Inherited coins 0

[MAULEMALL]

16 minutes ago, JimL55 said:

He purchased them in April 2012

Silver bullion prices were approx $32.00  an ounce. Your father paid the appropriate amount. He was not scammed or ripped off. 
You have to do some investigating yourself ..

It's very easy to come here and insinuate or outright accuse When you don't know, especially when certain members here blow smoke up your arse ,but they did NOTHING WRONG..

Your Father  tried to make a hedge against inflation and invested in precious metals. Sometimes you kill it, Sometimes you get killed.. 

In this case he got neither. On they contrary ,You have a fart ton of Kennedys to check for Doubled dies and other varieties..

You came out a winner in this. Your Dad did you right.

[MAULEMALL]

On 12/19/2020 at 10:36 AM, RWB said:

He bought 1,000 1964 Kennedy halves for $17 each? That is "criminal" of the seller. One can hope he did not pay similar markups on the other coins.

WRONG.

[MAULEMALL]

22 hours ago, RWB said:

It's also a cautionary tale of the lengths to which "telemarketing crooks" will go to cheat people. $17 each for 1964 Kennedy halves is an all too common occurrence. We'll see much more of this as the generation of victims from the 80s die off.

Since the hobby/business lacks standards and a strong hobby protection organization, it is extremely difficult to bring a successful prosecution against the crooks.

You had time to check your "facts" and you are still WRONG

Edited December 21, 2020 by MAULEMALL

[MAULEMALL]

10 hours ago, RWB said:

Given the amount on money involved, it might be useful to check with an estate accountant to see if it is possible to use your father's basis in the coins rather than the inherited basis -- too many variables in your individual situation to suggest more things. Hopefully, you have access to receipts for the other coins also although the gold likely cost less than the inherited basis.

Seriously.. Chat boards are no place to get financial advice.. If you want to know what EF means , Well RWB and anyone who has been here over a month can tell you...

 But as you have seen in this thread ,You can get a lot of WRONG info..

 Contact a REAL financial adviser.

 

Edited December 21, 2020 by MAULEMALL

[JimL55]

4 hours ago, MAULEMALL said:

Silver bullion prices were approx $32.00  an ounce. Your father paid the appropriate amount. He was not scammed or ripped off. 
You have to do some investigating yourself ..

It's very easy to come here and insinuate or outright accuse When you don't know, especially when certain members here blow smoke up your arse ,but they did NOTHING WRONG..

Your Father  tried to make a hedge against inflation and invested in precious metals. Sometimes you kill it, Sometimes you get killed.. 

In this case he got neither. On they contrary ,You have a fart ton of Kennedys to check for Doubled dies and other varieties..

You came out a winner in this. Your Dad did you right.

I heard this from my sister who got the other half of the connection. I'm not making an empty accusation

[JimL55]

4 hours ago, MAULEMALL said:

Seriously.. Chat boards are no place to get financial advice.. If you want to know what EF means , Well RWB and anyone who has been here over a month can tell you...

 But as you have seen in this thread ,You can get a lot of WRONG info..

 Contact a REAL financial adviser.

 

I know nothing about coins. What's wrong with getting a little info on this thread?

[MAULEMALL]

18 minutes ago, JimL55 said:

I heard this from my sister who got the other half of the connection. I'm not making an empty accusation

I wasn't referring to but to the board member who was maligning honest businesses from his ignorance that turned to willful ignorance .. 

16 minutes ago, JimL55 said:

I know nothing about coins. What's wrong with getting a little info on this thread?

There is nothing wrong and thats what we do.. We don't give financial advice which the same member was doing.. 

Your fine. Welcome to the boards and Merry Christmas.

[JimL55]

On 12/17/2020 at 3:31 PM, JKK said:

There's a limit to how low the lowball bid will go because they will establish a starting bid. They aren't going to just sell your $10 gold piece for $50, in case you were worried about that.

