So I've been thinking about a 'want' list here lately and am hung up on some things. What's the best way to utilize a want list? Do you just give out dates and mint marks you are looking for with a condition range, or do you need detailed notes accompanying every coin you are interested in. Also, what's the etiquette on a coin that doesn't meet your standard? Do you just walk away after that dealer went through the trouble of tracking it down for you, or are you obligated to purchase it anyway? Just looking for some thoughts and ideas on how to effectively use a want list and maintain good relationships with dealers.
I requested a dealer to look for an 1872 two cent piece for me and I gave him a minimum grade and price I was willing to pay. If he were to find the coin meeting my requirements and price then I would be obligated to buy the coin. If it did not meet the agreed upon parameters then I could say no. I also was clear up front that the coin would have to meet my expectations before I buy. I actually found one on my own and I notified the dealer right away so he wouldn't continue looking for me and then I'd be obligated to purchase the second coin or to go back on my word. I feel you need to be clear so the dealer knows exactly what you want and what price you're willing to pay and that you have the right of refusal. That way, you are not obligated to buy something you don't want.
Talk to and be honest with them. All I do anymore is client based, and can tell you from experience that communication and reasonable expectations (for both parties) are of the utmost importance. Be very clear and concise about what you want, and leave nothing open to interpretation unless you want this and/or are willing to settle. As you know, there is, or should I say can be more to coins than a grade, so don't expect the dealer to read your mind. If you want only PCGS, CAC, etc, be sure to make this clear. If you change your mind or no longer want the coin, let them know as soon as possible. Basically, just use common sense. Price is also something that needs to be discussed upfront, especially if you're looking for a genuinely tough coin in a very specific condition. While it is okay to be firm to your standards and reject a coin because of this, don't abuse it or use so-called standards as an excuse to try to negotiate a small discount. If the dealer is worthwhile, you both should be working towards building a mutually beneficial business relationship, and nonsense games are not the way to do this. One thing I must stress is that if you have an extensive list, make your priorities and financial abilities clear; don’t list $10k worth of coins if you’re only able to spend $1k at a time; little is more frustrating and hurts the chance of future business than going out of your way to fill a request and only then be told they do not have the money, be asked to hold, or accept payments. Realize that all dealers are not equal, and set your expectations to the individual. There are plenty of guys out there who do want lists that, to put it nicely, really shouldn't be. Well known does not automatically mean the best either; let the dealer prove himself and his worth to you. Just because some guy attends shows, displays a basic knowledge of your interests, and will buy for you, this doesn't mean he's a wise choice. Also, do understand that not every coin is worth every dealer’s time; if you’re looking for low dollar dime a dozen type material, don’t expect a guy who primarily focuses on higher value coins to want the work. There is a lot that can be said about this, but what it all boils down to is communication and respect. Even with all the nonsense today, I still believe this can be a gentlemanly business at heart, so as long as you do your part, play fair, and are reasonable, and as long as the dealer is willing to do the same, all should work out well.
Discuss the goals and parameters with any dealers you hope to potentially work with in the future. This is the single most important thing you can do with a want list.
While there is clearly a large benefit from maintaining a solid relationship with your dealer, (I've been collecting for about two months and my local dealer gives me 40% off most things already) you should never feel "obligated" to buy anything. Ever. If he puts himself out to procure a specific thing at your request and it doesn't meet your standards, explain to him what you don't like about the coin. If he's a dealer he can sell it elsewhere, and would probably be happy to find you the exact one you want after you refuse the first one. I don't think this is black and white, judge the situation. I wouldn't go burning a perfectly good bridge over a couple hundred bucks, but if he seems upset you might be in the wrong store to begin with.
I would keep the list short. Some great ideas have already been posted. Keep in mind that not all dealers can help with a want list. Many small shops just work with what walks in the door.
You make a good point that many dealers are small and work with what walks in the door. However, even the smaller shops can go out and procure a specific piece for you. This is why it is so important to be very clear exactly what you want and what you're willing to pay. If it's an expensive coin you will want to look at photos and have a chance to look at it before the dealer makes any commitment on your behalf.
Good information. To me, there are two different scenarios. If you have an exact coin you want, try to give him as much information as possible. Such as minimum grade, price range you would like to spend, any special quality concerns, etc. If he goes out and buys a coin for you within these parameters, I think you should buy it from him. If you told him you do not want a white coin, though, and its white, or some other detail about it that the coin does not fit, then you are under no obligation at all of course. This is only for very SPECIFIC wants that you have gone out of your way to ask him to locate for you. The other scenario is more generic. I have a local dealer who knows I collect ancients. So he makes sure whatever ancients he may come across he shows me. I feel absolutely no obligation to buy anything, since I did not ask him to acquire these specifically for me, they are simply coins that may fit into my collection and its in the dealers best interest to show them to me. By me buying them, if I do, the dealer is more likely to get a higher price than if he has to wholesale these out to an ancient dealer. So it works both ways. Dealers are an underappreciated resource in this hobby. A good dealer can easily allow your collection to grow the way you want it, since he physically has access to more coins than you ever will.
Very good info already posted. I agree with making everything, and I mean everything, that you want very clear to the dealer when you start, and continually refine as you go along. Information is key and will avoid many of the situations you might worry about if it's continually flowing back and forth. I'll echo Medoraman's comment on the part about feeling obligated to buy - "very SPECIFIC wants that you have gone out of your way to ask him to locate for you." I feel there's a difference between something that has presented itself without much effort, and something that he had to put significant time and possibly his own money into obtaining for you, and whether you should feel obligated to buy it. For example if someone walked into his shop selling a coin you had on your want list and he picked it up as part of the general sale and would have even if you weren't looking for it, I wouldn't feel obligated to purchase it if it didn't meet my criteria. However, if he searched and purchased something specifically because it met the criteria you have agreed on, I would feel obligated to purchase it unless he bought it outside of an agreement you had for right of refusal (i.e. he was instructed to clear the purchase for you beforehand but bought it anyways). Not an exact comparison, but relevant... I used to freelance on the side for IT work - building/fixing computers for people and businesses, setting up networks, etc. If a customer asked me for something specific for them that I had little to no chance of being able to resell somewhere else, I would always have in the agreement they would be responsible for reimbursing any out of pocket purchases made regardless of implementation. If a customer changed his mind on something like a generic business-class whitebox PC, I could easily sell it to the next customer and not lose much other than time. But if it was a custom solution, for example a touch screen restaurant ordering / POS solution, I'd be stuck with a very large and expensive hunk of metal since the resale base is very small and if I was able to sell it would most likely be for a considerable loss. Same with coins, I'm sure some stuff would be OK to refuse and the dealer would be able to resell without much of a problem but others would be much harder to get rid of and cause them at least some sort of distress in the end.
Thanks for all of the replies guys. I pretty much thought this was how to utilize a want list but just wanted to see what else you all could bring to the table on this subject. We see it so much in this site about getting friendly with a dealer and providing them with a want list, and this thread just helps to clarify some issues when it comes to trusting a dealer to locate specific coins for you.
Well, I never said anything about the dealer sir. That is a whole other discussion. Some are good for this, others not so much. You must either your dealer well and trust his judgment, or test him to see how well he does for you. I only commented assuming a person found a good dealer he trusted to fulfill a want list. I think finding a good dealer you are comfortable with is harder than finding any coin.
As a buyer: I have a dealer who sends me coins in bulk that he knows I like. He ships them for free already priced, then, I simply return the ones I don't want. He knows me, and even though he's 12 hours drive away, we trust one another. As a seller: I have 3 customers who give me their want lists. They give me the date, the condition, and the price they are willing to pay. So I search for their coins knowing that I need to make money too.
There are lots of good ones, I was just warning not every dealer is very good at such an arrangement. Most dealers who specialize in the area would be good choices, but not every dealer is really cut out for this.
