Is this rude?

ElyJ83 · January 30, 2011 1:30AM

I am meeting a family friend in the coming days. Our meeting will be consisting off me picking through his US coins and buying them off him at a "good" price. I am told by my father, his friend has one heck of a collection and I will be getting a great deal on these old US coins. I believe this person is just wanting to pass his coins on to someone who has the same passion as him. As someone who doesn't have years of collecting, would it be rude of me to bring my 2011 US coins Red Book? Or should I just go with the knowledge I have acquired of US coins and absorb everything in and listen to his stories of how he acquired everything? I am thinking bringing the book would be rude, as I will be getting a deal anyways.

What are your thoughts?

llafoe · January 30, 2011 1:35AM

I have a 1973 Redbook you can take.

Has he already priced the coins for you? He won't have a Redbook you'll be able to look at while you're there?

yellowkid · January 30, 2011 1:35AM

A lot will depend on the condition of the items. I haven't looked at a Redbook since the 70's, but why not? You can explain that it is just a guide, but it could serve as a reference point. It might make the seller more comfortable .

shorecoll · January 30, 2011 1:42AM

I would purchase and download a set of greysheets and check those prices first.

AMRC · January 30, 2011 1:44AM

It is actually a good thing for both of you if you have a Grey Sheet. The Red Book can lead to unrealistic expectations and therefore hurt feelings. But if you do not want to buy a Grey Sheet, then the next best thing is the Red Book with the understanding that it is just a guide.

RRich2004 · January 30, 2011 1:48AM

<< I am meeting a family friend in the coming days. Our meeting will be consisting off me picking through his US coins and buying them off him at a "good" price. I am told by my father, his friend has one heck of a collection and I will be getting a great deal on these old US coins. I believe this person is just wanting to pass his coins on to someone who has the same passion as him. As someone who doesn't have years of collecting, would it be rude of me to bring my 2011 US coins Red Book? Or should I just go with the knowledge I have acquired of US coins and absorb everything in and listen to his stories of how he acquired everything? I am thinking bringing the book would be rude, as I will be getting a deal anyways.

What are your thoughts? >>

You would be better off with Greysheet.

Redbook is 20% over the FMV on everything.

ElyJ83 · January 30, 2011 1:53AM

I imagine he has everything already priced for me but this I do not know. How bad is it that I don't know much about this Grey Sheet...

Anyone care to shed some light about it.. I was always told to use the Red Book...

savoyspecial · January 30, 2011 1:54AM

as some have mentioned Greysheet would be a better measure

just so you know, Whitman's publishes the Redbook as a retail guide.......find a Bluebook (by the same publisher) for wholesale values......you will be buried in common coins at or near Redbook

BillJones · January 30, 2011 1:56AM

I've been a collector for over 50 years and was a dealer for over 12 years. I would not consider going somewhere to purchase coins with some sort of price guide. You just can't remember all of those numbers for every date and mint mark combination in every state of preservation. You also need to know how to grade coins to be able to price them. It's not an easy thing to learn and takes time and talent.

The suggestions about the Gray Sheet are reasonable, but not being in your positon I don't know the particulars of your relationship with your friends.

savoyspecial · January 30, 2011 1:56AM

Link (3rd one down is Bluebook)

Staircoins · January 30, 2011 1:58AM

Greysheet = Coin Dealer Newsletter

The above link will get you one free sample issue each of latest weekly and monthly edition.

ElyJ83 · January 30, 2011 2:05AM

<< Greysheet = Coin Dealer Newsletter

The above link will get you one free sample issue each of latest weekly and monthly edition. >>

Thank you.

pursuitofliberty · January 30, 2011 2:06AM

Although I do not know the whole situation, in this case my suggestion would be to take no price guide whatsoever

Bring a notepad and a glass. Enjoy the stories and take notes about the coins. Ask what he would like for the ones that excite you. Pick out more than you can afford to buy (if possible). Let him know you have to think about which coins you can afford to keep ... and that you'll be back in a few days (if possible).

