Need Advice Regarding Coin Collection Sale

buckeye77 · January 15, 2013 1:11PM

I've come across a retired, disabled gentleman who desires to sell his coin collection. From what I could gather (based on a conversation- I've not seen anything) there are both raw and slabbed, some circulated coins and a number of bullion rounds (like ASEs) and commemoratives, many of which are graded. He has apparently spoken with one too many dealers and is frustrated with them, and it is difficult for him to venture out to coin shows or coin clubs. He wanted some ideas, and I'm not sure I was much help. I'm familiar with this forum and ebay, but he isn't computer literate so he would need a lot of help or someone else would have to do it. He's not keen to work with dealers or coin shows. I'm not familiar with auctions or consignment options. So I'm hoping you can give me some suggestions and any ideas. I'd like to pass along some helpful info to him, if I can. Thanks!

Unknown · January 15, 2013 1:17PM

This content has been removed.

RYK · January 15, 2013 1:26PM

He has apparently spoken with one too many dealers and is frustrated with them...

They are no doubt frustrated with him, too!

Based on the information provided, I would recommend some combination of consigning the coins for sale on eBay or Great Collections (the slabbed coins) and selling the raw bullion stuff to a local dealer.

mrpotatoheadd · January 15, 2013 1:28PM

Lots of people are unhappy with the offers they get for their coins. Without knowing 1) what the coins in question are and 2) how much the offers were, there's not really a lot that one can do to help you help him.

Coinosaurus · January 15, 2013 2:22PM

<< He has apparently spoken with one too many dealers and is frustrated with them... >>

Let me guess - he asked for an offer over the phone on material they hadn't seen in person. And on the flip side, he doesn't trust anyone to come over and look at it in person. I got a feeling there is no winning with this one......good luck, however it turns out.

Myqqy · January 15, 2013 2:57PM

<< Based on the information provided, I would recommend some combination of consigning the coins for sale on eBay or Great Collections (the slabbed coins) and selling the raw bullion stuff to a local dealer >>

That's what i was thinking- he needs some computer/imaging help- perhaps you can help him in exchange for a coin or coins that you really like...

WTCG · January 15, 2013 7:25PM

Find out what his goals are for his coins. He might not like dealers but if he wants to sell his coins it is inevitable that he or his assistant will have to interact with coin dealers at some point.

He needs to be aware of the fact that others will not be able to assist him if he is unwilling to have his coins viewed or shopped around.

jimbux61 · January 15, 2013 7:28PM

These posts always seem to come with someone new and a "I found this in grandma's attic". Ho hum.

DorkGirl · January 15, 2013 9:40PM

He could always have them sold at an estate auction. Coins can go for crazy prices at those things.

TwoSides2aCoin · January 15, 2013 10:26PM

<<

He could always have them sold at an estate auction. Coins can go for crazy prices at those things. >>

AMEN.

And here is a recent story from inside a coin shop. Competing dealer calls. "I have this couple with a bunch of proof sets and they want out, I don't have time, would you care to..."
I answer, "Sure, send them over". I bid back of grey sheet20% on the modern proof and prestige sets. When it's all done I pay the couple $595. They were happy to be done with it. I called my competitor and said, "Well there should be about a $150 profit if you want me to flip this to another dealer". He said, "Just keep it and thanks for helping that couple, they're nice".

I said, "You're nice ". He said, "You're nice". I said, "YOU SUCK, you never send people with gold". We laughed.

I have no clue why so many people have trouble with dealers. Most I know are relatively fair. We would be in trouble or out of business if we weren't. The whole deal at grey sheet bid was $811. (ask is 10% more)
My advice : Take the "estate auction" route. It takes longer but to maximize the benefit to the owner, that's the best course of action, IMO. The prices obtained through that route is usually 30% higher than grey sheet ask, but then... what are the auctioneers fees ? There are so many ways to advise, but really...

What's best is to "feel good" when you're done, and know you've helped someone.

ambro51 · January 15, 2013 10:42PM

Walk away from this. It's a Lose Lose proposition. Let the heirs figure it out.

TwoSides2aCoin · January 15, 2013 11:10PM

<< Walk away from this. It's a Lose Lose proposition. Let the heirs figure it out. >>

I trust your instinct on this, too. We can never tell how much we have to chew until we bite it off.

razzle · January 15, 2013 11:11PM

Think of his collection as though it were an expensive used car. You could just take what a dealer would offer or take it to an auction. Or, you could get a blue book, study the mileage, options, condition of tires, aftermarket add-ons and get an approximate price range, then run ads to sell by yourself. Meet with potential buyers for test drives, blah, blah, blah. Lotsa work.
Now, think of his collection as though it were 50 expensive used cars of all different years,makes and types. It quickly becomes overwhelming to consider the expertise one would need to acquire if you are going to try to maximize prices for the estate. Some strategies are more expedient but may not generate as much cash, others would be more profitable but require extensive time and energy. Good luck.

