Not a hypothetical: I just learned a horrifying truth.

DNADave · June 25, 2006 9:05AM

An old lady that goes to church with my mother just paid somebody from the local coin shop $900 to come and take a look at her late husband's coin collection. She let the guy sleep in her house two nights while he provided this service. I feel like I need to talk to her and tell her to get a second opinion (MINE) before she sells anthing, if its not already too late. I'd look at them for free (In fact, I'd almost pay to see them) and would like to make an offer without knowing what the other guy said. How should I approach this woman?

topstuf · June 25, 2006 9:08AM

<< How should I approach this woman? >>

With something better than the other guy's.

maddogale · June 25, 2006 9:10AM

Go tell her that she shouldn't have had to pay anyone to look at her coins...that's just criminal!! Tell her she is getting ripped royally!!! Tell her to bill that a$$hole $1000 for the room and board!!!!!!!!!!!!!!!!!!!!!!! dealers...what scum!!!

JRocco · June 25, 2006 9:11AM

Have your mother talk to her.

BlindedByEgo · June 25, 2006 9:14AM

"There's only one way to console a widow - but remember the risk" - Robert Heinlein

If it involves sleeping in her bed, I'd pass... People at church might talk

Seriously, though, I would just approach her directly, but gently. Tell her that, just like in medicine, a second opinion is always best.

Russ · June 25, 2006 9:15AM

Was this an appraisal service, or was this done with the idea that the club member would be making an offer on the collection?

Russ, NCNE

MrEureka · June 25, 2006 9:17AM

What's so horrible about charging for an appraisal?

keets · June 25, 2006 9:20AM

what JRocco said.

Barndog · June 25, 2006 9:22AM

Charging for an appraisal is ok with me. If you want to offer her your assistance for free, I think that is a very nice thing to do. It is quite likely that the dealer overcharged, but really you can't know until you know the extent of the collection.

DNADave · June 25, 2006 9:22AM

<< Was this an appraisal service, or was this done with the idea that the club member would be making an offer on the collection?

Russ, NCNE >>

The second hand info I'm getting sounds like it was an appraisal. I'm going to talk to her next week and find out. I guess even if I'd do it for free, I don't have an "official" business to put any weight behind the appraisal. I do think, though, that mine would be more objective.

Russ · June 25, 2006 9:25AM

<< The second hand info I'm getting sounds like it was an appraisal. >>

If it was strictly an appraisal, what is horrifying? Do you expect that he should provide his expertise for free? Now, $900 seems like it may be too high, but what if this is an extensive collection of great value, and he saves her from getting ripped by an unscrupulous dealer by providing an accurate assessment of its worth? Then the fee would seem like a bargain.

Russ, NCNE

ScarsdaleCoin · June 25, 2006 9:28AM

The first rule as an appraisal is that the appraiser can NOT offer to purchase a collection that he has just appraised!

maddogale · June 25, 2006 9:28AM

What's so horrible about charging for an appraisal?

Appraisal was not said in the post, however, that amount is absurd, as well as staying at her home!! come on!!!!!!! talk about taking advantage!!!!!

DNADave · June 25, 2006 9:32AM

<< What's so horrible about charging for an appraisal?

Appraisal was not said in the post, however, that amount is absurd, as well as staying at her home!! come on!!!!!!! talk about taking advantage!!!!!

>>

Thats my thought. I think she was obviously taken advantage of and I believe she is being set up for a HUGE rip by the "appraiser".

What also sux is that I've been doing this for 20+ years and a friend of the family didn't know it. What do I need to do? Go around and personally tell everyone I know to keep me in mind if they have some coins they want to sell or know more about?

maddogale · June 25, 2006 9:37AM

She has already been ripped......$900 worth!!!!!

Rat Bastige!!!!!

MrEureka · June 25, 2006 9:37AM

I think she was obviously taken advantage of and I believe she is being set up for a HUGE rip by the "appraiser".

Very possible but far from certain. Try to help but avoid the accusations.

100proof1957 · June 25, 2006 9:39AM

Sleeps in her house for 2 nites ?

Russ · June 25, 2006 9:40AM

<< Thats my thought. I think she was obviously taken advantage of and I believe she is being set up for a HUGE rip by the "appraiser". >>

At this point, you're making an assumption based on facts not in evidence. You said yourself:

<< The second hand info I'm getting sounds like it was an appraisal. >>

How does that automatically become being a setup for a rip? It may well be the case, but without further information you're just speculating based on the worst case scenario.

Russ, NCNE

MrEureka · June 25, 2006 9:40AM

She has already been ripped......$900 worth!!!!!

