Circulated 90% Halves...advice.

I have a gentleman who has 140 90% halves. Most are Walking Liberty but there are a handful of Kennedys, Franklins and a few Barbers in the mix.

He is wanting to sell the 140 halves for $7.50 each ($1050 total).
According to the buyer, he owns a jewelry store and is trying to sell the coins from an estate. The estate wants him to sell for $7 each and he's trying to make a small profit.

According to the seller, 70-75% of the coins are WL halves.

Should I buy or stay away? Thanks for the advice.

Here is the picture that he provided:

 

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It's not a terrible buy...but as a bulk buy I think he needs to drop it a bit. Like to $7.20 or so.

Can you look through them first just to make sure what is included? If there are a "lot" of clean G-VG Barbers and pre-1929 WLs then $7.50 each is decent.

Do you plan to flip these at some near future point or hold for 'investment'? Is the seller someone you buy from often or could be?

It'd be fun to look through this stuff regardless.

 

Will he let you examine them first, or at least give you a list of dates (and tell him where to look for mintmarks)?

Edit: melt is ~$5.80... asking $7 for each is a bit much, sight unseen, isn't it?

 

No. You can easily purchase a bag of $100 FV WLH for a small premium over melt, in much the same condition. I wouldn't pay more than $6.50/ea in bulk at this time.

 

He is asking $7.50, the estate selling to the seller wants $7.

I agree with EagleEyez, too high a premium if there is not any numismatically valuable coins in there. The couple of barbers I see help, but not enough. Half dollars do bring a little premium, and premiums on junk have been rising generally, (they used to be back of spot), but $7.50 is too much. If I really wanted this lot, I would think the discussion would be more he needs to take it out of the estate's end to make the deal work. If junk WL halves are hard to find in your area, (they can be tough to find nowadays sometime), I would say $6.80 would be my max, and anything your sellers needs would have to come from his seller.

 

For reference, at the time I post this (silver is $16.20/oz), Provident Metals is selling Walkers at $7.40 each. Shipping may or may not be extra depending on your status with Provident.

 

People have given sound advice, but I would be tempted to see what is in there.

 

So would I. I'd offer an even $1000 for them ($7.14 each), just to satisfy my curiosity.

 

I meant that I thought the estate was being a bit optimistic in the value of their coins.

I agree with everyone else that $7.50/coin is too high. I was just saying that $7 each might be high.

 

Melt being at $5.80 and he wants $1.70 more...MUCH to high...I mean I understand everyone wants to make a buck...but ask him if he will do 6.80 like suggested by medoraman. Just tell him to meet you in the middle somewhere....ESPECIALLY 'sight unseen'. JMHO

 

OP, if the seller wants a data point, you can tell him I paid a touch less than $1 over spot for 180 WL halves a couple of months ago, but those were 100% WL halves, including some earlier, (pre 1933), dates. Don't be afraid to walk away. You may really want the halves, but everyone really wants cash.

 

I agree. A bullion dealer "might" offer $5 each on a good day.

 

Thanks for all the advice. As of right now, I am tempted to walk away. However, I am curious as to what is in the lot. I have sent the seller an e-mail asking if he would inventory the coins and tell me how many of each type and make a list of any pre1933 walkers.

I originally found this ad on craigslist. He was asking $8 each ($1120). I had a phone conversation with him (he lives about 45-50 minutes away) and he said that he would be willing to go down to $7.50 each ($1050) but no lower.

I would rather not drive that far without knowing what is in the batch. If he refuses to cooperate with my reasonable inquiries, I will pass.

Thanks again.

 

Yeah, pass if he gives any resistance to listing dates/mms.

This may only be worth it if you have an existing good business relationship or would like to develop one with him.

 

Apmex sells bags of $100FV Walkers for less than $7.50/coin.

 

$7.50 at current prices is to high when dealing in bulk of this size.

 

Cash talks. Decent chance that if you see the coins in person, like them, and wave a pile of Ben Franklin under his nose, he'd lower his price.

 

It's always tempting to buy a large lot like this not knowing if there might be errors or varieties in there but consider the fact that your dealer who is selling for the estate might have cherry picked these also. I'd also ask to see them first, take a quick look and then decide. Otherwise go with the above advice.

 

He's essentially offering unsearched rolls of halves, and we all know how that works out. I'd be willing to bet that the "estate" already weeded out any rarities.

 

I'd buy one that's a good price