How I Verify Trust in Under 60 Seconds, Using a Single Coin • #steemsilvergold • What you need to know!
Trust must be verified
If you have ever been to a coin shop or a place that offers "cash-4-gold" service, then you need to read this. Before you sell jewelry to a jeweler, coins to a coin shop, or the gold bricks under your mattress - verify trust!
Just because they are in business doesn't mean they aren't shady characters looking to rob you blind. I have seen so many people lose money and get taken advantage of when selling their precious metals. I wish I could tell them all the same thing - once - so I am writing this to essentially point to it later when this conversation comes again (it will).
Do NOT just sell coins, jewelry, or precious metals at any dealer or person that you have not verified trust with. It won't end well for you more times than not if you choose to trust blindly. Unfortunately, people do shameful things when money is involved. VERIFY.
HOW I CAN VERIFY IN UNDER 60 SECONDS
When I enter a new coin shop or precious metals dealer, whether it is a large facility or a pawn broker's shop, I take this coin:
This is usually in a case and I take it out when I go into a new shop
First thing I do is hand it to them and ask what they will give me for it
This usually goes the same way - I have the routine down because 95% of the people I have dealt with were downright dishonest and the response I get is nearly identical every time
'Melt value', they all say without hesitation
Knowing it has numismatic value, they lie and tell me it is worth the melted metal value. I wish I was kidding or exaggerating when I say that almost every single shop I have taken this to played 'stupid' with me right from the start.
Here's the current melt value, as of writing, compliments of coinflation.com:
$12.70 is what they would give me today. I guess they would! Let's find out what it's really worth!
Morgan Dollar • 1893 • Mint Mark "O" • Minted: 300,000 • In "good" condition the lowest current value:
This coin is between "good"/$90-100 and "fine"/$150-165. It is worth every bit of $100-125 (USD)
I have taken this to maybe two dozen shops and had it appraised. Melt value is the most common response. That is just wrong!
Sell to a professional and lose 90% of your value - something's wrong with that
They are supposed to be the knowledgeable experts, so it amuses me to see them 'act'. I like to point to their current book and open it to show them the 'actual value' and make my point clear. I can't stand that people get away with that, so I am compelled to warn anyone who will listen. If you go to these places with heirlooms that you know little about and sell them, you must be very careful who you deal with.
How to avoid dealing with unsavory dealers/buyers/brokers
Do your homework:
the internet has an abundance of info, so use it. Never sell anything you think has value to someone that you have not verified trust with. It is vital to establish trust, first! Educate yourself prior to dealing with any 3rd party involving your assets and they will not see you as an easy target.
TEST AND VERIFY
You can do the same thing I do - bring along something you are sure of the value, play dumb and see what type of person you're dealing with. It is a way that I have found to work in less than 60 seconds. WHY? Because a person that is unsure will ask to have a moment to look it up. The dishonest people will have an immediate response. Either they will state the true value or they will lie. Either way, I gain all the information I need to verify trust, in under 60 seconds.
Use resources at your disposal.
If you are selling precious metals or coins, you can research the value online (prior to visiting a physical retail establishment). I recommend using this site:
http://www.coinflation.com
I find it great for coins and base metals calculation. You can also check gold coin values and silver coin values there, which comes in handy if you collect coins or coin-roll hunt.
I also recommend using the vast resources on Cointrackers:
http://cointrackers.com
There's a ton of info there as well. If you have inherited jewelry, you might want to read this helpful article I found on Mygemologist.com:
How to Value Inherited Jewelry
Closing Thoughts
One way you can avoid getting ripped off is to NOT SELL ANYTHING you have any question about the value of. That avoids losing a valuable asset to a dishonest person. I cringe when I think of that happening.
I hope that more people will verify trust first. At least the dishonest will get the hint. I know I have made my point very clear to a great number of them that I've come into contact with. I can only hope that more people will do the same.
I love precious metals and I love that people have access to them. If people cannot access these resources without worrying about being taken advantage of, then that's a damn shame.
I'd love to continue the discussion below
This post is correct and disappointing. Imagine a scenario where someone has received a rare coin, similar to your Morgan.
