Not Just Buyer Beware...

My wife loves playing bingo, and goes about 6 times a week to play, and has developed a friendship with this lady at the bingo hall who was a home health aide for close to 35 years.

One of her clients had given her a few old coins, as she put it, and she was curious to find something out about them and my wife had mentioned that I collect coins and would ask me to look at them.

So I met this woman at the bingo hall a few days ago, and she told me that one of the coins she has is an 1891CC Morgan dollar, but she had sold it to a coin shop before I could look at it.

I asked her what she received for the coin and she said about $29.

I nearly fell off my chair when she told me that. I explained to her that even in the lowest grade those are worth much more than the silver content because the Carson City branch of the U.S. Mint only produced about 1.6 million of them and was the rarest of the 1891s.

She told me the name of the dealer she sold the coin to and by chance I knew the man and have done business with him quite a bit over the years so I offered to go back to the shop with her and discuss that coin with the dealer.

When we arrived, the owner and I talked a bit, I hadn't seen him in several months, and I asked to see the 91CC this lady had sold to him.

Upon inspecting the coin, I could see it was definitely an UNC Morgan, and could go as high as 65, but was most assuredly at 64. There was absolutely no trace of wear on either side, no signs of a cleaning or dipping, very well struck, sharp details, just small marks in the fields of the obverse, and hardly any wear around the devices.

So I ask the guy what he thought about grade and he felt it was a good candidate for a 64, possible VAM-3, which is quite common on the 91CCs, and he was thinking of submitting it to PCGS for grading and slabbing.

So I said to him, "If you think it will grade 64, why did you take advantage of this lady on the buy price? You and I both know a 64 is worth more than $29 all day long."

He said I was right and he should have taken the time to inform the seller about the coin, and it's possible value.

So after a few minutes of the two of them negotiating, he agreed to increase what he already paid her for the coin for a total buy price of $975, which I felt was a fair deal since it wasn't already slabbed by one of the two TPGs, and they have sold for a little more than that.

Long story short, not just a buyer beware market but seller, especially those not knowledgeable about numismatics, beware as well.

She's bringing in the other coins she received from this client, tomorrow night for me to look at.

 

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Unfortunately I think that is how many unscrupulous dealers make their profits. Not saying all dealers are that way, but you've got to protect yourself.

Knowledge is power!

 

Holy cow.

I surprised he didn't toss both of you out. Usually the guys who pay zip for a rare coin have no problem tossing people out either.

I'm really glad that it worked out for her. Good luck on the rest of the collection!

 

BU: Nice job on your part getting a fair deal for the lady. :thumb: TC

 

The hobby needs more genuine people like you, great to hear the sudden turn of luck for the lady. And some credit to the dealer for being up front and candid about the transaction, he's a rare breed.

 

I bet she consults you from now on before selling any coins. That must have been a nice surprise for her to get that much more out of a single coin.
Guy

 

Absolutely, let's give credit to a dishonest man who changed his story once confronted with inescapable evidence.

After all..those people are rare indeed.

 

that is amazing on how someone would just GIVE that lady a coin like that. i am beginning to wonder if she had any more...

 

I'll find out tomorrow night. Apparently, the 91CC was one of several she received from her client.

I'll update this Friday A.M.

 

I hate to hear stories like this as in many cases the care givers end up being crooks just like the dealer in this case. Not all of the elderly remember what was valuable when they get to a certain point and give away items.

 

Do you suppose that the Health Aide worker is going to tell her client about how much she actually gave away?

 

That would be one heck of a conversation. He's been dead for a few years now according to her.

 

Congrats, BU for stepping up to the plate and helping her get a fair amount for her coin.

 

I made him an offer, he couldn't refuse

 

That is a great story! I got a phone call from a friend who worked in a furniture store in the San Francisco Bay area. He asked if I "still" collected coins. Yes, why? I have a customer in the store whose Dad gave her his coins just before he died. She took the coins to a local coin shop and was offered $5000. She said one of the older books she had just one of the coins was worth $10,000. I told her that I could give some of the coins a quick look and that if she wanted I could give a general value or I could sell for her for a small fee. She said come on by. I brought my younest son to help. Well she had several early Colonial coins....all coipes. But we ended up selling the collection for just over $20,000. While we were looking through the collection she asked what my son collected. He said Buffalo nickels. She had us put all the Buffalos in a pile and as it took three days to go over the coins the pile each night would disappear from the table we were working at in her home. I just felt she was going to keep them. In the end she paid me what I had offered to work for plus she gave my son everyone of the Buffalo nickels that we had put in the piles. Several nice coins were in that group. Sometimes it pays to be honest and to work hard.

 

That dealer just fell of the credibility scale. If he's willing to chisel an older women out of that kind of money the guy can't be trusted at all. I can't believe he'd have the Monongahela s to take such advantage of an unsuspecting person. It was quite brave and chivalrous of you (BU) to confront the dealer. The world needs more good, honest folks like you.

 

Wonder what would happen to the dealers business if this story was on the local news where he is located?

 

I can't believe it either. I've been doing business with this guy for years and have always held him in a high regard for his professionalism in our hobby.

He not only paid a much fairer price for the Morgan, but has lost a good customer forever. I don't go for that kind of business and avoid it at all costs.

I've always felt that the future of our hobby is in our hands today and as such, we have a duty to preserve numismatics for the future, help educate those not knowledgeable of the hobby, but most important of all, DEAL FAIRLY with everyone.

 

Maybe that was the offer he couldn't refuse.

 

Both are heart warming stories. The cynic in me has to ask did the health care worker offer you a coin or other payment for your assistance?