How to avoid paying retail on coins?

Remember there are people that do this for a business. They have to make money otherwise they aren't going to have a roof and table.

The next alternative is be a dealer yourself which requires you to know a lot knowledge and some decent capita.

 

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One other thing to keep in mind. Quality coins don't sell at a discount. Don't let yourself get stuck with poor quality coins over the price.

 

Most of the stuff that sells cheap is stuff most collectors don't want or will only buy at a discount.

I don't know how it is now, but when I was a dealer, many collectors were married to the Greysheet. They won't pay any more than "bid" for most anything, and yet they expected to get the "bid" price for coins when they sold them. It doesn't take much perception to see the flaw in that logic.

My experience with the Greysheet was that its prices fell into three ranges. Some prices were too high. That included balk circulated coins, like rolls of Indian cents in Good and circulated Buffalo Nickels. Many prices were accurate.

For the really good coin, those "dealer buy prices" were "wish lists." For those coins, dealers dreamed of buying them at those prices because you could make an instant profit, but it almost never happened. Those items included early type coins, just about every large cent and most half cents, and no problem key date coins. You had to pay for those, and usually you had to pay more than "ask" if they were really nice for the grade.

 

Someone mentioned the word in their response and it was patience. To me decide what coin you want and spend a few days looking at their selling prices. If buying raw remember if it seems too good to be true, it probably is. Remember to buy the coin, not the slab. Sometimes for a slabbed coin you might be saving quite a bit to drop a grade. Since my goals are very long term sometimes a MS 66 looks as good or better than the MS 67 I'll go with the 66.

It helps me to be patient to look for two to three coins at the same time. That helps since I have quite a bit of looking to do avoiding getting bored looking at the same coin for days.

Back a couple of months ago a coin I was really watching was that world war 2 privy mark ASE. They were selling in the 70 grade for 1500 to as high as 2200. I stuck to my guns, being very patient, and got a 70 deep cameo for under $500.00 with shipping. I know some people may think that is too high, but it has maintained a high price for a couple of years now and I really wanted this coin.

 

Don't fret about the hobby being too expensive. I was a very satisfied poor collector for 35 years. It's only been the last ten years or so that I have afforded myself some of the pieces I dreamed about my whole life.

And @-jeffB has the key to amassing a collection on a budget. I have befriended a fellow that buys abandon storage rooms. I see him 3-4 times a year with odds and ends coins that I purchase at a bargain. I also have another fellow I know in the jewelry repair business that calls me when a coin comes in his place. I frequently wheel and deal with him on old gold coins. Keep in mind that dealers are not your enemy. My dealer is my best buddy and frequently gives me exceptional deals. It didn't start that way though. Relationships take time.

Last thought it this. Coin collecting is the best hobby in the world. Why? Because you cannot do it wrong. If brilliant 2022 cents turn you on then collect them! Whatever trips your trigger. Just dive in and have fun... But do not stress over it.

 

Hey, it's worked for me!

 

I'll tell you how to get a discount on a coin. You ask the seller. They may or they may not. They may because they now know you are a collector (which they may not really give any weight to if they've not seen you before, or whatever) or because you belong to the local coin club, or because they want to move the coin you might be interested in (i.e., perhaps it's sat too long in their stash or whatever). I find going to coin shows at times to be quite valuable in that I can at times get what I think is a good deal on a coin.... i.e., I am buying it at a fair price for the coin and not trying to gouge the dealer on it but it is not really 'retail'. Maybe it's 10- 20 dollars off a coin that a guy has selling for a hundred or more. I figure that most of these dealers actually are paying blue book type prices for most of their items or getting them at a somewhat reduced price from a fellow dealer because they think they can make some $$$ off it. They will IMO still get a profit and I don't begrudge them that one bit. They are the reason some of these coins are even available to a person, in person where you can really look at the coin prior to buying. And it amazes me that these people can remember from year to year what you looked at or bought at another show and the comments you made about them. Some dealers have really mastered the art or science, if you will, of mental notes about people they don't know if they will ever see again, but if they do, they know what that person is interested in....

I really do suggest you join a local coin club and go to at least a few meetings a year. Then also go to some shows near you, even small ones. Start talking to people selling the coins, and not just about how much can they discount a coin for you. Prepare ahead if you are really interested in purchasing a coin what your price point is and whether to accept their offer (of either a discount or no discount) or to say no, that's ok, not that interested at this time, but perhaps another time. Don't ever belittle the coin in front of a dealer, hoping to engage a deep discount for it, even if the coin deserves it. The dealer is the one who has to make his coins sell and being a baddy and mean to him about his coins rarely would get him to cave and sell to you for his purchase price or less........... Yeah, that's right, he is not there to give you the break in price he maybe got it for.......