If you think $900 for two days work is brutal, you should see what my attorney charges. It costs me $900 just to take him to lunch.

maddogale · June 25, 2006 9:42AM

you should see what my attorney charges. It costs me $900 just to take him to lunch.

with what he/she makes, they should take YOU to lunch.....also, attorneys are like whores, they will do anything for a buck......or a thousand of them......

Russ · June 25, 2006 9:42AM

<< She has already been ripped......$900 worth!!!!! >>

Not necessarily. As I said, if this is a sizable collection of great value and a legitimate appraisal, that could turn out be dirt cheap. We simply do not have enough information at this point to be leveling accusations.

Russ, NCNE

DNADave · June 25, 2006 9:44AM

<< 

<< She has already been ripped......$900 worth!!!!! >>

Not necessarily. As I said, if this is a sizable collection of great value and a legitimate appraisal, that could turn out be dirt cheap. We simply do not have enough information at this point to be leveling accusations.

Russ, NCNE >>

but but but..... I would have done it for free

I've been doing this for 20+ years and a friend of the family didn't know it. What do I need to do? Go around and personally tell everyone I know to keep me in mind if they have some coins they want to sell or know more about?

messydesk · June 25, 2006 9:44AM

If $900 + hotel expenses for an appraisal fee tells me the collection ought to be worth about $20K. Inform your mother that at that price level, you'd be interested in double-checking the appraisal and assist with orderly disposal if desired. If the dealer had the balls to mooch a room off her for two nights, he had the balls to give her a lowball appraisal.

JRocco · June 25, 2006 9:48AM

If this guy was from the local coin shop I would think that he lives locally, and if so- why would he sleep over her house and not go home to his own family and/or house to sleep???

I think the story you are getting is like the old game of telephone using 2 cups attached by a 20 foot string. I would get the facts before I assumed anything else.

Cnitas · June 25, 2006 10:01AM

Let me get this straight. The lady has what she thinks is a very valuable coin collection. She invites a stranger over to view the collection and then stay in her home for 2! nights.

I am guessing she will tell your mother that she sold the nice man all the coins for $2,500.

Nap · June 25, 2006 10:30AM

I hate to admit it, and it probably doesn't reflect well on the eternal future of my soul, but I don't have that much sympathy for her. If he made no agreement as to what should be done with the collection, and she has no idea what it is worth, and would sooner pay a stranger to appraise her stuff rather than trust a relative or friend with taking care of this collection, she shows herself stubborn, greedy, or just foolish. She's probably not all that helpless either.

I'd advise you to stay far away from this situation. It's not your place to call the dealer a rip-off without knowing details, and if you try to get her to have you appraise and sell to you, you could look just as bad (ever if you make a fair offer) as the would-be scammer.

DNADave · June 25, 2006 10:38AM

My wife just talked to her. She said he told her the "silver dollars" might be worth $3.00 each. She has two safes, one with proof sets and one with "coins" and she told my wife I could look at them whenever I want. I'm going to ask her if she wants another appraisal.

She now wants my wife to help her clean out her garage because she doesn't know what any of the stuff is good for and she wants to have a yard sale on the 8th... I view this as an opportunity to help someone before they really get hosed.

AlixTCat · June 25, 2006 10:48AM

Sounds like an opening for you to get in there and help the situation. Good luck with the whole situation.

Jonathan

Russ · June 25, 2006 10:53AM

<< She said he told her the "silver dollars" might be worth $3.00 each >>

Ikes?

Russ, NCNE

FoundingFather · June 25, 2006 10:54AM

I would tell her what you said your first post. Get in there and ask for a chance to appraise and offer if you are interested in that. Also, $900 and two nights sounds fishy to me.

IGWT · June 25, 2006 10:55AM

Good luck. Be careful to avoid the temptation that might turn the situation into a hypothetical.

Coxe · June 25, 2006 10:59AM

Silver dollars might be worth three bucks each? Unless they are circulated Ikes (or SBAs or Sacs), this is an insane valuation as we all know. Did she say he or a *friend* was making an offer on the coins?

Russ · June 25, 2006 11:02AM

<< Silver dollars might be worth three bucks each? Unless they are circulated Ikes (or SBAs or Sacs), this is an insane valuation as we all know. >>

A lot of non-collectors call Ikes "silver dollars". Of course, it could also turn out that this guy is a slimeball. We still don't know enough to decide.

Russ, NCNE

Tarmac · June 25, 2006 11:22AM

I guess you have not been around much? This is business as usual for many, not all, coin dealers.

Local shops around here buy widow collections all the time for .15-.20 on the dollar.

Russ · June 25, 2006 11:27AM

<< Local shops around here buy widow collections all the time for .15-.20 on the dollar. >>

My local shop doesn't. They operate strictly by Greysheet.

