How Coin Collectors Can Hurt Loved Ones When They're Gone
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- เผยแพร่เมื่อ 18 พ.ค. 2022
- How Coin Collectors Can Hurt Loved Ones When They're Gone
Coin Shop Website portsmouthcoinshop.com/
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How Coin Collectors Can Hurt Loved Ones When They're Gone
Coin Shop Website portsmouthcoinshop.com/
Go to our help community here for coin help coinauctionshelp.com/forum/index.php
I checked that 1865 3cn on NGC verification. It is listed as PR0 with a value of $15. Amazing what people buy. The case is probably worth more than the coin.
I’ve seen this so many times while hanging out at the local coin shop. People come in with this stuff, my friend has to give them the bad news. I’ve seen people get mad at my friend, accuse him of trying to cheat them.
Those people definitely need to watch this video.
Tell them, Google is your friend.
@@zzygyy Absolutely true. Tell people to do their homework, before they throw their money away. As a lifelong coin collector, I cringe every time I see these criminals taking advantage of people.
I was in a customer home and I saw some of those Danbury sets in her office when she was writing me my check. She had a 5 coin Morgan Unc set of common dates. I told her I was a collector and she offered me the set for what she bought it for, $2500.00. I was aghast and declined her offer. At the time I could have brought them for about 200. She was advanced in years and I felt real bad for her.
My Dad did the same thing. When he passed, it was my job to go through his coin collection. What I found was many coins such as these. While he had coins worth a little, the overwhelming number of items were junk in fancy cases.
$189! That's outrageous.
My family doesn't have to worry about cashing in on my collection when I'm gone, I'm taking it with me.😁
lol!
Gotta pay the boatman
Recently went through the same thing with my deceased uncle. He had bought a bunch of junk from the American mint.He had all these worthless coins in his safe deposit box. So on top of all the money he wasted on his collection he was renting a bank box to store them as well.
Yeah, any retail business that calls itself a "Mint" deserves instant opprobrium.
You mean "American Mint" as opposed to the actual, official U.S. Mint? Or he bought official stuff that was overpriced?
My neighbor found out I was a con collector so got out his half dollar stash to shop me, he'd collected them for years, I had to break it to him that they were all modern clad, he was 70 years old and thought he had a rainy day fund but he had maybe 500 dollars of clad..I showed him how to collect and roll sorting so he coukd start with some information but that was heartbreaking to tell him he'd wasted years getting face value half dollars.
A fool can be born every minute, ones that can fool a fool can be born every second.
I own an auction house. This isn’t a problem specific to coins. I see this every single day.
The graveyard is filled with indispensible people, and the landfills with priceless artifacts.
@Ban this youtube sport memorabilia has made a slight comeback. I need to go through my collection and then have a nice bonfire in the backyard with most of it
You are the Most honest person I ever get to see thank you Daniel.
Leave your loved ones a note telling them where to go and whom they can trust to be fair to them. When things like this happen it's so unfortunate.
If you know you are on your way out, sell your collection.
Leave your loved ones the cash, they will apreciate it more.
If they are not collectors, leave them item at most to remember you by.
My dad was into the same stuff. He always said he had a trunk of coins that were worth a fortune. He passed and we had to sort thru his stuff. He had around 200 bucks of coins that he paid over 5 grand for.
Nicely done sir! I'm going to share this with at least 3 people in the hobby and ask they share it,because it's a VALUABLE message. I appreciate your humble teaching spirit ONLY looking out for others!!! Kudos and I tip my hat!
My papa bill bought a bunch of copy/fake coins from TV ads back in 2006-2008 and to this day I wonder why he would do such a thing after decades of collecting genuine valuable coins and understanding the difference. When he passed apon checking the coins not only were all of his recent coin purchases from TV ads which were copies… they were also damaged with artificial toning. It looked as if they sprayed the toning chemical on the coins prior to sealing them in the graded holders. Which to my knowledge were probably BS holders but long story short Daniel is correct it is very disappointing to think a family member was in essence “swindled” or tricked into buying overpriced worthless items. Shame on those folks for tainting our hobby with this crap
My 80 plus year old widowed aunt was similar to your papa. She was an educated life-long collector who got me into the hobby as a kid and left me some valuable additions to my 19th and 20th century copper and silver album's and stacks. Prior to her passing at age 94, she remarked "it would be good to have some gold" and, well, she bought some, mostly from magazine ads and over the phone, and she was overcharged dearly by some unethical salesmen. Why? She was lonely, bored and becoming increasingly demented and a vulnerable victim to friendly, professional sounding, smooth talking content men who found this sweet elderly lady to be an easy mark for scams.
