So frustrating dealing with most coin dealers. Years ago, one guy immediately pointed out my 1928 Philadelphia Peace dollar amongst five other coins and said "hold onto this one, it's a good date". He offered me $250. and even showed me his markup. Two more dealers looked at it and slid it aside with the other common dates and offered me $25. a piece. Even with a beautiful cased 1883 CC Morgan w/box, I had a guy say "these are everywhere", and offered me $75. I called the guy out and he admitted the coins were worth much more and had no excuse for lowballing me. There should be somewhere to report unscrupulous dealers that belong to the Numismatic Assoc.
Dude, we have enough laws on the books that are not getting enforced. We don't need a law for everything. How about they make a law that we the people can't walk into a coin shop unless we have a certificate saying we took a coin collecting class for 3 months? See what I'm getting at? Where in your dispute with those coin dealers do you think that YOU have a personal responsibility in understanding the very materials that YOU are bringing into a coin shop? You are responsible for your own personal education. Rule #1 in everything and all situations .... if you don't educate yourself on your situation, sooner or later someone will take advantage of you. To avoid getting taken advantage of, .... LEARN YOUR BUSINESS before talking to someone about giving you MONEY for what you own. ...
@@UnderWorldOfDarkness I didn't say anything about a law. This is not about the public educating themselves. This is about a reputable organization not policing their members, which reduces their credibility. The ANA is a voluntary organization that requires members to sign a code of ethics. What good is that if they have no system for evaluating and monitoring the members? All I'm suggesting is for them to have a system for investigating and monitoring their members who use their status as a member to enhance their business. How does that not make sense?
Alot dishonest people in general. One day our AC went out. Simple fix but I didn't kno it at the time. I'm no Heating and Cooling guy so I wouldn't kno if it was a simple fix or not. First 2 companies I called told me "your unit is not repairable, you'll have to buy a brand new unit". Both said the same crap trying to get me to spend 10k. Btw, had to pay 100$ per service call just to be lied to. The 3rd company said "An animal or something chewed threw a wire". Literally a 20$ fix. About 100 all together including the service call. Glad I called around before I got a loan for 10K$ I never needed thanks to some jerks that belong in Hell. Make sure to talk to multiple experts besides 1 guy behind the counter buying your metals. To him, your clueless, that means your an easy way to make money. He wants something rare? "Il sell him this 20$ coin and say it's worth 120$". That happens EVERYDAY! Please check your metal/product before letting someone take advantage. When 1 person gets fked over, that effects everyone who shops at said store. Not good for business.
I’ve sold to my coin dealer many times and with success. Sometimes he even gave me way more than the coin is worth lol... but I won’t complain about that!
There are NO honest ones where I live. And the one that really screwed me over was PSCG listed Dealer in NC? So I can tell you I have not found one yet in four years+.
@@dhhenry7558 Soon there will be fewer honest ones anywhere. Dumps in Denver are growing and cheating harder than a used car dealer. Why do they risk pissing off newbies grieving the loss of a loved one?
Coin dealers are some of the stingiest people on earth. I saw I guy at a coin show arguing over the price of a coin with a customer who wanted to sell. The dealer wouldn't come up 5 bucks on a 100 dollar coin, all while drinking his $4 bottle of coke from the concession stand.
Just one incident doesn't make it a reality for every deal. I have good friends at coinshows.I sell to people out of state and on the phone also.I deliver the coins and get paid well from dealers at coinshows.
Has to pay for that coke somehow. If the guy could get $5 more somewhere else, he should have just gone there. More then likely no one else was willing to pay that extra $5 either. The guy is running a buisness. Most coins are going to sit for 6 months or more. The longer they sit the higher the overhead that coin costs. Getting 80% for a coin that moves quickly is pretty much the average you will get, 50% to 70% for one's that take a while to move. People have a hard accepting this. Your choice is to accept it, sell it yourself & absorb the associated costs, or don't sell it.