The way it worked for me is that I first sent two houses a listing of all the coins and how I thought they might grade out. They both replied to me, but I preferred GC's response and decided they would be in my client's best interest. We bundled up the coins (you cannot imagine the level of packing involved on my part; you could have stabbed the box with a knife and not harmed a coin), along with the consignment paperwork, and sent them in. We had to pay a lot for shipping, but bear in mind we had like 130 gold and platinum coins worth about $150K. The vintage coins were not slabbed, so GC sent them for grading. A couple came back Not Genuine; of the others that didn't slab, GC sent them to the other major service. We got good results, and of those three sent to CAC we also received a bean for one (means it is in the upper tier of the stated grade). With that many coins, rather than flood the market, GC auctioned them over a period of about six weeks. Their payout equated to what my recordkeeping said it should, my client was overjoyed, and she enjoyed a nice payday (so did I).

Your ultimate outcome would depend heavily on how the coins graded. If most get details grades (as in AU details--cleaned) rather than full grades, don't expect as much money. The auction house has a vested interest in getting the best grading and auction outcome and part of what you're buying is their expertise in doing that. Your interests and theirs are aligned, up to a point.

You did not pose the question, but here's what would be wrong with selling them to a local dealer: Most local dealers have little reason to want them, nor to pay much of a premium. Gold sucks. People bringing it in tend to think that the dealers should smooch their patooties, and are shocked not to be paid even melt. Yet it doesn't move, and the dealers are lucky to get a little over melt selling it, which happens when someone comes in and says they want to buy gold and expect smooching of their patootie. Then they get mad because they say the price is a gouge. So on a well-circulated $20 gold piece, say (bullion value $1825 today), maybe the dealer paid $1780. Maybe it sells for $1880. The seller was mad because they didn't get melt. The buyer, Moneybags, is mad because they think it should be melt or even a little discount because Bringing A Big Sale. Much negativity for minimal gain. On top of that, for a large gold buy, the dealer is committing a lot of current capital--capital he knows will produce a poor rate of return. Now, this is not the way it works at all dealers, but it's what I saw every day when I worked for one.

I've decided to go with Great Collections and I have some questions. How long did it take for them to auction all your coins? We're they not able to auction some of them? Do you think this is a good time to sell? We're they able to find any that were valuable or do I need to research each coin?

Thanks

[JKK]

35 minutes ago, JimL55 said:

I've decided to go with Great Collections and I have some questions. How long did it take for them to auction all your coins? We're they not able to auction some of them? Do you think this is a good time to sell? We're they able to find any that were valuable or do I need to research each coin?

Thanks

It took them about a month and a half. They all sold except the two counterfeits, on average for a bit more than I expected to realize. I think this is a fantastic time to sell, with metal prices high, but my only market prediction is that the market will fluctuate. They didn't find any that were much more valuable because I did the research in advance. I prepared a great big spreadsheet, researched market pricing and likely outcomes, noted grades estimated vs. grades received, and kept track of everything so that not a single piece remained unaccounted for. I even presented an evaluation of the outcome by which to grade my original projections.

My client was going to be paying me 5% of the gross, and it was on me to earn that fee. To earn it, I had to demonstrate and employ numismatic knowledge sufficient to get her the best outcome, make her comfortable with the process, keep no secrets from her, and act always to her best advantage--while making sure GC also did so. The idea of me just letting someone else tell me which ones were rare, in such a case, would be complete abrogation of responsibility.

I didn't auction them all off, though. Before we sent them in, I spoke with my client about a friend who might be in the market for some. While this was a friend of nearly forty years, the client couldn't be expected to credit that. I suggested a fixed premium that I felt was slightly higher than what GC would get her, plus it would save her their auction fees. It would still be a better deal than my buddy would get at a coin or bullion shop most of the time. If she agreed, I would sound him out; if he made offers, I would convey them and handle the transaction and its cash. Not normal to be packing around over $10K. Counted that stuff three times with friend, three times with client. Didn't take the coins with me to the transaction, because I was telling the truth about everything including our long friendship: this was the kind of man and friend who would gladly hand me about $11K in cash with zero doubt that I would get him the exact coins he had paid for. Client very pleased, especially as the auction unfolded and the majority of the pieces realized a lower payout ratio than what my buddy had paid (not much, but enough for her to realize I had acted in her best interests).