I'm horrified by the Danbury Mint "deluxe" box! $189 for THAT? Yes, it's a nice box---ought to cost maybe $25 tops---with the added face value of the coin rolls. I've "collected" about 30 of the Washington Crossing the Deleware quarters---they're circulated, sure---but very bright, clean, and new. I stuck them in an empty tube and just squirrelled them away, and I figure that maybe in 20 years (or so) my family might get a kick out of them. I think this is a very kind video. Publlic Service Announcement.
That’s a good idea for stacking as many as you like of the circulated Tuskegee Airmen, Washington Crossing the Delaware and the 2022 Women Quarters. Get them from a bank before they are damaged.
@@everettwhite9874 You can just go to a bank and ask if they have any?
@@everettwhite9874 Or get lots of half dollars, because occasionally one will be old enough to have some silver. Better to sift through them periodically, though, because there won't be many silver ones.
@@rubies200 Depends on the bank, and how old is the coin you're seeking.
You should spend those quarters.
I recall back 50 years when I was a kid collecting coins. A commemorative coin was put into circulation and all the adults were talking about how they were going to save them because they'd be worth something some day. I started saving them too. Then I looked up the mintage figure, 100 million were made. As soon as I saw that, I spent them. So far, they are still worth only face value over nearly a lifetime later.
My heart goes out to you Daniel when you speak of this situation happening to you over and over with crying customers. ❤️
My old boss had me go to the dump with a pick-up truck with sideboards filled to the top with collector plates. You know, the ones you see for sale in the back of magazines, $9.95 to $39.95. His mother in law died and nobody wanted them, she had got them in the mid 80's and 90's. 500+ plates. I said i couldn't bring them to the dump, he said keep them. I gave most away and i have about 100 or so i liked. very little money in them, If i wanted to take the time to list them on ebay i may have gotten $5 each. Everyone got a plate for x-mass that year, all were in the shipping boxes and had all the paperwork, she paid $9.95 to $60.00 for each for them.
Make a two part inventory. On one sheet list stuff that is has very little value. Another sheet is collection that should be taken and appraised. Keep the inventory sheets updated if you buy more. Make sure a family member is aware and knows were you keep it.
I also have a couple of recommended dealers who know my name that they can take the collection to. I'm into ancients, so it's a bit more of a niche market.
This can also cause bad blood between family members when one gets the coins and the others think they're of great value...Like my Dad's collection of gold coins that I got. They were those gold clad quarters. I told my family they could have them if they come over to get them and was told, how do we know you didn't take most of them for yourself and are only going to give us each just a few to keep us off your back? I thought that was amusing, so I told them I changed my mind and will keep them all since they're worth a lot of money. Anyway, I collect my own coins and told my only daughter they aren't worth much at all, though some will add up to a bit of cash but not much and showed them all to her and explained them in detail so she knows what they are.
Why do reputable magazines like AARP and The American Legion allow unscrupulous companies to advertise in their magazines when their target audience are retired folks that are unknowingly scammed into buying this garbage?
That is simple.
MONEY
The usual answer - money.
One would think that, given 70 years or so of life experience, "retired folks" would be the ones to recognise scams before most. But with all safeguards enacted there will still be those who fail to pay attention to the large print, let alone the small.
I know zero about stocks and shares, so if I were ever to require any I would seek out the advice of someone who does know about them. Anyone who would just dive into the deep end really does deserve the sharks awaiting them down there.
.
It’s not that simple…even “reputable” companies have stepped into marketing coin “subscriptions” via the ever mundane junk mail flyers. Part of my Low Dough Coin Collecting Show tonight was about “Mail Order Money” where I went ahead and ordered the overpriced packets offered by LITTLETON….yeah the folks who’ve been selling you coins and albums since 1945….
