This is the first hobby I've had where a good portion of it is "buying" and "selling" so keep that in mind. Why do some sellers just want an "offer" and not put a price a coin? i.e. "Make Offer" Even after a polite price request I'm most often replied with the same, "Make me an offer" I have my idea(s) but I'm curious as to the forums response...
Because they're hoping someone will pay more than 1) they think the coin is worth or 2) more than they think the coin should/could realize which is pretty much #1 again.
They are inviting a wide field of offers. Which ever has the highest bid offer have a chance of winning the auction, if it meets their expectations of course
greed is human nature sadly.....that is no different in this industry as when you attempt to collect anything else.....sad but true...probably more true in an industry that is made up of people collecting money and PM....just do your homework and they won't be able to job you.
My guess is some just want to see if they can reel you in to paying a higher price. The other's are just working up to putting a price on it. Just my guesses but it's always better to offer a bit lower than you're willing to pay but don't insult the seller b/c you never know what you may need in the future.
Usually when I ask somebody to make me an offer on a coin, I know the value of a coin and am willing to go as low as a certain point. Usually I end up being happy because I (A) make my money back or (2) make a bit of profit off the coin. The prices I have unless dealing with junk silver and bullion are not set in stone. It is also a good way to see what an audience is willing to pay for a certain coin. Especially if you have multiples. A coin is only worth what a person is willing to pay. And other sayings like that.
I've made offers when I think the coin is priced too high. Most of the time my lower offer is accepted, or we agree on an in-between price.
Simple. I haven't decided what I think a fair price should be yet, and instead of putting up a price that is way too high, I simply ask for an offer. Not to mention if the seller is venturing into a new area (a coin collector beginning to sell paper for example) he may still be in the process of valuing an item.
The long and short of it was a couple Saturdays ago (at a show) a dealer had a 1877 Indian Penny in the case, graded G6... I mentioned that I wanted a little higher grade but he pulled it out anyway. I was AMAZED how nice the coin was for a G6, shocked might even be a better word. Anyway, I asked how much and he said, "It's late, make me an offer I can't refuse" ----- This literally went back and forth for the better part of 15 minutes. I wanted the coin!!! He never gave me a price and I never made an offer. Sad thing is we BOTH lost really.... ;(
That's interesting. I was always under the assumption that the first one who names a price is generally the loser on a deal, so maybe that is the basis for the "make an offer". If the dealer names a price, then he takes the chance that he may get it, but he may have also left money on the table by saying a price lower than the person is willing to pay. If the dealer names the price first, also, then it sets up for negotiations where the person buying now knows the dealer's high point (or assumed high point) and gives info to the possible buyer that puts the buyer in the catbird seat or possibly allows the possible buyer to then decline instead of negotiating. The dealer would rather the buyer walk away without any information as to the price he can get the coin at than to have the buyer know the desired price and then walk away without negotiating (i.e., "too rich for my blood"). If the dealer is smart and allows the possible buyer to name the price first, then the buyer then has a stake in it (psychologically) and is likely to continue negotiations. That's the theory I've heard.
Its a good way to feel out a possible deal and weed low ballers just trying to take advantage of the auction end time. Remember when you auction something it sells for the price at the end of the allotted time, some people take advantage of this and can really be troublesome. Just always be respectful and you would be surprised at the deals that get excepted. Whats the worst thats going to happen they will say no? In that case you just move on to another source and you will find what you are looking for.
I didn't think of this, RLS10spear made the same point and it's a valid one, and probably one of the only reasons I'd say ISN'T a direct motive to overcharge for an item
Saying "make me a offer" is one of the oldest sales tricks in the book. It is always best to let the other guy throw out the first bid.
It isn't always a sales gimmick or ploy to ask the buyer to make an offer. Personally, I wouldn't want viewers of an item to come back to a site like this and post a thread, "Is this guy nuts?" (by pricing it too high) or "What is he trying to hide?" or "Maybe it's fake." (by pricing it too low). We get a lot of this, here. Chris
I really dislike that "make me an offer" stuff. I can understand it if it comes from someone who really doesn't know what to ask for something, but when it's from a dealer, it just seems like they're trying to screw you. That is if there's not already a price on something. If the coin has a price on it, and they say "make me an offer", I think that's completely fine. Dealers I'm sure usually know what they want to get out of something. They should be able to tell a potential customer what they want for a coin without any hassle. If they don't, and they're honest about it by saying something like "I don't really know what I want to ask for this right now", I would feel better about it. But that's just me. It does seem that a big point in this hobby is negotiating prices.
I have a few coins that might be hard to establish a value on. Some dealers would place it at few hundred dollars while others might consider them much much higher. The problem is there are no recent sales records of them. Today the value might be much different than several years ago. I would list those (if I ever thought to sell) on a make offer basis. I do imagine every seller has a different reason. Some might want to get more than it's worth. Others may not want to "give away" the item to a low ball bid at auction. Auctions are great, providing the person who would want your coin happens to see it when it's being listed. But I personally have sold some things way below their value simply because I believe the other bidders just didn't happen to notice the items. But if you see something offered at "make offer", why not offer what you would be willing to spend less a little. I would make a first offer a bit lower, because I always suspect the condition when looking at the eBay photos. The ones I seem to get are often a lower grade than one might think. Just sayin'
