Good Deal or Bad?

7Jaguars · January 2, 2015 1:32AM

A patient came in with a bag of miscellaneous crappy coins, but fortunately with some silver. They asked if I wanted it and I affirmed to the tune of $100:

All common date

2 Morgans
5 Peace
7 Lib Walk 50c
5 franklin 50c
2 Kennedy 40%
1 Barber 50c (1906 O but only Good condition)
3 Washington 25c
1 Barber 25c
5 Rosie 10c
26 Merc 10c
3 Barber 10c

also

6 Buff 5c
4 Lib 5c

crypto79 · January 2, 2015 1:37AM

great deal, in fact you are kind of low balling them. If people paid your bills at the same % of their value I suspect you would be up in arms. Just the Silver dollars have 86$ in silver as of today.

Unknown · January 2, 2015 1:40AM

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sparky64 · January 2, 2015 1:41AM

< half of melt + 10 type Nickels = good trade.

Edited to say: I don't know the situation or full story so I won't comment on any ethical implications.

crypto79 · January 2, 2015 1:42AM

<< 

<< A patient came in with a bag of miscellaneous crappy coins, but fortunately with some silver. They asked if I wanted it and I affirmed to the tune of $100:

All common date

2 Morgans
5 Peace
7 Lib Walk 50c
5 franklin 50c
2 Kennedy 40%
1 Barber 50c (1906 O but only Good condition)
3 Washington 25c
1 Barber 25c
5 Rosie 10c
26 Merc 10c
3 Barber 10c

also

6 Buff 5c
4 Lib 5c >>

Let's say $17 each on the dollars assuming they're in bad shape.

That's $17*7 = $119

$4 each on the 90% halves, and call the 40% $1 each = ($4*13)+($1*2)= $54

$2.50 on the quarters = $2.50*4 = $10

A buck each on the dimes = $1*34 = $34

We'll just call the buffs and libs throw-ins assuming they're common dates.

Frankly you kind of ripped him off at $100 for the lot when I'd value it at around $217, very conservatively.

EDIT: I see you called him a patient... are you his doctor or something? You're in a position of power and trust, and you give him $100? Kinda classless, imho. >>

410a · January 2, 2015 1:49AM

Riiiiiiiipppppppppppppp!!!!!!!!!!!!!

Musky1011 · January 2, 2015 1:58AM

I would have given them melt

TwoBitWilly · January 2, 2015 2:05AM

Gonna have to agree with crypto & FTB here.

And will also add this is the very reason sellers/collectors detest many buyers/dealers

TwoBitWilly · January 2, 2015 2:09AM

<< 

<< A patient came in with a bag of miscellaneous crappy coins, but fortunately with some silver. They asked if I wanted it and I affirmed to the tune of $100:

All common date

2 Morgans
5 Peace
7 Lib Walk 50c
5 franklin 50c
2 Kennedy 40%
1 Barber 50c (1906 O but only Good condition)
3 Washington 25c
1 Barber 25c
5 Rosie 10c
26 Merc 10c
3 Barber 10c

also

6 Buff 5c
4 Lib 5c >>

Let's say $17 each on the dollars assuming they're in bad shape.

That's $17*7 = $119

$4 each on the 90% halves, and call the 40% $1 each = ($4*13)+($1*2)= $54

$2.50 on the quarters = $2.50*4 = $10

A buck each on the dimes = $1*34 = $34

We'll just call the buffs and libs throw-ins assuming they're common dates.

Frankly you kind of ripped him off at $100 for the lot when I'd value it at around $217, very conservatively.

EDIT: I see you called him a patient... are you his doctor or something? You're in a position of power and trust, and you give him $100? Kinda classless, imho.