Nowadays, with the internet, most people have no excuse for not finding the rough value of coins. People that I work with, have asked me about lots of coins. I will research them as best I can, however, I recommend a coin dealer that I have known for years and all of them have come back to me and thanked me for helping them. As I said earlier, it doesn't take a genius to get at least, some basic details about their coin/ coins. There you go, I've had my say.
Agreed... Sir it's rare to find a truthful person these days... I'd feel more apt to taking less from a coin if I felt the dealer was telling me the truth... I've held on to my coins just because I have so many that I don't want the coin dealer to "do as u said in the video" and offer me said amount for one or two and say $50.00 for the rest... U helped me fins motivation to look through my coins in sections so I can be prepared... God bless u and please be safe...
I think you did a great job at nicely letting folks know what they're in for. I've been a coin collector for 50+ years. And, I probably would have been a little more straightforward. The challenge with coin dealers is that they are much closer a flea market / garage sale business model than they are to a normal retail store model. So, you're dealing with honest dealers who are looking to score on a good "flea market" type find, which will include even ethical dealers. Plus, you're dealing with dishonest dealers who will do and say anything they can to lowball you. And, oftentimes, the person selling the coin is not a collector and not familiar with what they have. So, there are a number of factors going against you. I think the key is 1) get to know the other person, check reviews, and establish a personal relationship. This will allow you to weed out those in the latter category. Then, 2) educate yourself by doing some research and talking with multiple experts, especially those that you do not plan to sell to. You covered all of these very well in your video. Thank you.
What it comes down to is: The Store has to make a profit. EASY to buy, "precocious metal" & Coins. Not so easy to SELL! So much for investing. The Market Value is what the seller sells for, that means the Store has to make enough to Profit, pay the rent, pay the utilities, pay the security, pay the employee and TAXES all around. There may even be a "kickback" to government employees (Donations to Elections, feed the inspectors kids, etc.)
I would never sell my gold or silver bullion for less than spot price. I would call multiple LCS and be willing to drive 4 hours or more to get best price. If none offer spot, then I become their competitor and sell on Craigslist etc. I do not trust anyone.
@@DrMatey215 - Wrong. Depends on how much is being sold. How much is 5 oz of gold worth? Difference in offer could he $hundreds. 4 hour drive is one $40 tank of gas. You gave no thought to this.
Never tell a dealer that you want to sell your coins to a friend but just want to know what they are worth. I always tell them then it's no longer a buy offer but an appraisal. $50 an hour .However , if you sell the coins or some to the dealer he may help you out ,but he's not there to help your friend and you do a private deal.
I inherited a cc Morgan dollar and sold it off for probably less then half is worth. Sucks. Needed money and didn't know what i know now. The guy definitely got me
Buying silver a little below spot and selling it to stackers for a few dollars over spot has made a good living for me. Tube videos have sold metal for me. So many people willing to lose money thinking they are investing. Thanks for the videos.
@@TreasureTownCoins My local coin dealers here in Tucson, AZ mostly deal with gold coins from around the world worth 10's of thousands of dollars. They don't want to deal with pennies unless they're Wheat Penny varieties. And they go strictly by the coin error books. If it's not a listed variety, they don't want your coin, even if it's clear you have found a new variety that hasn't been discovered yet. If I have a 1940 wheat penny with no errors on it, but it's in great shape, they will only offer me between .03 cents and .07 cents. Which means I would be losing money because it would cost me $2.00 in gas to get to the coin shop. They say no one buys those kinds of pennies. If that's true, then I can see their side of it. Which makes me think, if I don't have a $10,000 coin, it's not worth my time to even try to sell it. As for me, I'm not looking to become filthy rich. I have some coins that I'm willing to let go of for .10 cents on the dollar, to make a fast sale for health food store supplements. Not only are my local coin dealers not interested .... they're rude and snarky about it. That's the worst part. Getting talked down to from these coin dealers like they think their some upper class elites and I'm just some unwashed peasant who deserves to be treated like a snot rag because I'm not walking into their store with a $23,000 solid gold coin from Egypt or something. ..
If you’re not keen on getting ripped off selling your dad’s collection, why not just keep it? You’ll have something to remember him by, and over time, you just might pick up a new hobby!