Maybe -- it's just those magazines aren't as reputable as you think.
A very wise article here. I have witnessed a couple of times while I was shopping in a coin store other visitors, who had little knowledge about collectible coins, find out that "valuable" coins were not really very valuable. Sad. My father's best friend bought coins in the late 70's and early 80's through a "professional" coin investment firm's program. (Remember those?) Sometime in the early 90's he asked my father if he could help him figure out what his purchases were worth. By then coin values had sagged after inflation had burned out and the coin exchanges had collapsed -- a great time for true collectors but not good for investors. Anyway, my father and his good friend took the latter's pieces to the local coin store, and the dealer gave them an appraisal. In his opinion all the coins except for the most valuable one (a gold piece, something like an early D or C quarter eagle, I recall) were genuine coins, a few were cleaned, but none of them were more valuable than the purchase prices. The dealer was not sure if the most valuable coin was counterfeit, just suspected it. Anyway, the program was not a success. Gold and silver coins are a good hedge against inflation as long as you are buying when the bullion prices are relatively low or aren't spiraling upward. And, then, why did he not buy government bullion coins, even the Krugerrands popular in those days, and just stay away from the premiums payed for collectible coins of which he was ignorant? My father's friend probably lost some tens of thousands of dollars. I know that what is being discussed by CHU here is not precisely related to my story but it is still another warning of caveat emptor. They used to say buy the book before the coins.
Beautiful sets but I wouldn’t dare pay $729.00 for that last one although it’s my favorite of them all. I guess I smartened up bc at one time before watching coin videos I probably would have gotten sucked in with all the hype. Thank you for sharing all your knowledge with us and I enjoy watching your passion to help others🥰
I have a detailed inventory of all my silver and gold along with instructions (I was a coin collector as a child) so I know not to buy garbage. My instructions include typical buy/sell spread pricing, and I even have Daniel’s information as an honest dealer.
You make an absolutely great point. My meager collection is worth didly, and now I'll be sure to note them as such. I appreciate your insigtful videos generally.
Great video, I collected coins as a child and I just saw this in my feed. Brings back good memories. 👍🙂
This is so sad. Thank you Daniel for informing the world about this.
Daniel: I almost died laughing when you talked about the "deluxe" collector rolls. Gosh, I guess I have an "exclusive" coin collection (exclusive to me, anyway). Thanks for the laugh and the very informative video. Cheers.
Just about as "Exclusive" as my pocket change.
Great segment. I have a few boxed coins and some libertads. I told me daughter to look up all my coins when I die, since I overpaid for the boxed and also the libertads but I bought those because I like em.
Just being left something from your loved one or family member is much better than hearing, "not for any lack of love or affection, I leave my children nothing." That cuts deep and shreds you as a person💙
The worst thing is leaving non-coin collectors coins to deal with, that's not a good idea, unless you leave detailed instructions.
The boxes are bloody BEAUTIFUL!!!! I am a collector first and a flipper second. If I want to display "a" set I look for a beautiful box and, usually, have them black foams you can cut any formats. But it is for stuff I collect since I was a kid, mostly Silver. However, it is not unusual to find those things in yard sales and similar, at the end of the day the poor souls sell for like spot?
But those boxes ...
Thus year my Dad and then a few months later my Mother in law passed away. We had the same kind of issues with things they were keeping. So many little collections from random mints that are worthless. At an rate it forced me to educate myself a bit. I've watched Magic the Gathering cards my whole life so I'm always wary when someone try to pump a "collector" box, usually it's mass produced garbage.
My grandfather did the opposite. He left me a giant box of random junk silver and a silver certificate just hanging out loose in the top of the box. Score.
Thank you for the consistency on helping the public; just like this video.
Love your honesty ...Keep up the good work
Never met a real collector who buys stuff like that and never will. I've seen grieving widows realize they were left nothing worth what they were told and cry with a passion beyond words and it gets to you too cuz you are the one who has to break the news to the person. Scammers are a sad breed.
