Finally figured out why my second LCS is overpriced

Shop owner could be doing that so that he can buy the militaria he loves and pay in over price coins selected by the owners of the militaria. He may never intend to sell to a coin collector and if he meets one can be very flexible to make the sale. Try offering what a coin is worth TO YOU and you may be pleasantly surprised.

 

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"military antique dealer" does not equal "Local Coin Shop" generally in knowledge, etc about coins. He's just pricing to make sure he makes a profit.

 

I'd be careful in my approach if taking this route, especially if the OP wishes to do business with this guy in the future. It's not that it's a bad suggestion (to the contrary) particularly for this type of material, but only that tact in one's approach can make all the difference. There was little that used to get under my skin more than some schmo wipping out a CDN acting as if having purchased a sample pack meant he could buy whatever he wanted at or back of bid.

 

That's usually what you do when you're in business, nothing wrong with that as long as the profit margin keeps the coin price within acceptable boundaries. If not and you can't negotiate to that point with him, then he's in to deep. At that point you'd best walk away without insulting him.

Tact is the key

 

School of Hard Knocks.

 

Tuition is the price you pay to learn you payed to much. Quantity over quality got the best of you. So you learned right. You payed your dues. (TUITION)

 

Agreed. I gave a local jewler that was a red book guy a while back, but there was a bit more to the story. Basically I offered him pretty fair prices on a few coins,and he asked here I got my pricing. I showed him my greysheet and explained that this is more current than red book and that most collectors and dealers considered red book pricing as unreliable and generally on the high side. I wasn’t trying to put him down, he just generally didn’t know, more of a we buy gold place than a coin shop. His prices are much better now.

 

Unless he is a crook and paid me 30 bucks for 3 1911d and 2 1914d before I new a damn thing but I'm barred now so all good

 

And to think on way out shop talking to my now ex on phone, saying can't believe I got 30 bucks for 5 penny's I even said he first said 25 I went to 30 lmmfao. My pa rolled over in grave on that one

 

Thanks, Kirk. Good example of how a respectful approach can pay off for everyone.

 

...what is a CDN? Some kind of sale contract? Please elucidate for me, others may also want to know...Spark

 

The Graysheet.

 

TY, Sir. Not being a dealer, I and other mere collectors are at a disadvantage with the plethora of acronyms used on coin forums. However, with your response I was able to decipher that CDN stands for Coin Dealer Newsletter, a publishing company who produces the Graysheet, which, as I understand it, is a much more current pricing vehicle for "collectbles, rare coins and currency".

Understanding now, I can see how annoying "wipping out a CDN" and its ramifications can be.

Thanks again for setting me straight...Spark

 

So you found out the dealer is a collector above a seller.
A collector should price things high to retain a collection.
If a buyer talks him out of a piece, then the collector becomes a seller.

 

I was passing through a town and stopped at a pawn shop that had an old revolving window case of worn coins.
I spotted a few walking liberty halfs in fair condition, but priced too high.
The girl asked if I'd like to look at anything so I said a couple but they look to be priced a little high.
She said we will work with you on a reasonable price.
My offer included the Tax and $1 over spot silver prices.
I bought 4 and sold 3 to cover the one I kept.

Now another place has a Very few 1 ounce silver bars when I pop in every few months.
Interesting bars so I pay up a few more dollars and always ask What's New in the back that hasn't made it out front?
I always get the same answer, someone else the other day just bought everything.
I've returned a day later to see a couple more bars in the case.

 

You're right, Spark; I should've been more clear. Thanks for calling me on it.

 

Coin Dealer Newsletter. AKA the Greysheet.

 

Anyone have a Greysheet and a new Redbook? Would be interesting to compare a few coins.

 

Shoot.........what were they thinking?

 

Elucidate. Come on. Can you bring it back down to a 3rd grade level. Oh. I think you spelled elaborate wrong. We get it. You read books