Look some people bought silver a few years ago when it cost twice as much and some years before that at half of what it is now. Sellers sell so you can't blame it all on the dealer. Markets change. People lost money in many other collectibles try selling model trains and see what you get for them.
@jmlanzaf ...
" But often the first reaction is to be mad at the person who tells you the truth."
You are so correct..... I was well known as a coin collector where I worked the last twenty years... and many would bring in their coins for me to 'admire' and often to give them a value. Rarely (once or twice) did anyone have anything of value...often stuff purchased from TV hucksters. One person never spoke to me again... and believe me, I was as gentle and diplomatic as possible when explaining it to him...even showed him my office Redbook....made no difference....People hate to be conned...Cheers, RickO
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
It's not an analogy, it's a cold hard critical analysis of the numbers. Comparing paying TEN TIMES the value of a common coin to losing 10 or 20% on an "investment coin" is the ludicrous analogy - and it was yours.
Had a family from the 'hood, I grew up around. Former fellow parishioners.
Their mom died in a fire, the week before she was to go to assisted living. Her son brought me her collection, but prices being where they were at the time and contingent upon market fluctuations, would have cost them a lot since it was the 90% which carried the value. That is silver/ pre-64. Now it's 40% lower.
And to my knowledge, my appraisal/offer either wasn't high enough for them, or they expected more for the clad coins, or more for a few of the type coins. I did the appraisal without a charge. It took about four hours and normally would have been about $300 cost for my time.
Don't know if they shared them equally, sold them elsewhere, or what. Those things are not "my" business (as a dealer).
The mom , like many dads, saved up for years for her kids. She probably enjoyed amassing a small fortune in numismatics, with equal amounts of denominations for each child.
What breaks my heart is that people don't appreciate their parent's efforts until it's too late. And the children who could have taken interest in history, art, math, economics, assemblage, gathering, study, search, and the simplest and most fun hobby, rather gave up the farm (so to speak) for a degree in something that put them elsewhere. Like on Facebook, Twitter, Snapchat, the bowling alley, park, stadium, golf course, and such. But this is the reality. Our hobby is a niche market and it's not mainstream. What we AMASS (er, collect) , is our choice. How we assemble it is opposite of how we disperse it. By then, it is just "business". Feelings should not be attached , at that point. In the end: it is what it is. It's worth what it's worth. Period.
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
It's not an analogy, it's a cold hard critical analysis of the numbers. Comparing paying TEN TIMES the value of a common coin to losing 10 or 20% on an "investment coin" is the ludicrous analogy - and it was yours.
Interesting differences of opinion there, but there is an underlying message applicable to both - one is best served by not putting more into the purchase of coins than one is willing to lose.
@ScarsdaleCoin said:
Look some people bought silver a few years ago when it cost twice as much and some years before that at half of what it is now. Sellers sell so you can't blame it all on the dealer. Markets change. People lost money in many other collectibles try selling model trains and see what you get for them.
Sorry but I fail to see the relevance here. Was there a time when cleaned IHCs were worth $15?
@ScarsdaleCoin said:
Look some people bought silver a few years ago when it cost twice as much and some years before that at half of what it is now. Sellers sell so you can't blame it all on the dealer. Markets change. People lost money in many other collectibles try selling model trains and see what you get for them.
Sorry but I fail to see the relevance here. Was there a time when cleaned IHCs were worth $15?
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
It's not an analogy, it's a cold hard critical analysis of the numbers. Comparing paying TEN TIMES the value of a common coin to losing 10 or 20% on an "investment coin" is the ludicrous analogy - and it was yours.
Interesting differences of opinion there, but there is an underlying message applicable to both - one is best served by not putting more into the purchase of coins than one is willing to lose.
In general, I agree. Caveat Emptor - it's as old as the Roman Empire.
But there has to be an ethical line there, doesn't it? Those old "investment packages" from the '80s were unethical and everyone recognizes that. Selling high priced investments to the ignorant is at least unethical if not openly illegal.
And if someone buys polished Indian Head Cents for $15, some (most?) of the blame has to fall on them for not doing their research. But the man was EIGHTY-NINE YEARS OLD and, as far as I can tell, started buying in his early '80s.