Where GC really paid their way was in knowing how to get the best grading service outcomes for the raw coins, especially the Charlotte $5 gold piece. If that had not slabbed, I'd have been very disappointed.

Edited January 1, 2021 by JKK

[JimL55]

22 hours ago, JKK said:

It took them about a month and a half. They all sold except the two counterfeits, on average for a bit more than I expected to realize. I think this is a fantastic time to sell, with metal prices high, but my only market prediction is that the market will fluctuate. They didn't find any that were much more valuable because I did the research in advance. I prepared a great big spreadsheet, researched market pricing and likely outcomes, noted grades estimated vs. grades received, and kept track of everything so that not a single piece remained unaccounted for. I even presented an evaluation of the outcome by which to grade my original projections.

My client was going to be paying me 5% of the gross, and it was on me to earn that fee. To earn it, I had to demonstrate and employ numismatic knowledge sufficient to get her the best outcome, make her comfortable with the process, keep no secrets from her, and act always to her best advantage--while making sure GC also did so. The idea of me just letting someone else tell me which ones were rare, in such a case, would be complete abrogation of responsibility.

I didn't auction them all off, though. Before we sent them in, I spoke with my client about a friend who might be in the market for some. While this was a friend of nearly forty years, the client couldn't be expected to credit that. I suggested a fixed premium that I felt was slightly higher than what GC would get her, plus it would save her their auction fees. It would still be a better deal than my buddy would get at a coin or bullion shop most of the time. If she agreed, I would sound him out; if he made offers, I would convey them and handle the transaction and its cash. Not normal to be packing around over $10K. Counted that stuff three times with friend, three times with client. Didn't take the coins with me to the transaction, because I was telling the truth about everything including our long friendship: this was the kind of man and friend who would gladly hand me about $11K in cash with zero doubt that I would get him the exact coins he had paid for. Client very pleased, especially as the auction unfolded and the majority of the pieces realized a lower payout ratio than what my buddy had paid (not much, but enough for her to realize I had acted in her best interests).

Where GC really paid their way was in knowing how to get the best grading service outcomes for the raw coins, especially the Charlotte $5 gold piece. If that had not slabbed, I'd have been very disappointed.

Thanks for the info! I don't have enough knowledge to research the coins. Can I trust them to do it?

[JKK]

2 minutes ago, JimL55 said:

Thanks for the info! I don't have enough knowledge to research the coins. Can I trust them to do it?

The answer would be a qualified yes. They will certainly want to maximize the value consistent with a quick sale, and once those coins needing slabbing are slabbed (or rejected), they will start the bidding at a price point where they feel certain someone will make the opening bid. If the question is whether they would underestimate the value, that'd be a no, and I would add that they have no motivation to do that since they are auctioning the coins rather than buying them. Even so, if you can even identify the coins by issue (type, year, mint), and look them up online in tables (assume some credible basic grade; get help here if you need), you can get some idea on your own. That would be much better than nothing. And if they come back with different grades than the one you assumed, well, you'll know why the outcome is different.

That's one reason I didn't advise my client to go with The Other Place--they wanted to just buy most of them outright. What that told me is that they felt they could make more money selling them on their own, which would probably mean paying my client less. Maybe someone more trusting and less cynical might have believed them, but I also knew The Other Place wouldn't even be talking to me if I weren't waving anywhere near $150K in value. They entered on thin ice and it was on them not to break through it, but I really did feel my client should have at least one fully formed projected outcome comparison. And had TOP offered her the best outcome in my view, we might have gone there.