Consultation Fee

[TJ'S Coins]

I've been asked by a person in my town to catalog and price some world coins that were in an estate they are liquidating. The estate will pay me for my time. I'm thinking of charging $10 an hour. Any thoughts? This is a hobby for me. Does that make a difference?

[physics-fan3.14]

Just because its a hobby doesn't mean you can't make some cash off of it. $10 seems really low. Are world coins your primary thing? You might offer to do it in exchange for a couple of the coins (depending on the number or value of coins, maybe set a value of coins - say do it for $200 worth of coins, or something like that) I catalogued an acquaintance's collection and in return I picked a few inexpensive coins out to fill holes in an album. I'm just a hobbyist like you, I'm sure James or Mark can tell you a bit better.

[gmarguli]

$25 minimum and if it is esoteric stuff, up to $150 an hour.

[MAULEMALL]

$25 minimum and if it is esoteric stuff, up to $150 an hour.

I have to agree.... I pay my common labor help more than $10.00 an hour.

[James_OldeTowne]

Tim, I might suggest a flat rate. $75 for a small hoard, up to $500 for a large hoard requiring research.

[MarkFeld]

I'd charge whatever you feel to be a fair hourly rate for your time. And there's nothing wrong with giving a good deal if you enjoy it and want to help the person out.

 

I would not, however, include any of the coins as part of your compensation. As, regardless of how noble your intentions, that could potentially cause a problem with your objectivity.

[DC Dawg]

I am going to agree with Mark but add: do not be afraid to negoiate. One strategy would be to give a number a little higher than you will accept. When they negotiate for a lower price, they feel like the are getting a deal.

 

Scott

[truthteller]

I've been asked by a person in my town to catalog and price some world coins that were in an estate they are liquidating. The estate will pay me for my time. I'm thinking of charging $10 an hour. Any thoughts? This is a hobby for me. Does that make a difference?

 

 

$75 for the first hour, $50 for every hour thereafter for WRITTEN cataloging/appraisal. If you are making an appraisal for wholesale value and an eventual offer, charge a bit less and tell the estate that you will waive the fee if you are offered the collection for purchase. This is a strictly business fee.

 

If the cataloging is for a friend or as a gesture of good will, look over the deal cursory and charge a nominal overall fee for the anticipated work involved.

 

Good luck.

 

 

 

TRUTH

[BankNote1]

Originally Posted By: gmarguli

$25 minimum and if it is esoteric stuff, up to $150 an hour.

I have to agree.... I pay my common labor help more than $10.00 an hour.

 

$10 an hour for common labor? Heck college grads don't get paid that much down here. My son moved 400 miles north and more than doubled his sal. for the same type job!

 

I do agree with Mark on the consultation fee. The couple of times I have had to value a collection I just didn't have a clue as what to charge,,,

[TJ'S Coins]

Thanks for all of your comments. It is great to consider the wisdom and experience of people on these boards. I'm looking forward to the opportunity and challenge.