The Official Morgan Silver Dollar Thread

Personally I agree with gold fingers method. I pretty much do the same thing when I'm buying and it works out more times than not. As a seller I respect buyers who do this too. I know that a "stink bid" is just that and I respond by countering with a slightly lower bid from ask just a little to show I as a seller am serious and see where he is at. Now, if he comes back by offering a dollar above his previous I respond in kind by lowering my original counter by a dollar. However if I get a serious counter I then counter back in kind with a serious counter of my own.

Basically as both a seller and buyer I counter in kind. It's kinda like a mini chess match where you know you only have 3 moves and the first 2 moves dictate the 3rd.

I never get upset at an offer and not counter. That's just bad business. I let it play out, always

 

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I think lowballing is bad business. It is unprofessional. Sure, you might pry away a coin from a desperate seller. However, what happens if you're desperate to sell someday? Nothing wrong with bargaining--I rarely pay retail, but I never use a lowball as an opening bid, and I get good prices on coins bargaining decently.

 

Sure, if one sticks to their lowball on the second volley then the deal is usually killed but starting with a "reasonable" lowball offer is a good negotiating tactic imho. From the perspective as both a seller and buyer. It's the second volley that tells the tale not the first

 

Oh, absolutely. I could not agree more. The old philosophy of "whoever blinks first, loses" is law in any negotiations.

 

MD, remember this: I am talking about low-balling on coins that have REPEATEDLY not gotten offers for weeks or months because the seller has a ridiculously high price. I am not talking about being at the high-end of FMV; I am talking about being way over FMV.

A few weeks ago I saw a common $20 Saint (can't remember the year) being listed for $2,800. It was an MS-65 but no CAC...I couldn't see why it would even be above $2K. I contacted the seller and asked "Hey, am I missing something....why are you almost $1,000 above FMV and $600 above the next highest offer for a coin like this ? Does it have something I am missing ?"

He wrote back that he bought the coin when gold was $1,800/oz. and was not going to sell it for a loss.

Hey....I get where he is coming from, but if I bid $1,800 or $2,000 or even $2,200 (ridiculous for a $20 Saint common with gold at $1,200/oz.), then what ? At best, he comes down all the way (he wouldn't) and I overpaid. Or then I keep bidding higher and maybe he comes down to $2,799.

Bottom Line: If the guy is close to FMV, I will bid legitimately right from the get-go. But 20% or more over FMV I am going low. 30-40% over FMV and it's 'stink-bid' time.

 

MD, I think you and I are in agreement. You probably bid on stuff that is reasonably priced. I am seeing stuff -- some MSDs, some Saints -- where I know the seller is WAY over FMV. I mean, on that $2,800 Saint I thought maybe the seller listed it wrong and it was a rarer date, he was so far off the market.

That guy will keep listing his coin until gold goes up to $1,800/oz.and bails him out. Or until some idiot pays a ridiculous price (which I can't see happening).

 

Dealing with emotionally invested sellers like this is a whole other ball of coin wax and I must say you're tactic of contacting the seller and "shooting the breeze" if you suspect this can be very effective to shift their emotional stance to one of practicality if done correctly and the seller is willing to "chat"

 

Well, that is very different. I thought you were talking about coins at or near legitimate retail, as determined by greysheet or previous sales at reputable dealers. If one purposely overpriced coins, and they are not extroadnary, they deserve to sit on the market. I was unclear on the inflated prices. Sorry. Same as if a car dealer overpriced his cars, and wonders why they do not sell.

 

I have often done this with a message to the seller, indicating that I would immediately whip out the ole PayPal account if the price were more in line with reality.

 

Never start the convo with price. This automatically puts the seller on the defensive. Goldfingers message above is nuteral and provokes a friendly response. It's perfect as a surreptitious opening salvo to negotiate with an emotionally invested seller

 

In the case of someone into a coin at a very high price, I find them to be totally non-flexible. But if they ARE flexible, that's why you can't go 1/2 way in closing the gap -- because then you are paying way over FMV.

That's why I always low-ball and/or stink-bid....if they are serious they will contact me or come down nicely....at which point I up my bid nicely, too.

And for those who don't because the coin IS special -- like the 1879-S MS67 CAC -- they usually contact a buyer and let them know why they can't/won't come down more. Like I said, I then paid up -- and happily so !

 

No need to apologize. Like I said a few times, when a coin is UNIQUE -- that MSD was high rated AND CAC -- I have no problem paying ABOVE FMV.

But to pay 20% or more over FMV for a coin with others for sale all the time like it ? IT'S INSANITY, as George Costanza's mother would say.

 

This would be a great thread for " negotiating for a coin, and dealing with overpriced coins that a buyer still desires." When I get home, I am going to create a thread on this subject, when I can use my computer, and not my phone.

 

A DMPL Vam coin, somone feel free to comment:

http://www.ebay.com/itm/371545679713?_trksid=p2055119.m1438.l2649&ssPageName=STRK:MEBIDX:IT

 

Just picked up this one. Only 285 at this grade certified by PCGS, and 315 by NGC as proof like. This one is close to being DMPL, but not quite:

 

@Morgandude11 , that ones very nice. Congrats! Looks like there's some nice contrast between the fields and the devices on the reverse.

 

Thanks. There is a fair bit of cameo that the camera didn't completely get. It is pretty close to DMPL, and on a good day might have gotten it ( I think just a tiny bit short of it). I am happy with it the way it is.

 

and THAT is all that matters! You seem to be upgrading your Morgan collection at a breakneck pace! I'm jealous. I've slowed down for a while. I need to attend to some other areas before jumping back in the coin buying pool.

Here's one of my 1887's:

 

That is beautiful!!!!!!!!! LOVE IT.

 

MD, where did you find that coin and did you pay a premium to FMV ?

Congrats, I am learning alot by seeing why you and JCP like some coins and don't like others.