I know of at least one local shop that will simply blurt out Melt value for any silver coin. This also will occur at pawn shops and flea markets. Most coin shops will call any coin a junk coin, worth melt value, before they check it for date / mintage / value. After they check its date and mint mark, the Trust Test starts. I know some local shops that will fail the Trust test and I know others that would pass.
It is disappointing, @goldkey. But like you, I know a few that pass the "trust test" and that is well worth my time to maybe travel a little or pay a premium (well worth it). I have heard some horror stories of friends selling things and later finding what they were truly worth years later. I'd rather people do a few google searches before letting precious metals and coins go. Really, I'd prefer more stuff it away and not sell it, but that is asking a lot..haha
I appreciate you chiming in, thanks again.
Smart! I like your moves!!!
😎👍
Works & works fast. Can't beat that! They self-identify in seconds and that determines whether I spend any money or not. They will never get the coin..LOL
😜👍
Well, as @gdwcoins said book prices never happen but there are other factors which should be considered:
condition of this coin is poor (I do not mean US grading scale which calls poor condition coins "good") and even rare coins in such condition are difficult to sell because collectors highly prize condition of coins they buy and collect but what is more important, there is a considerable risk that rare coin may be fake.
Actually there are excellent quality fakes of 1893 Morgans minted in New Orleans (i.e. with the O mintmark) so considering those two factors (poor condition & risk of buying fake) I am not surprised that unknown seller would be offered scrap value - the "trust" goes both ways in this business and verifying authenticity of such coin may cost quite a bit as those fakes which circulate are very high quality and not easy to spot for an untrained individual (even a dealer).
@pibyk https://blog.starepapiery.com
The coin can be easily tested, several ways, but in all fairness we are talking about a coin that has circulated and is beyond a hundred years old. It has been pegged at over $100 / cash offer from trusted brokers/dealers, so it further proves my point: careful who you deal with.
Not everyone can see "fair value" and sometimes it is best to let the bidders bid.
Tested - YES. Easily - NO if you get one of them modern high quality fakes (BTW they are made from slightly better silver than originals).
Be careful who do you deal with - definitely 😉
But your test would have more credibility if you used let's say PCGS graded coin. This will leave the "fakeness" & proper evaluation of coin actual condition risk out of the equation.
Agreed, something like this (in better condition) might be worth the cost of verifying with Ngc or PCGS. Collectors favor the authentic and rightly so. I have no interest in selling it and having it slabbed would eliminate one of my favorite pocket-silver carries.
It's been 'hanging around' for a few generations and I certainly won't be the dummy to sell it. Sometimes 'melt value' means actually going to melt - the supply is only going down and the authentic coins will go up. Couldn't buy a twelve pack of bad beer for $12.70 😂 Not here anyhow.
Not a bad idea checking them out this way. Always good to do your homework
No doubt. It weeds out the snakes in the grass pretty quick. I'd never sell that coin even if it were 100x the value, it was an heirloom. I cringe when people cash in their deceased relative's coin collections at a random coin shop or pawn shop because I can almost guarantee they got shafted. These places are not all alike. There are plenty of trustworthy dealers, brokers, appraisers out there and it is
Thanks for dropping by @pit-bullion • Steem & Stack ✌️😎
Sadly, we are surrounded by immoral and unethical people. It's the world we live in, so I suppose we have to make the most of it. This is a great way to verify a person's honesty. Thanks for sharing and I resteemed!
I sold a Buffalo at a local shop recently. The price they gave was fine. When they took the coin though, they didn't give me back the case. Sure, it is a minor thing, but I told them I wanted the case. Hey, 59 cents is 59 cents, and I said I was selling the coin, not the coin and the case. The guy chuckled and handed it over. haha
Thanks @finnian! I bet the trust, but verify rings a bell, doesn't it? Wise words I recall you saying ;)
You certainly inspired the language and reason for posting this. I carry pocket silver generally, so I always have something to 'test' with when I stumble upon a new shop. Our last trip to NC, I must have stopped at 6 shops on the way down there. I like to see what sort of things I find and test the staff (I have a lot of fun doing it). When you start tossing facts out you can watch the change wash over their face. It's great.