Russ, NCNE

lonelyp · June 25, 2006 12:04PM

How thin would a Morgan or Peace dollar have to wear down to be worth $3.00?

Any chance the offer was 3.00 "over melt", And the old lady didn't hear that part?
Granted could still be a very lowball, but not quite so bad.

goose3 · June 25, 2006 12:06PM

900.00 sounds like a ripoff.

get more scoop on this.

coinguy1 · June 25, 2006 12:10PM

<< How thin would a Morgan or Peace dollar have to wear down to be worth $3.00? >>

From the limited information provided, it is not a given that the dollars are Morgan or Peace dollars. A number of posters to this thread have jumped to conclusions about the price for the "silver dollars" as well as the appraisal fee, without having all of the facts.

As Russ already said: <<A lot of non-collectors call Ikes "silver dollars". Of course, it could also turn out that this guy is a slimeball. We still don't know enough to decide.>>

stman · June 25, 2006 12:19PM

For 900.00 I'd probably stay a couple nights with her.

Might have one left in her and, ah, never mind.
And before any of you guys say I'm a bad man, you know darn well you thought the same thing. Especially you Russ!

JLW · June 25, 2006 12:27PM

The part that really sounds "sketchy" about this is staying at her house for a couple of nights. Not at all professional IMO.
Joe

pharmer · June 25, 2006 12:30PM

<< The part that really sounds "sketchy" about this is staying at her house for a couple of nights. Not at all professional IMO.
Joe >>

Well, it's also superfluous to the story, really. Salacious, sure. Relevant, doesn't appear so.

But the main point is that we really don't need no stinking hypo's, real life is interesting enough as it is.

lonelyp · June 25, 2006 12:32PM

<< 

<< How thin would a Morgan or Peace dollar have to wear down to be worth $3.00? >>

From the limited information provided, it is not a given that the dollars are Morgan or Peace dollars. A number of posters to this thread have jumped to conclusions about the price for the "silver dollars" as well as the appraisal fee, without having all of the facts.

As Russ already said: <<A lot of non-collectors call Ikes "silver dollars". Of course, it could also turn out that this guy is a slimeball. We still don't know enough to decide.>> >>

I'm trying to stick up for the guy a little.
(without the facts)
Assuming the dollars are Morgan or Peace, LTG
(less than good) $3.00 OVER MELT could possibly be fair.

BlindedByEgo · June 25, 2006 1:04PM

So much of what we have posted assumes facts not in evidence... I'm looking forward to more being revealed - the size and composition of the collection, and more about the houseguest.

I stayed at my aunt's house for two or three days for free, to look at the collection left by her late husband (my uncle). I didn't charge her any money, though. My recommendation after doing so was to hook her up with a major auction house... I quit counting after about 200K at Greysheet bid.

Myqqy · June 25, 2006 1:05PM

I can't wait to hear more details about how this guy is operating- keep us informed!

BobaFett72 · June 25, 2006 2:25PM

why would this guy be staying at her house, as a complete stranger? why wouldnt he stay in a hotel,? was this person known to her? trusted? doesnt make a lick of sense.

Frankcoins · June 25, 2006 8:02PM

Sounds like she wisely paid for a professional appraisal. If the dealer had to travel to her location
and spend a couple of days of his time, $900 seems reasonable.

ewitte · June 25, 2006 8:57PM

<< 

<< Silver dollars might be worth three bucks each? Unless they are circulated Ikes (or SBAs or Sacs), this is an insane valuation as we all know. >>

A lot of non-collectors call Ikes "silver dollars". Of course, it could also turn out that this guy is a slimeball. We still don't know enough to decide.

Russ, NCNE >>

Somehow I doubt thats the case.

Bryan1315 · June 25, 2006 9:16PM

who's to say this guy wasn't staying at her house to count the money late at night while the old lady was asleep and he was just testing out his shocks on his SUV when he kept going back in the house to get another bag full of coins and throwing them in the trunk.

I'm sorry I just had to say that. when I read he was staying at her house that was the first thing I thought of, him acting like he was asleep and when the old lady was good and asleep him sneaking down stairs to the coins and cherrypicking some of the high dollar coins and putting them in a pillow case and toting them outside and throwing them in the trunk of his car.

ABC123 · June 27, 2006 12:16AM

Keep the Faith !!!

BigTom · June 27, 2006 12:44AM

A $900 appraisal fee should include a couple of days per diem, hotel and all.

TwoSides2aCoin · June 27, 2006 5:19AM

sounds wonderful....

a two night stay, breakfast in bed, cherry pick as much as able in 48 hours, AND get 900 bucks.

Now the big question is: Can she cook ? or, DID SHE HAVE AN INVENTORY SHEET ? ... and did she get one when he was done ?

Not a hypothetical: I just learned a horrifying truth.

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