I did buy one set from HSN and luckily that was my first and last. I also lost $400 on a online scam during my early days here. And since, never trusted any online deals. There may be genuine people out there, but I don't deal without seeing the item in my hand. I learned these the hard way. Should have done some research before committing on those purchases, but I was stupid enough. I don't regret anymore as I learned a valuable lesson. May be my lesson came with a price. Not all come with experience.🤷♂️
The silver certificate in the box is actually pretty cool, especially if you can pair it with a gold certificate. The presentation of those in the box on a desk would be actually very nice. But you're paying for the presentation.
The Civil War era coin set is very cool, too. Again, nice presentation on a desk with the box. For this set, you're paying for the presentation and the convenience of getting the coins rather than hunt them down on your own to find the best quality you can afford. Some people love the hunt, others just want the set.
Well said! These companies need to be exposed. They are not doing anything illegal, just unethical.
A friend of my Mom’s father passed away and he had a huge box of knives, “collectors knives”, like the kind you see sprawled out on a table at the flea market and each knife is $5 and you can usually get them down to $2 if you buy a few at a time. The same set that’s on “The Knife Show”. All those various wall hanger knives made out of chromed pot metal that have dragons painted on the blade and you can buy 100 of them for like $99.99. There will be a “big” knife and a bunch of little folders and they’re all from China and garbage.
She thought she hit the jackpot, her Dad sold these knives at the local flea market and he had them labeled for WAAAAY too much, dinky folders for $20, the “big” knife had a price tag of $100 etc., just WAY over priced for Chinese junk knives. I collect knives so she came to me first, she got mad and argued with me. I told her how much they’re worth and she’s all “nah-uh! See, this one says $30!” and I showed her the same knife for $5 with free shipping on eBay, she still didn’t believe me 🙄. I even turned on the TV and The Knife Show was on (it’s always on, lol) and they had a huge set for like $129.99 then dropped to $99.99 and I told her to do the math, if 100 knives is around $100 then each knife is worth about a dollar, she said: “Nope. These are worth more.”…. Apparently she took her fathers knives to another “expert” and got the same appraisal that I gave her, she never brought up those knives again, LOL
it is a sad reality.
I go to estate sales often enough. While some are looking through the shiny junk, I go to the kitchen and basement looking for antique cutlery and tools.
It's hard enough to get decent money for nice knives, let alone that junk...
I have seen this happen, people come in thinking they inherited a nice collection from Grandma and then they find out the coins she spent $50,000 on are worth $1000
See that why i like watching your videos.....your helpful
Fax 👊 Id extend this to mention most family members (older kids / grown adults) ive met dont want to deal with divestment of coins. They dont appreciate or share in the enthusiasm "wish he'd just left us money" 😪 😔 oh well
Sad to see people getting scammed like this.
My brother went through a long bout with cancer and used to lay around watching home shopping channels. When he passed away with his bank account literally down to just a few dollars and I started going through his stuff I was absolutely stunned to see a bunch of recent date boxed liberty and peace dollars. Neither of us is a coin guru but we both did some research over the years and we had discussed what a ripoff those things are...so rather than him leaving a few bucks in the bank for me to use to deal with his funeral expenses I got a bunch of $70 coins that I value right around melt. There were some other items like that involving stamps and stuff also, just seeing the names of the companies on the boxes led to instant disappointment before I even got to the contents...LOL!
Excellent vid(as are all of yours!). This one hits home with me as I have been collecting bullion and coins for about 10 years now and came to the same realization a few years in. I was buying alot of "stuff I like" and when I started looking at the entire collection, it hit me that this is not really worth what I was putting towards it. I decided to add to my "stuff I like" pile more things like 10oz bars(Sunshine Mint rules!), rounds, and American Eagles. I still have about 10% of the other stuff but my 1000oz collection now feels worthy of leaving to my children.
Good video. I like to think that almost all of us have done this before. I know I use to buy some of these many many years ago. What normally got me was the payment plans.
Have a great day sir! That's sad! Especially if someone is grieving and think they've got something worth money.
I usually only buy for. I especially don't buy fancy. I've bought a few over priced coines because I like them.
