Coin Community (Appraisals)

Not a bad policy Matt. Can I ask you a question though? If you were just starting out in the business, do you think it might be a good idea to do a lot of these for a few years if for nothing else to help establish yoru reputation in the area?

That's my idea, but you are the dealer so I won't disagree with you. Well, maybe....

Chris

 

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Chris,

Sometimes it takes a good reputation to be able to even start to do appraisals. People tend to check you out pretty well before inviting you to their home to look at their items. If you can swing doing appraisals and buying coins like then more power to you. The thing you have to watch out for is falling into something you might not be able to handle. What if you walk in to 50 $20 gold pieces and after your appraisal they say... "ok, well I'd like to sell them all". Do you balk? Do you have somewhere to hand them off to at your buy values??? What do you do??? It's not nearly as easy as it sounds to go out and do "appraisals".

Matt

 

But common guys, I got 4 days experience. (I'll pass this one on to the 30+ Year dealer) Who knows what that person has.

 

Making snap decisions under all that pressure I can imagine is something you have to get used to. I would think anyone that would commission you to do an appraisal would also expect you to have the means to buy a purchase, such as the scenario Matt described. The "Deer in the Headlights" response might damage your credibility as an appraiser if you can't offer a quick answer. I'm not sure, I might be completely off base, because I don't appraise, which is why I only specialize in being a consumer.

 

Yes, but aren't appraisals different than offers? I have helped out friends of friends, and told them what their coins were worth and what they could expect a dealer to pay for them. If they offered to sell them to me, if I was not interested I said I didn't wish to buy them, but here is the name of a couple of good dealers I know who are interested. Maybe I have been around too long, by the time I was 18 I had ten years in this hobby, and I am a long way away from 18.

Btw, yeah I could handle writing a check for 50 $20 libs. Not sure I WANT 50 $20 libs though. If I were helping someone out I would probably give him your name Matt.

If Jason doesn't think he has enough experience yet, that's fine. I was just saying most "rare coin collections" for most people are a bunch of proof sets, maybe some generic morgans and mercury dimes. Large, high value collections aren't THAT common. The majority of "collections" can be handled with someone with a greysheet who knows how to grade in my view. How to spot fakes is useful as well, as is a thick skin when you tell them "grandpa's treasures" is worth $90.

Chris

 

I always begin any appraisal with the statement "These values are retail replacement values for the coins I'm looking at. These will be sufficient for your insurance company. If you decide to sell them our buy prices will be less then the prices as appraised because obviously I can't pay you full retail. We can discuss that when and if we come to that point." That or something like that should get you and the person on the same page.

 

You are right most collections are reletively mundane... but those big nasty ones do pop up from time to time. How do you handle that if you are not going to be the one buying???

This is something you need to consider when passing something like that off to a dealer. If you pass a "deal" off to a dealer and they proceed to rip these peoples heads off.... guess what??? They blame you.

What if you pass the deal off to a dealer... he buys it and makes a several thousand dollar profit on it.. and gives you a "hey thanks for the deal buddy" and a pat on the back when you have invested time and maybe a little money in it. Do you ask for a finders fee? Did you bother to negotiate something witht he dealer beforehand??

All things to consider if you are thinking about doing something like apprasials/buying.

I should totally bottle this stuff... HA!

 

Burying the hatchet implies that I somehow have committed an overt act to warrant the abuse I rec'd from Jason.
If he wishes not to hear my opinions or those of others, he simply has to stop asking for them.

 

Its a hobby forum man. He apologized. No sense toting around anger is all I am saying. I have had runins with some here and now like reading their opinions and discussing things together. All I am saying is I don't think any ill will was meant, and just offering an opinion everyone is better off just dropping it and making nice. I do not know what each of you PM'ed the other, but its water under the bridge in my view.

Of course, like all advice no one has to take it.

Chris

 

Fair enough, I just thought helping them out with an estimate of value, maybe buying it if he could handle it, or passing it off to a dealer he believes would treat them fair would give him experience, help the customer out, and start to build a reputation at the same time. I was discounting the value of his time because I was considering it an investment in his numismatic career and everyone has to start somewhere. Also, passing along a good deal to a friendly dealer would also help him build relationships with other dealers.

If you don't think its a good idea, I can drop it. I know I am bullheaded, (Doug reminds me), but you are the professional dealer Matt.

Chris

 

I find it very interesting. I would enjoy seeing an appraisal in action. The way my grandpa/great uncle's appraisal was done, was fast, in a hurry and in poor taste. My mom (knows nothing about coins) was there and was offered something rather low. This is why I have a feeling that appraisals should be seperate from a buying/selling relationship. If a gentleman has interest in buying my entire collection I do believe I would want an independant appraiser. The buyer can do his own appraisal to varify. I suppose if the dealer has a respectable name in the industry it would be ok. The way I invision it in my head is 3 Nuismatic experts with white gloves on. They write down the appraisal estimation on paper, and finally come to a consensus. This is how they estimated the value of the mideval hoard of gold which was dug up by a metal detector. Very interesting. I could see a couple good honest appraisals helping a dealer advance in the nuismatic community. Very nice.

The guys below are good actors. If I were 50 years old, had a 3 piece suit, and some white gloves I think I could do one. =0

[video=youtube;xbP3ojgffZ8]http://www.youtube.com/watch?v=xbP3ojgffZ8[/video]

 

If anything, we learned something new from it. These guys will be okay. And for Jason, its tough being in the position he is at. It's new to him to actually be the man, for all the times before he was standing on the outside of the glass looking in.

 

Chris,

Don't get me wrong I'm not trying to discourage anyone by any means. I just want to make sure you consider everything before you start. I would be happy to try to help someone if they decided to start doing it in fact.

Matt

 

It's all about the learnin' experience. You'll see just how deep the water can get when you don't know what you're doing and you don't have a life jacket (experience).


Let me add that most times I'm barely treading water myself.

 

You missed my point: any hatchet to be buried is all in the mind of Jason and not due to anything I said.

 

Then we are good. Thank you sir. Sorry for misinterpreting your posts.

 

I wasn't aware that there was any problem between us.

 

The sad part is I took what was said way out of proportion. I was actually frantic because my 2012 Candidate for President was hounded by CNN for 6 hours straight. At the same time my cousin told me my business plan would get C- in the hands of a potential lender. I took a comment out of context. Once again I'm sorry.