Handling the elderly when buying coins

halfcentman

I was wondering if anyone had any stories with regards to dealing with elderly people who had some form of dementia or massive confusion no matter how nice you were, or how you explained it.

I recently had a transaction with an 88-year-old woman that was very interesting. Everything turned out OK.

Let me know you experiences, and how you handled such a situation. I will post mine and how I handled it before I go to bed tonight.

Greg

llafoe

In those specific scenarios, I suspect your contract could be found voidable. I'd work with their executor or attorney.

SanctionII

It could turn out OK.

It could turn out to be a disaster for you [regardless of what you do (gave a great deal, gave a lousy deal, gave a deal somewhere in the middle, or declined to do a transaction at all for fear of trouble down the road), after the fact you are subject to criticism or worse being leveled at you by the senior citizen customer, by relatives of the senior citizen, by friends of the senior citizen, by law enforcement, and/or by prosecuting authorities or privately hired counsel].

Best to work under circumstances where other persons (family members and/or counsel) are present with the senior citizen when the deal is being evaluated, negotiated, sealed and performed; and to document the details of all events surrounding the transaction.

LotsoLuck

I deal with the elderly often and not just coinage. One very sweet but forgetful lady was one example and she had some gold she wanted me to sell for her. I wrote down every piece with her sitting there and asked her accountant to review everything before and after the sale.
All went great. Well thats one example anyway. I love the elderly and hope to be one someday myself, not to much longer for that

LindeDad

I've had rather fine dealings with a lot of you on the BST....
Edit to add and I did not mind the fact that you were youngsters.

crypto79

My friends dad dropped about 75k the last couple of months he was alive. A shyster found him and convinced he it was the only way to pass wealth. My buddy had me look at the coins, he might have had 50$ worth of junk there. I would not personally do business with someone in that stage of their life as I would feel like a creep even if I gave them full value because you don't know if they have the capacity to make those type of decisions. My uncle started buying Franklin mint stuff late in his life when he hadn't paid his power bill in 6months.

Amigo

I buy from the elderly at least 2 or 3 times a week. I have had a lot of customers in their 90's, with many of them being sharper and more aware of what's going on than the younger crowd. They overall appear to be more careful and cautious. I don't recall having but one customer that was senile, in which case several family members were there to make a decision. I've never had a disparing call from a relative or sellers remorse in about 7 yrs. I assume most elderly make the decision to sell prior to becoming senile !!!

It usually saddens me to purchase from them. They have reached the stage where they are OK selling me the quarter eagle or Peace Dollar given them on their birth's, or Sterling baby spoon with their name/date engraved , or Great Grandmothers Platnium wedding band. This last week, I purchased from two single men, both of whom lost their only child and no one they care to pass things down to. Many other elderly simply need the cash or want to give the cash away before they pass. It always gives me a lump in my throat even if it is the circle of life.

Spooly

I tried to buy hay from a elderly farmer once, he had dementia............. scared the crap out of me! He had no clue who I was or what I wanted...... he was standing next to 4 shotguns and 3 rifles propped up against the wall. I made a very quick exit! I talk to the son later... he took all his guns away, then put him in a nursing home.

halfcentman

<< <i>I buy from the elderly at least 2 or 3 times a week. I have had a lot of customers in their 90's, with many of them being sharper and more aware of what's going on than the younger crowd. They overall appear to be more careful and cautious. I don't recall having but one customer that was senile, in which case several family members were there to make a decision. I've never had a disparing call from a relative or sellers remorse in about 7 yrs. I assume most elderly make the decision to sell prior to becoming senile !!!

It usually saddens me to purchase from them. They have reached the stage where they are OK selling me the quarter eagle or Peace Dollar given them on their birth's, or Sterling baby spoon with their name/date engraved , or Great Grandmothers Platnium wedding band. This last week, I purchased from two single men, both of whom lost their only child and no one they care to pass things down to. Many other elderly simply need the cash or want to give the cash away before they pass. It always gives me a lump in my throat even if it is the circle of life. >>



I have the same experiences as well.

The problem here was that the $1K deal was done, and she cashed my check before she went postal.

I found out why (she sold me something sentimental that she did not mean to and got flustered). Unfortunately, the deal had been turned already.

For personal reasons, she refused to contact her family. However, I got around it without contacting her family because I knew a good friend of hers who's 20 years younger and explained everything to her, and it all turned out OK.

As with anything, you learn. I had a dementia patient before, but his daughter was in the house.

johnny9434

<< <i>I've had rather fine dealings with a lot of you on the BST....
Edit to add and I did not mind the fact that you were youngsters.

>>



lmao you never know do you

pheh

I try to avoid handling the elderly.

LindeDad

<< <i>

<< <i>I've had rather fine dealings with a lot of you on the BST....
Edit to add and I did not mind the fact that you were youngsters.

