[The20Percent]

An out of town buying group just ran three full pages of ads in a Sunday paper that most of us know and read. Another full page ad today in this same paper wanting to buy your collectibles at a local hotel on the lake. I'm not mentioning names of the hotel or newspaper because it is obvious they are both benefiting from this buying group and revealing the names may not sit right with the moderator of this board.

I went in there yesterday with a rare piece of US currency, thinking that I "might" get a fair offer for this 1865 lazy deuce $2 note. Even though I paid $2,300 for this graded note 15 years ago, I expected to take a loss on this note because I realized this buying group is in business and therefore needs to make a decent profit on items they buy in order to pay for the overhead of renting this room, cost of expensive full page ads, travel expenses , etc, etc. On the flip side, I also realized that my note has most likely appreciated over the last 15 years and that this appreciation would hopefully help get me closer to what I originally paid for the note. Now factor in that I am not a novice to collecting paper currency and with my past knowledge I knew that I had paid a fair and reasonable price for this note 15 years back.

I handed the note to the younger man in the room and he inspected it with his jeweler's loupe under a light. He acknowledged it as a lazy deuce right off the bat and automatically and instinctively starts downplaying it..."well, it's graded a VF-25 by this company but that doesn't mean it is that grade", he then said that "he doesn't like dealing with notes by this grading company and that I should take it out of the holder and send it to a grading company that meets their preference". I told him that I realize grading is subjective and that I am not going to the trouble of getting this note regraded and that I am just interested in selling it the way it is. He picks up the phone and calls someone (appeared to be an associate at his home office) and tells this person on the phone what my note is and that it has no pinholes in it. He then hangs up and proceeds to inform me that my note could be worth $200-$300, which immediately sends my blood to a boiling point! I then inform him that I paid $2,300 for the note 15 years back and that I won't be selling it to him for that price! I angrily told him that if he thinks its worth such a small amount he apparently doesn't have any knowledge about paper currency and that if he did he would have a buyers guide with him that shows the worth of currency. This flustered him and without thinking he reached behind him and pulled out an actual greensheet (which is like the NADA book of car buying) that shows the bid (dealer buy prices) and ask (dealer sell prices) of US currency. Seeing that I now confused him into producing this dealer's buy/sell sheet, I told him to look up my note to see this month's stated value of it. He started arguing about the grade once again and I said, okay lets say my note is a VG (very good, which is many steps below my notes stated grade of Very Fine 25) and I agree to sell it to you for that grade...what does your price sheet show it to be worth in this grade? He refused to open his price sheet to show me this information, I proceeded to take the note from his hand and immediately walked out the door!

In this particular case I had knowledge of my item and was still willing to take a reasonable loss on it but I darn well refuse to deal with someone who tries to take me to the cleaners in the process! I am going to the trouble of writing about my experience yesterday because I hate to see people being taking advantage of, especially seniors who might have lost touch over many years with the monetary value of their jewelry, diamonds, antique watches, etc. Knowledge is power and if you don't have knowledge of the item you are selling, it's worth paying for an independent appraisal to at least put you on an even playing field with an unscrupulous buyer who may try to rake you over the coals if he senses you don't have this knowledge. Seller beware!

[Wandatime]

I've seen it happen all too often. Similarly, a senior dies and the family pays for an appraisal of coins, dolls, jewelry, etc. and then is talked into selling the items to the very person they got to appraise the value.

[manaboutown]

Many of these outfits are nothing but vultures. I give them a wide birth.

[HimandMe]

My Aunt had diamond she had appraised 20 years earlier for $11k and was offered by one of these groups $700.

[Average Guy]

Thanks for taking the time to describe your unpleasant experience. Hopefully, you will save some unsuspecting seniors from being taken advantage of.

[SLPJR]

I am interested in buying vintage, quality mens wristwatches, any condition, and i will pay more then these traveling buying groups....steve 717-608-1149!!!!

[Moderator]

Originally Posted by The20Percent

An out of town buying group just ran three full pages of ads in a Sunday paper that most of us know and read. Another full page ad today in this same paper wanting to buy your collectibles at a local hotel on the lake. I'm not mentioning names of the hotel or newspaper because it is obvious they are both benefiting from this buying group and revealing the names may not sit right with the moderator of this board.

Talk of The Villages is not associated with The Daily Sun or The Villages.

[villagetinker]

Thank you for the info, I have a couple of vintage watches and was going have them look at will not be going to any of these places. Which now means I need to find someone to give me an honest appraisal.

[Mleeja]

20%, Here is a website that can give the value of your $2.00. It looks like the value is dependant on the issuing bank.

1865 Two Dollar Bill National Currency Value and Information

I also checked Ebay and the prices for this bill is amazing. I know nothing about paper money, but just from the prices here you should be able to command a minimum of $4000. Check Ebay. This should give you an idea of the retail value. Of course if you sell to a wholeseller, it will be less. I still like the 4k number.

Good luck.

[Bogie Shooter]

Its better to deal with the local buyers. Coast to Coast and Bob's Coins.
They will be here next week and the week after. The hotel guys will pack their bags along with your ripped off stuff and be gone.
Let the seller beware.

[Miles42]

I haven't found any of these so called buyers to be at all honest and up front. STAY AWAY or be taken to the cleaners.

[snowbird22154]

Originally Posted by Miles42

I haven't found any of these so called buyers to be at all honest and up front. STAY AWAY or be taken to the cleaners.

I too had an experience with one of the FULL PAGE ADS in the Local Newspaper wanting to buy old Gold & Silver watches etc. They were set up in the hotel in Sumter Landing. I told my wife "Watch this" and took a Gold necklace my Mother had left to me when she died and they looked at it and offered me $1500 and said no one would give me a better price and I should sell while the "Market" was high.

I told them I would check back with a decision and immediately took the EXACT same necklace to the jewelers next to the movie theaters and he offered me $13,000 cash on the spot!!!

I can only imagine the poor people that get scammed out of their keepsakes and family heirlooms by these vultures. And even worse the people that "mail in" their gold rings, watches etc and "after mailing" are sent a check for the amount that is far below the actual value.

Seems that the world revolves around the almighty $$$ and people let the scammers continue their trade

[Miles42]

There should be a criminal investigation into these slim balls and a law against this kind of operation.

[Bobcuse]

I had an old English yellow diamond ring which I decided to sell. I started with Arden Jewelers who gave me a number and also told me to go to two other locals for an appraisal, which I did. They all were helpful and said to consider shipping to the GIA to get it certified for the exact weight if I wanted to ensure getting maximum value because it was close to 3 carats. Each made me an offer without that certification. There was one of the traveling estate buying companies at a local hotel and they offered me 20% less than the best local offer. I then met with another traveling appraiser/buyer from an out of town buying agency who offered me approximately $1000 above the best local offer. I decided to wait and when another company came to the local Hampton Inn, I took the ring there and was able to get the best of all offers. That company was IDC Coin and Jewelry from Clearwater.

This experience tells me that they are all in business to pay you the least price but not all are crooks. IDC never low-balled me and finally agreed to paying $500 above their initial offer, and their initial offer was $1500 above all local offers. You can't lose anything asking for an offer, and we all learn from the ensuing conversation about the offer.