Here's the guy's post on Craigslist. Am I looking to get scammed by a bunch of possible fakes? Is there anything I should look for? Or if I don't know what I'm looking for, don't bother? Assuming it's all genuine, what would a fair offer be? --- Begin Post --- My grandfather left me a large number of US coins with varying dates, and since I have neither the time nor money to maintain a coin collection I am looking at parting them off to collectors or shops. Look at the general list below and let me know what you're interested in, thanks! - Over 100 barber/liberty head half dollars - GOOD to FINE condition - Over 100 barber/liberty head quarters - GOOD to FINE condition - Over 20 Franklin 1955 dollars - VERY FINE condition - Over 20 liberty head nickels - GOOD to FINE condition - Over 100 liberty head/barber dimes - GOOD to FINE condition - Wheat pennies, indian head pennies - And more: 1929 50c piece 1876 half dollar 1904 dollar 1808 cent 1849 cent 1840 quarter --- End Post ---
I never trust people selling big lots like this. Plus, you might as well assume the G-Fine coins are 99% G at best, thus bullion price is all they're mostly worth. I wouldn't buy anything simply listed and sight unseen, but thats just me. Guy~
I'd be seeing them in person before making an offer or buying. However, I haven't familiarized myself with counterfeit detection or exactly what to look for in the different series... :/
Then you are contemplating buying coins before studying the book - a sure-fire route to getting scammed!
vwap: For starters; The Red Book (Guide Book). Then: For Barbers: David Lawrence's books. for Walking Libs: The Walking Liberty Guide Book. For the others: each has a goo dbook out. Then the ANA Grading Book: check Whitman's web site.
If I saw them in person and wanted them then I wouldn't offer any more than: 3 cents per wheat cent 90 Cent Per IHC 1.00 Per Silver Dime 1.00 per Nickel 1.50 Per Silver Quarter 3.25 Per Silver Half Dollar If he doesn't take that then you could go up alittle on the Halves....up to $4 each.... Speedy
I've read the ANA Grading Book and the 2008 Red Book... But I don't know that they'll particularly help me determine counterfeit vs. real... :/
Let me start this by saying this is opinion only, and in no way do you have to take what I say to heart. This guy says that he has not got the time or effort to maintain a coin collection giving one the impression that he is "coin dumb". Then he goes on to speculate that the coins are good, fine, very fine. Which are very specific phrases that are used...So in all I would make a pretty educated guess the coins have been gone through and cherry picked and all that are left are the ones that are good for silver content.... I would follow Speedy's recommendation. Have an adequate day.
$1 per dime is a little high and $1.50 per quarter is a little low. I would do 8x face value on the 90% silver. You are less likely to lose money that way. Even counterfeit silver can be sold for a little under melt as long as it's still made of silver.
I agree. And the "don't have the the money" argument really doesn't work when you've been given the coin collection. Perhaps it's curiosity that's still got me intrigued...
The values for silver based on today's silver closing are: 5 cents......$0.75 10 cents.....$0.97 25 cents......$2.41 Half dol.........$4.82 Clad/silver half....$1.97 Dollar..................$10.32 This is just a matter of multiplying the amount of silver by today's price. Most of us like to buy a little lower, and most shops won't buy at anywhere near top price, but it'll give you a starting point as to what to offer if you are interested and want to present a fair market value based on silver prices. I use this method when buying buld "junk" silver. Guy~
My thoughts and almost to a tee! I mignt look at them, severely lowball and see. If he takes a lowball offer then I'd pass. Guy knows more than he's letting on and if he accepts a lowball offer he's scamming.
Hopefully you meant that guy, and not me...it's not my stuff up there. (sometimes this is a confusing name to have!) Guy~
Yes, you are looking to get scammed. Any time you purchase a coin that you know nothing about, you run that risk. It would be reasonable to assume that anyone selling coins has done their homework and is more knowledgeable than they let on. After awhile, you will get sick of reading sob story after sob story about someone who knows nothing about coins and then tells you that the coin is MS70 Treasurehunt gave you a good list of material to start yourself off with: Read, read and then read again. Once you are familiar with a coin, THEN consider buying it.
Careful there also in a entirely different way. Craigs list posters are not in any way required to actually indentify themselves, and anyone can post with a false ID. In Phoenix, it has happened more than once, someone will advertise a similar listing. They know you are coming , usually with CASH $$$. The address they give is a vacant apartment. They then rob you. Never had the coins to begin with, and hope for someone like a dealer to show up with the intent of ripping off some old lady of her dead husbands collection for dirt cheap, etc. Happens very often with computers for sale also.
