True Dealer Story 3
AMRC
Posts: 4,273 ✭✭✭✭✭
This is just a share. No moral-of-the- stories here or requests of any kind. Just read and enjoy.
I received a call from the daughter of a family who had in their possession the collection of their father. I was told the Father had passed away in 1996 and was a collector all of his life. He was survived by his Wife and daughter and I spent a great deal of time with them on the phone trying to understand what they had, and their expectations. One cannot be too careful when it comes to expectations. It has been on more than one occasion that I had to explain that the prices in the Redbook are not what dealers can pay.
I was told that about 5 years ago a “Numismatist” had come out and appraised the collection at between $8,000 to $10,000 in value. He told them “this is what you can expect to get for it from a dealer.” I asked them if offered to pay that and they said he told them he would not be interested in buying it. He charged them a very nominal fee, and they told me he had written an in the California Numismatic Society sometime past. The mother described that he collected everything and had albums upon albums of every type and denomination.
This was all very encouraging. Just in Silver value alone I was sure I could beat any competent appraisal done 5 years ago. So I make the hour trek to their home in Palmdale. And true to form I was ushered into an upstairs bedroom where there was a trunk that was of the type and size that were once used on transatlantic ocean crossings. So after I rolled my tongue back into my mouth and as gracefully as I could spit the carpet fibers out of my mouth, I dared open the trunk. It was packed full of Dansco Albums and tube boxes.
As I began to go through the albums one by one, I found many of them to be empty, and the ones that did have coins (with the exception of one) had none of the better dates filled. In fact, the only albums that had much if any coins in them were the Lincoln Cents. Almost every other album was Modern or had a handful of coins in it that were badly circulated. The rolls were all Wheaties and of common dates found in pocket change over the years. After a while I asked to see the estimate that was made and could not believe what I was reading. In it were line items to each and every albums with in some cases some very accurate notes like “Spend” and in some cases dollar values. One line entry had a range of $6,700 to $7,600 for a book of Lincoln Cents. I found that book and sure enough it had the 09-S VDB, and the 14-D in Razor sharp AU, and a 22 No D. Again, my excitement grew, that is, until I pulled out the loop. The 14-D was an added mintmark, and the 22 No D got that way by someone removing the D. In fact there were 2 No D’s but each had undergone the same surgery. The 09-S VDB was questionable as well, but the wife insisted it was real and so to appease her I said I would send it in for grading and if it was real I would pay her accordingly.
The whole thing, minus the 20 or so empty albums, and the 30 or so full of modern coins, came to about $860. Total face value in Silver? Was under $3.00. I was chuckling all the way home (as well as a bit let-down, but that is less important). What was most interesting is how quickly they went from being hopeful they would be getting somewhere in the $8,000 range to one-tenth that amount. It took a lot of showing them Grey Sheet prices, and talking but by the time we were done they were not let down too hard. In the end it was quite the adventure. Anyone want some brand new, never been used before Danscos for a great price?
I received a call from the daughter of a family who had in their possession the collection of their father. I was told the Father had passed away in 1996 and was a collector all of his life. He was survived by his Wife and daughter and I spent a great deal of time with them on the phone trying to understand what they had, and their expectations. One cannot be too careful when it comes to expectations. It has been on more than one occasion that I had to explain that the prices in the Redbook are not what dealers can pay.
I was told that about 5 years ago a “Numismatist” had come out and appraised the collection at between $8,000 to $10,000 in value. He told them “this is what you can expect to get for it from a dealer.” I asked them if offered to pay that and they said he told them he would not be interested in buying it. He charged them a very nominal fee, and they told me he had written an in the California Numismatic Society sometime past. The mother described that he collected everything and had albums upon albums of every type and denomination.
This was all very encouraging. Just in Silver value alone I was sure I could beat any competent appraisal done 5 years ago. So I make the hour trek to their home in Palmdale. And true to form I was ushered into an upstairs bedroom where there was a trunk that was of the type and size that were once used on transatlantic ocean crossings. So after I rolled my tongue back into my mouth and as gracefully as I could spit the carpet fibers out of my mouth, I dared open the trunk. It was packed full of Dansco Albums and tube boxes.
As I began to go through the albums one by one, I found many of them to be empty, and the ones that did have coins (with the exception of one) had none of the better dates filled. In fact, the only albums that had much if any coins in them were the Lincoln Cents. Almost every other album was Modern or had a handful of coins in it that were badly circulated. The rolls were all Wheaties and of common dates found in pocket change over the years. After a while I asked to see the estimate that was made and could not believe what I was reading. In it were line items to each and every albums with in some cases some very accurate notes like “Spend” and in some cases dollar values. One line entry had a range of $6,700 to $7,600 for a book of Lincoln Cents. I found that book and sure enough it had the 09-S VDB, and the 14-D in Razor sharp AU, and a 22 No D. Again, my excitement grew, that is, until I pulled out the loop. The 14-D was an added mintmark, and the 22 No D got that way by someone removing the D. In fact there were 2 No D’s but each had undergone the same surgery. The 09-S VDB was questionable as well, but the wife insisted it was real and so to appease her I said I would send it in for grading and if it was real I would pay her accordingly.
The whole thing, minus the 20 or so empty albums, and the 30 or so full of modern coins, came to about $860. Total face value in Silver? Was under $3.00. I was chuckling all the way home (as well as a bit let-down, but that is less important). What was most interesting is how quickly they went from being hopeful they would be getting somewhere in the $8,000 range to one-tenth that amount. It took a lot of showing them Grey Sheet prices, and talking but by the time we were done they were not let down too hard. In the end it was quite the adventure. Anyone want some brand new, never been used before Danscos for a great price?
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Comments
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
hamster7
<< <i>So was the VDB real? >>
As stated, I do not think it is real. Still out for grading.
Brand new, still in the plastic are:
7124
7165
7160
7132
7112
7111
7117
And one for Barber Quarters.
He said he thought $2200 was too much to pay. My words were : "I would sell this much to you for $2800, if you were buying from me. (of course I didn't tell him I would search them, first)
Then I told him that if he would have brought it in last year before the first of May, I would have paid $120 more per roll on the quarters and $90 more per roll on the dimes.
There was no exchange on the deal, but the boy picked out a roll of mixed wheat cents and paid me five dollars.
Oddly, as they left I heard his son say, about all that silver they left with: "Dad, buy them". I hope the father listens to the son, who's thinking is in alignment with mine, especially after I opened the Cherrypicker's Guide and showed them a few things.