An Idea of mine.

Most relatives will just take grandpa's cigar box to the coin collector around the corner or to the coin club that they drove him to every month. But at least your trying to improve your life instead of saving the world.

 

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And they also won't care that they might be getting low balled by a dealer. To them it's free money.

 

I love these posts. I am a huge fan!

I'm a little confused though. Does my $19.95 (plus shipping, handling, and insurance both ways) get one coin appraised? Or does the entire cigar box get appraised for that price? What kind of documentation do I get certifying these coins as worth the appraised value? What kind of guarantee do I get if my local dealer offers me less than appraised value? And most people like those you describe are looking to sell, so how much, exactly, are you going to give me for these coins, and how does it compare to the appraised value? These are all questions a prospective client will ask. And will probably not send off to an unrecognized entity with a new web site based on business cards posted in local shopping centers.

(I guess, on your card, you could always point them here for references as to your expertise)

And this is the fatal flaw in your plan. You imply that you're not willing to accept any risk in this venture:

The Apple Computer scenario you happily quoted involved a very large risk on the parts of those involved. Had the business venture failed, they'd have lost their shirts. Once the business took off, the infusion of outside cash sustained it and helped it grow.

It's all about risk versus reward. I, for one, will not take the risk, because for me (the user of said services) there is no real reward in it.

Your "someone who knows 0 about coins who inherits a large collection will send it to me for a fee-based appraisal and wait for me to send them back so I can make money without risking any of mine" scenario reeks of the same methods those "Cash for Gold and Silver" business use, only on a different track. That is, taking advantage of the uninformed. Only in this case, you're providing a "service" to the uninformed in exchange for cash.

The only thing to complete the picture is to have said coins sent to a post office box, rather than a physical address (like your house). that'll really bring 'em in!

Nice idea, but...

 

Why do I always force myself to read these threads?

Tim, you suffer from Dunning-Kruger effect. Please seek treatment.

Sigh...

 

You will never learn the true result of your actions until you actually try them.

What I'm saying is, even though it sounds like it might not work, how do you know?

It's just like a light bulb. If I existed back in 1879 and screwed a lightbulb into an electrified switch, the layman might say "that won't work" because he or she personally has not seen it work.


It's very sad that the responses I'm getting indicate that the majority of people here would not even so much as stick their toe out past the threshold of the unknown.

I myself have a slight doubt about this working, but until I actually try it, I will not know.

Many of you here seem to be nestled tightly in your comfort zones, and don't want to take on even the slightest amount of risk that could directly result in a small profit generated.

But...maybe I'm under the wrong assumption here.

 

Many of us don't have to take (silly) risks because we are well-educated and gainfully employed.

 

Action first before any further talk. You asked for our opinion - we gave it to you. Yet you still want to think you are right. That's ok. You are assuming that we don't know what we are talking about and by that, it's disrespectful.

You should be well aware that these posts will remain on the internet and you will pay a price for not thinking ahead in time.

Guys, we should all charge him $19.95 for appraising his idea.

 

I say at least give it a shot. You nver know what will happen or where it will take you.
My brother started his own business completely on his own a few years ago and now has 5 or so employees and does VERY well for himself.
It can be done, it just takes lots of hard work and commitment.

 

Even today in 2013, what you described would not result in what you're apparently expecting. You mean an electrified socket, not an electrified switch. If you insisted on screwing a (light)bulb into a switch, you'd likely end up with a hand full of crushed glass after a really long period of pointlessly screwing something into something else which doesn't fit it.

If you, on the other hand, were talking about incandescent bulbs powered by electricity, I'm not sure what you're getting at. There were different versions of electric powered lamps as early as the 1830s. Edison's 1880 patent was granted on the idea that it could be produced and available to the masses. A lay person would be aware of the bulb and have an idea of how it would work conceptually. They would doubt (similar to how we do today) YOUR ability and knowledge of chemistry and electricity to be able to develop a bulb that would be able to do what Edison's final bulb (in 1886?) did.

 

I still don't know what Mr. Honesty did with the books as he purposely advoids the question

 

What happened to your Coin Photography business? I have seen some of your most recent photos and they have improved to the point where that idea might actually make you some money. Your current idea to start a coin appraisal business is dead in the water. You simply don't have the numismatic credentials to start such a business and expect it to be viable.

 

How is someone going to find this service you are offering? You talk about creating a website but you have to get the customer to that site. I googled "coin appraisal service" and got a mere 135,000 hits. What do you offer that is so different that people will come knocking at your website door?