Perhaps their father abused their them, so their children don't want anything to remind them of him. Perhaps they want to get rid of the bad memories, but at the same time, want to make sure when they sell it off, they get the right price. ... being afraid of getting ripped off is remedied by educating yourself, which is the point of these videos. ..
@@UnderWorldOfDarkness You need to get your mental state diagnosed buddy. You are going around thread to thread spamming the same thing and even slandering a certain group of people. Help yourself first before you can help any cause.
@Eric-dd8bk What group of people am I slandering? If you have something to say, then say it. Stop with the riddles. If you want to have a conversation with someone, try posting a complete thought. Oh, that's right. You really don't want to have a conversation, you just want to talk down to people right?
I wish I still had my dads. We started one as a family & my sister pawned it when he died without me knowing for god knows what. I have almost every coin we had by searching every day since.
Like an idiot I sold my parents collection of 300+ Morgan's when I was younger to a coin shop in town and he was buying them at 30 - 60 a coin with 2 coins he paid 2500 for at the time..I highly regret it to this day.... Now that I'm into coin collecting I know he was just paying me spot and more than likely low balled me on those 2 coins. But then again they have a business to run. That's why I don't really like watching videos on Morgan's because it reminds me of the terrible mistakes I've made in my past. That doesn't mean avoid coin dealers just do your research before you go in and be fair, they'll do the same.
Thanks for the heads up. I'm trying sell my dads collection, i think i will research a few, then get estimates from a few Buyers to help figure who's honest and who's not.
Fine line between selling yourself and doing the work, or, in effect, pay someone to do the work for you. How much is your time worth, how fast do you need the money, etc.
oh hello I had a question I've been watching your site and a lot of what you're saying applies to me and I was wondering is it not customary to give a receipt for the coins that were taken and purchased an itemized receipt And the whole thing about bumping up the other coins that are set aside is a total reality thank you for your channel
I've been VERY fortunate with my local coin shop.. Here in west Texas, there are not very many coin dealers. The one legitimate coin shop within a 150-mile radius is a well-known, well-respected member of the community. My biggest takeaway from getting to know him is that you can't put a price on honesty. He started with 1 shop in '82. He now owns several shops all over west Texas and has a thriving business. That's what happens when you play it straight and are more than fair (almost to a fault)
BigMike, I'm pretty sure that you and I shop at the same place (I'm in Midland). If so, I absolutely agree that he's the most honest dealer that I've ever dealt with
Don't invest in precious metals with money that you're going to need for everyday living expenses. When it comes time to sell its better to come from a making profit angle than a " I have to sell it" angle and sell under your purchase price.
The reason I would say I don't know about these coins is to gain some knowledge from the coin dealer about the coins. Maybe they will say something I don't know already.
30% cut means many will always lose money on coins. Ebay fees are quite high. After watching this makes you want to never buy rare coins at all unless you can get significantly below list. On top of this Ebay charges tax on everything which is unfair. Silver and gold should not be taxed. In Russia they do not tax gold and silver because they know gold and silver is money. Plain bullion is a better bet, less expense and can move faster. You give some realistic good advise though.
Of course you can also try to sell at your local flea market. If you went to a dealer and they said your coins were worth $1500 and you disagreed, you could even try to sell them as a group. Worst that happens is you spend 4 hours and find out that dealer was actually giving you a passable deal, possibly gaining some knowledge as people try to parcel your stuff out. Middle case you end up selling them for say $1700, and you got paid for your time. Best case, someone comes in almost immediately with $2,000 cash for the coins and you are done.
go to a coin grading show. Like PCGS or NGC asks experts there to find out which coins you have are rare then pay to grade your coins. Then go to a coin auction like heritage auctions.
FYI Collectors creed; Value is realized by what the owner is willing to part with the item, and what the buyer is willing and able to pay. Possession is worth 9/10th; Anything is not worth as much when you “want” or “need” to sell it. When you want to buy anything it’s value rises depending on how bad you want it, or how bad others want it.
