Should dealers update their prices?

This is definitely NOT relevant to 97% (the non-commodity driven segments) of retail. Yes, it's possible that the dealer is lazy. But it's also possibly the case that the dealer may have updated prices two weeks ago (Franklins at 24x face). Or even last week, if the dealer usually sells at 95% of spot. One never knows. It just seems ridiculous to expect dealers to have all the little 2x2s having the current spot price updated across the board.

 

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I wouldn't price my 2x2's if I was a dealer. If you're interested, ask me a price, and I'll give ya one then.

 

Then don't mark your coins with prices. It's a very simple thing.

 

I would make a list of values and say:

Ex: For this coin,
Silver @ 30 dollars, this coin is $5
Silver @ 32 dollars, this coin is $5.50
Silver @ 35 dollars, this coin is $6

 

If a dealer marks bullion coins with prices, then quite frankly that is stupid. If he/she chooses such a business route, then he/she chooses to either be lazy or do a lot of repricing.

 

Yeah, pretty much this. I don't see how you guys could defend a dealer not honoring his prices... Every major retailer honors listed prices even if they're late on changing them or just flat-out lazy... the price you see is the price you get.

 

Imagine if the New York Mercantile Exchange engaged in such practices. "We're so sorry, but the price we quoted was the price of silver at the close on 12 December 1993."

 

Or better yet, any stock exchange.

You issue an order;

BUY 1000 PCS @ $10.00

But get an E-mail later;

Congratulations! You just purchased 1000 shares of PCS at $16.49 each!

 

LOL! But then again, who would expect them to keep their quoted prices up to date?!

 

Simply preposterous!

 

My analogy is not flawed at all. What you're saying is that since they can't manage their prices efficiently they should be excused. Your excuse for them is flawed.

 

jallengomez and merc crazy...I like you guys but your taking this a bit out of perspective. You can not really be wanting to compare a reitred 70 year old man playing with coins at a once a month kind of dealer to the Merk or NYSE. I mean really lol

Yes they could turn this into some large organized business but many of these dealers are just part time guys that it's more of a hobby then business.

 

If they are unable to manage a middling level of inventory, maybe they should reconsider their priorities in regards to dealing coins.

If they're retired, they should have plenty of time for repricing and even just putting them into new 2x2's without prices, anyway.

 

You know what some of these guys are like. It takes them 45 min to go to the bathroom and they go like 50 times a day. Just getting to the show seems to be impressive with some of them.

Yes as a consumer it would be nice if their inventories were priced at the right price.
Looking at it through a older dealers shoes I see how it could be tough. I also think we are talking and thinking about more then they (the dealers) do.

Either way it's going to be what it's going to be. We can't change it.

 

I agree with Merc. I do hold anyone, whether they are 20 or 70 years old to the same standards if they are selling. Whether they are a Fortune 500 company or a sole proprietorship. My point is simply don't price them! Or if they have priced them, at least have the courtesy to put up a sign saying that the prices are outdated and that the buyer should inquire about the current price.

 

You can change it. Make them hold to their prices shown. If you don't, you're not only doing a disservice to yourself, you're passing along that issue to every other collector at that show.

Once a dealer is forced to hold to his prices by several customers, he'll learn in a hurry and correct the situation. However, if you let him continue what I'd call predatory practices, then he will continue to take advantage of his customers.

The onus is on you, the customer, to demand a higher quality of service and professionalism. If you do, you'll eventually get it.

 

Look, I'm not some hard ass, sue you type. As I said, just have the courtesy to put up a sign saying that the marked prices are outdated. Just give the buyer a clue! Otherwise, that bait and switch crap looks really shady.

 

I think... the NYSE/NASDAQ/CME/LSE/SESDAQ/TSE/NISSEI/HKX/DAX/SET/PSE/NYMEX/whatever other exchange you can think of analogy is SPOT ON!

As a floor trader at any major exchange, you place a request for a bid (to fill market orders external to the reserve at your brokerage). There is a stated quote at the time of the request. At that point, the holders will compete with asking prices. If you like any, you accept. If you don't, you decline and hope that everyone else declines, as well. If anyone else accepts, the price goes up. If everyone declines (and the stock is as thinly traded as coins are), then the price will drop.

Yes, dealing with a coin dealer at a coin show seems EXACTLY like being a floor trader on the NYMEX.

 

There seems to be some mighty strong opinions here against the dealers not updating their prices. I asked before, and didn't get an answer, for those of you who think the dealer should sell at the listed price, regardless if it's out of date, if the listed price was GREATER than the current Grey Sheet, would you insist on paying the higher price as shown on the coin holder?

 

For me, this is not the point. The point is, I think a dealer should honor what they say, written or oral. And, if they go to the trouble of pricing a coin they should go to the trouble of maintaining up-to-date pricing OR at least post a note, or mention to the customer, that the pricing may be out of date and the customer will need to confirm. The closest inverted situation, IMO, would be someone using something such as eBay's "Make an Offer" or something simular and accidently submitting a higher price than what was the item was offered at - If I were in this situation, I would pay what I offered; mistake or no, thats what I wrote... Now, I would ask the seller to see if I could go with what I intended, but, at the end, I wrote/said what I wrote/said... I should honor that.