How About Some Strong Advisement
Jimnight
Posts: 10,846 ✭✭✭✭✭
For when purchasing a rare PCGS graded coin in let's say the 48k range on eBay?
For instance:
Things to know before closing the deal.
What is the best way to pay for the coin... to ensure the capital and buyer are safe guarded?... And
What is the best way to have the coin shipped to ensure it's received safely?
Thank you
Jim
0
Comments
Registered mail on last question.
Pick it up and pay for it in person.
Do you really want to do an eBay transaction in that price range?
I would say COD with usps. But I am not sure if ebay has that option anymore.
If not all the way across the country, just pick it up. If it MUST be shipped registered mail is the safest. For payment, that's a tough one. I would do everything I could to pick it up in person and look at these piece in my hand before paying. Is this seller reputable ?
For that kind of $$, unless it's from a well known & respected dealer ala JJT, David Lawrence, Laura, etc., I'd pick it up in person.
Who is the seller? Have you seen the coin in hand or has someone you trust?
Lance.
Don't, and learn how to spell.
So you're advising the op to take your advice
Disclaimer: I've never gotten into that neighborhood of purchase. (I've never been in the same city as that neighborhood!)
But for a coin of that price, I'd personally need to know WHO the seller is. If I can't prove it's a well known, and well respected dealer...I'd pass.
And chances are that if it is such a dealer, they have an off-eBay presence? You would probably be handsomely rewarded to contact them directly, and avoid some of the fees and "degrees of separation" between the two of you. Get your questions answered....find out how they do such deals....assurances about return policy...etc.
.
I would find a close trusted dealer that could check it and make the deal face-to-face, short that I would check out using an escrow service. Make sure it's an official one, because there are even fakes of those.
Leon
The seller is David Lawrence Rare Coins. I am going to give him a call and see what my options are, and most probably fly out there. You all have been a tremendous help.
What TommyType said.
Looks like you are going that route now...that's, imho, the right thing to do.
Make sure they cut you a better deal as they won't have to pay fees.
Also, David Lawrence Rare Coins is a company, and not a person. Kind of funny that way, but don't ask for "David Lawrence" as you won't get him.....
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
@Bochiman said:
Also, David Lawrence Rare Coins is a company, and not a person. Kind of funny that way, but don't ask for "David Lawrence" as you won't get him.....
Thank you for that piece of information, you may have just kept me from making a fool of myself.
skip the eBay part - if they have a $50 K coin, they have a website
After discussing making an investment in a rare coin with my wife, it looks like it's not going to happen. I'm sorry for wasting your time.
Jim
Two red flags... “Investment” and “Wife”
Latin American Collection
Perhaps you should consider TWO investments.
A coin
And a kitchen remodel.
Perhaps an investment in a new wife?
Dave
Sounds like your wife knows the coin market.
Lance.
Hilarious. Rookie move, brother. Everyone knows you either gotta hide this stuff from your wife or go the kitchen-remodel-swap route. We can help you come up with a better plan next time.
In my experience the cost of getting rid of the first one is prohibitively high
Latin American Collection
I keep my purchases hidden, wife doesn't care what I buy for the business, because she knows I purchase it for profit, but she doesn't know about the keepers
Not a waste in time.
Get your feet wet. Good and wet. BEFORE you go "investing" in coins.
Use only "disposable" income. Seriously.
Plan on losing 50-100% of your "investment". That way, if you don't, you will be very happy.
No offense, but going by your questions, you are somewhat knew to numismatic "investment", if not numismatics themselves (particularly at a level of more than pocket change or a few hundred dollars). Don't put the kind of money at risk that you are talking about unless you can easily handle losing it all.
If you CAN handle that loss (I don't think your wife would have stopped you if that were the case), and you still don't have the background, get a trusted advisor, who you can pay a nominal fee, to help you make decisions on what YOU like and YOU can afford.
I, personally, think your wife did the right thing at this point, as did you by discussing it with her and listening. For most of us, things at a level higher than $xxx amount, SHOULD be discussed by all parties in the relationship. My wife and I have a $500 limit set. Unlimited on our own "fun" money (we give ourselves a monthly allowance and it can build up if unused...particularly over the years), but mutual funds are very limited.
Read the forums, watch what others buy (maybe see how much), see the value and the prices that things are sold for. Unless you are cherrypicking, anything you purchase will need to be held for a period of time in order to make any profit (buying from any actual auction house will add a HUGE cost to your purchase in the buyer's fee. Selling will hit your bottom line as a seller's fee...no matter auction house or ebay. Selling to a local dealer and they will shortchange you most assuredly. Selling here, on the buy/sell/trade forum, will be slow and may or may not help on the bottom line (less eyeballs, sometimes more discerning eyes and wallets, but no fees)
Good luck
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Feel free to give me a call directly or shoot me an email and I'd be happy to discuss the coin, logistics, and whether or not it fits well for you. We'll work out the best price for you as well if it fits what you're looking to do...who knows, if we have someone in your area, we might save you a trip...
Thanks!
John Brush
800-776-0560
email: john.brush@davidlawrence.com
President of David Lawrence Rare Coins www.davidlawrence.com
email: John@davidlawrence.com
2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
At that price level, the coin should be seen in hand or by a trusted expert. Such a purchase should be carefully researched and not specifically made for 'investment'... Most coins do not qualify as 'investments'. With the help of your wife, I believe you arrived at the right decision. Cheers, RickO
Nobody has mentioned proposing selling the house to buy a coin as an effective way to convince the wife that $48,000 isn't all that much to be considering.
Actually 3 red flags, + bad speller/grammar
It’s actually grammatically incorrect to use “bad” in this way. One may have poor grammar not bad grammar.
Latin American Collection
Not relating to the transaction now squelched, but in general:
No one, and I mean no one, who advertises a $50K coin for an Ebay auction is doing anything else other than saying "call me and we'll work an 'off-site' deal".
Virtually a universal practice through-out the industry.
Since you have one of those rare opportunities to speak directly and off the record to an ebay seller, make a lower offer when you talk to them. I find DL's coins overpriced, probably because of ebay and PP fees. Good chance they'll negotiate a lower cash price.
The price of gold is set by faith, or lack of, in the currency it is priced in.
Get her a new kitchen and get back to us, bro.
I am not talking about a nutritional drink.
...
I was going to say call John Brush, then he chimed in...call him anyway and you'll be better prepped for the next time.
.
.
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This would be my advice.
Before you said who the seller was, my first bit of advice would be to know who the seller is.
If it's "Joe Blow," pass. I don’t care what the coin is. If you don't know who is selling the piece, it's not worth the risk unless you are a billionaire who doesn't care.
It would be grammatically incorrect for me to reply here.
Pete
Good point, Bochiman!
Actually David Lawrence Feigenbaum is, or was, a person. He suffered from ALS and died in 2002. His son John took over the business and ran DLRC until 2015.
I've found them to be extremely helpful, friendly and honest.
Some years back I bought an NGC 1804 large cent for my Dansco. After cracking it I learned it was counterfeit. DLRC immediately refunded my money even though the coin was then raw, not knowing if NGC would make them whole. And to NGC's credit they quickly jumped in with a warranty guarantee payment to DLRC.
It could have been ugly but all parties acted very professionally.
Lance.
I think I'll just get a corvette and play it safe.
@KollectorKing
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@Boosibri said:
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It’s actually grammatically incorrect to use “bad” in this way. One may have poor grammar not bad grammar.
This thread is not about my grammar but for some reason you just feel the need to persist.
So please just .......STOP IT.