Then do your homework before you see him again.

Again I don't know the situation, but this seems the least rude, most educational, and least pressure situation for all parties.

just my 2c

sinin1 · January 30, 2011 2:19AM

what would you do with the red book price guide?
offer 50%, 70&, 90%

can you grade very well?
can you detect altered/counterfeit?

are you buying to hold longterm or for resale?

how deep is your wallet?

they may have some items, that no matter how much you like, you may not be able to afford
and the good price, could be for the seller not you

if they have years of experience, go as a learning session from an experienced collector
as they can read the redbook as well

and decide before hand what you are willing to pay for generic 90% silver (rolls of 64s)

AuroraBorealis · January 30, 2011 2:21AM

I personally would never bring a price guide with me on an occasion such as what you are doing...Like billjones said how would you be able to accurately grade the coins for one thing and price guides are best just a general guide...So much has to do with eye appeal and coolness factor not to mention if the friend of the family is giving you first shot at cherrypicking that may very well be taken as an insult for you to bring a price guide into the day where he wants to share his years of collecting with you ...Pick the ones you like make a fair offer and don`t look back is what i would do... Just my opinion...

Either way have a great day with a nice opportunity...

AB

PerryHall · January 30, 2011 2:24AM

Grey sheet prices are at the wholesale level and are more realistic for buying coins while the Red Book prices are more at the retail level.

astrorat · January 30, 2011 2:24AM

<< I imagine he has everything already priced for me but this I do not know. How bad is it that I don't know much about this Grey Sheet...

Anyone care to shed some light about it.. I was always told to use the Red Book... >>

This post clearly indicates that you need to take some sort of price guide with you. No offense intended, but if you are unaware of the Coin Dealer Newsletter ("greysheet") then you should tread VERY cautiously when buying coins that are unfamiliar to you or are not slabbed accurately. It will be in the best interest of both parties to have a price guide and grading book available. Be prepared, however, that with the presence of a price guide and grading book, not all of the prices on the coins will be accurate and it would be appropriate and fair to adjust the prices UP or down accordingly.

As an aside, somehow this sounds like a problem just waiting to happen. Based on your description, a "seasoned" collector (i.e., has "one heck of a collection) is pricing coins cheaply to pass them on to someone who is relatively naive about coins. Can you grade coins well enough? Can you spot cleaned or otherwise unoriginal coins? Are the coins slabbed by ANACS, NGC, or PCGS? If you are unsure, then proceed with extreme caution. I have seen too many times where a novice collector has been stung by "friends" who sold them cleaned, over-priced, over-graded coins.

Another option is to have a third-party appraise the collection for its wholesale or "buy" price (and expect to pay for the service).

Good luck.

Lane

Amigo · January 30, 2011 2:58AM

Pursuitofliberty is 100% correct. DONT take a guide. Use the day to learn without pressure, write down his offers on coins, research, meet again and buy them. You can take a guide the next meeting to help you negotiate if his prices are not realistic. You don't want to shoot yourself in the foot bringing a guide the first day, he might be planning on selling them to you for a song and dance.

ColonialCoinUnion · January 30, 2011 3:01AM

<< Redbook is 20% over the FMV on everything. >>

It may be on some things, but it sure isn't on others.

drwstr123 · January 30, 2011 3:02AM

IMHO it's pointless to have a guide at this time since the values are keyed to professional graders.
Use the time to see, inventory, and discuss the collection.
Meet the person and establish rapport. An offer may be made subsequent to the meeting.
Enjoy the event.

Obiwancanoli · January 30, 2011 3:14AM

When I was approached by someone to have a look at a collection they'd inherited, I found there were so many, there's no way taking any kind of guide would have been practical... I was there 3 hours just writing down on a legal pad the types of coins and albums he had, as well as boxes and boxes of flips...