Great discussion! Your so right about these sets being over sold and prey on the Elderly
NICE JOB DANIEL TO KEEP US INFORMED THANKS FOR GREAT INFORMATION ALL WAYS BUY FROM A REPUTABLE DEALER LIKE YOU 👍
Love the video with very simple content and great/accurate information. Thanks
Great advice!! Thank you again, Sir 👍
Sir, you have given VERY good advise. Everything you said was absolutely true.
My buddy had a lot of Franklin mint ingots his mom bought back in the 70's. Each was an ounce of .925 silver, I drove him to the local pawn shop. The pawn shop man told him what he would pay. In other words scrap. My friend got indignant with the guy, "these are Franklin mint" I told him they were only worth metal weight. The pawn shop owner said "listen to your buddy" I reiterated take the scrap money",he did. At that time silver was 18.00 an ounce, he had over 150 of these ingots. He was able to pay his Bill's and buy groceries.
Thanks Daniel ! VERY sound advice. Never bought from those companies before. Don't see me doing that in the future either. The packages look really nice and that sucks people in..then throw on top, LIMITED quantities and an EASY payment plan...and the fish is on the hook. Definitely leave notes about your collections.
Been there done that my father wasted thousands of dollars with this B.S. they sale to people tried to move it for my mother after his death she was so upset at the money he wasted based on there account of it collectibility tried to tell him it was just a scam to get your money.thank you for your video maybe you will save another family from some heartache .he also fell into the stamp scam as well
Excellent video. Great idea leaving your heirs some sort of note regarding the real worth of their collection and why they collected it. Like you say the real value of a persons hobby is the pleasure derived from it not what someone will pay for it after your are gone.
i feel bad for people who get tricked into buying stuff like this thinking its a treasure trove sadly that's not the case
Wouldn't be the first time a guy paid too much for a box.....
This just reinforces my personal standpoint on never buying from these online shops. Ive got a local guy that does old american money of all kinds. Ill def stick with him after hearing stuff like this.
I’ve explained to kids why and how I stack. I don’t hunt quote rate coins etc. I use my classy Crown Royal bags for my coins
That’s something my dad would use for coins
Very good Information. You bring a great point and something to pass along. Thanks
Anything sold as a "collector's" item will only depreciate. Doesn't matter what collecting field.
Yep, anything that becomes collectable and actually worth something was rarely ever intended to be a collectable in the first place
Good advice Daniel. Thanks for the share!
Sound advice. Thank you
This why I, A: stick to mainly bullion silver, aside from a few pieces that I just think are pretty, and B: have let my grandfather know about my stack, so that if anything happens to me, at least one person knows where the metals are, and how to distribute them.
I called one time and asked the lady who answered how could she and her boss sleep at night with the screwing they were putting on unknowing customers? She asked me what did I mean? I told her the prices on the coins they were selling was equal to robbery. She hung up on me. Oh well, I felt better after getting it off my chest.
It hurts those whose hearts are in the wrong place.
good video man! this is good to remember. Thank you
I am appreciative for this information. Realistic. The coins I leave behind will hopefully go to someone who appreciates and enjoys it, and maybe wishes to add to it. ...I may leave a note, just in case...lol
$189???? That's insane! Thank you for all of the informative videos!
There is a special place in hell for salesmen, especially who ever made the phrase "don't wait buy now"
Thank you for doing this video I will show this video to people that want to sell me there coins and there is alot of these box sets .thanks
True information. All of these kinds of things you should consider money wasted. I would turn it around, and challenge collectors to not buy such overpriced things and concentrate on collecting in areas with more real value for what they spend.
As for when I am gone, its all in SDB and there is an address inside directing my wife which auction firm to send it all to if she wishes to sell them. Told her to wait a year and they will mail her a check. I do consider any money spent on coins as "hobby money", but also am cognizant of buy sell spreads and try to not be a sucker.
Thank You so much for this video, I have friends that do this kind of stuff, that's what they like, well that's what they like. Such as life. Thank You Sir.
That box might be more collectable than those Crossing the Delaware quarters in fifty years time!
Thanks for the info.
Shoot, I need to start making coin display boxes....that's where the money is🤣.
