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Why collectors drink version 17362

DKennyDKenny Posts: 66
in U.S. Coin Forum
I went to a dealer to sell some 1990s and 2000s silver proof sets. The dealer tells me that there's not even an ounce of silver in each of the 1990s sets and barely an ounce of silver on each of the 2000s sets and that the he only buys raw coins by weight and not by greysheet. But this dealer said that if I take my proof sets to NGC, he would buy them from me according to greysheet. I told him that these coins do not justify the expense of sending them to NGC and that aside from some exceptions, no modern coins really justify the cost of sending them to NGC if you aren't a dealer and don't get a bulk submission discount. The dealer then said I should still send the coins to NGC because raw silver coins are dead to him and many other coin dealers as collectibles and that they're only worth their weight in silver.

Comments

  • BryceMBryceM Posts: 11,827 ✭✭✭✭✭
    It sounds like he doesn't have a market for them. Hardly surprising. The fact that the coins aren't already slabbed is not really his problem.

    But, have a drink anyhow......
  • KoveKove Posts: 2,038 ✭✭✭✭
    I sympathize with both the OP and the dealer on this one.
  • bronco2078bronco2078 Posts: 10,296 ✭✭✭✭✭


    << <i>I sympathize with both the OP and the dealer on this one. >>




    Why do you sympathize with the dealer? Telling the OP to waste money slabbing useless coins is terrible advice. image
  • KoveKove Posts: 2,038 ✭✭✭✭


    << <i>

    << <i>I sympathize with both the OP and the dealer on this one. >>




    Why do you sympathize with the dealer? Telling the OP to waste money slabbing useless coins is terrible advice. image >>



    Uh, I sympathize with the dealer because there's too much of that stuff floating around as it is, stocking it just ties up money for coins that don't sell quickly, and he probably gets contacted about this type of stuff several times per week. I've been there. It's often easier to sell for more money if it's graded, but there's no way to cover the grading fees. Hence, my sympathy for both parties.
  • keetskeets Posts: 25,351 ✭✭✭✭✭
    Telling the OP...................

    I kind of think he was just being straight with the guy but a better answer might just have been "No thank you. not interested" since it appears he doesn't have an outlet for them.
  • 291fifth291fifth Posts: 24,462 ✭✭✭✭✭
    I don't really understand why the dealer would advise sending such coins to be slabbed. At the same time, I understand why he has little interest in them if they are raw. Apparently he has no demand for them at his shop and does not want to tie up valuable capital in such material.
    All glory is fleeting.
  • TomBTomB Posts: 21,650 ✭✭✭✭✭
    The dealer's advice seems idiotic to me, but the predicament that the collector finds himself in is, of course, not due to the dealer.
    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,444 ✭✭✭✭✭
    image

    I'll drink to something. Just point me to the bar.
  • PerryHallPerryHall Posts: 46,437 ✭✭✭✭✭
    The dealer should be honest enough to just tell the seller he's not interested in buying his modern proof sets except at melt silver prices. Advising a seller to get modern coins slabbed makes no financial sense unless he has the expertise to screen the coins to find the potential top pop specimens.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • rickoricko Posts: 98,724 ✭✭✭✭✭
    This is a simple case of modern issue overload and little demand. The advice to slab was not sound. Cheers, RickO
  • amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭
    While I don't condone the dealers method of handling, if I'm not mistaken someone recently sold a group of Silver Proof Sets on the BST for melt!
  • GreeniejrGreeniejr Posts: 1,321 ✭✭✭
    While the dealer handled this poorly, he was correct in a few regards. First, the 1990s sets only have .61 ounces of silver in them while the later sets have 1.32 oz. of silver in them. The whole slabbing advice is highly problematic and wrong but these sets do present a difficulty when it comes to buying them. Typically a dealer will pay a percentage of greysheet for bulk modern sets. They will get somewhere between 85-95% of bid for them to dump them wholesale. That means they have to pay 70%-85%. The problem there is that the silver value plus face value makes that fall apart. Take for example the 2007 set. Figuring silver at $16 per ounce, you have $21 worth of silver in the sets. Add in another $5.06 face and you have a set with melt+face of $26 and a bid of $30. While I disagree with some of it, much of what he said was the difficult truth .
  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭
    I sold my silver sets at melt, when silver got back close to $50.
    ANA-LM, NBS, EAC
  • CaptHenwayCaptHenway Posts: 32,429 ✭✭✭✭✭
    @DKenny....just curious...had you been asking the dealer to pay you Bid, perhaps more than once, before he told you to slab them if you wanted Bid?
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • david3142david3142 Posts: 3,568 ✭✭✭✭✭
    I'm surprised nobody has mentioned the "I only buy raw coins by weight" part. That to me says he doesn't trust his grading abilities and/or care about nice coins at all.
    Good thing you didn't try to offer him a nice group of key date Lincolns.
  • Wabbit2313Wabbit2313 Posts: 7,268 ✭✭✭✭✭

    He is correct. The grey sheet is for graded coins. I wish my local dealer would remember that when he pulls it out selling me RAW coins.
  • DKennyDKenny Posts: 66


    << <i>@DKenny....just curious...had you been asking the dealer to pay you Bid, perhaps more than once, before he told you to slab them if you wanted Bid? >>



    I said that if I were to slab them, I would want the dealer to pay the retail price that Littleton Coin Company retails those sets for image
  • DavideoDavideo Posts: 1,363 ✭✭✭✭


    << <i>I'm surprised nobody has mentioned the "I only buy raw coins by weight" part. That to me says he doesn't trust his grading abilities and/or care about nice coins at all.
    Good thing you didn't try to offer him a nice group of key date Lincolns. >>



    Yeah, I can only assume you was referring to moderns? Otherwise, I'd be quite interested if that is also his raw coin selling policy.

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