Another One from the Coin Store

[Dips]

My husband, Mr. Dips, works in a coin store.

A couple of days ago they had a haggler. Haggling is pretty much expected so that's not a huge deal by itself, but this SC was belligerent about it and the tactic the SC chose to use was to accuse them of overgrading the coins.

Overgrading is practiced by less-than-honest coin dealers but NOT at the shop where Mr. Dips works. It's FRAUD and accusing an honest dealer of doing that without justification is beyond rude.

Not to mention making false accusations to pressure the dealer into lowering the grade and the price is akin to extortion and fraud on the SC's part.

Nevertheless Barb, the co-worker who was helping the fellow, chose to take the high road and assume the man was making that claim out of ignorance and not in an attempt to extort the goods for less than they are worth.

So she spent 30 minutes going over the criteria for grading coins using guide books with illustrations as references.

It was complete waste of time. The SC kept rudely interrupting her and ordering her to fetch other coins to look at, then abrupting rejecting the grades and prices on those items as well.

Eventually it became clear that Barb wasn't going to back down nor was the guy going to buy anything. He left suddenly.

Of course he slammed the door and peeled out of the parking lot right into the side of a car being driven innocently down the road by someone who probably didn't deserve to have his day ruined like that.

The SC had to come back into the coin store and ask to use the phone to call the police and report the accident he caused. Mr. Dips tells me he was very meek about it.

[LillFilly]

Woah. Glad the guy got some comeupance. Feel bad for the other Driver though. Bad, bad way to vent your anger.

[protege]

Sounds like the guy was just using threats...to cover up that he's a cheap bastard. My feeling is, that if you can't afford a hobby, then you either shouldn't be in it...or concentrate on less-expensive items.

[Dips]

or concentrate on less-expensive items.

That's the key. 99% of old coins aren't worth much and, thus, are very affordable. Most coin collectors are people like my husband. It's very rare that he pays more than $1 for a coin. The bulk of his collection cost him 5 cents or less. It's a very affordable hobby.

So the SC didn't have to be such a dink; there were plenty of things within his price range for sale.

[mandaliz8704]

but instead he threw a giant hissy fit and bought someone a new car! Hey, no brains, no headaches.

[AccountingDrone]

ooo hijack...

do they still sell the frames to turn coins into necklaces without having to damage the coin by drilling?

I have a silver dollar that was given to my dad when he was born [sort of a family tradition] and I would love to use it as a necklace for formal dinners ...

/me looks hopeful

[Dips]

do they still sell the frames to turn coins into necklaces without having to damage the coin by drilling?

Yes. They're called a bezels. If you google coin jewelry bezels you'll find many examples.

[Plaidman]

Speaking of coins, my mom sold a rare penny when I was a kid for 3000 dollars. It was in a coin newspaper, but she didn't put her name in it. I got like two hundred dollars in legos. I was happy.


A 1969 Double die S or something like that. I recently relooked it up, and saw that the last one was sold for TEN THOUSAND dollars.

[Dips]

Speaking of coins, my mom sold a rare penny when I was a kid for 3000 dollars. It was in a coin newspaper, but she didn't put her name in it. I got like two hundred dollars in legos. I was happy.


A 1969 Double die S or something like that. I recently relooked it up, and saw that the last one was sold for TEN THOUSAND dollars.

That is awesome. It's incredibly rare to find something like that. I'm talking millions to one rare.

Your mom was right to sell it back then. If she found it in change the grade is likely NOT the one worth $10,000 today. Her coin probably wouldn't sell for more than $3000 today. And with inflation, it's worth less.

Selling it back then was a good move. And you got legos which you probably enjoyed more than having the coin.

[AccountingDrone]

Yes. They're called a bezels. If you google coin jewelry bezels you'll find many examples.

thanks=) will do so immediately=)

[Plank]

I found one of those undated 20p coins in my change a while ago. Since I'm travelling for a year I'm just leaving it wrapped in tissue paper and I'll see if its still worth anything when I get back. I don't collect coins, though i do also have a crown (old english coin, not an actual crown) and a five pound coin

[Dips]

All coins are worth something. They're money, after all.

But most aren't worth much more than face value. This is due to supply and demand.

The supply is plentiful because the goverment makes millions of these things and nobody EVER throws money away.

The demand is low because coins collectors aren't very numerous. And of those only a tiny fraction has a lot of money.

If you want to find out what it is worth you can go three routes:

1. Go to several stores that buy coins and get several offers. An offer won't cost you anything but it is NOT an appraisal. It is an offer to buy. If you feel the price is too low feel free to politely ask why. If they are too busy to explain be gracious about it. After all, you haven't paid them for their time and they are under no obligation to you once you've ended the transaction. Expect to be disappointed. As I said, it is very rare that anyone finds a coin worth much more than a few dollars.

2. Pay someone to grade and appraise the coin for you. That can cost upwards of $100. Coin experts have spent years acquiring their knowledge and expertise. Given that liklihood that you coin isn't worth more than you would spend, I don't recommend spending that kind of money without knowing more about the coin.

3. Do some research at the library. There are tons of books with pictures and examples. Pay special attention to grade and learn how to grade your coin. Then look it up in a price guide which will list some prices for various grades. These guides will also tell you how many of your coin were minted.

I heartily recommend option 3. If you end up going with option 1 you'll be better informed. And if your research tells you you have something very exceptional you'll know that spending the money for option 2 is a good investment.