Coin Collecting Among Friends

[erwindoc]

If a coin sells at auction and you and your friend are bidding unknowingly against each other on a coin that will likely upgrade, how much would you sell the coin for to your friend if they agree to buy it after it upgrades?  

Same price(less grading/shipping fees)-cause they are your friend??

A few bucks over what you paid on it (to give you $$ for the next coin, but leave $$ for your friend to sell in the future)??

2x hammer??

3x hammer??

Full retail value of the coin with the upgrade added(business is business)??

[Bryce A]

If you are truely friends that's simple. Same price.

[PocketArt]

Between friends, same price plus a good bottle of Merlot.  

[Nutmeg Coin]

It depends on the level of enthusiasm and economic situation of both.

[WoodenJefferson]

Split the up-grade difference 50/50

[MarkFeld]

More information is needed. Such as :

Are you buried in the coin if it fails to upgrade?

What price do you think your friend would charge you for the coin if the roles were reversed?

Which of you "needs" the coin more for your collection?

What precedent, if any, do the two of you have for such situations?

is your friend still going to buy the coin, even if it fails to upgrade?

[Six Mile Rick]

This would really depend on your true friendship status and your submission turnout. If you are lucky enough to get a few upgrades then there would be an easier let go of the coin at cost + submission fees. I was lucky enough last year to recover all my submission fees except for December. A costly submission with only a few good graders will bury you in extra costs.

 A few bucks over what I paid for it and let the friend send it in for the upgrade.

Rick

[Six Mile Rick]

How bout that dime you got from me a year or so ago. Do you still have it?

I still have not broke even on that 1947 mint set I purchased. That is the most beautiful dime I have ever purchased.

You got that at a SWEET DEAL!!

[KMAG100]

Typically the first option with my friends is to trade for the coins. Rarely do we outright purchase anything from each other.  There are always holes or wanted upgrades in our collections, so it works out.  This also avoids the potential of one side thinking they did not get enough for the coin because of selling it to your friend, and allows us to obtain coins we want with money already invested in the hobby. 95% of the coins we deal with were originally purchased raw so usually we do not have a lot in the coins.  On many occasions I have been able to get coins that would easily sell for $1,000 - $1,500 on trade for coins that I may have $100 or less into them.  Often, I specifically look for coins he needs in his collection, and he does the same.  

[Walkerfan]

This is just a thought but......sell it at just a small percentage back of GS bid, at the new grade, so neither you nor your friend gets hurt too bad. 

Besides, it sounds like you took all the risk and you also got run up a bit.  

[Afterword]

I do not sell to or buy from friends or relatives. A 1964 Chevy Impala taught me that lesson a long time ago.