$189.00, OMG! THAT'S RIDICULOUS!!
That Civil War coin set is actually really cool! The price is not cool at all.
But if it was at the right price it would be awesome! Imagine if your child or grandchild is in school learning about the Civil War you could show them those coins as an example of the money used back then and point out that some are silver because back then silver & gold were money. Then explain modern fiat currency to them.
It is a great learning tool. My mom was a 5th grade teacher and that set would’ve been great for her classroom since the coins aren’t too valuable and could be handled by children without worry of damage. Even if it was stolen it wouldn’t be too big of a deal if bought at a fair price.
Told the wife the silver bars are an investment and may even wealth preservation, but the coins are a passion.
I buy the odd neat coin from SilverGoldBull, but mostly directly from the Canadian Mint itself. When it comes to coins I buy them for their uniqueness, and the quantity minted is another big factor for me. Quality is pretty much guaranteed from the Mint.
Hello from the great state of Michigan. Thanks for the education Daniel
Part of me is afraid when the day comes that I will have to clean out my dad's safe deposit box. He has many coins in there that he had purchased with the intent of them increasing dramatically in value over the years. The thing is that he had purchased many of them on ebay, so who knows how legitimate they are, even with supposedly being pre-graded. Or things that require finding a very specific collector, like commemorative silver coins from the 1988 Calgary Olympics.
Great video, I’ve been in coin stores and seen ppl bring in stuff that they thought was worth a fortune
My dad loved coin collecting and only did it for fun, he didn't even expect to get anything for his coins, but honestly i wouldn't mind getting them appraised to see if he had any hidden gems
they are nice sets but you are right way to much money I have been collecting over 50 years and I tell my family my coins are worth the face value that is on them I collect for the fun of the hobby although there will be some value for the silver coins I own
Solid advice for the numismatist. Setting your beneficiaries straight that way would save them the embarrassment of public disappointment, and save any dealer they approach with their bequest the difficulty of having to inflict that disappointment.
Though the advice does also serve anyone who has the kind of relative who makes no effort to hide their keenness for such a demise, and the thought of perhaps turning that treasured collection into an Italian Supercar or something similar. For this purpose, further advice would be to drop hints about what a wonderful investment their purchase has been, perhaps with the odd favorable comparison to Tesla or Apple shares. And ensure that the dealer recommended to the beneficiary by his benefactor had been properly primed for the event. Maybe ooh-ing and aah-ing over the collection for a while before "revealing" that they couldn't really afford to purchase a collection so far out of their league - "you want Sotheby's, mate.**"
** a common remark in British antique shops when a wannabe has brought in some common and/or worthless object in the belief that it has enormous value.
.
Thanks for another video.
I also really like the civil war era coin display. If I could find that box I would do exactly what you said haha
Very good advice.
Friends don't let their friends buy coins from Television.
Too Right!!
Great video for those that don't know.. Good on you
I just can't imagine why I might forget to tell my Wife about the $75 dollars in Coins I paid $500 for with a display case...
Having worked in a Pawnshop old guns have a similar effect. People bring in an old cap and ball rifle that's actually been in there family for a hundred years and think it's worth 10k and find out it's just worth a few hundred as a wall hanger home/cabin decor..
if your loved ones plan is to get your collection and sell it, you've left that collection to the wrong family member...
I had the opposite happen, my father-in-law passed and left a load of old silver coins and bars and I have no idea if he may have collected something worth something. None of it's labeled and mostly in old cool whip bowls.
Good Evening Daniel!! 🍷 It can't feel good to you either to have to watch a disappointed grieving family member cry!😪 I can't guarantee that my family will ever receive more than what I have put into my collection. It depends on numismatic market forces, of course. But I can guarantee that I won't be leaving them holding a bag of that kind of crap!!!!🤬
THANKS
thank you..
I love the box that that shiney thing came in. Lol.
You’re so right! Also resist most Facebook adds if you’re new to buying.
"Deluxe" is an advertising tactic used by Trading Card Companies
I watch various tv coin hucksters for laughs. One guy was selling a kilo silver bar. I found that exact bar for almost 400 dollars cheaper. It took me all of 30 seconds.