On the weekends I sell buy and trade coins at a local flea market. My prices are VERY fair and I pay good prices for the coins I buy. This weekend I picked up a 1888 Indian Head Penny that I think will grade MS-63 RB a 1875 Chile Un Peso in VF/XF condition and a 1834 Peru 8 Reale with a 1841 Type IV Guatemala Counterstamp. I sold a number of Slabbed and Raw Morgans as well as some Gold and Silver Bullion at just over spot. At the table next to me was a young man who was selling some tools and household items. He told me he had recently bought some coins from a dealer at another market down the road and asked if I would take a look at them. I told him I would be glad to look at them. First he showed me 8 Low grade common date Indian Head Cents...some with corrosion and damage..one had been very harshly cleaned to try and make it look "New". He said the man charged him $15 and told him he was giving him a great deal at that price. Next he showed me a circulated 1964 Quarter. I told him the silver value was around $3.25 He said the guy charged him $10 for that coin. The rest of what he had was foreign coins and "Pocket change" Two 1976 Circulated Bi-centennial Quarters (One covered in corrosion) Some dimes and nickels from the 70's all circulated and a Kennedy Half Dollar from the 80's. I didn't have the heart to ask what he paid for that. I told him that before he bought any more coins he needed to learn what he was buying and find a reputable dealer to buy from. I gave him the web addresses to several sites to help him learn more about coin collecting. Maybe the guy selling them didn't have a clue what he was selling but I am afraid he knew he was ripping him off. scmedic
How long have you been selling at the flea market? Was this your first time? Or was this the first time you took notice of what other booths were selling... like an eyes wide open moment?
He should consider himself fortunate they weren't all counterfeits. I have a feeling the dealer knew it was a ripoff, but a lot of flea market sellers treat their junk like it should be at Southby's.
Whenever I hear stories like this, the first question that comes to mind is WHY were the coins purchased? If as personal collectibles by a guy simply interested in coins, it's certainly a terrible and all too common thing, with a good old fashioned beating for the seller quite reasonably in order. However, if purchased with the intent to resell, no sympathy whatsoever is deserved. This too happens all too often, but would better be viewed as both a wake-up call and lesson learned by those foolish enough to think they can simply waltz into and profit from any area where knowledge is key. Kudos to the OP for taking the time to lead him down the learning path.
I've been selling at this market for years..So No, it wasn't my first time. I pretty much know what dealers around me are selling..and the other regular coin vendors there. All the regulars are very fair and carry an amazing variety of coins...Not what you would expect to find at a flea Market. Prototypes, Ancients, High Grade and Hard to find coins all the way down to X Face silver...Silver Bullion and Gold. Many dealers there buy and trade among themselves and we have customers who come looking for good quality coins. About 3 miles down the road is another Market...I have no idea who may sell coins there as I haven't been there in years. I got the idea that this was where this guy bought the coins he had. scmedic A few of the coins I have seen for sale at my market
I just hope the guy at the other market who originally sold the coins is just ignorant and not a crook. I'm not sure what a cull IHC goes for, but I'm sure it's not almost $2!
Ahh- In my immediate area, the flea markets are chocked full of the junk the folks couldn't sell elsewhere (like.. alot of bootleg crap). Once I get outside of the city, they tend to improve slightly. somewhat related: One time somebody put a run-of-the-mill circulated quarter in my grandma's antique mall booth with a $1 price tag... I think they were trying to express their opinion of her wares and prices.
