One heck of a trade! posted by Kamakazy

[CSJournals-migration]

1936 Norfolk and 1878 7TF Morgan.

 

I am quite excited about yesterday's trade. After much debate I decided that I needed to start trading my duplicates and un-needed coins for others that I wanted or needed to start completing sets.

 

The problem with that decision is that some of the raw coins and silver came from my Grandfather's and my Father's collection and they are both deceased.

 

So, my first trade came from my Grandfather's collection yesterday. After digging through one of my giant pelican cases that houses the collection that is not in the safe or bank, I tripped across a small hoard of silver dimes and quarters. (Most of them 1964). There were a few key dates as the 41 on the quarters but they wouldn't come close to a grade so that was that.

 

Put them in viles and drove down to see Roger, one of my local guys who buys raw silver. After counting out the face value of the silver, and it just happened that silver was at an all time high, I ended up with $1,100 in silver with a face value of roughly $75.00.

 

Not a bad trade up, me thinks, to use pirate speak. Arrrr! Matey!

 

I will trade $75 for $1,100 any day. Keep in mind that silver has been in that pelican case for probably a few years and in my possession for close to 15 years so, it took a little while to pay off.

 

Since Roger has been very good and more than fair with our coin dealings, I decided it was time to give up some profit on this particular trade. No need to be greedy with 75 bucks!

 

I didn't really need the cash and I had been eying a 1936 Norfolk he had in the case for quite sometime. Roger knew in an instant we were trading especially when I looked toward the case housing the gem I had not choked up the green for yet.

 

He gladly handed me the Norfolk, which was originally graded MS-64 by SEGS, so obviously it will need to be re-graded but it is in an old slab so we will see.

 

Then I told him, "look, I have no $$ in that silver so let's make it dealers choice." I allowed him to pick any slabbed coin and he could keep the difference left over.

 

Think about it, he could have given me a $10 coin and pocketed $600 profit on the trade. He dug around in one of his safes for a minute or two, so I knew he was going to be more than fair.

 

He produced an 1878 Morgan with the 7 Tail Feathers and pushed it across the counter. He said he had been saving it but thought this trade was appropriate to let it go. Again, it was slabbed and graded MS-64 by ICG in an old slab so it will have to be regraded as well.

 

All in all, I think it was a great trade. $75 bucks face value in old silver for two of the rarer coins floating around. I think the Morgan will jump a grade compared to what I have seen out there. I am also quite excited to add the Norfolk to the collection with such a low mintage of 16,936 ever struck. On top of it Roger got to pocket about $365 on the trade, which I am sure I have negotiated out of him over the years, but I do believe this was one of those occassions to share the wealth.

 

I will put the picture of the Morgan in another post.

 

Happy Trading.

 

Kamakazy.

 

See more journals by Kamakazy

[jackson64]

 

 

I wish you the best of luck in crossover...

[Mokiechan]

Hi Kamakazy..I'm glad you are happy with the trade and I see that you re-posted that this was an older journal..

 

I did some math..$75 face is roughly 54 ounces of silver...

 

At current $37 an ounce that is over $2000 worth of ASW..

 

I wish you the best of luck in crossover..if the 7 tail feather gets bumped up in grade to an MS65 you may end up with a $1000 worth of coins for your $2000 in silver...I truly am sorry to be the bearer of bad news...good luck with the re-grades..

 

That's the kind of analysis that should remain unstated or should be sent privately, There may be other circumstances, unstated, that made the transaction a win/win situation. Also remember, the coins were old stock from his Grandfather that he himself never spent a dime, silver or otherwise, to accumulate.

[Fly-n-Eagle]

That was quite Rude

[jackson64]

thanks for the admonishments if they were intended for me..otherwise, I hope that the OP was able to gain some value from the knowledge--or at least that a new collector may in some way benefit.

 

I was torn on where the moral high ground was on this issue--pretend that all is well and then have another newbie do the same?..in the end I trusted that honesty would be the best policy--I guess it is not.

 

There is another member here--a very bitter collector now--username is na--ve---

Anyhow, he estimates his collection to be worth over $100, 000 and is very upset that nobody will even make him an offer for a fraction of that.

I wonder if I had told him what I knew all along that I could have stopped/saved him tens of thousands short during his folly. You see, he purchased set after set of modern proofs and BU's in PF70 and MS70---the truth is that the cost of these coins upon initial release is 10x what they are worth in just a few years ( check out PF70 Jefferson's from the lewis and clark issues selling for $10--which sold for $120 when just released and everyone wanted one for their registry or the novelty).

 

I remained quiet while he posted journals of building another #1 modern set of 70's-paying multiples of what those coins are purchased for now. A simple word of caution--mentioning that a coin is only worth whatever someone will pay- and I would have been a truer friend to him , I believe, by sharing the insight and reality of a long-time collector who has made those very same mistakes !

 

So ultimately, it may seem harsh to let someone know that another shady person has taken advantage of them ( remember-don't shoot the messenger), but in the end, if I can save him thousands of future dollars by not having him deal with this person again, then who is the better friend? The one who educates and saves him potential thousands in the future or the ones patting his back and saying "well done"...

 

PS: I erased my post only a few hours after I wrote it, the only reason it was still there was because someone else chose to re-post part of it in quotes. The part that is quoted does make my words look harsh but that was just part of my post. The parts where I mentioned how nice his new coins looked, the part about him being happy with his collecting being the prime value, and my other kind words did not make the cut--only the part when I tried to tactfully give him a monetary idea of what he actually paid ( which look distinctly UN-tactful well quoted alone and out of context)