I have my second big coin grading/appraising gig this weekend. My old boss asked me if I would come look at his dad's collection and let him know what he should list them for on eBay. He said he would make it worth my while and I believe him to make good on that. I asked him how big a collection we were talking about. He said everything he has that's NOT in his bank box weighs about 40 pounds and fills a couple of shoebox-sized boxes. I'm pretty psyched. He mentioned he had at least 3 1934-S Peace dollars and an almost complete Morgan set. Not to mention all kinds of wheaties, Indians, and mixed silver. My first gig was doing the same thing for a teacher that worked with my wife a few years back. I like doing it just as a way to hone my grading skills. However, it's nice to walk away with something. I'm planning on getting some business cards made up so I can start passing them around and maybe have something to do this summer. I'll do free grading and appraisals and offer to buy anything they have. Anyone have any advice?
I have done the same thing for free. It is a good way to hone your grading skills and to become familiar with coin series. I generally point out which coins are common and which ones are valuable. One collection I looked at a few months ago had a 1922 Plain Type 2 Lincoln cent. I have not yet charged for grading or appraising a collection but I would like to in the future. I would be interested in hearing how your venture goes.
good luck but not god speed (take your time ) feel free, if not make sure, you come back for help from us. You know there's members dieing to hear what he has.
Yeah, I'm looking forward to it. The main reason I want to get business cards made up is so that he can pass them around to friends of his. He's a financial advisor so I know he has to know a few people here and there who have collections.
Sounds like fun. Over the years I've had a few people ask me to give them an evaluation of their coins (usually inherited from an elderly relative who passed away), but nothing nearly as interesting as what yours sounds like.
Sounds like an exciting endeavor. Also a great opportunity to buy some coins you may desire if he's willing to sell some. Don't forget to keep us informed as to what you've seen! Bruce
I've already had a bunch of people at work come to me about stuff they found. It seems to be working.
I would suggest you purchase several, and I mean several books describing both grades and mostly counterfeits. I mention the fakes due to so many now appearing everywhere. You wouldn't want to tell someone this coin is a MS-62 and worth a $$$$ and then they find out it is a fake. If you charged for your service and that happened, someone would surely be a little ticked at you. Actually happened to a dealer I know. A much more experieinced person, he thought, told him he had a great, fantastic 1916D Mercury Dime in about MS-60 and he should have it slabbed. He tried and it came back body bagged as a fake. I suugest if you go to the trouble of having cards made, you also have a estimate sheet of some kind made to make your opinions more ligitamate looking. HOWEVER, be carefull to use some terminology such as could, should, may, might, etc. in stead of is, shall, will, etc. in your estimates. Legality in terminology is essential in any type of buisness. You just don't want someone to be able to say YOU SAID IT IS WORTH XXXX, instead they can only state you said IT MAY BE WORTH XXXX. Ever watch TV? Note how many commercials are carefull of such terminology.
Just one more thing about terminology. Watch the Antique Road Show. Note that they almost always say something to the effect of at an auction this MAY bring as much as xxxxx
Man, sounds pretty sweet! Best of luck to you man! :thumb: And definetly take Just Carl's advice, a must to remember. :thumb: Phoenix
Since there was so much discussion recently about the “I Buy Coins” T-shirt, how does one go about advertising this type of service without drawing the same type of criminal element? I know that as an appraiser you are not advertising to buy, but, any thief could construe you may be carrying cash just by the nature of your business. Maybe just like the pizza delivery guy, a sign that says “I do not carry cash”?
At first read I had appreciation for your motives - offering non committed value estimate purely for the exposure and experience of grading. Then, as I continued to read and reached the part about 'Free grading yet offering to buy anything they have' the flags started waving. Are you fully prepared for that ?? ( You have the financial backing?) Hopefully you have an established (liquid) backer to assist. If not ~ I see the makings of the stereotypical coin dealer we all love to bash here -- cherry picks the good stuff at 50 percent of bid and leaves the poor schmuck w/the average (and over inflated appraised stuff) to try to deal with on their own. The weight of the collection (40lb) reference is completely irrelavent to the possible value of the coins. That comment makes me wonder if you're prepared to do such a deal alone. If you ARE financially prepared to proceed legitimately and purchase the entire collection, you ARE going to have to carry cash with you or the seller is going to be leary of accepting your check, so you WILL put yourself at risk REGARDLESS because every home you walk into is a potential risk. If you appraise it but can't buy it because you don't have the money w/you the first time ~ then you are setting yourself up for a risk the second time you go back. ALSO ... any time you appraise and value a collection, if you don't get it the first time, you have to do it ALL over again on the second try. Coins can be swapped, key dates changed.
Well, thanks for your confidence. I have no intention of buying anything from people I don't know. The only ones I would offer to buy things from are those that know me or offer to sell. The guy I saw this weekend received top dollar and then some for the few small things I bought from him to fill my books. I am not out to screw people.
