Finally figured out why my second LCS is overpriced

My second LCS, a military antique dealer who has an ok selection of US coins has been generally overpriced.

I figured out why

So I was in there browsing his World War 1 uniforms and I see he is pricing some coins. I can see that he is using a Red Book, so taking an overpriced coin, slappin his 30% cut on it and selling in it that way.
I've most likely paid in all the time I have purchased from him $150 more than I should.

Can I get a RIP in the chat please for my numismatic ignorance?

 

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What price range of coins was he pricing? Type of coins?

 

Exactly.. Cheap tuition, by the way.

 

early 20th
mercs
buffs
walkers
1 or 2 morgans
TON of Foriegn
nothing more than $50

 

what does college have to do with my ignorance?

 

Maybe you can haggle with him, or perhaps you could slip him a greysheet.

Don’t dwell on a loss too much, in this hobby you will have plenty of that.

 

That's not really an LCS.

 

It's all about life, and wisdom. and experience......I sadly lack wisdom, but I do have much experience..........

 

I used to know of a Pawn Shop that used a 5 year old Red Book to establish buy prices. They then marked it way up above that.

 

It's interesting how the tough lessons stick so well. Like that guy who way overcharged me for that half dime in 1995!!!!!!! haha..... The frustration wears off and the dollars don't come back (tuition payments), but the lesson remains always!

 

Oh, man, if only I could find a pawnshop that paid Red Book prices! Especially a 2013 Red Book, based on 2012 bullion prices...

 

Let's just say that they don't buy or sell coins anymore.

Also I made some pretty good money off of them, both selling and buying.

 

The Redbook would work fine for pricing coins in this price range. It would point out the better dates and give you a starting point. I would mark the coins 10 to 15% below what's listed. Good enough for common stuff.

 

A lot of dealers will mark coins like this a bit high and come down 10% or so for someone buying several coins. Dealers don't get rich on low end coins.

 

Marked best answer!

 

I know when I collected before, i paid over for some coins and paid under for others. But a collection wants what a collection wants.

 

Yeah...so I've got to ask the OP if he will go in this shop again and if so what would you do differently? What have you learned?

Don't forget the shop owner has to make a living and keep his shop open. The shop is local too so there's no much travel expense involved to get there.

 

I probably need to be more particular with my purchases

 

For me not having a real one, closest thing I get