EDIT 2: And come on, did you really have to ask if this was a good deal? You bought it for well under melt... how is that not a good deal? Problem is you lowballed the guy, so it's not really a good deal, it's more of a scumbag move to lowball somebody who is probably hoping you'll be fair and share the wealth a bit. Bet if I told them they sold you $300 worth of coins for $100 they'd be pissed. >>

Would also add this is the very reason sellers/collectors detest many buyers/dealers

GritsMan · January 2, 2015 2:15AM

On the other hand, the coins evidently weren't very interesting, and he saved the seller from having to track down a B&M store or ship them somewhere--where s/he may have received an even worse offer… Quick cash in hand for the seller.

topstuf · January 2, 2015 2:17AM

Summed up,: Always get a second opinion.

7Jaguars · January 2, 2015 2:24AM

Funny thing I told them to go to a coin shop and I have had tons to do, not coin related but actual work. I saw the silver dollars and a bunch of foreign literally throwaways. The others a bonus, but a grimy lot. I'm not a dealer either. Just now looked at it all. At the time did not even know what junk silver was going for which is why I asked.

roadrunner · January 2, 2015 2:29AM

BAD deal for the seller and the hobby. Didn't know what silver spot levels were? $18 or so in face value silver....or about 5.5X face. Must have been away from the silver market for a long time as these are 2004-2005 levels.

7Jaguars · January 2, 2015 2:41AM

They were getting ready to spend them at 7-11, and that is NO joke. Cleaned out the attic and going to Florida. Crazy.

topstuf · January 2, 2015 2:44AM

<< They were getting ready to spend them at 7-11, and that is NO joke. Cleaned out the attic and going to Florida. Crazy. >>

But you prevented them from WINNING BIG at the 7-11 lottery.

7Jaguars · January 2, 2015 2:49AM

I've never even bought any silver before, so new experience. Not at all my thing. I think if had been a large amount that might have been something else. Despite recommending going to a shop she was deligted to get that amount and left me with a grand total of 40 in my wallet so I don't really feel bad at all.

jrt103 · January 2, 2015 2:54AM

Sounds like both parties were satisfied with the deal... I don't see a problem here

DoubleEagle59 · January 2, 2015 2:59AM

I don't see a problem either.

I consider myself an ethical person, but I must say I find it amusing when everyone posts 'you ripped him off', yet I bet all these posters search coins at coin shows that are undergraded or have a more valuable variety that is not noticed by the seller.

Perhaps the OP should have paid a little more, but no way would I have paid 'melt'.

If I'm buying it, I want to make a little profit beyond 'melt', just like the OP did.

Unknown · January 2, 2015 3:05AM

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stevepk · January 2, 2015 3:16AM

It sounds like the seller wasn't very intelligent. I understand most people outside of the numismatic world don't know how to value coins, but we live in the information age. With a little research, the seller could have made some effort. He could have easily stumbled on a Redbook, CoinFlation, the PCGS website, or any of the other hundreds of websites, books, or magazines centered on coin valuation. The fact that the seller shared these with you before deciding to spend them at the convenience store suggests he realized they had the potential to be worth more than face value.

People will continue to get ripped off as long as greed continues to intersect ignorance. This trains unethical buyers to expect a 'rip' as long as sellers allow buyers to rip them off.

If I were in the position of a buyer from an uninformed seller, I would tell the buyer:

"These coins are worth $200 to the right buyer. Finding the right buyer will take a small degree of effort. I am not the right buyer. Because I am not the right buyer, I will offer you $100 for the lot. If you prefer $200, I suggest you make effort to find a buyer at $200. It can be done with relative ease. If you prefer, I can even direct you to a preferred buyer. if you are impatient and need the money now, I will gladly give you $100.

rhedden · January 2, 2015 3:33AM

What would be a good deal is if you give them another $75 next time you see them, and politely explain that the coins were worth more than you thought initially. Leave 10% wiggle room for yourself.

Justlooking · January 2, 2015 3:35AM

Do no harm.

Type2 · January 2, 2015 3:39AM

Good deal just give him a free check up next time and you are all even steven.... Good for the bouth of you.

