I was wanting to know how most of the dealers and such appraise coins that someone wants to sell. How do you know what to offer? Say a friend has some buffalo nickels he would like to sell, in circulated condition, but dates are readable, what are the rules on giving prices? I would like to put an ad in the paper for "coins wanted" but don't know how to go about grading them then giving an offer. I have heard of grey sheets, is that what people use? Thanks for any advice on the subject!
Many dealers know the value of a given coin just by looking at it. But when they don't - yes they use the Grey Sheet. But if I may offer a suggestion, i think you would be ill advised to place such an ad in the local newspaper. If you wish to place this type of ad - do so in one of the coin magazines like Coin World or Numismatic News. You will have much better results. Also, this is only a good idea if you are confident in your personal ability to grade coins accurately. You also have to be able to judge their authenticity and if they have been altered, cleaned or tampered with in any way. If you cannot do all of these things - then you are far better off to find a dealer that you can trust and feel confident with. He'll do the hard part for you.
It's called experience. This is what I do for a living so at times I have a pretty good feel for it, although I still screw up regularly lol. Greysheets are ok but nothing can substitute for years of working in a shop, traveling to shows, doing this and only this full time, or at least most of the time. That's a true statement whether you're a seasoned collector or a dealer.
Just a quick sidenote... I was in a coin shop the other day and this lady comes in with a Buffalo nickel. It was so worn that even the date was not visible. She asked the owner how much? The owner explained about grade, rarity, etc. and still she was anxious as a person on PBS's "Antique Roadshow". Afterwards, he told her, "5 cents" and she blew a gasket. It looked worse than this: He even showed her MS Buffalo Nickels (to compare) and she would have none of it. I must admit, I would not had the patience! Here, here to coin dealers that deal with the public.
It can be challenging with some people but that's part of the fun. I REALLY hate to see Washington Mint, Franklin Mint, Littleton coins, etc products come into the shop...or stuff that's been purchased on TV. I try and try to be polite but somehow I still am perceived as the bad guy Get that. Someone else charges them 10x too much for VERY common coins, and they get mad at me lol. It's amazing how many people can know so much more than me after making only one or two purchases from a tv or mail order firm. They really believe that I'm not "in the know" about these rarities being sold! Ah well. It's good for me to practice my people skills whenever possible. Nick