>>



lmao you never know do you >>



Well finally somebody got my point. We never know who we are dealing with when playing online. So putting a label on someone just does not work.
Oh and even though I actually have about twenty years till I get to the age mentioned by the OP, there are cases of early onset of the problems of aging and all of us need to know that.
Fair and honest dealing will always continue to be the safest recourse.

AUandAG

I dealt with the elderly/senior group in business before retirement and had plenty
of experience with forgetfulness, apathy, dementia and Alzheimers.
However, one of my patients, who I had not seen in a year or more, called one day and
said that her husband who had passed, had a collection that she wanted to sell. Now
this lady always appeared sharp to me in the past and seemed quite normal in our
phone conversation so I made the appointment for Saturday.

Called before leaving the house and she responded quite normally.

Arrived and was escorted to the kitchen table where the coins were. Most were of no
value other that face (circulated Ikes, SBAs, etc). Spent about an hour going through
the small bags of coins (lunch bags I believe) one at a time. Chit chatting as we go,
I come to see that she is not keeping on subject and gets quite off track.
Well, chit chat is chit chat and I proceed on. When I get done I find that there are
a few silver coins (mostly Mexican and foreign) and one Nat'l note (Chicago common) and
make an offer of XX. She agrees and we shake hands and I start putting my new found
friends away when she ask's if I could take out the trash!
Whaaaaaaaaaat brought that about? Dang, now I'm the trash man!
So, politely I say sure and asked where is the trash and where is the receptacle. She points
to a large grocery bag on the kitchen counter, and says in the garage. So, no problem. Grab
my stuff and grab the bag and headed out to the car via the garage where she kept the garbage
cans.

My hands being a bit full I drop the large bag. DAMMMMMMM it's full of cash! Stopped dead
in my tracks! Cash all over the floor and she's just watching me drop my jaw. I said, "did you
know what was in the bag"? Answer while looking at me picking up the money off the floor:
"Just garbage".
Needless to say she was lucid enough for short spurts, but if you are with her long enough you
see the changes. $5,000+ in twenties, tens and fives.
During the chit chat she mentioned that she had a son in xxxxxxx town that owned a Smut
Store (XXX rated stuff) and she had mixed emotions about his business.
After I got her to put the money away, I got home and quickly located her son. He had had
his suspicions and made the trip to Vegas asap. Moved her lock stock and barrel to his home
within the week!
He called me about 3 months later and said Mom had to go to a nursing home and that her
memory was just gone and thanked me as they had some great times before she lost it all.
Tough dealing with the aged sometimes.
bob

crypto79

<< <i>I dealt with the elderly/senior group in business before retirement and had plenty
of experience with forgetfulness, apathy, dementia and Alzheimers.
However, one of my patients, who I had not seen in a year or more, called one day and
said that her husband who had passed, had a collection that she wanted to sell. Now
this lady always appeared sharp to me in the past and seemed quite normal in our
phone conversation so I made the appointment for Saturday.

Called before leaving the house and she responded quite normally.

Arrived and was escorted to the kitchen table where the coins were. Most were of no
value other that face (circulated Ikes, SBAs, etc). Spent about an hour going through
the small bags of coins (lunch bags I believe) one at a time. Chit chatting as we go,
I come to see that she is not keeping on subject and gets quite off track.
Well, chit chat is chit chat and I proceed on. When I get done I find that there are
a few silver coins (mostly Mexican and foreign) and one Nat'l note (Chicago common) and
make an offer of XX. She agrees and we shake hands and I start putting my new found
friends away when she ask's if I could take out the trash!
Whaaaaaaaaaat brought that about? Dang, now I'm the trash man!
So, politely I say sure and asked where is the trash and where is the receptacle. She points
to a large grocery bag on the kitchen counter, and says in the garage. So, no problem. Grab
my stuff and grab the bag and headed out to the car via the garage where she kept the garbage
cans.

My hands being a bit full I drop the large bag. DAMMMMMMM it's full of cash! Stopped dead
in my tracks! Cash all over the floor and she's just watching me drop my jaw. I said, "did you
know what was in the bag"? Answer while looking at me picking up the money off the floor:
"Just garbage".
Needless to say she was lucid enough for short spurts, but if you are with her long enough you
see the changes. $5,000+ in twenties, tens and fives.
During the chit chat she mentioned that she had a son in xxxxxxx town that owned a Smut
Store (XXX rated stuff) and she had mixed emotions about his business.
After I got her to put the money away, I got home and quickly located her son. He had had
his suspicions and made the trip to Vegas asap. Moved her lock stock and barrel to his home
within the week!
He called me about 3 months later and said Mom had to go to a nursing home and that her
memory was just gone and thanked me as they had some great times before she lost it all.
Tough dealing with the aged sometimes.
bob >>



Shes lucky she called you, 100% of the ones I know about called the wrong person and lost a lot.