Good afternoon fellow coin collectors, I've been collecting a wide variety of coins over the past few years. However, I recently began attending college, and I wanted to look into selling my collection to pay off some of my tuition. I had an idea of how much money I wanted to get out of my collection, and I went to a local coin dealer to see what they would offer. Here are some of the highlights of my collection: 1794 Liberty Cap Large Cent (F-VF Details), 1805 Draped Bust Dime (AG), 1806 and 1807 Draped Bust Quarter (AG) 2 1806 Draped Bust Half Dollars (G). Additionally, I have a wide assortment of around 30 capped bust dimes that range in grade from AG to Fine. I also have a conglomeration of other coins, most of which were minted in the 19th Century. Anyways, I used PCGS photograde to get a rough estimate for the grade that my coins were in and I used the Greysheet retail values to get a general idea of the value of my coins, taking off half the value for coins that had been damaged, cleaned, altered, etc. After my calculations, my collection was valued at a bit over $5,000. I didn't expect to get $5,000 for the coins, but I did expect to get a fair offer between $2,000 to $3,000. From there, I took my coins to my local coin shop and long story short, they offered me $1,000 for the entire collection. They said that I had some neat coins but that it would sit on the shelves for a while. However, I was somewhat surprised at how low the offer was. Just as an example, I was somewhat shocked that they were only willing to pay $5 per capped bust dime, even though the retail and wholesale value typically had those coins commanding at least a $15-$20 premium. So, I want to hear your thoughts; should I take the offer, or should I take my business elsewhere? As always, thanks for your advice!
I an often shocked at how little dealers are willing to pay. Of course they have to consider expenses and tying up capital, but more than 100% markup...nice if you can get it.
Some photos might help us come up with an answer. I know my coins always looked better than a buyer might offer, and a seller has to realize the main variable factor for the dealer , is how quickly he can turn it over. If he had a buyer in mind he would be much more interested. He knows at the lower price he can still turn them over with little effort. IMO, Jim
Yeah, some of the better deals I have gotten was when a dealer had stock around for a long time and just wanted to move inventory.
You're definitely right. I think they might've originally taken me for someone just selling Grandpa's collection, rather than someone who actually knew the value and rarity of their collection.
If you have TIME to spare, then you can always sell the coins individually. Otherwise, you might consider shoppingn around, and maybe visiting a coin show. There's vendors there who specialize in certain things; you could for example bring all your CBD's to the CBD dealer and see what you get there.
A lot of sharks in this business and they lowball people all the time, and get away with it when the customer doesn't know any better, which is most of the time. Collectors rarely sell their stuff. It's always wives and heirs who don't care about it and just want the money. You'll find a more honest dealer eventually. Try some coin shows.
First of all CDN bid is wholesale, not retail. It sounds like the dealer did not have much interest in paying much for low grade raw AG and details coins he felt would be slow moving. We’re any TPG graded? CDN bid for capped bust common date dime G04 is $13. Did yours grade at least this. I would advise you to shop them around. I pass on problem / details coins and material below G04. For successful rare coin investment I recommend coins PCGS 64 and above. You can inventory and track them with their phone app. Consider blowing those out on eBay (auction start 99c should move them) and retool to quality investment grade certified PCGS coins. From you photos - looks like mostly heavily worn P01-AG material. The 1806 half badly scratched.
Dealers are not going to offer much for stuff they don't have a market for. That is fair. If you offer something that they can turn and make profit on, they may make a strong offer on the coins. Every dealer has a different customer base.
When people bring circulated low grade problem material to my table at a show I pass. Unfortunately many estates I have seen this is all that was left and one can conclude anything nice was sold years ago. In this example I am surprised the dealer offered anything period, especially from the photos shown. Perhaps he had a feel for what he could flip it for on the Bay.