It was after I came home with those notes that though I knew there were some nice coins in the lot, I simply used various price guides (Red Book, PCGS, GreySheet) to get an idea of potential value, then with the silver [notes], went to a couple silver calculators online, plugged in how many of what coins I'd noted in each series, and THAT also gave me an idea of minimum value. Somewhere in there, I'd asked him what he hoped to get for the lot, and told him I would consider that in reviewing my notes, and would get back to him soon after. In the end, we came to terms with some compromise on both sides, and we both ended up pleased with the experience.

Many others here have posted that knowing how to grade, detect counterfeit or altered coins is one of the keys to making a good choice here, but as has been said, this takes years of experience. Best advice is to take your time, take a loupe or glass with better than 4X power if you can, pen, paper, and make note of how many of what there is (tubes, flips, albums), especially if any albums might be completed.

Take some time before making a decision, and good luck!

RichieURich · January 30, 2011 4:19AM

[qMany others here have posted that knowing how to grade, detect counterfeit or altered coins is one of the keys to making a good choice here, but as has been said, this takes years of experience. Best advice is to take your time, take a loupe or glass with better than 4X power if you can, pen, paper, and make note of how many of what there is (tubes, flips, albums), especially if any albums might be completed. >>

What Obi said. I am a dealer, and in any of these situations I first make a list of what coins are in the collection. If I have time, I can then price them using price lists I have in print and in my head. But if listing the collection takes a long time, I can take the list back to my office and develop values there. You certainly do not want to take 4 hours or so to make a list, then 2 hours to value it, because halfway through the people with the collection are going to get tired of you. But always take a price guide; if you are uncertain about the sensitivities, leave it in your car.

Good luck!

Steve27 · January 30, 2011 4:49AM

I would bring along some type of guide, just in case there was material which was hard to identify. I would also be leery of this type of arrangement, in that he may have purchased everything above retail, and his idea of a good deal is to sell it to you for only 50% above what he paid.

LindeDad · January 30, 2011 5:18AM

<< Although I do not know the whole situation, in this case my suggestion would be to take no price guide whatsoever

Bring a notepad and a glass. Enjoy the stories and take notes about the coins. Ask what he would like for the ones that excite you. Pick out more than you can afford to buy (if possible). Let him know you have to think about which coins you can afford to keep ... and that you'll be back in a few days (if possible).

Then do your homework before you see him again.

Again I don't know the situation, but this seems the least rude, most educational, and least pressure situation for all parties.

just my 2c >>

I will add that

if someone shows up with a price guide I for one might just show them the door with a boot.

PinkFloyd · January 30, 2011 5:20AM

+1 for notebook only and no book in this situation.

joebb21 · January 30, 2011 5:31AM

A lesson I was taught, learned, and now apply.

When looking at a collection, I take a group of x amount of coins, price them, make and offer, and get a yes or no from the seller.
I dont want to sit for 5 hours pricing the entire thing and then the seller says he's going to shop it around.

No games when Im going through a collection.
If you want to sell- Im willing to buy.

If you're hoping for ridiculous prices, then Ill just move on.

I always carry a greysheet and bluesheet. Ill also show the seller what they list for so that he sees what Im doing.
Honesty is most important

messydesk · January 30, 2011 5:44AM

Since it sounds like the expectation form both sides of the deal is that you will be buying coins, have a price guide with you, but only pull it out when you need to. Take plenty of notes of what he has. If there's bulk silver or folders full of circulated wheat cents 1941-58, just total the face value and figure the multiplier if and when you want to buy it. If there's nicer stuff, you'll need to know how to grade it (including detecting problems) before you can price or buy it. If you pull a price guide out and can't grade something, an argument with the seller about grade while he's looking at the price guide will ensue.

How convenient is it to make repeat visits so that you have time to digest your findings and possibly get pre-purchase feedback here?

MorganMan67 · January 30, 2011 7:37AM

I would have to agree with AuroraBorealis on this subject if a friend of the family was to give me the opertunity to cherrypick from his collection all i would bring is friendship/respect and a fat wallet,because it sounds like he will be giving you great deals ,by giving you first dibbs on his coin collection.

Is this rude?

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