Would you feel it is ethical for me to glue an "S" on a 1909-VDB and throw it in a country auction? Shouldn't the buyer do his/her research. It's still an actual U.S. Lincoln cent. Nothing illegal about gluing things to coins, is there?
I know, I know, to some extent the purpose of ALL advertising is to "deceive". Go down the detergent aisle and read the labels: they ALL have the same 2 or 3 detergents in them. But, I don't know, there is just a line somewhere. I'm too ignorant myself to know exactly where it is. But somewhere between selling name brand detergent at a premium and soldering "S"'s on 1909-VDB cents is a line. Slick advertising designed to convince the unsuspecting that those polished Indian Cents are a rare piece of Americana and destined to go UP...probably on the right side of the line. Slick advertising that convinces a near 90 year old man that polished Indian cents are rare and destined to go up...I just don't know.
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
Considering the "old man's" position you have set up a preexisting condition and made the "math fit" or aka a "lie by omission" if not an analogy. I like looking back on the old days when you could not use the word "investment" or elude to it when selling coins. There is no cold hard arithmetic here, because the $1,000,000 never existed, therefore there was no "Unknown" in Math you find for the Unknown, in arithmetic, you add subtract, multiply and divide. Simple he paid more than he received and the Analogy was not mine.
@RogerB said:
ANA has an excellent counterfeit detection class. Maybe it should be "required training" for anyone buying/selling coins....?
The burden should be on the sellers; also ebay requires coins with numerical grades to be certified by one of the four main services; the same should pertain to any shop selling coins.
With the ANA course running $2K or so in travel expenses, course, lodging, etc., once a year, it is a nice idea but not practical for many people. I know a guy who went and took the course but he isn't much sharper in buying from the public or selling to dealers.
I know, I know, to some extent the purpose of ALL advertising is to "deceive". Go down the detergent aisle and read the labels: they ALL have the same 2 or 3 detergents in them. But, I don't know, there is just a line somewhere. I'm too ignorant myself to know exactly where it is. But somewhere between selling name brand detergent at a premium and soldering "S"'s on 1909-VDB cents is a line. Slick advertising designed to convince the unsuspecting that those polished Indian Cents are a rare piece of Americana and destined to go UP...probably on the right side of the line. Slick advertising that convinces a near 90 year old man that polished Indian cents are rare and destined to go up...I just don't know.
I think it is a matter of markup. It is perfectly reasonable for a coin dealer to sell a coin for 20% more than he paid for it, or 30% more, or maybe even 100% more for inexpensive coins. But if the dealer sells a coin at a 1500% markup that means either the buyer is paying much more than market value or dealer bought the coin for way below market value. Either way the dealer is misrepresenting the market value to his client and that is unethical.
I know, I know, to some extent the purpose of ALL advertising is to "deceive". Go down the detergent aisle and read the labels: they ALL have the same 2 or 3 detergents in them. But, I don't know, there is just a line somewhere. I'm too ignorant myself to know exactly where it is. But somewhere between selling name brand detergent at a premium and soldering "S"'s on 1909-VDB cents is a line. Slick advertising designed to convince the unsuspecting that those polished Indian Cents are a rare piece of Americana and destined to go UP...probably on the right side of the line. Slick advertising that convinces a near 90 year old man that polished Indian cents are rare and destined to go up...I just don't know.
I think it is a matter of markup. It is perfectly reasonable for a coin dealer to sell a coin for 20% more than he paid for it, or 30% more, or maybe even 100% more for inexpensive coins. But if the dealer sells a coin at a 1500% markup that means either the buyer is paying much more than market value or dealer bought the coin for way below market value. Either way the dealer is misrepresenting the market value to his client and that is unethical.
I agree, obviously. I'm a little surprised at the small number of commenters her who don't agree.
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
@TwoSides2aCoin said:
Spent about 12 thousand over the course of a few months for one fellow's collection. ...
Yes, it's especially sad when you think you are leaving a legacy for your children.
On the other hand didn't we have a prominent member of this forum who was purchasing coins from respected dealers for the same legacy purpose and either just before or just after he died it was determined that his intended "legacy" incurred an ultimate loss in dollar terms of many multiples of what the gentleman buying mail order coins suffered.
