Never Say These 2 Things To Coin Dealers When Selling Coins - Don't Get Ripped Off
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- čas přidán 24. 07. 2024
- Here are two things that you should never say - or be in a position to say - to a coin dealer when you are trying to sell them coins. There are a lot of dealers that are trying to just get by and be honest with their businesses (and even do well), so it is important to respect them and respect the fact that they need to make money. However, it is also important to be informed and not put yourself in a position to get ripped off... if you know literally nothing about your coins, you are likely to have a bad outcome. Watch and let me know if you agree with my two tips.
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So frustrating dealing with most coin dealers. Years ago, one guy immediately pointed out my 1928 Philadelphia Peace dollar amongst five other coins and said "hold onto this one, it's a good date". He offered me $250. and even showed me his markup. Two more dealers looked at it and slid it aside with the other common dates and offered me $25. a piece. Even with a beautiful cased 1883 CC Morgan w/box, I had a guy say "these are everywhere", and offered me $75. I called the guy out and he admitted the coins were worth much more and had no excuse for lowballing me. There should be somewhere to report unscrupulous dealers that belong to the Numismatic Assoc.
Where do you even sell coins?
Dude, we have enough laws on the books that are not getting enforced. We don't need a law for everything. How about they make a law that we the people can't walk into a coin shop unless we have a certificate saying we took a coin collecting class for 3 months? See what I'm getting at?
Where in your dispute with those coin dealers do you think that YOU have a personal responsibility in understanding the very materials that YOU are bringing into a coin shop?
You are responsible for your own personal education.
Rule #1 in everything and all situations .... if you don't educate yourself on your situation, sooner or later someone will take advantage of you. To avoid getting taken advantage of, .... LEARN YOUR BUSINESS before talking to someone about giving you MONEY for what you own.
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@@UnderWorldOfDarkness I didn't say anything about a law. This is not about the public educating themselves. This is about a reputable organization not policing their members, which reduces their credibility. The ANA is a voluntary organization that requires members to sign a code of ethics. What good is that if they have no system for evaluating and monitoring the members? All I'm suggesting is for them to have a system for investigating and monitoring their members who use their status as a member to enhance their business. How does that not make sense?
@@UnderWorldOfDarkness Hear, hear!
Doesn't pass the smell test.
That's because you're an honest man and that's very rare
Key statement, "there are a lot of dishonest coin dealers". I was shocked to hear this.
why the truth hurts
Now there's a shop
See how organized he is talking a lot but not saying nothing
Alot dishonest people in general. One day our AC went out. Simple fix but I didn't kno it at the time. I'm no Heating and Cooling guy so I wouldn't kno if it was a simple fix or not. First 2 companies I called told me "your unit is not repairable, you'll have to buy a brand new unit". Both said the same crap trying to get me to spend 10k. Btw, had to pay 100$ per service call just to be lied to. The 3rd company said "An animal or something chewed threw a wire". Literally a 20$ fix. About 100 all together including the service call.
Glad I called around before I got a loan for 10K$ I never needed thanks to some jerks that belong in Hell.
Make sure to talk to multiple experts besides 1 guy behind the counter buying your metals. To him, your clueless, that means your an easy way to make money. He wants something rare? "Il sell him this 20$ coin and say it's worth 120$".
That happens EVERYDAY! Please check your metal/product before letting someone take advantage. When 1 person gets fked over, that effects everyone who shops at said store. Not good for business.
Thanks! You are such an honest/ethical person. It is so refreshing.
An hour or two reasearching coins🤣😂🤣. I just started looking at my old change that I stashed away, and I’ve been “researching” for three solid weeks
Right, they are rare... butt has been melted into my chair for 2 weeks.
I have been a numismatic and specializing in errors and varieties for over three decades. I think you hit the nail right on the head. Good job man.
I have a possible Extremely rare coin ( estate collection) is there a chance I can send you some pictures to you see what you think of it ?
Thank you for the great material in video. I am new to collecting and have amassed a fortune in coins and now I know what to do.
I have rare coins don’t know what to do with them
thanks you for being a fair coin dealer TT! We appreciate that so much sir!
Agreed...
Sir it's rare to find a truthful person these days...
I'd feel more apt to taking less from a coin if I felt the dealer was telling me the truth...