 

If you offered to insure and return ship the coins, you may have a slightly better change, and a little more credibility. You're not an established dealer, grader, or appraiser, so you need to sweeten the pot a bit if you want to get in the game.

 

Tim, I believe that the manner in which you present your ideas leads to a strong majority of seemingly negative comments which hasn't deterred you, but has seemly emboldened you. I believe you are actually "culling" the elements of truth from the negative critiques and solidifying constructive logical plans. Congratulations!!!
I read/absorb your posts because I've successfully implemented many of your "proposals" in the past, knowing what elements need refinement. I knew how to persevere above the masses, with diligence/perspicacity, and a modicum of respected education/credentials to sell what are blatant truths to the objective.
In time I believe you'll learn that manner of presentation is a significant element of success.
I earlier read a "dead on" post by Lehigh96, titled "Problem Coins don't have to be a Problem!", posing that a coin knowingly (either before or after acquisition) purchased with "faults" needn't be a problem, if recognized. I've taken that acknowledgment process a further step by actively acquiring for many years certain coins at a fair market price significantly above intrinsic value, when certified as a problem by "Premier" TPG. I reasonably know the coins that will command a future premium similar to or greater than that paid. I benefit from the "accreditation" by a recognized authority, while learning the dissimilarities between "authorities" in a non-standardized industry, benefitting from differences. I submitted a LIKE for the post, as it befitted my Blatant Truths argument. MY POINT IS: Lehigh96 could submit this post/argument without majority criticism because he earned respect through previous, and supporting actions.
I hope that you'll learn/advance by objective critique!
JMHO

 

Wanting to work for your self is, IMO, a good idea. You are least on the right track. But when a plan doen't even look good on paper it's usually a disaster in excution. You most likely will give your address to someone who will rob your parent's home. You site Steve Jobs. Soros made a billion dollars once shorting the English pound. He was just in the right place at the right time with a pair of brass bells, just like Jobs.

 

I doubt many of us are offended by this considering the source, but it is extremely rude to follow this pattern of conversation

A: Hey I have an idea! What do you guys think?!
B: Umm that idea sounds pretty bad.
A: Whatever whatever! You guys just don't have the stones!

The responses you got should make it clear why you would fail in this enterprise. Putting aside your sketchy background, just look at supply and demand. As one fellow pointed out, most people are either going to not take the time to have their coins appraised or are going to do the most basic research, that being google or hitting up a forum or coin shop for appraisal. So what group are you providing a service to? Beyond that, how is this group going to find you? These questions might not be a huge problem if you were the only game in town, but I'm sure there are thousands providing the same service (and most coin shops count).

Anyway, rather than being all like "Don't trash my idea! Steve Jobs and light bulbs and stuff!!!", why don't you actually consider the one positive post in this thread about your abilities? Your photography business would have a fighting chance of at least making you some pocket money.

BTW in my opinion it is very rude to leave people hanging on an ethical issue which you brought up in the first place. If you ignore all of their requests for feedback on what decision was made they can only draw two conclusions A) he did what he knows he will get backlash for or B) he is too rude to take the time to respond. Just sayin, we want to know what happened to the books.

 

Not attempting to be harsh here but, I do not believe for one second that you have the experience to appraise a coin. As such, ANY fee you charged would be a wasted fee on behalf of those seeking "your expertise".

Additionally, you do NOT appraise a coin for $90 and then proceed to offer $70 for it. Your customer will quickly see through you and more than likely only refer you to the Better Business Bureau.

 

I agree with this Tom.

 

Right!

Unfortunately, more times than not, Grandpa's "cigar box full of coins" are nothing more than 250 wheat cents and possibly a 1964 Roosevelt.

How upset will the client be that they spent $19.95 to get a $15.00 "valuation" (since that's what you're really offering) on their coins?

The reality is that "appraising" coins is so much more than having access to some online price list. It requires "KNOWING" about the current coin market which may or may not reflect online price guides.

You really have to know what you're doing to be successful at anything and the general feeling that "I" get from your posts is that you really do not have a clue. You rarely participate other than posting controversial threads and, as has been pointed out, don't offer a grading opinion an any of the "Guess the Grade" threads.

Now, having said that, I will encourage you to do exactly what you are proposing. I wish you luck because you are definitely going to need some luck just to be able to afford your "5 domain names".