Barndog · January 2, 2015 4:00AM

were the dollars genuine? I'm suspicious of "silver" dollars these days

BAJJERFAN · January 2, 2015 4:40AM

<< I've never even bought any silver before, so new experience. Not at all my thing. I think if had been a large amount that might have been something else. Despite recommending going to a shop she was deligted to get that amount and left me with a grand total of 40 in my wallet so I don't really feel bad at all. >>

Sounds like she was a firm believer in the fast nickel beating a slow dime philosophy.

jayPem · January 2, 2015 5:09AM

OP is a serious collector who probably doesn't dabble in US coins or bullion, is not in the flipping business and most likely has a real life that trumps spending any actual time farting around with small fry coin deals or researching melt pricing for 90%...in other words, most likely a one off deal between two parties that really have very little interest or time to spend fooling around.

His only mistake was posting it here

Boosibri · January 2, 2015 5:35AM

<< OP is a serious collector who probably doesn't dabble in US coins or bullion, is not in the flipping business and most likely has a real life that trumps spending any actual time farting around with small fry coin deals or researching melt pricing for 90%...in other words, most likely a one off deal between two parties that really have very little interest or time to spend fooling around.

His only mistake was posting it here

>>

This

FullCameo · January 2, 2015 3:21PM

The OP deserves a real response.

Good deal.

TommyType · January 2, 2015 3:31PM

Think I'm echoing what several others have said....but I think it deserves some extra "air time".

I consider myself a "serious collector"....but I couldn't quote you the current value of silver, or the melt value of a silver dollar if you held a gun to my head. Upon reading the initial post, my first thought was, "Yeah....I wonder if that was a good deal or not!"

So I can't fault him for "ripping someone".

On the other hand, if he runs across this seller on a regular basis, it might be appropriate to slip him a few more bucks to make it fair, now that he knows better.

FullCameo · January 2, 2015 3:38PM

PerryHall · January 2, 2015 7:49PM

<< Sounds like both parties were satisfied with the deal... I don't see a problem here >>

The sellers are satisfied because they didn't know they were ripped off. Yes---ignorance is bliss. 7Jaguars has been an active participant here for almost 9 years and certainly knew that these coins were worth far more than what he paid.

PerryHall · January 2, 2015 7:50PM

<< What would be a good deal is if you give them another $75 next time you see them, and politely explain that the coins were worth more than you thought initially. Leave 10% wiggle room for yourself. >>

Excellent suggestion.

Timbuk3 · January 2, 2015 8:38PM

I'm staying out of this one and keeping
my opinion to myself.

Nap · January 2, 2015 10:20PM

It takes under 30 seconds to look up on your smartphone the spot price of silver and what someone like APMEX pays for junk silver.

I don't think it's a malicious deal but rather one that would have made more sense with just the slightest bit of research by either party.

JJSingleton · January 2, 2015 10:39PM

Good deal for the OP and bad deal for the seller. Happens every day in our hobby and it is a shame that those of us who know better often take advantage of those who do not. But I lost my righteousness on this topic years back. As bad as it is, I will not let it take my enjoyment with coins away.

But what bothers me with this scenario is why would a patient walk in with a bag of coins? I hope the OP did not set himself up as someone who would buy them in advance. Doctors, which I assume the OP is, are viewed as very trustworthy individuals. I would hate to imagine that this trust was used to make this rip.

winky · January 2, 2015 10:59PM

Take it and run before a dealer finds it.

topstuf · January 3, 2015 3:46AM

<< OP is a serious collector who probably doesn't dabble in US coins or bullion, is not in the flipping business and most likely has a real life that trumps spending any actual time farting around with small fry coin deals or researching melt pricing for 90%...in other words, most likely a one off deal between two parties that really have very little interest or time to spend fooling around.

His only mistake was posting it here

>>

Yep, but Jay Pem has a free physical exam waiting.

Smint · January 4, 2015 12:16PM

What type of patient relationship?

There's a range of "acceptable" offers. $100 isn't in that range for anyone with a knowledge of what the coins are worth.

Good Deal or Bad?

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