Our office will be closed Friday, February 9th. We will reopen on Monday, February 12th. All emails and voicemails will be responded to early next week.

 By Appointment Only

2 Reasons Why We Don’t Specify Minimums for Coin Purchases Online

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2 Reasons Why We Don’t Specify Minimums for Coin Purchases on our Website

 

We recently wrote and published an article on how to handle rejection from a coin dealer. The responses were overwhelmingly positive. However, we received a response from an individual who we previously communicated with that was surprised we passed on her collection and had some questions. She was curious as to why we don’t specify a minimum dollar amount or a minimum number of coins on our website considering that we put such a large emphasis on transparency.

We felt like these were great questions that some of our other readers may also be interested in. We’ll provide a summary of some of the comments we shared and will elaborate on a few points to better explain how we operate and why we conduct business the way we do.

 

By Appointment

Before we delve into the specific reasons, we shared with our reader that our “by appointment” business model implies that we have some type of threshold or minimum for appointments. This is the rule of thumb across the industry, and in most cases, our minimum for appointments is below other dealers who have a similar business model; certainly, lower than most of the large online coin dealers.

When you see a coin dealer who specifies on their website or in their marketing literature that they see customers by appointment, know that this doesn’t mean that they purchase coin collections of all sizes. It also means that they may not purchase specific types of coins or sets. We do our best to share with prospective customers the specific items we’re interested in by providing a list of these items on the What We Buy page of our website.

 

Minimum Dollar Amounts

While we have a minimum dollar threshold for appointments, we don’t list this on the website for a very important reason. One of our specialties is handling estate coin collections. When we deal with estate coin collections, more times than not the individual selling the items to us is not the original owner of the coin collection, and in some cases, has limited coin knowledge. In many cases, a coin collection looks completely foreign to these individuals, and they have a difficult time determining if the items have value or not.

We can’t begin to count the number of times someone reached out to us with what they believed to be a worthless coin collection only to walk away with thousands of dollars. Case in point, at the time of this writing, we’ve met with a lady twice over a four week period who was ready to donate her coins, as she thought they were novelty items. Over our two appointments, we’ve paid her approximately $10,000. We can almost guarantee that if we placed a dollar threshold on our website, that we would have never heard from her nor the dozens of other folks that we ultimately ended up doing business with.

1916 d Mercury Dime
1916-D Mercury Dime

As was the case with the lady we referenced above, unless you’re familiar with the coin and bullion industry, you may not be able to identify solid gold and silver coins from coins that are simply gold or silver in color. You may also not be able to identify potentially rare coins versus common date coins. We want to be a resource to these folks by helping them to identify what they have, and if it happens to be in line with what we’re looking for, schedule an appointment to do business together.

 

Minimum Number of Coins

It’s also difficult to set a policy of a minimum number of coins, as the coin and bullion field has an endless array of coins and currency, which are all valued differently. As an example, over the many years we’ve been in business, we’ve purchased coins with values as low as two cents to upwards of a hundred thousand dollars and everywhere in between.

Obviously, when dealing with lower value coins, it will take much more to meet our minimum when compared to high value items.

Furthermore, it’s not possible to determine the value of a coin strictly by identifying the type of coin. For example, a standard Mercury dime may be worth $2, but a 1916-d Mercury dime may be worth $500 or 250 times the value of a common date coin. A date or a mintpewter 1776 Continental Currency coin mark indicating where the coin was produced can have a dramatic impact on the value.

Additionally, a coin doesn’t have to have any underlying precious metal content to be valuable. Case in point is a pewter 1776 Continental Currency coin, which has a record sales price of $264,500 in MS65 condition. While it’s not every day you find a six-figure coin in a coin collection, it’s possible that a single coin has significant value, which on the surface may appear to be worthless.

 

Summary

We hope this helps to clear up any misconception regarding minimums for appointments and welcome all our readers to contact us with their questions and coin collections. While we can’t purchase every coin or collection that we’re presented with, we’ll be happy to share our thoughts on the coins and will let you know if it’s a collection that’s worth pursuing or if it’s time to haul your coins to the bank or your local Coin Star and cash them in.

Contact us today at 404-236-9744 for an honest and transparent assessment of your collection!

atlanta gold and coin hqprov

Picture of Tony Davis
Tony Davis
Tony Davis is the owner of Atlanta Gold & Coin Buyers, a full service Atlanta based coin and bullion dealer specializing in buying, selling and appraising coins and coin collections of all types and sizes. Tony frequently writes on various economic and numismatic related topics affecting the coin and bullion markets and has been published on some of the industry’s leading websites, including Coin Week, the American Numismatic Association, Coin Collector, Coinflation, and Coin Auctions Help, just to name a few. Visit Atlanta Gold & Coin’s website at atlantagoldandcoin.com to obtain additional information on the products, services and educational resources offered by his company. Tony can be reached at sales@atlantagoldandcoin.com or at 404-236-9744

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