"Bid" usually refers to the Greysheet(Coin Dealer Newsletter). It is the price guide most dealers use. The greysheet lists Bid and Ask prices for coins. Most dealers pay 20% or more below bid for coins and sell them for between bid and ask. Here is their website. The Coin Dealer Newsletter
I have always thought that the greysheet was a bit odd because the bid/ask prices are supposed to be wholesale prices for dealer to dealer transactions. But now, dealers often sell to the general public at the greysheet bid/ask levels. I guess this may be related to the fact that only dealers could subscribe to the greysheet at one time, but the general collecting public can now subscribe to it. Does the availability of the greysheet to nondealers factor in? Any thoughts?
Sure the availability of the sheet has an effect. In the late 1970's the greysheet was difficult to obtain, today anyone can subscribe. When I ask for a price from a dealer I pull out the sheet in front of them so that they can see what I am using for reference. Once I had a dealer say something like: "You can throw away the sheet on this coin" and then they wanted fine price for a good piece. I told them that the price was interesting and that I still need a reference to determine what was fair. By the way, the coin in question was an 1896 S Barber quarter, and it has still not reached the price that he wanted that day, about five years ago. In the interim, I have gotten several pieces for less than he wanted that day. The sheet is important as a guide. Just use it fairly, if a dealer asks for more than you are willing to pay, don't argue, just walk away, I do.