I've held on to my coins just because I have so many that I don't want the coin dealer to "do as u said in the video" and offer me said amount for one or two and say $50.00 for the rest...
U helped me fins motivation to look through my coins in sections so I can be prepared...
God bless u and please be safe...
@@timstiles9026 I won't be so sure he is so honest
It is not him honest , it is people like you being very naive
Thanks treasuretown host+viewers for quality info! Needful...!
Big like number 135! Highly valuable information! Thank you so much for navigating us away from serious pitfalls!
Thanks so much. That was so helpful. Good to see you Christian.
Thanks treasuretown host+viewers
for needful coin info!
NewYorkCity
Thank you so much. I have gotten a coin collection from my fathers estate and need to sell it for the estate. Great information for me
I’ve sold to my coin dealer many times and with success. Sometimes he even gave me way more than the coin is worth lol... but I won’t complain about that!
That is awesome! There are definitely honest ones.
There are NO honest ones where I live. And the one that really screwed me over was PSCG listed Dealer in NC? So I can tell you I have not found one yet in four years+.
@@dhhenry7558 Soon there will be fewer honest ones anywhere. Dumps in Denver are growing and cheating harder than a used car dealer. Why do they risk pissing off newbies grieving the loss of a loved one?
I guess it depends where you go
If he gave you more than the coin is worth, he is not very smart.
Thanks for the heads up. I'm trying sell my dads collection, i think i will research a few, then get estimates from a few Buyers to help figure who's honest and who's not.
Thanks for the information! I watch your videos avidly! 😁👍
Coin dealers are some of the stingiest people on earth. I saw I guy at a coin show arguing over the price of a coin with a customer who wanted to sell. The dealer wouldn't come up 5 bucks on a 100 dollar coin, all while drinking his $4 bottle of coke from the concession stand.
Just one incident doesn't make it a reality for every deal. I have good friends at coinshows.I sell to people out of state and on the phone also.I deliver the coins and get paid well from dealers at coinshows.
😊@@kelseycurtis1546
Thank you so much for your education of the how interact with dealers.
Thanks for the info! You are spot on
Glad it was helpful!
this is a really helpful video, thanks for posting it!!!
Thanks!
Probably best to sell your collection before you die or when there is a bubble so your kids don’t get ripped off.
I inherited a cc Morgan dollar and sold it off for probably less then half is worth. Sucks. Needed money and didn't know what i know now. The guy definitely got me
Thank you for your Time and Info, it was very helpful. Have a blessed day and don't forget to Enjoy Life. From Bridgeport CT.
Thank you! You too!
oh hello I had a question I've been watching your site and a lot of what you're saying applies to me and I was wondering is it not customary to give a receipt for the coins that were taken and purchased an itemized receipt
And the whole thing about bumping up the other coins that are set aside is a total reality thank you for your channel
Nowadays, with the internet, most people have no excuse for not finding the rough value of coins. People that I work with, have asked me about lots of coins. I will research them as best I can, however, I recommend a coin dealer that I have known for years and all of them have come back to me and thanked me for helping them. As I said earlier, it doesn't take a genius to get at least, some basic details about their coin/ coins. There you go, I've had my say.
Also, at least with U.S. coins, the Red Book only costs $15 at the most, and it has everything you could ever want to know about U.S. coins.
I would never sell my gold or silver bullion for less than spot price. I would call multiple LCS and be willing to drive 4 hours or more to get best price. If none offer spot, then I become their competitor and sell on Craigslist etc. I do not trust anyone.
Yeah waste gas driving to get spot.🙄
@@stewart5284 - Four hour drive is only about $35 in gas. I don’t see an issue. I wouldn’t make such a drive to sell 1 oz only. Duh.
Some great pointers. Definitely check out several dealers, and research the coins that can give you the most value.👍👍
Thanks!
I have lots of different old coins but where I can sell it?
What it comes down to is: The Store has to make a profit. EASY to buy, "precocious metal" & Coins. Not so easy to SELL! So much for investing. The Market Value is what the seller sells for, that means the Store has to make enough to Profit, pay the rent, pay the utilities, pay the security, pay the employee and TAXES all around. There may even be a "kickback" to government employees (Donations to Elections, feed the inspectors kids, etc.)
