i dont know if this is standard practice or not. Today i went to a coin shop and i was looking at some wheats. Everything but a 15-s was out of the range i wanted to spend. the 15-s was marked 16 dollars in vg condition so i was willing to go that way. So i have the kid get it out he gets it and walks over to a desk, gets out a book looks it up and tells me "The price has gone up a little". So i am like how much to which he replied the price is 29 dollars. which was a lot more than the price that was marked so i turned it down and got a couple of morgans for 14.40 each . then went to another coin shop and got the 15-s in vf for only 21 dollars. a better coin for a cheaper price.
I wouldn't have bought anything from that place, if the item is marked for x then, IMHO, they should sell it for x.....
What price guide are they using??? $29 for a VG? Man. Also, where I don't think that is unethical, I don't think it is right to do that IMHO. You put a price on a coin, you should honor that price in most cases. JMO, and can be very debateable on what is right and what is wrong. Still, I would just say thank you, and go on to the next dealer. Phoenix
needless to say i wont go back there. unless i am selling they pay better than any other shops. Not sure on the price guide but each coin had its own section of paperback like magazines
I agree I think it some states if you mark items a price you have to sell them at that price. In this case I would have said - "Well I'll offer $15." If they said nope I would have walked out of the store. Sounds like the other store was more reasonable.
First of all that was very unethical of the first shop to do that. On the other hand you got a good deal at the other shop a vf 15-s for $21,awesome!
I suppose it could really make a difference in different states as to laws. I go to two dealers mainly. One always has his prices well marked but will negotiate. The other does much greater volume and frequently tosses stuff out as he gets it. Now, I've seen XF Trade Dollars in 2x2s with $9.00 price tags on them. Course those 2x2s were probably older than me. I offer him $9 and we both laugh. He takes a look at Greysheet (and he knows I'm not a total idiot) then offers me a price. If I like it I pay it. If not - he'll sell it eventually. Think of the volume some of these dealers go through for a moment. If they constantly updated EVERY coin they show you probably wouldn't see much. They are in business and you won't buy what you can't see. I have no problem with either of my dealers but will tell you that they do get better bucks from "newbies". They can quote retail, drop it a few bucks and the buyer is happy. Nothing wrong with that as far as I'm concerned. If they want to sell to a more experienced collector prices drop if they want the sale. They understand it and we understand it. As for a guy raising the price to the levels you quoted. He's beyond nuts. It will only hurt him in the long run. If I happen upon a new or different shop I play "stupid" just to see if they'll try to take me. If they don't I'll be back If they do it's one trip I'll never make again. clembo
Something to consider, dealers often will have coins for long periods, sometimes years. And they will price them accordingly as to when they get them. Now they don't go thru their entire inventory every couple of months and reprice them. But somewhere in the shop they are likely to have a sign that says - Prices Subject To Change - for just that reason. So what everybody is considering as unethical, may not be at all.
the coins where in fresh little holders kinda looked like blister packs. they where dated when they where printed. the one i was looking at was printed 1/17/08 according to the tag thats like a week the price shouldnt double in a week. all their prices where really high anyway. for example they had a 1909-s vdb that was graded good for 1400 dollars. that is ms territory.
Using your logic you should be able to buy my house at 1994 prices because I bought it in 1993. How dare me to want 2008 prices when I bought the house much cheaper than current prices. Never mind my costs of owning the house for all those years. Never mind that I will have to buy another house at today's prices if I sell my house. My selling price should be based on my original purchase price, not the current market. What the dealer paid for his coin is irrelevant (within ethical bounds). What will it cost that dealer to replace that coin? He will have to buy its replacement at today's price, won't he? What did it cost the dealer to keep that coin in his inventory all those years? He may have been paying interest on the money he borrowed to buy the coin. If he used his own money he could have either been earning interest on that money or used the money to buy other coins to sell. I think the dealer was entirely within his right to reprice the coin to the current market.
I really don't get the point of the thread. Don't go back to that dealer or at least, don't work with the guy you dealt with. What is the problem? I also strongly agree that coin dealers can't be upgrading their coin prices all the time. I am NOT a coin dealer, but I can appreciate the problems they have. There are so many threads where people think the coin dealer is supposed to roll out the red carpet and give them 10% off coupons and offer them coins at 50% off the real price........ I know. I'm gonna get flamed. Oh well. Defending coin dealers isn't very popular - and once again I ain't got nothing to do with them. If you don't like them, DON'T GO BACK!!!! What is the problem? If they're that bad, they'll go out of business and you won't lose any more sleep.
Ooops! My mistake. That's one of the problems with quoting a post that has a quote. Tha t mistake has been fixed.
my point was i was wondering if anyone else had ran into that situation before. i dont expect any red carpet i just want to pay the price marked you dont load a tv on the cart for 299 and get to the checkout and pay 600 you know what i mean
