What do you tell people something is worth?
sparky64
Posts: 7,048 ✭✭✭✭✭
A friend of mine handed me his childhood IHC collection to take a look at. It's a typical partial collection in a fallen apart tri-fold album.
I took it apart, checked for varieties and put them back into a Whitman slider album for him. I feel obligated to tell him what they're worth.
Assume my grading is spot on and I didn't miss any varieties. I come up with a greysheet bid price of $312.
Now what? I've never sold to a dealer but what would one give for something like this (typically).
Bid prices, ask prices, dealer prices, auction prices.... What do you tell people when you appraise?
I took it apart, checked for varieties and put them back into a Whitman slider album for him. I feel obligated to tell him what they're worth.
Assume my grading is spot on and I didn't miss any varieties. I come up with a greysheet bid price of $312.
Now what? I've never sold to a dealer but what would one give for something like this (typically).
Bid prices, ask prices, dealer prices, auction prices.... What do you tell people when you appraise?
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
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You might also mention selling on Ebay, where the price realized for a new seller would be in between those values. Outsourcing via a consignment deal to an established Ebayer, the hammer price will be closer to sheet, but the consignment percentage and Ebay fees would take out 30% or so on that size deal.
especially if he paid 1 cent each for them??
<< <i>It doesn't matter what you tell him they're worth, unless it's a fortune, he is going to think you are wrong, after all, look how "old" they are.
....this certainly has and does happen!
<< <i>It doesn't matter what you tell him they're worth, unless it's a fortune, he is going to think you are wrong, after all, look how "old" they are.
Boy aint that the truth.
<< <i>How much of the value is in problem free key and semi-key dates? >>
Probably 75%
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Buy him a RedBook, and either highlight or mark the pages and info he seeks. This way it eliminates any issues with trust that may develop due to your advice and pricing.
Id recommend being upfront and honest about any values you do give if any.
offer him something in between if you wanted them, or he needed to sell them
I also state that no matter where they are sold, there are costs (ie....ebay with its fees, or a dealer with a much lower initial price).
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
<< <i>It doesn't matter what you tell him they're worth, unless it's a fortune, he is going to think you are wrong, after all, look how "old" they are.
Show him the Grey Sheet and if he still questions your calculations, tell him to show them to a B&M coin dealer and get an offer. Some people just need a reality check.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Some Gray Sheet prices for stuff like rolls of Buffalo nickels are just too high, and the discount for wholesale is a lot lower than that. I've seen rools that list for $20 each bring half of that in dealer to dealer transactions.
If you have key dates or really nice early coins, the Gray Sheet could be on the low side, but you have know which dealers to contact. Specialist dealers often pay a bit more than generalist dealers.
``https://ebay.us/m/KxolR5
If there's nothing special and no keys most of the common stuff might be found for $1-2 each.
A few better coins would make a big difference.
The first guy I had to tell him that his Indian cents were cleaned and probably not worth a whole bunch. His lincolns had a 14D and a couple of others in the book and I told him that the coins needed to be in PCGS plastic before he thought about selling them. Outside of that I told him to take them to our local dealer for prices. He still knew what he paid for many of the coins so going to the local dealer would not be huge gamble for this guy.
The second guy just had a bunch of run of the mill stuff that you could pull out of circulation when we were kids. Nothing was worth much so I also told him to check with a couple of dealers or just to pass his coins down to his daughters. I was strong with passing them down to the daughters.
Ken
Wow.... RYK, you must really have to lowball the value, considering he buys just above 'dreck'...
All very helpfull.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress