Telling folks that gramma's '24 peace dollar she put back for them isn't worth so much

bennybravo · August 23, 2022 11:49AM

How do you approach people coming at you as the coin guy, and telling you about common coins they have that were handed down to them? I thought it a worthy topic, as I've always tried to be really nice to anyone who's interested in this hobby, but mostly having to dash hopes.

LanceNewmanOCC · August 23, 2022 12:02PM

be honest, not only about the coin's NOT potential value but how you are willing to offer X and that they may choose to keep the item instead for sentimental value or try elsewhere. if they accept and move on or sell at X, great, those few where that isn't acceptable, try to move as quickly and politely as possible out of the conversation as there is no winning after that point. very rare exceptions at that point. this includes on the phone. while i haven't worked in a shop, i've been in so many for so long that i've heard countless conversations like these. (some great threads here in the archives as well) oh, and lest we forget "Why Coin Dealers Drink" threads lol

bsshog40 · August 23, 2022 12:08PM

At least you can offer the positive side that back then it was only a dollar to grandma, but the value has increased at least 30 fold today. Lol

TomB · August 23, 2022 12:10PM

I'm honest with them. I tell them that it is cool that their relative saw something interesting in this coin, give them some history on the timeframe and what the US Mint was doing with its designs and how they might reflect the thinking in that era and let them know that rare coins are rare because no one (including them) owns them. I also suggest what they might be worth, how to handle them and how to store them for the future and then thank them for sharing it with me.

bennybravo · August 23, 2022 12:13PM

@TomB said:
I'm honest with them. I tell them that it is cool that their relative saw something interesting in this coin, give them some history on the timeframe and what the US Mint was doing with its designs and how they might reflect the thinking in that era and let them know that rare coins are rare because no one (including them) owns them. I also suggest what they might be worth, how to handle them and how to store them for the future and then thank them for sharing it with me.

Exactly my approach!!!! Great responses!!!

Hydrant · August 23, 2022 1:02PM

My advice?.... Never get involved from the start telling people (friends?) what the late great gramp's coins are worth. They don't want the truth....... Stay out of it.......Real Simple.

FlyingAl · August 23, 2022 1:26PM

Personally, I’d appreciate some honesty. When my grandma passed away the few coins she had were left to me. There were some common cents and nickels as well as two cleaned Morgans and one half eagle. I never expected the half eagle and honestly thought that I would have a few Wheat cents on my hands. The reason rare coins are worth money is because they are, well, rare.

silverpop · August 23, 2022 1:35PM

blunt , honest and to the point yeah most hate that cause it doesn't meet what they want to hear
if the coin is worth this much say that don't sugar coat things

spyglassdesign · August 23, 2022 1:42PM

I wouldn't be blunt about it, but be honest and let them know they are fairly common and may be worth a few $$ to the right people, but generally aren't rare.

I've been told this early on and while it didn't feel good at the time, I'm glad someone told me at some point.

Hydrant · August 23, 2022 1:56PM

@FlyingAl said:
Personally, I’d appreciate some honesty......

You want honesty?....Well, you've come to the right place.....There are members on this forum with the most knowledgeable expertise about coins than you will find anywhere else. And it's free advice...... You can't beat that!........It is what it is.....

ZoidMeister · August 23, 2022 1:58PM

MasonG · August 23, 2022 2:01PM

You can try to be helpful but some people really don't want an honest opinion when it means their "treasure" isn't worth much. Just go back and read some of the threads here started by people with parking lot errors or pennies that are a tiny fraction under (or over) weight and you'll get an indication of how your help might be perceived.

No good deed goes unpunished.

PerryHall · August 23, 2022 2:14PM

Show them a Gray Sheet so they don't think that you are low-balling them.

Weiss · August 23, 2022 2:31PM

Experienced it a few dozen times. Never have I seen a single piece worth more than a few dollars. But you never know.

"You have some interesting examples of the kind that were actually used in the 1920s (1930s, 1940s, etc.). We call these "obsolete" coinage, because while the denominations are still used today, the designs were replaced many years ago. I see some pieces likely brought back from the war, or from the country your parent's (grandparent's) might have come from.

