Prices on slabs at coin shows

For those of us looking in the case and wondering if our idea of the price and the dealers idea are in the same ballpark, having it priced on the back is no different than having no price at all. I started skipping dealers who didn't price their wares after too many times wasting my time (and the dealers) having them dig out the coin only to find that we were not only not in the same ballpark, but not on the same planet. Either they have an over inflated opinion of their coin, or after over 25 years of specializing in a series I don't know what the coins in the series typically go for.

If the coin is priced, and in the same ballpark, then I can have the dealer pull the coin out, look at the back, and we can discuss the coin and negotiate. If we are in the same ballpark, even if his price is higher than my estimate I will often be willing to rise up to meet it. Unpriced, forget it.

 

Log in or Sign up to hide this ad.

This describes me exactly. While I try to take a day off to go to a show I don't want to waste my time talking to a dealer when we are so far apart on pricing. And because there is no standardized method of pricing toned coins and even with white coins some people are so far over bid I have no interest in buying or even discussing anything. I'll stop and admire what they have and move on.

The msg board has seen a lot of my coins. Only two came from a show. I overpaid on a few coinfacts coin but on many other I got good online rates I.g. I went to the pcgs only show a dealer was selling pcgs proof walkers. He wanted double gray bid because they had none of the haze I see so often on these coins. I honestly thought the guy had a good point and left. I bought a pcgs 64 walker proof on ebay two weeks later and paid $10 over gray bid.


Offered $20 less then I paid for this one, by one of the dealers here.



Offered $200 less then purchase by a dealer at a vegas show



A few examples to make my point.

My point is not that I am an awesome coin professional. My point is that I am not.

If someone with as little experience can purchase coins like this at the prices noted above it tells you one thing. Between tpg, internet, information(I use grey, coinfacts, ebay completed, and heritage) and a return policy that really that is all you need to succeed. Yes you need to be able to look at a coin and decide if it would work well with the grade but what the examples show is how seriously little experience is needed, and how far you can cut the middleman's piece of the pie.

I've made some real mistakes. Not all of my purchases were great. But over all I've done ok for a simple retail buyer.

In today's world the need for a middleman is decreasing. There will be coin dealers for some time to come, but boil it down to the basics. A coin dealer was the bridge connecting one collector to the next. And for many years they had a monopoly on coins. But times are changing and there really is a new breed of coin collector out there.

You don't need to have my money to succeed as a dealer. But my population is growing and the old school fading away. Gone are the days when you needed to actually speak or see the person selling you the coin. And gone is the strict monopoly that dealers had over the industry. Dealers used to be 100% of the business. Every day shifts the equation from advantage dealer to advantage buyer.

My point in all this is twenty years ago the dealer could act any way they wanted. Now if you want to do business with the guys like me, people with all the needed info literally at our fingertips customer service is becoming more mandatory and less optional. So feel free to act any way you want as a dealer but as time moves forward you will see fewer and fewer dealers as the industry consolidates from many little guys to a few larger organizations. Just look at the rise of the auction houses and online venues like ebay, gc and teletrade.

Yesterday the coin dealer could act as unprofessional as they wanted. Today they will exist without my and guys like me's money. Tomorrow they will be gone. My industry is consolidated from a past of only one man band guys. Today it is half solo half corporate.
Tomorrow there won't be very many one man shows around and you can best believe the surviving few will have the best customer service around. Doug is right about yesterday. But this post is about tomorrow. And I'm not the only guy saying this. My advice to dealers now- listen to the comments your real life customers are making on venues like this. Tomorrow competition in this market is going to be twice as difficult as today.

 

Last show I was at I wanted to pickup a Norse thick. Dealer had like 6 in his case. He had a white 63 pcgs thick for $310. I thought this was high. Coinfacts listed completed sales at around $210. I went to ebay, found the exact same white pcgs 63 thick and bought it for $210, and even used ebay bucks to do it. All while standing right in front of the table. Whole thing took less then 5 minutes. That will be the future regardless of what anyone wants. Because I didn't want to hand the guy an extra hundred and as I said before in today's world a coin dealer is competing against every on line dealer and collector selling their coins. Today I am selling the remaining coins I bought to vest pocket sell at shows. And I'm selling them in a few hours collector to mainly collector.

 

I second what geek is saying. I am 35 and I get my coins from a mix of online auction sites/shops and from LCS/coin shows. The internet is fantastic and if you are savvy you can get some great coins at great prices. Having said that, I like to form relationships with local dealers that I see at shops and shows. Keep in mind that a lot of great coins are held by people who are either not comfortable selling on the internet or not knowledgeable enough to sell a coin without consigning it. All the internet auction sites in the world will not get you access to these coins. You have to go through traditional means; especially true if you collect a tough series.

 

How do you sell to other collectors at shows? I kinda vest pocket deal at shows with dealers and get lowballed. Do you just approach strangers?

 

I never sell to collectors at shows. What I do is buy off eBay and then sell to dealers at the shows.