I think you did a great job at nicely letting folks know what they're in for. I've been a coin collector for 50+ years. And, I probably would have been a little more straightforward. The challenge with coin dealers is that they are much closer a flea market / garage sale business model than they are to a normal retail store model. So, you're dealing with honest dealers who are looking to score on a good "flea market" type find, which will include even ethical dealers. Plus, you're dealing with dishonest dealers who will do and say anything they can to lowball you. And, oftentimes, the person selling the coin is not a collector and not familiar with what they have. So, there are a number of factors going against you. I think the key is 1) get to know the other person, check reviews, and establish a personal relationship. This will allow you to weed out those in the latter category. Then, 2) educate yourself by doing some research and talking with multiple experts, especially those that you do not plan to sell to. You covered all of these very well in your video. Thank you.
Thanks for sharing.
If you don't get the price you know is your worth
Just say goodbye
Very good info. Thank you.
Thanks for explaining that!!
Never tell a dealer that you want to sell your coins to a friend but just want to know what they are worth. I always tell them then it's no longer a buy offer but an appraisal. $50 an hour .However , if you sell the coins or some to the dealer he may help you out ,but he's not there to help your friend and you do a private deal.
That's 100% correct.
Great advice ... coin dealers are market makers and your tips will help owners get a reasonable result
Absolutely!
Let's break some new known high ms 🎉 love your stuff man I really hope you like what I got for you listed cuz your going to absolutely love these 60s and 80s
thank you so much for your information
Fine line between selling yourself and doing the work, or, in effect, pay someone to do the work for you. How much is your time worth, how fast do you need the money, etc.
Buying silver a little below spot and selling it to stackers for a few dollars over spot has made a good living for me. Tube videos have sold metal for me. So many people willing to lose money thinking they are investing. Thanks for the videos.
Very informative ❤thanks
insightful and proper, good channel. helpful host. Please continue.
Very much appreciate your honesty and candor. So refereshing. You would not happen to live in northern California?
You r the first one, to really be HONEST. I have many LINCOLN CENTs, from 1937 to 2009 I would like to SELL THEM ALL. I'm a RETIRED MARINE CORPS SNYPR. Can you HELP?
Thanks for info.
I have been going to a shop in New Jersey for close to 12 or 13 years now and they have always been very fair with me whether I am selling or buying.
That's awesome!
The long history with them definitely helps.
Im in New jersey may i ask the name of the place you go to ?
@@jameslittle265 Yeah, sure! Jersey Coin in Hazlet.
thank you !
Thanks for sharing this video
No worries!
First, thank you for your informative videos…they are helpful to a newbie like me. I have a 1967 DDO in the year but Abe also has a doubled chin. Is there a way I could send you a photo for your opinion?
Is there a big certified coin mart with prices labeled on the coin where you can buy and sell directly to them instead of going through these coin dealers? and why is the spot different at most coin shops?
Coin dealers are notorious for paying a $0.05 on a dollar if they can get away with it.
True!
@@TreasureTownCoins My local coin dealers here in Tucson, AZ mostly deal with gold coins from around the world worth 10's of thousands of dollars. They don't want to deal with pennies unless they're Wheat Penny varieties. And they go strictly by the coin error books. If it's not a listed variety, they don't want your coin, even if it's clear you have found a new variety that hasn't been discovered yet.
If I have a 1940 wheat penny with no errors on it, but it's in great shape, they will only offer me between .03 cents and .07 cents. Which means I would be losing money because it would cost me $2.00 in gas to get to the coin shop.
They say no one buys those kinds of pennies. If that's true, then I can see their side of it. Which makes me think, if I don't have a $10,000 coin, it's not worth my time to even try to sell it.
As for me, I'm not looking to become filthy rich.
I have some coins that I'm willing to let go of for .10 cents on the dollar, to make a fast sale for health food store supplements.
Not only are my local coin dealers not interested .... they're rude and snarky about it. That's the worst part. Getting talked down to from these coin dealers like they think their some upper class elites and I'm just some unwashed peasant who deserves to be treated like a snot rag because I'm not walking into their store with a $23,000 solid gold coin from Egypt or something.
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I got a couple coins I'm trying to get rid of some have Dye Damage and I got a 1955 Penny with double dye on the 55 and a 1963 black beauty
Nice video Christian.
ive got a 1985 quarter that is maybe wrong planchete its either silver or nickle it weights right but it doesnt have any copper in it and a 1957 double die on the 9 and 7 and the b on liberty is filled up any idea on value
Love the pokemon booster boxes on your shelf. Do you ever do card content on your channel?