Unfortunately there isn't a lot of collector value--we look for pieces that are in higher state of preservation or where fewer examples were made, or both. But they are part of your family history, so you might want to place them in these inexpensive holders. If you'd like to explore them further, you might grab a copy of an inexpensive annual release called A Guidebook of United States Coins. You can find it on Amazon for about $16. "

justmenutty72 · August 23, 2022 4:08PM

@ZoidMeister said:

I’ve seen this more often than not, at a local coin shop I used to hang out at. The sad part is that some people actually get mad at the dealer because they feel he/she is either insulting them or just trying to rip them off. Or both. And then they try to argue about it, at which point the dealer has 2 choices, either argue with them or try to diffuse the situation by becoming overly apologetic just to get them out the door. I’ve seen many people hastily pack up their coins and storm out of the shop while mumbling choice expletives. It’s really a shame because that particular dealer was a very good friend and a very charming lady. She didn’t deserve to be treated like that. She was very pleasant and soft spoken, but on occasion I’ve heard her when she’s had enough….and then LOOK OUT!! 😂🤣😝 We all are human, anyway. Sometimes you can only take so much 🤷🏻‍♂️😎

AUandAG · August 23, 2022 4:11PM

I just say: Some people get left the house and some people get left a dollar.

bob

yosclimber · August 23, 2022 4:41PM

If they dispute the value, you can try telling them you would be happy to sell them coins just like the ones they have for about the same price you quoted.
The coins may be "rarely seen" in pocket change these days, but collectors are holding millions of them, so there is an oversupply.
But they may not be listening....

Allentram · August 23, 2022 5:21PM

I've never had that problem, not yet anyway. The few non-collectors that have approached me over the years have been very realistic about the value of their coins and not at all surprised that their common, circulated silver coins their dad or grandpa put away is just worth barely above melt. In fact, a few have even underestimated their value.

If I did come across someone disputing me or disappointed in their value, I guess I'd have to explain that these are common among dealers and collectors, perhaps show them some price guides or ebay listings.

thebeav · August 23, 2022 5:32PM

I always used to go into the history a little bit before talking about money. It seemed to let them down a little easier.
When someone would come in with 1, 2 or 3 silver dollars, I probably wasn't going to be able to buy them. Then, when someone would come in inquiring about dollar prices, I would give them a run-down ,and then I would get, "OK, but you have to help me bring them in from the car".....

Estil · August 23, 2022 6:56PM

Hey I'm just thrilled that my grandma (she's still living and will be 90 soon) had saved up 17 silver FDR's and six silver GW's and three '64 JFKs to get my silver collection/stash started!

SaorAlba · August 24, 2022 7:37AM

I have some common Lincoln cents, all shined up, that my great grandmother gave to me for my birthday a long time ago, she was already well into her 90s. As numismatic pieces they are worth the copper melt value, but as something my great grandmother thought of me when she gave them to me they are priceless. I still have them stashed away. She passed away almost 40 years ago. My daughter has a 1923 Peace dollar that her great grandmother gave her when she was about 2-3 years old, her great grandma is gone but she still has the silver dollar.

ricko · August 24, 2022 7:49AM

I was known at the company where I worked as a coin collector. So often, employees would bring a coin or coins for me to evaluate. I was always honest but diplomatic. This was usually well received (I used @TomB's method as well). A few times, it was NOT well received. In fact, one individual would never speak to me again. His three coins were TV purchases, and 'the guy' said over and over "they were rare and worth a lot of money." I kept a Redbook in the office and tried to show him, but he just got more upset. I recommended he go to a coin shop there in Seattle. Don't know if he did. Cheers, RickO

Fraz · August 24, 2022 8:14AM

Ask him to give it to you. You won’t be his coinman any longer.