Question: Would you say, most coin value in the Red Book are 1/3 over priced. In the last 1.5 years the going prices on ebay have gone up 10 to 15 % or more. This is U.S. coins. Have you also noticed this or is in just me? Take care. Always enjoy your videos and the info you provide.
People don't realize it takes a long time to sell the coins. Sometimes years on eBay. One option I see people take is going to estate auction sellers and putting their collections there. My local auction houses take 20% from the seller, and the auction prices are actually pretty close to retail. I doubt any coin shop is going to give you retail minus 20% for your coins. The one exception I would make is selling bullion. Never send it to auction. I see lots of gold and silver bars being sold at auction. The seller gets 20% less, and the buyer has to pay a 16.5% premium, so it makes no sense to sell there. Take bullion to a bullion dealer where you should get the melt price.
You r the first one, to really be HONEST. I have many LINCOLN CENTs, from 1937 to 2009 I would like to SELL THEM ALL. I'm a RETIRED MARINE CORPS SNYPR. Can you HELP?
Look around when you want to sell your coins. I had some very nice red brown Lincoln cents late 20's early 30's. One dealer looked at them I'll give you 20 dollars for them. I said,' I'll keep them. Another dealer said, I'll give you 83.00 dollars for them, 9 coins total I figured I may have lost 15.00 on them but way better than the first guy.
I took a $700.00 dollar Coin to my local coin shop in Frederick Md. I was offered less than 1/3rd of the Coin’s value. Needless to say I laughed in her face and walked out of the door! I have lots of Coins and was looking to partner with a Credible Dealer. I tested their integrity and needless to say they Failed! Dishonesty is Flagrant!!!!
Folks that have never run a business in many cases don't understand the cost involved in just keeping the doors open. That business has to pay to expenses AND pay a home mortgage, a car payment, food to feed the wife and kids, etc. If you could consistently make 30% on every deal that would be great but in some cases it's going to be lower which means in other cases it has to be higher. As you said, people come in with false expectations and get insulted by an offer that is 10% below the retail price they paid.
I have a 1967 Nickel in what I would say is 66 or better grade. (I’m being modest) I have not gotten it graded yet. Now what makes my nickel rare is that it has full steps. This coin is absolutely beautiful. I’m interested in selling it. Could you direct me to someone that would be interested in buying this? Would be happy to show you pictures.
If you are a coin collector or if you invest in physical precious metals, please makes sure you leave notes about wich coins you have and how to determine their value. If your family knows about the value of your stack / collection or they know about your notes and where to find them, they are way less likely to sell the coins way below their actual value if you pass away or if you should be involved in a accident/ long term illness wich leaves you unable to sell your assetts / deal with your affairs on your own in a situation of need.
So, if I send in a very valuable coin with some other coins into be graded, how do you know the coin grading company won't cheat you out of it by sending you back a different coin?
You can beat a video camera everytime even if they open it on camera and seal the box. When they are off camera they open the box again put the another coin in, reseal the box and bingo they got you.
I only deal with PCGS. I have never heard of any issues with them. If you deal with major grading services you shouldn’t have any problems. If you are worried about it take good quality pictures of it. They make magnified camera adapters that fit your cell phone. Most all coins have some distinctive marks on them.
Britannia Coins told me my collection is just the junk they sell at £3 a kg. As a tradesman I know copper scrap is far more valuable. However, their loss my collection includes a 1943 silver 3D, Baldwins sold one for 5 figures! So, avoid such rip-off attempts!
I do it different, if i buy from a dealer i tell him i have to pay costs like Ebay 10% and then I negotiate about the price if he doesnt ask a price 20-30% under the value, I buy nothing. If there is a bullmarket i do it different but nowadays, i pay less and if i want to sell i still can make a profit, there is always a dealer who needs cash.
Main problem is people take Red Book's "values" as 100% true and written in stone. Try looking actual happened and sold auction prices which tell somewhat authentic values ( That is if purchase situation is not intentionally manipulated or buyer substantially overpaid. ).