291fifth · January 15, 2013 11:16PM

You need to see the coins before you make any recommendations.

shorecoll · January 16, 2013 12:26AM

Dealers come in many flavors, many are honest and many are crooks. In my area there are no real brick and mortar dealers left, so there are a lot of fly-by-night crooks. It's also possible that your friend got hosed on his purchases and the dealers he talked to were telling him the truth, which he didn't want to hear.

If you can get some representative photos, we may be able to help, else let us know the general area you're in and we can maybe recommend some honest dealers.

Normally a collection has parts that belong at a dealer, part that should go in an auction (local, eBay or big firm) and part that should be spent. We can't know what's what unless we see it.

lcoopie · January 16, 2013 12:52AM

I believe he could just send coins to one of our trusted ebay mavens and they will do the rest

BAJJERFAN · January 16, 2013 12:59AM

<<

He could always have them sold at an estate auction. Coins can go for crazy prices at those things. >>

Yah. I one time saw $10 in Kennedy halves sell for face value, to the auctioneer! LOL Most coins bring about what they're worth cuz there is always at least one person there who knows what they are worth. CC Morgans would be a good example of stuff that sells for good money. Silver eagles, etc. bring normal prices.

Commish at those auctions is likely 40% or thereabouts.

BAJJERFAN · January 16, 2013 1:20AM

<< I've come across a retired, disabled gentleman who desires to sell his coin collection. From what I could gather (based on a conversation- I've not seen anything) there are both raw and slabbed, some circulated coins and a number of bullion rounds (like ASEs) and commemoratives, many of which are graded. He has apparently spoken with one too many dealers and is frustrated with them, and it is difficult for him to venture out to coin shows or coin clubs. He wanted some ideas, and I'm not sure I was much help. I'm familiar with this forum and ebay, but he isn't computer literate so he would need a lot of help or someone else would have to do it. He's not keen to work with dealers or coin shows. I'm not familiar with auctions or consignment options. So I'm hoping you can give me some suggestions and any ideas. I'd like to pass along some helpful info to him, if I can. Thanks! >>

Offer to appraise them. You could sell for him at 10% commish or so. A lot of the stuff like bullion would be best sold on the BS&T board here.

buckeye77 · January 16, 2013 2:02PM

Wow, a lot of good advice and ideas. Thanks!

A little more information. His reason for selling is two-fold: pay for therapy not covered by SS disability and contribute to his daughter's upcoming wedding. I have a partial list of his items. I'm pretty sure he's legit. He spoke with the president of my local coin club and has been invited to come to a meeting, assuming he is able in light of his health issues. He might also try to attend a local coin show, again depending upon his health. I passed along some of the information received about coin auctions and consignments. He likes the idea of having someone handle things that way but isn't sure he likes the idea of mailing it all off to someone. I do get the sense that he might like me to try to auction them (which figures since I have limited knowledge and have never auctioned coins!) because I am local and don't upset him. I'm familiar with his disability, which is constantly very painful, so I tread lightly (I think most dealers haven't clued into this, thus the friction). I'm hoping he'll get comfortable with a reputable auction/consignment place like Great Collections (at least for his graded coins). If not, then something on a more local level will be needed, and I'll have to give some more thought about how helpful I can be. Any additional ideas welcome. Thanks again.

Coupdescrounge · January 16, 2013 2:26PM

Stick them in a farm auction and watch people overpay.

Seriously though, until you figure out precisely what is there, it's difficult to recommend the proper venue. Craigslist is always an option but I hesitate to recommend because there's a psycho factor on there to consider.

derryb · January 16, 2013 2:36PM

Offer a buy price for the collection, or selected pieces of it, or walk away. Not something you want to get in the middle of - stand at one end or the other. You will probably end up regretting being a middle man on this one.

ambro51 · January 16, 2013 9:31PM

"daughter weddings" have decimated more coin collections than you can throw a stick at.

Justacommeman · January 16, 2013 9:36PM

The odds of this ending very badly are high. MJ

Cakes · January 17, 2013 1:50AM

<< The odds of this ending very badly are high. MJ >>

For the OP or the Old man?

IrishMikey · January 17, 2013 2:37AM

"It's also possible that your friend got hosed on his purchases and the dealers he talked to were telling him the truth, which he didn't want to hear."

This is the most likely scenario, especially if he has slabbed silver eagles. Better find out how many
of these he has before getting involved, unless you have a good relationship with him, and can tell
him the truth without him getting mad or defensive.

(edited for spacing issues)

Baley · January 17, 2013 8:19AM

If the guy bought the stuff off of TV (as a retired, disabled gentleman might) then it's not surprising that the coin shop offers are disappointing to him.

Need Advice Regarding Coin Collection Sale

Comments

Leave a Comment