So a little old lady...

GoldenEyeNumismatics

comes into your coin shop with a couple of old silver dollars. She takes them out for you to look at and the first few are common Peace, but the last is a gem DCAM 1895 Morgan. What do you do?

Bochiman

Buy it for a fair price then flip it.
Or, offer to sell it on consignment for her.

lordmarcovan

Offer to sell it for her here and/or on eBay for expenses plus a 3-5% commission, since I can't afford to buy it from her myself.

pharmer

Congratulate her on being rich, ask her what the heck I'm doing running a coin shop, and tell her to use her banker as an adviser when she goes to get her sdb for it.

Dog97

If I had a shop that would make me a dealer so I’d point at the window and exclaim, “Look! There’s Tony Bennett!” and while her attention was distracted I’d palm the 95 then tell her that her Peace are worthless because they don’t make them any more and kick her a$$ out of the shop, lock the door and quickly fill out a submission form for PCGS.

Burks

<< <i>Buy it for a fair price then flip it.
Or, offer to sell it on consignment for her. >>



Ditto. I actually have a soul and couldn't rip someone off like that.

Newb

<< <i>If I had a shop that would make me a dealer so I’d point at the window and exclaim, “Look! There’s Tony Bennett!” and while her attention was distracted I’d palm the 95 then tell her that her Peace are worthless because they don’t make them any more and kick her a$$ out of the shop, lock the door and quickly fill out a submission form for PCGS. >>



Tony Bennett - LMAO!

RichieURich

<< <i>Buy it for a fair price then flip it.
Or, offer to sell it on consignment for her. >>



I don't have a shop, but this is what I would do. And also congratulate her and find out if she has more good coins.

notwilight

I don't think buying it at a fair price and flipping it is a good suggestion on such an expensive coin. You'll be asked were you got it and eventually she'll be asked what she sold it for. No matter what you paid, you'll be accused of ripping off a little old lady. Besides, it is difficult to tell how much you can sell such a rare coin for so how are you going to come up with a fair price? If you're big enough to make a quick phone call and presell it while she's there then you may be ok. Otherwise, ask her to consign it to you at the going rate for a coin that valuable and start talking to auction houses.

Pay her triple the value of the peace dollars to keep her happy in the mean time.

--Jerry

roadrunner

Gem DCAM 1895 dollar - worth something in the million to millions range. No matter how you handle this you won't come out looking good or else you won't get the coin. But, B&M dealers run into this situation all the time (only for thousands and not millions) and offer peanuts for the coins. Don't fill out the PCGS form as this sucka can't be sent REG mail. Reserve some plane tickets to your favorite TPG. There's no need to mention where the coin came from nor is it anyone's business. Coins are bought over the counter and from other private means all the time. Anyone with a heart would compensate the old lady accordingly. Myself? I'd probably do the deal as if the coin were a fake (which it likely would be), then go back to her with a check for 90% of the final deal (if it authenticates) and ask if that is ok. The possibility exists that I will end with nothing and get sued. Still, I've seen the same situation occur where an old lady got $50,000 on a $500,000 collection and that should not happen. If you spill the beans up front, that coin walks never to be seen again.

roadrunner

TorinoCobra71

<< <i>If I had a shop that would make me a dealer so I’d point at the window and exclaim, “Look! There’s Tony Bennett!” and while her attention was distracted I’d palm the 95 then tell her that her Peace are worthless because they don’t make them any more and kick her a$$ out of the shop, lock the door and quickly fill out a submission form for PCGS. >>






You sure are one devious person......

TorinoCobra71

kranky

From some stories I've heard, what often happens is the dealer says, "I can pay $10 each for these Peace dolllars, but this one here could be very valuable - possibly over $100,000 if it's authentic" and goes on to explain the various ways the 1895 Morgan could be sold and the pros and cons of each.

And the seller says, "OK, I'll sell the Peace dollars but I'm going to keep the good one."

TwoSides2aCoin

I gotta hand it to ya Dog97. That wins the Boy Scout award for nice fella


Joe

Gemineye

<< <i>I gotta hand it to ya Dog97. That wins the Boy Scout award for nice fella
Joe >>

GoldenEyeNumismatics

what if you pay a few hundred Gs and it turns out the coin is bogus... what do you do?

coinguy1

<< <i>what if you pay a few hundred Gs and it turns out the coin is bogus... what do you do? >>

You thank your lucky stars you were able to stay in business as long as you did, not being able to distinguish a genuine Proof 1895 Morgan dollar from a "bogus' one.

BAJJERFAN

Well first off unless its a PR70 DCAM its very likely not a million dollar coin. You really can't or shouldn't do anything until you have it graded. So I would offer to send it in on her behalf and wait and see how it comes back.

zeus135

Be straight up with her........ tell her it's an expensive coin. Offer to send it to PCGS for a grade and authenticity check. Then if it's real, tell her you will send it to a coin auction house, and you get 5% of the sale.

Elysium

<< <i>Be straight up with her........ tell her it's an expensive coin. Offer to send it to PCGS for a grade and authenticity check. Then if it's real, tell her you will send it to a coin auction house, and you get 5% of the sale. >>



Your response seems the most sensible to me. Bottomline is nobody knows if it's really valuable until authenticated, so send it in and then take it from there (and congratulate her on her good fortune if real).

ColonialCoinUnion

<< <i>Bottomline is nobody knows if it's really valuable until authenticated >>



This may surprise you, but there are actually coin dealers who can authenticate coins on their own.

coinguy1

<< <i>

<< <i>Bottomline is nobody knows if it's really valuable until authenticated >>



This may surprise you, but there are actually coin dealers who can authenticate coins on their own. >>

Not only that, but a genuine "gem DCAM 1895 Morgan" would be very easy to distinguish from a pretender. The more practical concern should be in establishing a fair price to pay, based upon its condition/quality.

roadrunner

Maybe I assumed too much, but from the wording assumed this was a business strike DCAM 1895 dollar. In that case it would be worth million(s) and it would need to be authenticated....considering none are known to exist. A regular proof 1895 would be a different story.
I don't know if anyone has ever tried to alter a gem proof Morgan dollar of another date to create an 1895 imposter.

roadrunner

coinnut86

<< <i>Be straight up with her........ tell her it's an expensive coin. Offer to send it to PCGS for a grade and authenticity check. Then if it's real, tell her you will send it to a coin auction house, and you get 5% of the sale. >>



assuming that she trusts you to do this for her. I'm not a dealer, but I'm going to assume that when people bring in coins they assume you (the dealer) are going to stiff them

just sayin

BAJJERFAN

<< <i>Maybe I assumed too much, but from the wording assumed this was a business strike DCAM 1895 dollar. >>



In looking thru the Registry I don't see any PL's or DMPL's tagged with CAM or DCAM so I think that may be applicable only to proof strikes.

Smitty79

I have no morals so I'd buy it dirt cheap and turn a huge profit and not lose one wink of sleep over it.

tychojoe

Crafty, roadrunner! ...I like it!

Coxe

Work out an agreement with her to represent the coin in a major Heritage or ANR/Stacks sale for a basic professional cut of the proceeds shoudl it authenticate and then personally drive it up to PCGS. I wouldn't take their wait until Dec 8 Lobby Day nonsense on that coin. They will accept the walk-in and grade it that day for a fee. Then, provided the coin authenticates and is slabbed, have the two companies bid for the consignment (shouldn't pay a seller's fee on it) and make them come and get it.