Not much, but I enjoy them!
Thanks for the info, I have quite a few older coins and looking to sell some of them and doing my research, where is your location? You come across as a person I would like to deal with, I am in eastern Ontario or could you suggest a good coin dealer?
I took a $700.00 dollar Coin to my local coin shop in Frederick Md. I was offered less than 1/3rd of the Coin’s value. Needless to say I laughed in her face and walked out of the door! I have lots of Coins and was looking to partner with a Credible Dealer. I tested their integrity and needless to say they Failed! Dishonesty is Flagrant!!!!
Thank You Very Much
I have some Quarters that I've kept for years that I'd like to sell. 1985 p stamp, 1977 no stamp, 1967 no stamp, 1974 no stamp. All look in good shape to me. Thanks, Jim
Ty.😊
Hello... coin man , can u answer a question? Why does it seem like double die are so important ? And can every year have them ?
The reason I would say I don't know about these coins is to gain some knowledge from the coin dealer about the coins. Maybe they will say something I don't know already.
One satisfied customer may earn you two future customers and one dissatisfied customer will lose you twenty. Pretty simple stuff.
What if you have some coin that you see on the coin show but can't afford to get them graded can you recommend any good pawn shop!
My local coin dealers are super nice and do a lot of business!
Awesome!
Good info
what can ONE do to ensure THIER coin is not switched by appraiser s when getting graded & how go about knowing some how it's your same coin
Hey bro, I just wanted to know if there is a 1958 penny where Lincoln has two eyes one where it should be, and the other one is between thè eye and his ear
Would you take the time to look at bicentennial quarters if someone brought a couple rolls in or would you simply tell them they are just quarters worth 25 cents I would be very grateful for an honest opinion thank you
I recently came into possession of 399 1979 D pennies, as well as a 1976 D penny, what do I do with them?
i have a really good collection and i need to move them and im looking for someone that would help me do so for a good percentage any suggestions
I've been VERY fortunate with my local coin shop.. Here in west Texas, there are not very many coin dealers. The one legitimate coin shop within a 150-mile radius is a well-known, well-respected member of the community.
My biggest takeaway from getting to know him is that you can't put a price on honesty. He started with 1 shop in '82. He now owns several shops all over west Texas and has a thriving business. That's what happens when you play it straight and are more than fair (almost to a fault)
That is awesome!!
BigMike, I'm pretty sure that you and I shop at the same place (I'm in Midland).
If so, I absolutely agree that he's the most honest dealer that I've ever dealt with
Or maybe that's what happens when there's no competition? 🤔
Would like to send a pic of my coins to him.. what is the shop?
Which shop?? Can't find a honest guy in town.😢
Do you know any reputable appraisers in Massachusetts?
Thank you
I do it different, if i buy from a dealer i tell him i have to pay costs like Ebay 10% and then I negotiate about the price if he doesnt ask a price 20-30% under the value, I buy nothing. If there is a bullmarket i do it different but nowadays, i pay less and if i want to sell i still can make a profit, there is always a dealer who needs cash.
Hey TT! I think i am in possesion of a error coin. An 2002 italian 20 cent euro with an error on the bottom right foot. I have heard that they go for lots but i dont know where to grade and sell it. I live in sweden.
What would you pay for 1968 and72 dime w/out mint mark
Like an idiot I sold my parents collection of 300+ Morgan's when I was younger to a coin shop in town and he was buying them at 30 - 60 a coin with 2 coins he paid 2500 for at the time..I highly regret it to this day.... Now that I'm into coin collecting I know he was just paying me spot and more than likely low balled me on those 2 coins. But then again they have a business to run. That's why I don't really like watching videos on Morgan's because it reminds me of the terrible mistakes I've made in my past. That doesn't mean avoid coin dealers just do your research before you go in and be fair, they'll do the same.
Don't invest in precious metals with money that you're going to need for everyday living expenses. When it comes time to sell its better to come from a making profit angle than a " I have to sell it" angle and sell under your purchase price.
I have a USA sandwich quarter that has the reverse on both sides, can it be worth something?
