At work the other day, a co-worker of mine opened up a penny roll and out came 11 or so steelies. The thing is, 8 or so of them are in MS condition at the least (unless they've been re-plated with zinc), and I haphazardly said that they might bring in quite a few bucks a-piece (which is true if PCGS gave them an extrememly high grade, and I'm quite confident one or two or them could garner such a grade). When anyone else at work finds coins of interest (like a 1918 WHL dime someone came across once!), they gladly give them to me, but now this person thinks they're going to make some fast cash with these coins. So, I'm thinking I'm just going to tell him that that I took them to a coin shop and that they're worth less than a buck a-piece in the hopes that he gives them up to me. I don't feel bad about lying to him, because he doesn't collect coins and is just trying to make a quick buck, whereas I do and would like to keep them and appreciate their lovely steel beauty. Does anyone think this is a bad idea?
Ha ha ha... that was pretty funny to read. At least you just came right out and said what you're planning to do, that's got to be worth something. Welcome to the forum. :hail:
There is no moral dilemma. The right thing to do is to actually have them appraised and tell him the result. Then you can negotiate from there if you want the coins, and he might give you a discount. Or don't have them appraised and let him figure out what they are worth. But don't flat-out lie about it. He is entitled to make "a fast buck" because they belong to him, not you. Just because you "appreciate" them doesn't excuse dishonesty. I hope you don't start to "appreciate" his wife. What a world!
MS steel cents are very rarely worth the money to get them graded. If these are that good and you feel sending them to PCGS or whoever is worth the money I would split the difference in value ( you determine what you feel it is ) and give him his half.If you send them away and they come back at a very high grade then you make out pretty well , if not then chalk it up to experience.
You don't have to lie to him at all. I just checked my book and MS 1943 cents depending on the mint, range from only $.70-$1.50! They're not worth much at all. I'm guessing alot were hoarded back in the 40s for them to be so cheap at mint grades. Just tell him the truth and he'll most definately give them to you.
to CoinTalk. It's called ">>reprocessing<<" and statistically you are at least as likely to win thousands of dollars in the lottery than you are to find true MS steel cents in circulation. Sad, but a fact of life. BTW where I was schooled back in the middle of the last century, deciding whether or not to lie for financial gain was not considered a "moral dillema" Has the world changed that much for the worse
No, Roy, it hasn't. There are still plenty of people in this world who believe in doing the right thing. Cheating and lying is NEVER the right thing! My solution to this would be for both individuals to visit a coin dealer, enter the shop together and ask the dealer what he would offer for the coins. The individual who owns the coins could politely decline the dealer's offer and both individuals could leave the store together. The other individual could offer to buy the coins at that time at the same price the dealer offered. That way, the individual who owns the coins knows he's not getting ripped off and the purchaser is buying them at a reasonable price. Every coin in my collection (everything I own, for that matter) has been purchased fair and square (other than the coins that were given to me). I can look at each and every one of them and know that I didn't lie or cheat to get them. That makes them precious to me. I think if anyone has to lie or cheat to obtain anything, it pretty much makes the possession of them worthless.
I think what is being suggested is becoming too complicated. Even if they are true MS cents, they only book for $.70-$1.50 so why bother having them looked at by a dealer? Further more, he got them for free so he ought to just give them to him. I don't like this aspect in coin collecting that when you get something for nothing that isn't worth much that you can't pass the savings on and be kind and just give the pennies to him but instead have to make a profit.
Haha... Well, I actually took one of them, and they were re-plated with zinc. Of course, when I told him this, he demanded all the coins back anyway (which I even nicely put into 2 x 2 cardboard flips for him). He can do what he likes with them, regardless. BTW, his wife is not very attractive. Also, it seems that some extremely high-grade steel cents (68 on up) do bring in 50 - 150 bucks, but it's probably a crapshoot to send any in. What a world we live in indeed...at least I'm cracking open slabs and re-submitting them. Or maybe I should?