Well, there is NEVER any guarantee of price appreciation. But I don't know of any prominent auction houses or "respected dealer" who charges $23 for a Sac, an Ike and a Presidential dollar. $15 for an CLEANED indian cent and "V" nickel. Etc.
And while you made the math favorable, losing $250,000 on a $1 million coin is a much lower percentage than losing $20 on a $23 coin, the equivalent is losing almost $900,000 on a $1 million coin.
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
It's not an analogy, it's a cold hard critical analysis of the numbers. Comparing paying TEN TIMES the value of a common coin to losing 10 or 20% on an "investment coin" is the ludicrous analogy - and it was yours.
Interesting differences of opinion there, but there is an underlying message applicable to both - one is best served by not putting more into the purchase of coins than one is willing to lose.
Almost sounds like we are talking about gambling.
Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
@HalfStrike said:
Modern stuff? Let's see, a $3900 mint buy last year is now worth $75,000. That's legitimate Ebay sales.
It's all about what someone buys obviously. But to say all modern stuff is garbage as an "investment" is not accurate.
Good for you. But betting not so good for those who spent the 75K. I suspect their day will likely come when they end up telling the same sad story. But being ebay, the entire blame falls on them.
IMO, the USMint is a huge problem when it comes to these situations.
Joseph J. Singleton - First Superintendent of the U.S. Branch Mint in Dahlonega Georgia
@HalfStrike said:
Modern stuff? Let's see, a $3900 mint buy last year is now worth $75,000. That's legitimate Ebay sales.
It's all about what someone buys obviously. But to say all modern stuff is garbage as an "investment" is not accurate.
Good for you. But betting not so good for those who spent the 75K. I suspect their day will likely come when they end up telling the same sad story. But being ebay, the entire blame falls on them.
IMO, the USMint is a huge problem when it comes to these situations.
The heirs create the tragedies.
I'm betting "the kids" showed NO interest in the old guy, knew nothing about anything more than perhaps their favorite team or pizza, and never learned a thing in school except how "diversity" is the most important thing in America.
We on this forum who revere history and artifacts of the past have a very small understanding of what our heirs DON'T know and, worse yet, we aren't trying to find out.
It's no surprise that there are factors out there who are more than willing to exploit America's dissolution of "family."
i just bought a State quarter collection this week. Full roll set plus 1 of each coin in a holder. Complete year sets of gold and platinum, 3 of those.
I had passed on them before and told them to break out the holders and take them to thier bank. Well, they took them to Walmart coinstar and were stopped by a manager when someone noticed the gold ones and said they weren't real.
@Mission16 said:
i just bought a State quarter collection this week. Full roll set plus 1 of each coin in a holder. Complete year sets of gold and platinum, 3 of those.
I had passed on them before and told them to break out the holders and take them to thier bank. Well, they took them to Walmart coinstar and were stopped by a manager when someone noticed the gold ones and said they weren't real.
Lol. I actually had a coin star reject all the gold plated quarters once. Not sure how it knew. Other times they go through.
I read approximately 1/2 of this thread......basically came to conclusion that if it were not for you people on this forum I would have continued to make foolish purchases. I have learnt so much from you all and I continue to educate myself before I get too deep in the wrong places in this hobby. It was so easy to get suckered into the never endless USM releases. I have stopped all purchases except the ASE program. If something of interest or collectible I may order.The USM's poor quality control helped also make this decision. Nothing worse then paying a high premium for a special release one ounce gold coin and find grease stains and marks on the coin. and sending back for a return/exchange and get another bad coin in return. And then they have the gall to send you a survey. Has anyone really heard back from the USM in response to a survey. They keep cranking out the poor quality coins.
Bottom line....I'm a smarter buyer because of this forum
I have also had to tell people selling their junk silver they had collected over the years that it is worth only the price of bullion. Less when you take it to the dealer.
Another point to make. When someone hands down their years of collecting, a good percentage of the ones receiving need the money so they want to cash out. Most also have no interest. I'm fortunate I have a son that likes to collect. My daughter and her husband would sell their share. So I think it will all go to my son and I will make up the difference in cash to them.