I have a 1982 D mint penny. It weighs 3.1 grams. I am curious if it is small date or large can you help me???😊
Get a Redbook of U.S. COINS or an authoritative Book on Foreign Coins and DO YOUR HOMEWORK with your coins using the books!.
what is the link to your ebay auctions Christian ?
I found a 1982 D in absolutely beautiful condition with four errors,DD D error, plating error,close AM and wight error,have searched everywhere looking for one similar and have had no luck,anyone have any advice
Never take coiins to pawn shops they will rip you off
where should I take them then
@@Luweezy coin shop i got two pawn shops near me, they lowball you dont get ripped off coin shop not pawn shops
Everytime!
Hi,where to sell the old south Africa coins here in namibia 🇳🇦 but not with the coins dealers
What is a good book to educate myself on coins?
Question: Would you say, most coin value in the Red Book are 1/3 over priced. In the last 1.5 years the going prices on ebay have gone up 10 to 15 % or more. This is U.S. coins. Have you also noticed this or is in just me? Take care. Always enjoy your videos and the info you provide.
Good information
Has been a very strong market recently - I think the sold eBay prices are a way better judge than Redbook.
@@TreasureTownCoins Thank you. Need to find out how to view that.
Are 1943D and 1944 pennies worth anything? I have many but the prices are all over the place. They are in fair condition, thanks
With old coins its more difficult. New coins are usually straightforward... pay near the spot price of silver or gold.
I just received a huge bucket of coins I’m getting ready to go through ❤❤❤
Thanks alot how can I follow you on social media. I have 2 JFk dollar coins from 1964 where his hair is obviously accentuated and I think I'm sitting on some pretty valuable coins from my collection
dont go to a coin dealer. Go to a PCGS show and ask people there to certify your coins. Get your true worth.
I have several 1968d ddo 1968 no mint mark ddo penny's that I am trying to sale. Help help...........
Where could I sell my 1982 Small date pennies at? What would it take on my end? Please help, thanks
Cool 😎 thanks
lol I had key dates and semi key dates that were some close to slicks but date visible and others high au to Ms, all silver and was only offered between 50 from the first table at the coin show then 75 from the next but had I submitted and had graded them they could have easily sold for 600? I feel as though they just wanted to buy them on scrap silver even though they were sought after dates? Didn’t have time to argue nor do I like to so I let them go for 75. One 1889 -O one 1927-s SLQ one 1964 in high ms quality one 1899 D barber quarter one 1931 buffalo nickel one 1935-s peace dollar and a really nice 1907 Indian head
If you’re not keen on getting ripped off selling your dad’s collection, why not just keep it? You’ll have something to remember him by, and over time, you just might pick up a new hobby!
Perhaps their father abused their them, so their children don't want anything to remind them of him. Perhaps they want to get rid of the bad memories, but at the same time, want to make sure when they sell it off, they get the right price. ... being afraid of getting ripped off is remedied by educating yourself, which is the point of these videos.
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@@UnderWorldOfDarkness Hey, we could all using some growing up. But you’re right…not all dads were good to their kids.
@@UnderWorldOfDarkness
You need to get your mental state diagnosed buddy.
You are going around thread to thread spamming the same thing and even slandering a certain group of people.
Help yourself first before you can help any cause.
@Eric-dd8bk What group of people am I slandering? If you have something to say, then say it. Stop with the riddles. If you want to have a conversation with someone, try posting a complete thought. Oh, that's right. You really don't want to have a conversation, you just want to talk down to people right?
I wish I still had my dads. We started one as a family & my sister pawned it when he died without me knowing for god knows what. I have almost every coin we had by searching every day since.
Thanks
So shouldn't the owner of coins want to make a profit on their collection too? What's the sense of selling at a loss?
Had a bunch of old coins some had some value the dealer would only offer small money the coins are now dumpted 😂😂😂 sometimes knowing someone else didn't profit from a quick sale makes things better even if the coins are gone.
I have a 1937 buffalo nickel , what is it worth, and what do I do now..
Look around when you want to sell your coins. I had some very nice red brown Lincoln cents late 20's early 30's. One dealer looked at them I'll give you 20 dollars for them. I said,' I'll keep them. Another dealer said, I'll give you 83.00 dollars for them, 9 coins total I figured I may have lost 15.00 on them but way better than the first guy.
Smart! Sounds like you used good discernment.