Today I caught wind of a collection for sale. A dealer friend of mine was invited out to look at it and buy it. My dealer friend called me to get prices so he could "lay off" some of the collection to me quickly at a slight profit, then keep the rest for himself. I get these calls from other dealers all the time...not unusual. Gold MS60 pcgs $10 libs that bid for $245 in the greysheet...I offered $235. I can get $240-$245 pretty easily. So he offered $225...should leave enough money for him and me both, right? Nope. The "collector" had paid $600 each for them. The coins had been purchased from telemarketers and/or the shop at home type coin crooks, all within the last 5 years. So this person actually got angry at the dealer that had closed his shop and driven across town to look at these coins...when in fact the fellow had simply been grossly overcharged to begin with. Things like this are very, very bad for the hobby in general. Sure the "collector" will eventually find out the truth about how he's been had. But do you think he'll ever buy coins again? He's likely never been inside a coin shop, certainly hasn't ever been to a show. And in the future every time someone mentions coin collecting to him he'll probably have a few choice words to say about how coin collecting is a losing proposition for anyone that's foolish enough to try it. All because he never took the time to educate himself...very sad. THIS is why we need to reach out to other collectors. This is why we should all promote our hobby and our local coin clubs. With 2 sentences of friendly advice, this so called collector could have been saved a lot of heartache and a LOT of money. Nick
WINS just approved their flyer for distribution and xxx edited for self promotional content xxx collectors have to act on the information given to them. Many don't and that's very sad.
Let me tell you from a novice collector's point of view who has been in this forum for almost a year...you and all here have talk me a bunch! Sure I thought I knew the basics, but it is the little tid-bit here, and the little tid-bit there that have all added up to make me better prepared when I buy or sell. For that, I thank you.
Nick, This is a little off subject, but maybe not really, I recently gave out 2004 American Silver Eagles as an end of year small token of appreciation for my employee's (apprx. 60) work this past year (2004). I put them in high quality pvc-free flips with a color company logo card with a personalized handwritten note on it. I would estimate that 99% of them didn't even know what it was, never heard of one, and where do you buy something like. I took time to explain to most of them what they were (history, where I bought them, etc) and that they were worth more than $1 because of the price of silver. After explaining all that, 90% of them told me that this was the best gift they got all holiday season. We can debate all day whether or not ASE are coins or bullion , but my opinion is they are and that is what got me started in collecting coins. I have seen post on the subject of growing our hobby many times in the short time I've been at coin talk and "ND" ,may he return one day, always asked about how the ANA or whatever industry group can help promote the hobby. I think I have just found out how... Get coins in front of them....Educate them.... and they will begin to collect at whatever $ range they can afford. PS. I going to bring my complete set of ASE, and a few of my prize Morgan's to work and blow there minds!!!!
Hi all, I help a local coin dealer who attends the same church I do.....and some of the most rewarding days for me aside from looking at all the happy faces leaving the shows and the coin shop is when I get to hand out buffalo nickels to all the kids that pass by or see them reach into a bowl of free wheat pennies that he has out for them!! Those smiles are mighty awesome!! ............ I have to agree with silvereagle.........education is the key to understanding this hobby...but getting the coins out and spending some time on a one to one basis is priceless!
Silvereagle, that is a great idea for your employees, i have not seen a better way to get someone interested in coins like getting a brilliant coin like that. i started my obsession when i saw a bucket of foriegn in the corner of a coin shop, but i initially was going to find out about the silver eagle.
i gave my nephews a 1gram gold bar and a britannia 2 pound for xmas, ive promised them a silver eagle for there birthdays, and next xmas will give them a kubburro, then there birthdays again a lunar, then xmas a panda. by which time i bet there collecting themselves
Ok Do you have any Kookaburras? How many kids are you talking about? I might be able to help you out with one or two. Richard
Nick - I may be off base here, but this guy sounds more like a disgruntled "investor" than a disgruntled "collector."
As A follow-up to my earlier post about giving my employees 2004 Silver eagles as a small token of appreciation for there efforts last year, Today I was richly (on a small scale) rewarded. One of my employees brought me two (2) Canada 1998 Silver Maple proofs (Titanic privy mark), she had purchased 3 in a previous marriage and when she found out how I collected coins, she said that I would appreciate them more than she could and had no use for more than 1. She wanted to give them to me, but I convinced her to take $10 each. These coins were minted at 26,000 pieces sell for $20+.
Titanic privy SML's at one time were selling for around $100.00.It shows how risky buying coins as an investment can be. Bill