Comments
Look some people bought silver a few years ago when it cost twice as much and some years before that at half of what it is now. Sellers sell so you can't blame it all on the dealer. Markets change. People lost money in many other collectibles try selling model trains and see what you get for them.
Ironically everything in your collection came from the U.S. Mint.
Later, Paul.
Paul.....you know exactly what I meant.
@jmlanzaf ...
" But often the first reaction is to be mad at the person who tells you the truth."
You are so correct..... I was well known as a coin collector where I worked the last twenty years... and many would bring in their coins for me to 'admire' and often to give them a value. Rarely (once or twice) did anyone have anything of value...often stuff purchased from TV hucksters. One person never spoke to me again... and believe me, I was as gentle and diplomatic as possible when explaining it to him...even showed him my office Redbook....made no difference....People hate to be conned...Cheers, RickO
ANA has an excellent counterfeit detection class. Maybe it should be "required training" for anyone buying/selling coins....?
Interesting analogy, Yet the OPPORTUNITY COSTS are vastly different as a matter of fact a ludicrous analogy.
It's not an analogy, it's a cold hard critical analysis of the numbers. Comparing paying TEN TIMES the value of a common coin to losing 10 or 20% on an "investment coin" is the ludicrous analogy - and it was yours.
Had a family from the 'hood, I grew up around. Former fellow parishioners.
Their mom died in a fire, the week before she was to go to assisted living. Her son brought me her collection, but prices being where they were at the time and contingent upon market fluctuations, would have cost them a lot since it was the 90% which carried the value. That is silver/ pre-64. Now it's 40% lower.
And to my knowledge, my appraisal/offer either wasn't high enough for them, or they expected more for the clad coins, or more for a few of the type coins. I did the appraisal without a charge. It took about four hours and normally would have been about $300 cost for my time.
Don't know if they shared them equally, sold them elsewhere, or what. Those things are not "my" business (as a dealer).
The mom , like many dads, saved up for years for her kids. She probably enjoyed amassing a small fortune in numismatics, with equal amounts of denominations for each child.
What breaks my heart is that people don't appreciate their parent's efforts until it's too late. And the children who could have taken interest in history, art, math, economics, assemblage, gathering, study, search, and the simplest and most fun hobby, rather gave up the farm (so to speak) for a degree in something that put them elsewhere. Like on Facebook, Twitter, Snapchat, the bowling alley, park, stadium, golf course, and such. But this is the reality. Our hobby is a niche market and it's not mainstream. What we AMASS (er, collect) , is our choice. How we assemble it is opposite of how we disperse it. By then, it is just "business". Feelings should not be attached , at that point. In the end: it is what it is. It's worth what it's worth. Period.
``https://ebay.us/m/KxolR5
Interesting differences of opinion there, but there is an underlying message applicable to both - one is best served by not putting more into the purchase of coins than one is willing to lose.
Sorry but I fail to see the relevance here. Was there a time when cleaned IHCs were worth $15?
The year was 3368.
In general, I agree. Caveat Emptor - it's as old as the Roman Empire.
But there has to be an ethical line there, doesn't it? Those old "investment packages" from the '80s were unethical and everyone recognizes that. Selling high priced investments to the ignorant is at least unethical if not openly illegal.
And if someone buys polished Indian Head Cents for $15, some (most?) of the blame has to fall on them for not doing their research. But the man was EIGHTY-NINE YEARS OLD and, as far as I can tell, started buying in his early '80s.
Would you feel it is ethical for me to glue an "S" on a 1909-VDB and throw it in a country auction? Shouldn't the buyer do his/her research. It's still an actual U.S. Lincoln cent. Nothing illegal about gluing things to coins, is there?
I know, I know, to some extent the purpose of ALL advertising is to "deceive". Go down the detergent aisle and read the labels: they ALL have the same 2 or 3 detergents in them. But, I don't know, there is just a line somewhere. I'm too ignorant myself to know exactly where it is. But somewhere between selling name brand detergent at a premium and soldering "S"'s on 1909-VDB cents is a line. Slick advertising designed to convince the unsuspecting that those polished Indian Cents are a rare piece of Americana and destined to go UP...probably on the right side of the line. Slick advertising that convinces a near 90 year old man that polished Indian cents are rare and destined to go up...I just don't know.