I actually have gotten quite good at asking for a discount, but I don't do it for coins that I really know are fairly priced or if I surmise that it would be a detriment to ask. Most times I don't think it's a detriment, but there are times where it might be. You have to IMO be aware of what you are asking for. Not one single coin dealer, pro or not, has been in the business of making sure that I am the one not paying retail for their coins.

And lastly, be prepared to think you got a great deal only to later find that it was 'overpriced' because you didn't have enough researching background on it and it's prices and trends and you made a hasty decision. Live with your choices.

 

You know how sometimes the grocery store has a clearance section? You need to find the coin equivalent of that. Something the seller is eager to get rid of. Maybe they've had it a long time and can't seem to sell it, or it falls outside the area they prefer to deal in, like world or ancient coins to a U.S dealer. My LCS will look up a world coin and immediately knock a good amount of the suggested price just because it's not a big seller for them.

 

I think another thing to remember is if you buy a coin you really wanted, but later find out later you paid too much for it there should be no problem if you bought to add to your collection. Time will pass and more than likely it will be worth more than you paid for it. If you bought to resell for a quick profit that is another story.


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One last thing I will say...exactly what do you think is "retail" price? If I go to 10 different coin stores pricing a moderate ($50-$100) priced coin, I would bet I would end up with 5+ different retail prices. Go for the lowest one.

 

Since you buy at an LCS hopefully you establish a relationship over time where you can make an offer on a coin every now and then or ask for a best price. I’ve found dealers are generally more willing to negotiate at coin shows than at their shops. I recognize that there is significant overhead to keeping an LCS open so I might not get as good a deal there versus at a show dealer who has less overhead.

My LCS does give me a flat discount when paying cash, which benefits us both.

 

One of the rationales for going to coin shows on the last day...they don't want to take stuff home!

 

True, but you also have to show up before half or more have packed up and getting ready to go early or who have already gone.

 

As a retired dealer, I can tell you that is mostly a fallacy. Unless an item is heavy and cheap, the successful dealer knows that there will be more shows in his or her future. The need “to blow something off” is seldom comes into play unless it’s something the dealer wants to unload.

 

As I’m sure many others in here can do, I can speak from both sides of the table. If you have plenty of your own “inventory”, set a table up at a coin show. Dealer to dealer interactions are typically not at “retail” prices. Plus, you build relationships with those other dealers that will likely carry benefits on to the other side of the table. It has for me through the years.

When on the collector/public side of the table, it never hurts to ask what their “bottom dollar” is for an item. Another thing I utilize is the “bundle” option. When looking at multiple pieces from a dealer, I’ll ask what the package deal is. I know, at the least, I’ve been able to buy lunch with the savings using these methods at almost every show I’ve been to where I purchased coins.

 

Although I check eBay every day to find properly graded, certified CACed other than "generic" coins that I'd pay a premium above C.D.N. retail quotes.

As I believe you've established, quality/choices has/have been diminished by eBay allowed TPG.

The next best choice is to buy a marginal graded condition coin of a lesser mintage, regardless of where your coin is purchased.

If current trends continue, date will be of greater importance than condition, making buying choices simpler.

JMHO

 

No two coins are alike. No matter what holder they are in, no matter what the assigned grade may be.
Start by deciding what coin(s), year, mint mark, and grade you want to buy. Look up recent sale prices for the exact coin you are looking by using the sold price filter on eBay and the recent sold auction prices on PCGS (don't use the price guide) and the Heritage auction site. This will give you a good idea of the current market price of the coin.
Next start shopping and when you find the coin you like make an offer based off the price comparisons you made. If the seller agrees, great you found the coin you wanted at a market price that you should be comfortable with. If you and the seller can't agree move on. Never be in a hurry to buy, never fall in love with the coin in front of you. Unless you are searching for something rare there are plenty of other coins to look at.

 

Dealers will use greysheet price guidance for raw coins and then add their markup. The greysheet is geared toward pricing generic coins. There is a spectrum of quality in each grade level. Buying at the upper end of the spectrum (considering surface condition, wear, strike, eye appeal, etc) within a grade should be your target.

Spending some time learning about grading for the type you're interested in will bring dividends. You'll be feel more confident when it comes time to determine if a sales price is reasonable. Worry less about retail pricing and more about what is a quality coin.

That's my two cents!

 

It is a fairly logical 2 cents

What should be explained is how 2 cents turns into 4 cents, because the buy/sell dealer may be using a certain GREYSHEET and the buy/sell collector is using a different GRESHEET. We have to recognize there are 3 Pricing Models GREYSHEETS.