And you have every right to get that case! haha hey, wasn't in the bid. I have two shops in Maryland that I use, but only loyal to one - Golden Eagle Coin - these people are straight up as they come. They do big volume online and in their shop. I always prefer to go in person because they are more than accommodating. When Bob sr. is there, it's always entertaining. He pulls stuffed animals out of his shirt for my wife and the kids, even let me sit and play with a bunch of gold bars and hangout for a bit - chatting with the silverbugs. They are a family shop and it's fun to just watch them work. They have a TON of antiques to explore as well. The shop is in Laurel, MD if you ever desire to take a day trip. Purchases over $1k of precious metals in Maryland are tax exempt 🙂
Don't take my word for it, trust but verify ✌️😎
Super appreciate you brother! I have a couple old coins and old bills that i want to get certified! I dont plan on selling them anytime soon but this is great info to keep in mind:)
I sent you what you paid (and some extra) - as apology. was a mistake and the tracker was not showing 'real-time'. Sorry, bud
check your wallet
Super appreciate you. Didnt mean the comment to be disrespectful and you totally didnt have to do that but i super appreciate it! I would have corrected my comment earlier but i was a little busy and side tracked with everything that is going on today. Sorry about that.
No problem, @presidentslabber. I totally understand and my apologies again for that. I am a full-time daddy daycare here with a 2 and 4 yr old, so I know life gets hectic..lol all day sometimes
lol right and that the hardest/most important job of them all!
Great tips I've never sold anything like that but will definitely be careful if I do!
I use this coin to verify trust - I won't buy from a dishonest shop. Nor will I part with my precious silver haha
I think doing business with honest people is worth a premium to me, hell, I'd pay extra for an honest opinion. But... I hate to think of putting a cent in the pocket of someone who is taking advantage of people for a living. What a way to earn, huh?
thanks for reading @owenwat and keep that eternal stack mentality!
I gotta say this is great advice. I definitely am gonna try something similar become I find a new place! Thanks @grow-pro
To be honest offering melt is a bit cheeky but maybe your mistaking greed with ignorance in some cases. As for offerings on the coin, buying coins at book prices never happens and most dealers pay between 40-60% of the coin market value, as any coin bought might sit there forever and they do need to make a living.
So if the market value was $120 i would offer $65 - $70
Very well could have been the case for one or two of them, however, like I was telling @finnian: I can see the realization wash over their face when I question them. You do have valid points; I realize shops have to make money and that they are essentially assuming some risk by making a purchase. To be fair, the coin I showed at $70 would be fair for the shop and the customer - both parties assuming some of the risks together. But $12...pfffff It's insulting to see some of these guys treat walk-ins like they brainless.
I rarely go in to sell, only to browse or buy. I do like to trade and this also works just as well. I've asked to trade this coin for silver bullion several times to feel out the person I am dealing with. Like I said in a few comments here, there are plenty of trustworthy and honest dealers, brokers, and resellers out there - trust but verify. Always.
Thanks for your valuable input @gdwcoins.
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A nice coin like that is much envied by coin magicians. Smooth silver Morgan dollars are about the perfect size for manipulation and tomfoolery! However, because of the price - only the serious coin guys ever buy them!
I bet! I wish I knew a few tricks - I hold this coin enough that I feel guilty for not having one..haha
The error coins are also very popular - the double-sided quarters I have seen people inquire about in a few shops I frequent. I hope this article can at least help people from dealing with dealers and brokers who sometimes pull the ol' vanishing money trick on the unsuspecting.
There's something truly magical about these coins. Just holding one in my hand gives me a sense of wonder and amazement at where the coin has been, who has held it, and what sort of history it might have taken part in. It's amazing to think about how these circulate. I have found Morgan Dollars that were buried, metal detecting here in Maryland. I wonder how much more is undiscovered and my mind begins to wander off.
Thanks for dropping by @yekrats! I'll keep my eyes peeled for a good double-sided coin for ya!
Some real magi will gimmick real money, effectively ruining it for numismatistic purposes. Apparently it's OK to deface money, as long as it's not done for fraudulent purposes. [Not that I've done a lot of that... <whistles> ]
Re: Keeping a lookout for "funny money": That would be very nice! Thanks, @grow-pro!