If someone offered you collectible US coins (not bullion related) in payment of a debt ...

291fifth

... what, if anything would you be willing to accept.

How would you value the coins?

Let's say that you know the person is is financial trouble and you are unlikely to be paid in cash any time in the near future.

Remember, what is being offered is NOT bullion related.

Flatwoods

If I were unlikely to get paid any other way, I'd take what I could get.

291fifth

<< <i>If I were unlikely to get paid any other way, I'd take what I could get. >>



How would you place a value on what was being offered?

Steve27

10-20% back of bid; since that's probably what I could get for them.

Type2

I would over pay to help my buddy out but that is just me. But dont make it a habit or you will be there as well.

PerryHall

<< <i>10-20% back of bid; since that's probably what I could get for them. >>


Wouldn't it depend on what coins are being offered? Some coins are very liquid and trade with a narrow buy/sell spread (slabbed Saints and Morgans for example) while other coins are esoteric and more difficult to sell.

Pokermandude

Assuming it is material I am not interested in keeping, I would also deduct the value of my time/effort for what it would take to sell said coins to turn them into cash.

LindeDad

Really have to think if I want to sell in that case?

AMRC

Problem with this is that you want to be darn sure you get what is owed to you. This means getting them for a value that you can SELL them for including any fees to sell them! I have watched one two many people get burned by not accounting for seller fees.

coinbuf

I would do it if the coins had a resonable chance of selling in the marketplace, by that I would not want to accept a bunch of cleaned, damaged coins. The valuation is tougher as I dont think you can place a blanket value untill you know what is being offered. However in general I would value common date morgans or hard to sell MS60-63 coins less and gold or better date/key date material higher.

MrEureka

I would also deduct the value of my time/effort for what it would take to sell said coins to turn them into cash.

In that case, be sure to account for the time/effort/costs that would be saved in trying to collect the debt in other ways.

291fifth

<< <i>I would over pay to help my buddy out but that is just me. But dont make it a habit or you will be there as well. >>



He isn't your buddy. He is just some guy who owes you money and can't pay in cash.

Steve27

<< <i>

<< <i>10-20% back of bid; since that's probably what I could get for them. >>


Wouldn't it depend on what coins are being offered? Some coins are very liquid and trade with a narrow buy/sell spread (slabbed Saints and Morgans for example) while other coins are esoteric and more difficult to sell. >>



I don't know of any coins which are liquid and trade in a narrow range other than bullion, and he excluded bullion.

PerryHall

<< <i>

<< <i>

<< <i>10-20% back of bid; since that's probably what I could get for them. >>


Wouldn't it depend on what coins are being offered? Some coins are very liquid and trade with a narrow buy/sell spread (slabbed Saints and Morgans for example) while other coins are esoteric and more difficult to sell. >>



I don't know of any coins which are liquid and trade in a narrow range other than bullion, and he excluded bullion. >>


I was thinking of better date or high grade Saints and Morgans in PCGS slabs with CAC stickers versus early colonials for example. Many non-bullion coins are very liquid if you know who the players are in the coin industry.

crypto79

I except all forms of payments! the only variable is what I value stuff at

Pokermandude

<< <i>I would also deduct the value of my time/effort for what it would take to sell said coins to turn them into cash.

In that case, be sure to account for the time/effort/costs that would be saved in trying to collect the debt in other ways. >>



True. But say someone who owes me a new fence. They give me a pile of lumber and a couple cans of paint and say "here you go!". I'd tell them to get to work building that fence. If I am going to be the one building and painting it, the materials needing work are not the same as a built fence.

BryceM

I would call one of the larger auction houses (or even better, have him make the call), consign them, and credit him what you realize net. If there were any coins I actually wanted, I'd credit him what I'd pay retail.

Type2

<< <i>

<< <i>I would over pay to help my buddy out but that is just me. But dont make it a habit or you will be there as well. >>



He isn't your buddy. He is just some guy who owes you money and can't pay in cash. >>

If not a buddy or Fam member you need to collect your debt as fast as you can or you will be put off longer and longer till you get nada. Buy back 10% is fair. But take what ever you can get. A lot of the time you will only get one shot at it dont let him string it out. Like let me see what others will offer me if so go with him and collect your cash if he sells or he will sell and spend the cash and you will get nothing..

BAJJERFAN

It's hard to say unless one knows what is being offered. How hard would they be to sell? Is there anything that you would consider keeping? Is it imperative that you get your money ASAP or would you mind taking a couple months to sell? Does he have enough value in the coins to pay you back in full? If you happened get more from selling them than he owes, would you give the extra back to him?

WTCG

This is a scenario coin dealers deal with on a weekly basis if not more often than that. You value the coins at what you would pay if they walked up.

silverpop

sure I have no issue with that as long as I get the debt settled

DoubleEagle59

I'd stretch the percentages to perhaps 20% to 30% back of bid.

guitarwes

<< <i>It's hard to say unless one knows what is being offered. How hard would they be to sell? Is there anything that you would consider keeping? Is it imperative that you get your money ASAP or would you mind taking a couple months to sell? Does he have enough value in the coins to pay you back in full? If you happened get more from selling them than he owes, would you give the extra back to him? >>





<< <i>This is a scenario coin dealers deal with on a weekly basis if not more often than that. You value the coins at what you would pay if they walked up. >>


This and this.

roadrunner

I don't know of any coins which are liquid and trade in a narrow range other than bullion, and he excluded bullion.