Bottom line is and always will be "GREED". People just tend to want to make a lot of money on something they can get for nothing!! Sad for sure.
US mint lately sells a lot of junk like this. This years products are also politically laced! I won't touch them with a 10ft pole.
Considering the "old man's" position you have set up a preexisting condition and made the "math fit" or aka a "lie by omission" if not an analogy. I like looking back on the old days when you could not use the word "investment" or elude to it when selling coins. There is no cold hard arithmetic here, because the $1,000,000 never existed, therefore there was no "Unknown" in Math you find for the Unknown, in arithmetic, you add subtract, multiply and divide. Simple he paid more than he received and the Analogy was not mine.
The burden should be on the sellers; also ebay requires coins with numerical grades to be certified by one of the four main services; the same should pertain to any shop selling coins.
With the ANA course running $2K or so in travel expenses, course, lodging, etc., once a year, it is a nice idea but not practical for many people. I know a guy who went and took the course but he isn't much sharper in buying from the public or selling to dealers.
>
I think it is a matter of markup. It is perfectly reasonable for a coin dealer to sell a coin for 20% more than he paid for it, or 30% more, or maybe even 100% more for inexpensive coins. But if the dealer sells a coin at a 1500% markup that means either the buyer is paying much more than market value or dealer bought the coin for way below market value. Either way the dealer is misrepresenting the market value to his client and that is unethical.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
I agree, obviously. I'm a little surprised at the small number of commenters her who don't agree.
Almost sounds like we are talking about gambling.
Good for you. But betting not so good for those who spent the 75K. I suspect their day will likely come when they end up telling the same sad story. But being ebay, the entire blame falls on them.
IMO, the USMint is a huge problem when it comes to these situations.
Joseph J. Singleton - First Superintendent of the U.S. Branch Mint in Dahlonega Georgia
Findley Ridge Collection
About Findley Ridge
Now, that's gambling.
The heirs create the tragedies.
I'm betting "the kids" showed NO interest in the old guy, knew nothing about anything more than perhaps their favorite team or pizza, and never learned a thing in school except how "diversity" is the most important thing in America.
We on this forum who revere history and artifacts of the past have a very small understanding of what our heirs DON'T know and, worse yet, we aren't trying to find out.
It's no surprise that there are factors out there who are more than willing to exploit America's dissolution of "family."
i just bought a State quarter collection this week. Full roll set plus 1 of each coin in a holder. Complete year sets of gold and platinum, 3 of those.
I had passed on them before and told them to break out the holders and take them to thier bank. Well, they took them to Walmart coinstar and were stopped by a manager when someone noticed the gold ones and said they weren't real.
I do not care what anyone else says, but THAT was funny!!
Well done!
Lol. I actually had a coin star reject all the gold plated quarters once. Not sure how it knew. Other times they go through.
?????
Then enlighten us, Oh Exalted One.
I read approximately 1/2 of this thread......basically came to conclusion that if it were not for you people on this forum I would have continued to make foolish purchases. I have learnt so much from you all and I continue to educate myself before I get too deep in the wrong places in this hobby. It was so easy to get suckered into the never endless USM releases. I have stopped all purchases except the ASE program. If something of interest or collectible I may order.The USM's poor quality control helped also make this decision. Nothing worse then paying a high premium for a special release one ounce gold coin and find grease stains and marks on the coin. and sending back for a return/exchange and get another bad coin in return. And then they have the gall to send you a survey. Has anyone really heard back from the USM in response to a survey. They keep cranking out the poor quality coins.
Bottom line....I'm a smarter buyer because of this forum
I have also had to tell people selling their junk silver they had collected over the years that it is worth only the price of bullion. Less when you take it to the dealer.
Another point to make. When someone hands down their years of collecting, a good percentage of the ones receiving need the money so they want to cash out. Most also have no interest. I'm fortunate I have a son that likes to collect. My daughter and her husband would sell their share. So I think it will all go to my son and I will make up the difference in cash to them.