offering a fair price, I have no problem recommending they try my competitor.

FWIW, laminations are definitely possible on gold. I agree that that looks like a lamination.

I called a buddy who handles these type of coins, and he told me that lamination errors can indeed happen with this type of gold. He said the mix could have been off with the planchet. I just Express Mailed the coin to him so that he could bring it to the ANA.

Conder101

<< <i>The "V" in front of Liberty's face looks like a lamination error (though I believe this is not possible with gold), so I'm thinking it is a planchet problem. >>


A lamination is a planchet problem, and laminations are always possible when dealing with metal of any kind that has been melted. The lamination is formed by gas bubbles or other impurities in the melted metal being trapped there when it cools and then being elongated or spread out during the rolling process so that the metal above the bubble is not attached to the metal below it. If during the rolling or blanking the bubble breaks through to the surface the metal can then start flaking at that point.

VTCoins

A lamination is a planchet problem, and laminations are always possible when dealing with metal of any kind that has been melted. The lamination is formed by gas bubbles or other impurities in the melted metal being trapped there when it cools and then being elongated or spread out during the rolling process so that the metal above the bubble is not attached to the metal below it. If during the rolling or blanking the bubble breaks through to the surface the metal can then start flaking at that point.

Pretty much what my friend Charlie told me. You learn something new everyday!

By the way ... my customer was so pleased, she sent in her brother with a gorgeous pile of gold this morning. 1911-D $2.50, two 1836 $2.50, 1844-C $2.50, and many more.

majorbigtime

I'd love to see someone run a hidden camera sting type investigation of dealer buying.

Imagine sending a widow-type in with 'ol Charlie's collection, say a box of PCGS Morgans with a few very hi grades or rare issues thrown in. I bet the buy offers would be all over the board, from fair to fraud.

GoldenEyeNumismatics

laminations are possible on gold... since the gold is alloyed with copper. I like the coins, what is your price on the $3?

MS70ORBUST

Dealer, fair price? Thats a laugh.

mirabela

<< <i>Dealer, fair price? Thats a laugh. >>



I can attest first hand, from multiple experiences over several years, that the dealer who initiated this thread buys coins at exactly that -- a fair price. There are lots of bad guys out there, but here's one of the good ones.

VTCoins

Dealer, fair price? Thats a laugh.

MS70,

Just because you may have had problems with dealers doesn't mean all dealers are crooked. I am happy to provide references from collectors around the country that will back me up.

I can attest first hand, from multiple experiences over several years, that the dealer who initiated this thread buys coins at exactly that -- a fair price. There are lots of bad guys out there, but here's one of the good ones.

Thanks Matt. There is a coin show in White River Junction next Sunday. Hope to see you there!

ER

"Fair"? What the heck is that, anyway? What's "fair" to one might not be so to another.

DHeath

Chunk missing under dollars on reverse, cleaned. One of the local shops bought it as bullion.

majorbigtime

<< <i>"Fair"? What the heck is that, anyway? What's "fair" to one might not be so to another. >>





"Fair" is like the way Justice Potter Stewart defined porn "I can't tell you what it is, but I know it when I see it"!

seateddime

what did you offer?

jonathanb

<< <i>what did you offer? >>


Oh, come on. Not only is that none of our business, it's not even an interesting question. He already said that he took the 1871-S $10 on consignment, so he didn't pay for that one (yet). For the others, you have the dates and he told you how he graded them, so figure out for yourself what he paid. Looks to me like he probably paid around $1000 for the two, maybe a little more or less, and I really don't care about the specifics beyond that. Considering that the lady will presumably beetting another thousand or two (or three) for the 1871-S, even $750 for the two would still be a darn sight better than the $750 offer from the competitor for all three.

I am not a dealer, but I have no problems with dealers who offer a reasonable percentage of Greysheet for accurately-graded coins. Everyone's got to make a living.

Whizzard

<< <i> Everyone's got to make a living. >>



True, but ripping old ladies for a living wouldn't allow me to sleep well at night. Thankfully, those sorts of dealers are in the minority.

BAJJERFAN

Some coin dealers can follow you in a revolving door and come out ahead of you. Be sure that you are wearing cast iron shorts when visiting their shop/s.