ChangeInHistory · August 24, 2022 9:56AM

Showing them or citing the mintage figures usually helps them understand why its not a windfall.

telephoto1 · August 24, 2022 9:58AM

When I am shown such deals I feel them out to see how strongly attached they are due to sentimentality. If this is the case, no amount you quote will likely be enough. No reason to hurt feelings so sometimes we'll tactfully tell them that it would be something nice to keep in the family as a legacy. If they insist on a number I preface it with "well, as you know, I can't pay you for the sentimental value but I can tell you what it's worth based on the current market".

humanssuck · August 24, 2022 1:53PM

The biggest issue i see from these kind of asks when ive been at coin shops is that they googled it and saw a PCGS graded top pop coin for sale of the same one they have for tens of thousands, and dont understand why their heavily circulated raw one isnt worth the same amount. In their mind they're already spending the windfall they think they got, and when you tell them it isn't worth that much, they're convinced you're trying to steal their money. No amount of logic will solve it.

conrad99 · August 24, 2022 2:00PM

@ricko said:
I was known at the company where I worked as a coin collector. So often, employees would bring a coin or coins for me to evaluate. I was always honest but diplomatic. This was usually well received (I used @TomB's method as well). A few times, it was NOT well received. In fact, one individual would never speak to me again. His three coins were TV purchases, and 'the guy' said over and over "they were rare and worth a lot of money." I kept a Redbook in the office and tried to show him, but he just got more upset. I recommended he go to a coin shop there in Seattle. Don't know if he did. Cheers, RickO

Reminds me of when I was young in NYC and kept encountering people who insisted their Erté serigraphs were approximately priceless. "Signed by the artist!" I always bit my tongue.

PS that old peace dollar is worth $862
https://forums.collectors.com/discussion/1080568/1925-peace-dollar-ms64#latest

mr1931S · August 24, 2022 2:22PM

I simply refer the one who has inherited grandma's coins to a coin dealer who I know and trust. Let someone who makes a living buying and selling coins tell them the truth. When it comes to money, people get funny. Invariably some misunderstanding of an offer you might tender results. Why put yourself on trial? Been there, done that.

Catbert · August 24, 2022 3:28PM

Why not just say that "I believe a coin dealer would offer you X range for that coin." And then when they ask why, one can explain condition, rarity, etc as usual factors in determining value. They can disagree, but they're not really personalizing it toward you since you've taken yourself out any suspected buyer suspicion.

Dave99B · August 24, 2022 3:46PM

Always a tough situation. I’ve been asked to evaluate/value a collection about a dozen times, being ‘the coin guy’. I recently was asked to value a friends father’s collection, who had passed. I had heard about this ‘amazing’ collection for years, and I was honestly a little excited to see it. Hmmm… a few VG Morgan’s, a couple rolls of ‘64 Kennedy halves, five Mercs, three clad proof sets, and dozens of rolls of wheat cents. I gave her a rough estimate, but gently said she should keep it as a family heirloom, as it was worth way more to her family. She agreed.

Dave

mr1931S · August 24, 2022 5:05PM

True story. I once evaluated a family friend's coin holdings for it's approximate dollar value to a dealer. Charged her no money for my appraisal. Provided protective saflip holders for her to put the better pieces into as they were all loose, raw coins I was evaluating. I was willing to pay her full retail for a few of the coins that interested me to have in my own collection. I was told, "nothing for sale." But that isn't what upset me. What upset me was I didn't even get the courtesy of a thank you.

Abehunter · August 24, 2022 5:35PM

I had a good friend,like a father figure in a lot of ways who passed down a silver dollar to his oldest son when he past away about 14 years ago.it had belonged to his dad,I remember him talking about this silver dollar and how he would pawn it at the mom and pops gas station so he could get by in a jam,wether it be for gas or whateverbut always made sure to get it back,for me I think the value was what it meant to him .

Nap · August 24, 2022 7:53PM

A coworker asked me if some old coins had value. She showed me pics of the coins. They were California fractionals. Each was in a paper window holder and had a price on them of $200 or $300. They were in a binder and there must have been at least 30. Even without seeing them in hand, and even though I don't collect these, I could immediately tell they were fake. I explained that they looked like modern forgeries, probably had no gold content, and likely had no value. She shrugged, said ok, and that was that.

Most people prefer honesty even when it is somewhat painful. Apparently this was an inheritance. I did not pry as to how the deceased came about this junk.

Telling folks that gramma's '24 peace dollar she put back for them isn't worth so much

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