If so do you give them any special pricing or do you still try and get a deal? I purchased one collection of silver coins from a family member last year. Found out they were going to take them to the pawn shop. Told them I would be happy to pay them what ever the pawn shop would pay them. We went to the pawn shop together. The pawn shop gave us a price and we told them we would think about it then left. They were very happy with the price the pawn shop gave them and after we left the shop they asked me if I really wanted to pay that much for them. I said yes and handed them the cash. How have your coin deals with family members went?
The only person in my family that collected coins was my grandpa, he died in 2009, whenever he had I coin I really liked, I'd always ask what would you sell that for, he told me he'd never sell anything in his collection, but when my birthday or Christmas came around, the coins I liked would always be my present.
I've done it a few times for friends and family. I typically will appraise their collection in a spreadsheet using market value (ebay or grey sheet). I will print a copy of the spreadsheet and give it to them and return the coins. They almost always ask me if I want the coins. I always buy it from them at the price from the spreadsheet. I try to be as fair as possible with family and friends.
I bought my great grandmas collection when I was 13 it consisted of a 1839 O half dime a holed silver 3 cent piece a holed 3 cent nickel and some buffalos and wheat cents. I paid a little over 100.00 for everything I am always very fair with anyone I buy from. I will pay more than the lcs will
Never bought anything from family. Both my parents collected coins, unfortunately they never got heavily into them. A while back they both gave everything to me.
Both Parents I give value of the coin. Sisters I cant give them away, they're my like kids always wanting money for something
Pawn shop offers, are seriously lower than you could, or would, get from a dealer or another collector. Depending on what the coins are, and condition, or what you think their grade is would depend greatly on what to offer your relative for them. If they're only worth silver spot value, I would offer the relative exactly that, silver spot price. Dollars=.77344 oz. silver Halves(pre65)=.36169 oz. silver & (65-70)=.1479 Quarters=.18084 oz. silver Dimes= .07234 oz. silver War Nickels(mint marks above Monticello on reverse)= .05626 oz. silver Just multiply those numbers by the spot price of silver, which at close of market yesterday $31.74, to get the silver value for each denomination. Example: .77344 X $31.74 = $24.55 silver value for 90% silver dollar coins. For the smaller denominations, just multiply $31.74 by the silver content for those denominations, to get the silver value for each denomination. ***EDIT*** Just finished calling a few B&Ms in my area, which I regularly do once a week, and they're offering 21 times face for silver as of today. I'm quite sure that is much more than what the pawn shop offered you.
Just play all your cards face up, be honest about values, dont be afraid to say you dont know if you really dont, and remember that ultimately you can get the coins from someone other than family which may be best if you sense things heading in the wrong direction. Just my 2...
Recently one of my brothers and my Sister-in-law drop by fro a visit. Her father recently passed and left her some coins. They asked me to evaluate them. They were mostly common date and low grade silver coins that he had accumulated. I suggested they take to a couple of dealers in their area and sell as close to melt as they could get. They offered to sell to me but I was not in a position to spend the amount needed. The she handed me a ring box and I liked to have fell over when I opened it. Inside was an AU 1909 Indian Head $10 Gold piece! It was inserted in the slot for the ring. They had no clue what they had. I carefully put it in a 2X2 flip and showed them what it was worth. I could have easily purchased those coin for less than what they were worth, but felt the thing to do was to explain the value and send them on their way.
I went throught this twice last year. I was personally interested in some of the coins, not most of them. My process went like this: - Rough appraisal - Then I give info on how to sell (personally, I hate selling) - I take time to drive home this point: like anything, you pay more for service (more for a dinner out than grocery store), so if they take on the task of learning about coins and grading, sell each coin individually or small lots on ebay or some other auction, or shop around for other sales options (dealer, coin show, etc), or any other option, AND incur transactions fees (that's important) they'll get more than if you just dump them on one person. Plain and simple. Do more work, get more money, or pay, via lower price, someone else. - Then I explain that was a very rough estimate, here's the range (pawn shop to getting lucky with ebay). - lastly, if there is a specific coin/coins I'm interested in, I let them know that, and why (to be above reproach), and offer to give them an offer for just those coins. - In both instances, they've offerd me the coins at the bottom of the range, and I accepted. I think this is very fair, because you don't want to take advantage of family, but I know the PM prices are a gamble, and selling requires significant transaction fees.
I don't sell any of my coins or collections but even if I did, I have this strict rule of not doing any type of business (that involves any type of transactions and going into any type of business) with family. I've seen families split over stupid crap that involved money and could have been easily avoided, so never going there myself.
I am going to purchase this one from my Grandmother. Its in my possession now, graded in a VF details holder, so coming up with a fair price might be difficult, but this coin has been in the family now for 4 generations and I want to make sure it stays in the family.
