Limp Lizard
Full Member
Someone (not me, alas) was going through her kid's piggy bank the other day and found a coin which could have some significant value. Suggestions of where to go to sell it and not get ripped off?
OT - very OT - Coin collectors out there?
- Thread starter Limp Lizard
- Start date
FrogPreacher
Active Member
You can do online comps to determine value. Depending on where you live you should be able to find a reputable coin shop. I do some coin collecting and have a price book. Feel free to message me what the coin is and I will look it up for you.
frogetaboutit
Full Member
Yep. Local coin shop that’s been in business for a while.
frogetaboutit
Full Member
But if they tell you it’s not worth anything and then offer to take it off your hands - get a second opinion.
BrewingFrog
Was I supposed to type something here?
Definitely take up FrogPreacher on the research offer. Most guide books will have a range of value. Know what you have before venturing out.
A reputable, long time coin dealer is also a good place to visit once you have an idea of what your item is worth. He will likely low ball you a little, as he has rent to pay, but there's no rush.
A reputable, long time coin dealer is also a good place to visit once you have an idea of what your item is worth. He will likely low ball you a little, as he has rent to pay, but there's no rush.
Sweat Equity
Tier 1
Phew. You found my lost coin.
tcudoc
Full Member
Nice parable.
tcudoc
Full Member
I would suspect it is like baseball cards. You can have an assessed value, but it is not actually that value unless you can actually find a buyer willing to pay that. A dealer will definitely lowball you because the only way they can make a profit is to pay you less than it is worth so they can sell it for what it is worth.
That is the hard part about having any valuable collectibles. You really have nothing until you actually have the buyer that really wants what you have. Depending on the product, sometimes that is easy and sometimes it is darn near impossible. For example, I may have a mint condition Ernie Banks rookie card, but trying to find someone in Texas who wants it at full freight price is going to be darn near impossible. Beauty is in the eye of the beholder and that sort of stuff.
I used to dabble in selling and trading sports cards at card shows and it is a given that the dealer holds the edge. They will pay you 50-75% the worth or trade you something that they have that you want. But the amount they have invested in what they are trading to you is likely 50% or less but they will negotiate it as full price. So, I used to be able to get super cheap wax boxes of cards that would sell for $20 a box. I may have paid $6-8 for that. You may have a card you want to sell me that has a book value of $50, but I only want it if it's a good deal and I can resell it (or add it to my collection). So, I may offer you $30 for it. You may balk, so I offer two wax boxes valued at $40 and that sounds much better to you and maybe you take the trade. What you don't realize is that I really paid about $15 for the card, because the product I traded you was something I had almost no money into. Then, I can resell your card that I got for $40 and still come out ahead.
The other aspect is that the seller almost always overestimates the quality of their product while the buyer will almost always underestimate it. Grading services for cards can normalize that a bit, but it can get pricey to grade all of your cards. I suspect that grading coins is similar. You find an old beat-up coin and think you can retire early, only to find out it grades out at far less than what the book value that you read is. So you leave disappointed and have to continue slaving away at your job instead of retiring early.
The biggest rip-offs I have seen are at Half Price Books. I haven't been in a while, but people bring in 4 boxes of books and shop around while the clerk prepares a quote for them. They get called back to the desk and the clerk says, we only want this one box and we will give you a dollar for the entire lot of them...or three dollars store credit. I have witnessed this numerous times. They almost always take the deal because they don't want to carry the boxes back home. Then the store keeps all four boxes. Granted, someo f it is junk, but they will likely put it out for sale. I noticed when those stores initially opened, you could find some good deals. But the last time I went in one, I was thinking they should change the name to Three Quarters Priced Books."
Car dealerships are much the same way. They never tell you how much they have in a used car they are trying to unload. It may be surprisingly little.
It all just depends on who you can find that wants the product you have.
That is the hard part about having any valuable collectibles. You really have nothing until you actually have the buyer that really wants what you have. Depending on the product, sometimes that is easy and sometimes it is darn near impossible. For example, I may have a mint condition Ernie Banks rookie card, but trying to find someone in Texas who wants it at full freight price is going to be darn near impossible. Beauty is in the eye of the beholder and that sort of stuff.
I used to dabble in selling and trading sports cards at card shows and it is a given that the dealer holds the edge. They will pay you 50-75% the worth or trade you something that they have that you want. But the amount they have invested in what they are trading to you is likely 50% or less but they will negotiate it as full price. So, I used to be able to get super cheap wax boxes of cards that would sell for $20 a box. I may have paid $6-8 for that. You may have a card you want to sell me that has a book value of $50, but I only want it if it's a good deal and I can resell it (or add it to my collection). So, I may offer you $30 for it. You may balk, so I offer two wax boxes valued at $40 and that sounds much better to you and maybe you take the trade. What you don't realize is that I really paid about $15 for the card, because the product I traded you was something I had almost no money into. Then, I can resell your card that I got for $40 and still come out ahead.
The other aspect is that the seller almost always overestimates the quality of their product while the buyer will almost always underestimate it. Grading services for cards can normalize that a bit, but it can get pricey to grade all of your cards. I suspect that grading coins is similar. You find an old beat-up coin and think you can retire early, only to find out it grades out at far less than what the book value that you read is. So you leave disappointed and have to continue slaving away at your job instead of retiring early.
The biggest rip-offs I have seen are at Half Price Books. I haven't been in a while, but people bring in 4 boxes of books and shop around while the clerk prepares a quote for them. They get called back to the desk and the clerk says, we only want this one box and we will give you a dollar for the entire lot of them...or three dollars store credit. I have witnessed this numerous times. They almost always take the deal because they don't want to carry the boxes back home. Then the store keeps all four boxes. Granted, someo f it is junk, but they will likely put it out for sale. I noticed when those stores initially opened, you could find some good deals. But the last time I went in one, I was thinking they should change the name to Three Quarters Priced Books."
Car dealerships are much the same way. They never tell you how much they have in a used car they are trying to unload. It may be surprisingly little.
It all just depends on who you can find that wants the product you have.
froginmn
Full Member
How about we just say 5/8 priced?
froglash88
Full Member
I was a numismatist when I was younger.
East Coast
Tier 1
Take FrogPreacher up on his offer. A front and back photograph will give him a general idea of the condition of the coin. There are a few coins that are worth a lot. Just remember that a quarter that is worth 100X its original value is worth just $25.00.
I have 3 old collections - baseball cards (with some football and basketball mixed in), coins, vinyl records. None are extensive, and while they are too valuable to just throw away, to get close to their values will take a lot of effort.
I have 3 old collections - baseball cards (with some football and basketball mixed in), coins, vinyl records. None are extensive, and while they are too valuable to just throw away, to get close to their values will take a lot of effort.
