Author Topic: Advice on selling high$ coins please  (Read 1049 times)

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dennyxl

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Advice on selling high$ coins please
« on: November 16, 2010, 08:48:37 AM »
Good friends of mine have asked if I'd auction a couple coins for them.  The coins come from an estate to which they are executors so they're confident these are genuine.  The first is a 1914, $20 St. Gaudens Double Eagle gold piece, MS64; the other a 1900, $20 Liberty Head gold piece MS60.  The former is in a sealed plastic case from Int'l Rare Coin & Bullion; the latter from PCGS.

This is new territory for me so I don't know if I'm being paranoid or prudent, but should I be concerned that a potential buyer could swap out the coin with an inferior one and claim I misrepresented it?  Of course then asking to return for refund.  Is there a system available to minimize that risk, e.g., a 3rd party recipient (dealer, escrow, etc.) who would confirm it is as represented then hand off to the buyer (similar to shipping firearms where they are sent to a licensed dealer who makes final delivery)?  Any other thoughts on selling venues, reasonable opening price (the executors do want to protect the estate's investment), etc.?

I'd appreciate any advice from those who've been around this block a time or two.  Thanks.



biggfredd

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Re: Advice on selling high$ coins please
« Reply #1 on: November 16, 2010, 12:48:59 PM »
Been dealing in coins since 1964 and an ANA life member for over 25 years, will that do?

Coins being from an estate is meaningless, in fact, auctioneers use estate auctions as a great way to get top dollar for fakes.

What you have are two common date $20 (heck, I have a 1900 in stock).  As such, ebaY is not the way to go, for the reasons you list and their ridiculous FVF.  I haven't checked lately, but it used to be that farm auctions and estate auctions brought out Clewless Gnubees­­™ who would pay WAY more for gold than it's worth, like the old farmer who would just hold his paddle up until he owned it.  I don't know if this is still true--people could not have kept up with rising gold prices, or they may have gold fever from the news.  Your local auctioneer could prolly tell you.

Numismedia shows the 1900 @ 1850 and the 1914 @ 6220.  I can almost guarantee the 1914 won't get a 64 from PCGS, NGC, or ANACS and a 63 drops to 3440.  Only a Clewless Gnubee­­™ would pay big money for a privately branded case, and how many of them do you think will have six grand in their "overhauls", much less know about that big price jump?

Besides, they went bankrupt, and it's unlikely they'd stand behind their grade if they were still around.

There's no easy way to do a swap, besides, $20 was a week's pay, so these didn't normally get used much. I'd be more concerned about a non-delivery or SNAD claim.

I'd say the best bet would be to show the coins to several big COIN dealers, if you're in a big city or can get to a good size show.  10% less than the retail will put you in the ballpark.  The estate may want to spend the $50 or so for a regrade (in the order listed above) of the "64".  If, as I suspect, it gets knocked down to 62 or lower, it's pretty much bullion/slight premium.  A regrade will allow you to sell sight unseen to Internet market makers.

740-653-5555 or email for more info.
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biggfredd

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Re: Advice on selling high$ coins please
« Reply #2 on: November 16, 2010, 12:53:09 PM »
Another option is craigslist for cash, but that brings up the grading on the 64 again.
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Re: Advice on selling high$ coins please
« Reply #3 on: November 19, 2010, 09:25:49 AM »
I'd appreciate any advice from those who've been around this block a time or two.  Thanks.


Sorry to be late to your question..
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