On eBay, any standard non toned non problem coin almost always sell for bid or higher. The one time I bought a normal coin at a real discount (pcgs pr64 cameo at 64 normal bid) the seller "lost" the coin and cancelled the sale.

What I used to do was buy toned coins. Since there is no way to create a standard value you can find coins in one of three categories.

1. Bad picture. My favorite. You can get to a point where you can see nice toning through bad pictures. Usually a collector because any dealer selling toned coins in line learns really quickly how to photograph.

2. Underpriced bin. These are out there it just takes time to look.

3. Winning an auction low. Rarely happens but once in a while it happens.

I then take my coins to the vegas shows and make a small percent profit. Please note I would make more money in a few days at work then I would all the coins I have sold over the last 6-8 years. But it is a fun hobby. I like making deals with the coin dealers and just enjoy the challenge of trying to buy "retail" at eBay then make a small profit selling "wholesale".

I stopped because I very much regret selling a few of the coins I sold. So now I just blew off my remaining coins I bought to sell at shows. No more selling and no more buying coins unless I love them.

Amanda bought one of my coins and texted a picture of my s vdb to the penny lady but her offer was $20 under my cost. I'm really glad she did because that coin would be at the front of the regret line from selling.

After I blow out my remaining coins I probably over this time come out somewhere around -3 to +5 percent of what I put it. I would track each coin values but was too lazy to actually keep good records.

 

I love going to coin shows and hope they remain forever. I never said that I hoped they end. But like I said dealers now have much more competition from other dealers and internet based collector sales. And the sales are going to shift more and more % towards the online. When it comes down to it, a dealer is just the guy who introduces the seller to the buyer. Like online dating dealers are becoming more and more unnecessary because the internet via sites like gc and eBay are connecting people for a much smaller commission then dealers did. And the internet venue has overall less risk then the old system because no one has to put up money and maybe get stuck. The collector sells to the collector directly, so the risk is just failed transactions. And the percent of dealer cut is much greater then the risk of unethical transactions. All in my opinion. Which is why I told the op not to accept a cut greater then around 15-20%. A dealer may need a larger cut but just like wallmart has done the internet is putting dealers under serious competition. I honesty don't care what cut anyone thinks they need or deserve as a dealer when I get more money from online sales. The dealer's needs are just that, his needs, and not mine.

 

Mr. Dundee, do you still think I'm part of the very few?

 

Junior, money talks, BS walks. Dealers being left behind or ignored by customers should consider bridging any gaps for their own continued success.

My purchases are no-nonsense and only require a price and a visible coin, before I even waste anyone's time. How am I going to form a good old boy's club with that approach? My interest in a dealer is based on the inventory and price he/she displays. I have no other need for a dealer.

Are you so gullible, that you've bought into the old song and dance about how absolutely necessary dealers are for any collector to enjoy this hobby?

I have taken part in topics, where I back the dealer's behavior in his own establishment, because in my opinion, the person complaining about him on this forum was nuts. Pick a response of mine that is far fetched or dishonest and show me where I am attacking a dealer unfairly. One would think that after so many years of experience, they would have thick enough skin, see the writing on the wall and adapt to the needs of their customers.

Were you the teacher's pet in school? Just looks like you need that older figure next to you, to enjoy the hobby. Maybe you were a bit short on reassurance when growing up? I won't speculate off-topic any further.

 

You know what the funny part of this is? Some of you may not know this. I know for a fact, that some of the dealers I know, can't stand the treatment other dealers give them, when they visit a show. You may not be aware, but, this is just as much an internal problem (dealer vs. dealer) as it is an external problem (dealer vs. regular Joe). It isn't so much an us vs. them issue, as it is an issue of personal integrity, honesty, transparency, etc. The good old boy's club has their own imaginary hierarchy and there are internal attitudes that are the same as mine, simply based on some people's lack of that personal integrity, that honesty, that transparency, etc.

 

Am I, or am I just participating in a topic where people get to share their honest take on what is going on...

geekpryde, I appreciate the candor on display in this topic, you obviously prefer the shadows.

 

Many people are resistant to change. Yet the market and delivery of coins is constantly changing. Regardless of how many people talk so much about the need for dealers the reality is their percentage of control of coins for sale on the open market slips lower every day.

Ps a little too much harshing on the geek. Maybe this discussion should be less personal.

 

Good way to get kicked out of the show. And possibly barred.

 

No worries, I try not to hold grudges from one topic to the next. Opinions vary. As long as you approve of his recess, revenge and revolution comments, I'll have to adjust.

 

My bad I forgot about that part. I was wrong (see how easy it can be) Harsh away all you want. No need to adjust.

 

I was wrong too, you're not as Jerry Springer as I thought.

 

I've never been to a show but I'm hoping to I'm not a great tech person I'm more hands on I buy from dealers I trust online and at the auctions but I really like to see coins in hand best. Especially as lately my major focus is trade dollars and yes I've bought trades raw but I held them in my hand first. I make no secret of my dislike for feebay. But between some good dealers ha stacks and local auctions I've put together what I think is a decent collection. And dealers like Gerry Fortin and Tom B and others are a pleasure to deal with!