How about 100 MS62 to MS65 common date slabbed PCGS Morgans? Very liquid and fairly tight spread, esp. in a bulk deal where $5/coin or less might work.

I recall doing a deal once with 60 MS65/66 slabbed 1880-s Morgans - worked on about $2-$3/coin for that deal. And these are far from bullion.

3keepSECRETif2rDEAD

In God We Trust…ALL others pay cash! This is why there are pawn shops.

Erik

MICHAELDIXON

I listened to a friend of mine (yesterday) who told me a story of performing carpentry work back in the 1980s and the family tried to pay him in food stamps, which he wouldn't take. He said he would have taken almost anything, just not food stamps. So...yes I would take them at back of bid.

Coupdescrounge

This is similar to bartering. Two people with different categories of products. In this hypothetical it's debt forgiveness for coins. Maybe it's the collector in me but I love the wildcard (assuming I'm not desperate and in need of cash). He may come up with something that is truly rare, unusual or desirable in your eyes even though it may have a low monetary value. It may have a high historical value or other unknown factor attached. See what he's offering... but there's no formula along the way other than feel in the end, I think.

jdimmick

Id value them based on what they would liquidly sale for

ambro51

I traded a camera build for a 6" Refractor telescope and would gladly do so again for a suitable Vermonf Copper

RYK

If I felt it was to my advantage, sure!

BAJJERFAN

<< <i>I listened to a friend of mine (yesterday) who told me a story of performing carpentry work back in the 1980s and the family tried to pay him in food stamps, which he wouldn't take. He said he would have taken almost anything, just not food stamps. So...yes I would take them at back of bid. >>



Food stamps might be quite redeemable and negotiable, but there is a stigma attached to their use. Not everyone wants to deal with that.

tightbudget

I wouldn't mind if it were something I wanted. I would probably pay somewhere around fair market value depending on what it is.

bidask

I want only 1909 s vdb's pennies in pcgs holders at bid......

WTCG

<< <i>I listened to a friend of mine (yesterday) who told me a story of performing carpentry work back in the 1980s and the family tried to pay him in food stamps, which he wouldn't take. He said he would have taken almost anything, just not food stamps. So...yes I would take them at back of bid. >>



It was totally unrelated to numismatics but I've had that happen to me before as well. Someone tried to pay off a debt with food stamps and shoplifted goods (mostly food and meat products ripped off from a supermarket). I didn't accept.

s4ny

I would probably take them in at 10% below bid. If PCGS or NGC slabbed, I would
pay 75% of Price Guide.

I would take 90% (ex culls) at 15.5 x face, raw gold at melt.

TwoSides2aCoin

Have had several people sell me coins that were not worth what a "seller" (debtor) paid his debts back with to them. Most of the fellows said, "Well at least I got some of my money back". A few of the women said less choice things. The loan originator needs to do their due diligence on debt repayment.

I'll go with Crypto's response and agree it is what I value the item at to satisfy a debt.

291fifth

There have been many interesting responses to this thread.

Here are some of my observations:

1. Many of you are being far too generous. It takes time, effort and money to dispose of collectible coins.

2. Think like a pawn shop owner.

BAJJERFAN

<< <i>There have been many interesting responses to this thread.

Here are some of my observations:

1. Many of you are being far too generous. It takes time, effort and money to dispose of collectible coins.

2. Think like a pawn shop owner. >>



But we still don't know what's available so we don't really know how easy they are to sell. Put up a listing here/BST along with pics of those coins that may have issues like spots and see what kinds of offers the OP gets for the whole lot. The other thing is that the OP is leaving out is what is the debtor willing to accept for them. Will he take 50% of his cost or does he want full PCGS price guide money or did he just say make me a fair offer?

telephoto1

If there was no other option to get paid, what choice would you really have... other than taking his coins... or litigation?
Of course being a dealer I'd obviously do it... and simply treat it as if I were buying the items from someone OTC. I'm certainly not trading at his numbers though. My time that will be spent liquidating his stuff has value.

Baley

I would take PCGS graded pre-1808 US gold at CDN bid, in payment of a debt.

ricko

No... I would not. Unless they were AGE's, certified, and back of melt.... Cheers, RickO

BillJones

I never have accepted collector coins in payment for a debt, but a lawyer who lives up the street was offered a collection in lieu of his fees and asked me to take a look at the material. Unfortunately the holders around the coins were more impressive than the coin inside. It consisted of a lot of these "Coins from World War II" and "American Heirloom" stuff that had almost no collector value. To add to the problem many of the coins had been polished to make them "nice and shinny."

The best coin he had was an 1883-CC dollar in a GSA holder. It graded MS-63, maybe 64 and was worth about $200. I told my lawyer friend that $170 in trade was probably fair since he would have to sell it to get the money as non-collector.

TireKicker

<< <i>This is a scenario coin dealers deal with on a weekly basis if not more often than that. You value the coins at what you would pay if they walked up. >>

TwoSides2aCoin

Will match Coin Star prices if the desire is to pay with statehood quarters.