Gold $1 and $3 coins

Hi. Can anybody tell me the value of these? I brought them to a dealer and he offered me about $350 for both. He sent them away to be authenticated at his cost. Seems like that's a very low price.

 

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I'm guessing $350 is about one-third of retail for the pair. He can argue all he wants about the cleaned $1 coin, but if he's offering that little for a problem-free $3 gold, I'd take my business elsewhere.

But if he sent them off for authentication at his expense, I guess things could get complicated. That seems odd.

Edit to clarify: Numismedia FMV lists an 1874 $3 gold at $910 in XF40, $1010 in AU50. The 1849 $1 would be $300 or more in UNC if it hadn't been cleaned, but since it's a problem coin, it would go for less. A dealer would never pay those prices, but offering you 30% of that seems outrageous.

$350 is just a bit more than the value of the gold in the coins -- but $1 and especially problem-free $3 coins trade for many times their gold value.

 

That's very strange. Why would the dealer grade at this cost?
Did you have an agreement before hand? Ie, "if I grade these at my cost you will sell them to me"

If you don't, then, you could be opening yourself up for breach of contract. If it was a verbal agreement that's one thing, if it was written that's a whole other thing.

But in terms of the price, that's way too low. You can easily get that much just for the $3 coin

 

I'm having a difficult time trying to understand why a dealer would make you an offer then send the coins off for authentication at his cost when the coins are graded by PCGS, one of the top coin graders. Who did he send ghem off to be authenticated by?

Strange, really strange and his offer is really low ball.

 

Oh, I was assuming that the dealer had sent them off to PCGS, and this is what they came back as.

 

I thought that OP meant that he brought in raw coins that the dealer then sent to PCGS?

OP - please clarify!

 

I want a $3 piece.

 

Considering these are often counterfeited I could see him investing a little money for authentication up front....... is the offer $350.00 per coin? The three dollar gold is worth about double that amount.

 

Nope. No agreement. I've been doing business with these guys all summer. They have seemed to give me a fair price for things. They said that these could be fakes and he said that he would send them to be authenticated. I'm really disappointed that they are trying to low ball me since I gave them a lot of business this summer. Someone else offered me $900 for both of them.

 

Nope 350 for both.

 

No. He sent them to PCGS.

 

Yes. You are correct. They were not graded and he said they could be fakes.

 

That's a good offer, a great offer if it's from a dealer.

 

So counter offer.

It was very nice of him to pay to have them graded and of course knowing they are genuine benefits both sides. And the dealer has to make a living.

PCGS values the $3 at $1050. The $1 is common, widely available and cleaned, it will sell for less than the $400 it would have sold for uncleaned and more than the $75 melt value.

80% of 1500 is $1,200 - that leaves him some meat on the $3 and something for the $1. If he counters at %75 even %70 (selling the cleaned $1 might not be easy)...

If he won't come off the low ball walk... you don't owe him anything. Except maybe the chance to make a fair offer based on prior business...

 

OP, thank you for the clarification of what took place. Was his offer of $350 for both before or after authentication from PCGS? Since your dealer has had them certified by a reputable company has his offer changed?

 

Thank him for his offer. Pay him for his expense having them graded and go elsewhere. I am rather disappointed to hear a dealer made such an offer.

 

That's pretty scummy for the dealer to offer such an extremely low amount, especially if you're a repeat customer.

I suppose he's assuming that you don't know anything, and wanted to basically cheat you out.

Regular service at PCGS is $35. Express is $65.

Let's assume the dealer did both at full priced Express, so $130. So basically he's offering you $200 for both coins. YIKES

You can either be polite and say "thanks for the offer, but I'll hang on to them for now"

Or you can try to negotiate. $1200 is about maximum. He's offering $350. Some other guy is offering you $900.
Say $900 or no deal. Why would you sell to him for less when you have an offer elsewhere?

Maybe be nice and knock it down to $850 since he did send them in for grading.

But whatever you do, don't sell both for $350

 

Remember, he sent off other coins on the same invoice...