Selling coins from Littleton Coin Company

A friend of mine inherited his late father’s coin and stamp collection, where many of his coins and stamps were purchased from Littleton Coin and Mystic Stamp, respectfully. My first inner response was “ouch” and he felt the same. He sent me receipt of Ike coins bought by his father through Littleton, and as many of you would imagine they were significantly over market. Not a surprise of course. Littleton has wonderful customer service and friendly people working there, but although legal they tend to exploit people not familiar with coin values or are over trusting. Same goes for Mystic stamp as I have heard from my dad.

i am going to help him estimate what he has and he can decide what to do.

 

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That’s too bad, I am sorry for him.. With your help you will stop the bleeding

 

Yeah they managed to sell my wifes uncle the complete set of state quarters....the complete set... the regular issues, the gold plated, the colorized ones...etc etc...like many grand pops he purchased them for the grand kids... I told him to buy his morning coffee with them ...Until they were gone.
Littleton has been ripping people off since the 60's or earlier.
Unfortunately in my years collecting I've seen this scenario more times than I have cared to....

 

wish they didn't keep their receipts.
Makes reality with what was paid a hard swallow.

 

He knows the result will not be as great as the papers. There will be some learning.

 

At least you’re helping him but you know it’s not going to be good.

 

I agree with everyone about Littleton which is the reason I never bought anything from them.

Bruce

 

Littleton has a business model that does not set well with many.
I have never bought from them but they have brought a lot of people to the hobby.
My opinion is based on what many have reported over the years.

They overpay for nice problem free coins. That's how they have so many coins to offer.

They don't overgrade but sell at well over market value.

They advertise some coins below market value as bait to get folks to join the program where they send you coins each month or so. You can pay and keep them or return them. Most folks don't know they are paying really high prices.

I have many coins in my collection that I overpaid for but I knew that at the time. Really nice pretty coins bring strong prices.
I feel bad for new collectors that don't understand the hobby before spending lots of money.

 

When I was young I didn't know what I know now.
I bought from magazine sources.
I didn't go to a LCS until years later.
I didn't know we could buy directly from the Mint until the mid 2000s. So I bought my ASEs from a LCS/ online sources.

So these companies help introduce people to collecting. Unfortunately, if the buyers expand their knowledge and range or where they buy things they don't realize how much the prices are high. Just look at the TV sellers.
Collecting for the fun of it, for an investment ....

Then you have buyers who don't give you market value, as they want to sell it for their business operations. In the end we're in a capitalistic economy. It's buyer beware and hopefully there's equal competition in the marketplace vying for one's attention.

Of course when liquidation times come around one wants value for it. The "joy of collecting" and other soft values etc etc is thrown out and it all comes down to hard $$$ cash.

 

A number of years ago I bought a bunch of unc quarters from a dealer at Melville coin show.

It was about a roll, all packaged in Littleton plastics.

I got home, cut them out an put them in a roll.

Who knows, 100 years from now those Littleton plastics may carry a premium, but I won't be around to see them.

 

It’s been my experience that Littleton prices are high, but their quality control was also high. You need to look at the Ike Dollars before you blow them off. Certified, high grade, business strike Ike Dollars are bring big bucks. It might take an expert grader to decide if the grading fees warranted.

 

Yeah, the receipts can be a downer compared with market prices. OTOH, the receipts may allow the estate to declare capital losses at tax time. Not sure if the estate can use the decedent's purchase price as a basis though. Anyone know?

Cal

 

Littleton pops up sometimes when you search a coin along with APEX. I never thought to buy a coin from either because the prices are high.

 

Hobby losses can't be deducted.

Unless they can prove that it was an investment

 

But hobby gains can be taxed?

 

It’s a government thing.

 

Yep, hobby losses are not deductible, not even against hobby gains. Gamblers are treated better because they can deduct their losses against their gains.

Fifty years ago coins were considered to be capital assets and got capital gains treatment. But there is was loser Massachusetts congressman who decided to change that. I knew a dealer who was friends with this guy who asked him not to do it. The Congressman didn't listen. The Congressman gave up his seat to run for governor. It was dumb move because he lost in the primaries. That was a small amount of justice.

 

How was that as a softball pitch to set that up? Straight man 101...

 

I bought the full set of state quarters in 2 binders. P and D on each page with a stamp and the page full of info on that state. I paid face value from my local dealer. The original purchaser paid $14.95 per page.

 

What timeframe were the coins purchased? And were they all US coins?