Never invest on gold coins again, when we bought the gold coins, always buying over spot price. But when we try to sell gold coins, we only get 95-99 % of spot price for it. Sometimes, only get melting metal price. What a rip off. Who are making the money? Never has
There are too many crooks, I have not had any contact with a good coin dealer? I lost tens of thousands from selling it too crooked coin dealers. Almost all my massive collection is gone and not for the money it should have. So I say beware!
@@TreasureTownCoins I know they need to make money but to totally screw someone? I will tell you, I had a completed Blue Book of pennies, it had ALL the 1909 varieties plus a beautiful 1955 DD in really good shape? He was looking at books and papers so I thought he knew what he was doing? He gave me 1.1K for WHOLE book. I just heard a 1955 DD went for 30K and a 1909S VBD in decent shape goes for about $800? So I took a royal screwing on that one? And I have run into plenty more like him, in fact I have not run into an honest one yet? They have taken over the bottom of the barrel from Car Dealers?
I have some Quarters that I've kept for years that I'd like to sell. 1985 p stamp, 1977 no stamp, 1967 no stamp, 1974 no stamp. All look in good shape to me. Thanks, Jim
Keep in mind 99% of coins are worth only the silver content . The idea that a coin a 100 yrs or older is worth squat baffles me . The grading scale is done by humans, there lies the problem.
I hate going to local coin dealer shops, I've had some bicentennial quarters that were in great conditions and we're worth thousands, they only wanted to give me $20 for all of them.
@@b-man1232 yeah i've seen some being sold for $1000 to $3500, and I was trying to get at least $1250 for a few that I had but they only wanted to give me $20
Had a bunch of old coins some had some value the dealer would only offer small money the coins are now dumpted 😂😂😂 sometimes knowing someone else didn't profit from a quick sale makes things better even if the coins are gone.
Interesting . I bought a coin collection in the 1970's. It's been sitting for some fifty years in my safe. I think I know what I have just by seeing what others have sold for. I've list each . About 200 are 1921-1935. The total 400 Morgans pretty much every year . I need to pay to have about 140 graded. I bought them very fine . In Phoenix not really looking to sell just get all graded.
I inherited several a variety of coins from my father-in-law. A lot of silver quarters and half dollar Kennedy coins. I know the silver is going up in price. The coins are in great condition. I am thinking about passing to my grandchildren.
Let's break some new known high ms 🎉 love your stuff man I really hope you like what I got for you listed cuz your going to absolutely love these 60s and 80s
I bought my small collection to a dealer,he offered me peanuts,I started packing it up ,when he said,"Oh but this 1859 1/2 penny I would be interested in."-Sorry pal,he could of got it all for like 300 dollars- That was 35 years ago-I still have everything,but....I want to sell that 1/2 penny!
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I'm new here and really want to know some important things about her. Does she also offer mentorship, lectures and tutorial? How do I reach her please help
Thanks alot how can I follow you on social media. I have 2 JFk dollar coins from 1964 where his hair is obviously accentuated and I think I'm sitting on some pretty valuable coins from my collection
I had a dealer try n give me 300 less for a 1/4 0z. Ms 70 deep cam libertad. They tried to say they aren't popular, and they dont sell 😂😂😂😂😂 the same person didnt know they mmsde 50 pesos in gold libertads.
I avoid Northern Nevada Coin. You will never get paid good money for anything you offer them. You will be cheated if you sell them a rare coin that you have not done your homework on. They paid less than $500 for proof gold coin (recently) and got it graded. The auction for this $500 coin brought N.N.C. over $100,000 profit. That should be enough to warn anybody to avoid them.
eBay sucks! Listing fee selling fees tax etc? Unless it’s something you have been looking for or something unusual it’s probably not worth your time! And so many fake coins out there now you need to know what your buying!
Yep, they think theres a sucker born every minute. Which isnt far from the truth. But anyway, you have to know something about it as you said. Have a nice coin day
Why the coin dealers think that people don’t know enything about coins. We just not say anything. And usually they look at you as on dame. A specially on very rare with error.
