Coin shop etiquette

Hello All, I'm going into my LCS today to purchase my first significant coin. Significant for me anyway. I have already called the shop to inquire if they had I was looking for and then I asked the neighborhood of price and he was hesitant to answer, so I realize there is some etiquette I need to be aware of moving forward. I realize it isn't like I'm buying a carton of milk. So, any heads up would be appreciated. Thank you.

 

Log in or Sign up to hide this ad.

I didn't know there should be some sort of "etiquette" to make a fairly large size purchase. Maybe he was just surprised someone was actually interested in that coin, and wasn't ready to start negotiating off the bat. You gave him time to get ready, now go in and see how good of a price you can get.

 

the more you get to know them, the cheaper things will get.

 

Hopefully he was just doing that trying to get you to come in the door which could generate more business from an impulse sale and not because his price is going to depend on how knowledgeable he thinks you are.

Whether buying or selling I've never considered asking the price of something to be a breech of etiquette, after all the price is a significant detail in the transaction.

As far as etiquette just be polite, don't ask for something if he is busy with someone else, common courtesy basically.

 

Ah, that is something I was curious about, haggling. I think that was a main point I wanted to be clear on. Thank you.

 

I've negotiated a price with a dealer before. You have to be conscious of the fact that they are in business to make money. The one that comes to mind was one of my Fugios. A dealer I had bought from before was at a local show, and had a coin listed on eBay and his website I was interested in. He had purchased it earlier in the month at Heritage and the cost was of course listed. I let him know that I was aware of the purchase price, but still was fine with him making a profit. We negotiated a price that was a little to his side of half way between his listed price and his cost. But I had spent a bit with him in the past (I think this was the 6th Fugio I had purchased from this dealer) and I didn't try to get the coin for $10 more than he paid either.

As with all negotiation, tact and previous relationships are the key.

 

When negotiating a price, never, never, never try to get a lower price by giving the coin a bad rap. You will more than likely be shown the door instead.

Chris

 

I haggle all the time. That seems like the MO at these places.

However, the last place I went to, they were more of a jewelry store and didn't know much about coins. I cringed at the way they handled the coins and dropped the coins on the glass counter. They also tried to sell me "restrikes" (read: replicas) and pass them off as authentic to me. I believe it was a stainless steel "Silver" Eagle... noticeably lightweight in hand, but shiny.

 

Eh, unless its something like a 2015 UHR gold or a similar modern coin, then its apples and oranges anyway. You need to SEE the coin to know how much its worth. Anyone collecting older coins who actually believe all MS65's or similar should be priced similarly should stop what they are doing and not buy another coin until they understand why prices of coins vary.

 

..because that is the coin dealer's game, right?

Seriously, I agree. If looking at a coin I might mention its flaws casually, but I do not go down the "this is a total piece of junk, so give me 15% off so I can buy this "junk" off of you. Dealers know what the coin is and isn't.

 

I would think the response you receive was to get you to come inside. The more you use them, the more frequently you visit, look around and buy, the better deals you will get and a few added privileges, like looking at coins they set aside for really good customers. Just be yourself, smile and make friends so they remember you.

 

Well he probably has had hundreds of phone calls that pretty much just wasted his time and never turned into a sale, but that is business. Gotta kiss the customers butt. Maybe you just called him at a bad time.

 

Agreed, but I will ask:
"did you notice this scratch here?"

 

Great feedback guys. I really appreciate it. Do they get upset if you take out your own loupe, or should you ask to borrow one of theirs?

 

They shouldn't

 

I'd stay away from the dealer. Often, hesitation is a sign of dishonesty and, as we all know, there's no shortage of dishonest dealers out there. Understanding this, if you still want the coin, do not hesitate to point out its shortcomings.

 

know what the price is before going in for the grade of your coin. check out the averages from sold coins auctions for the grade you are buying. be nice about it. do NOT offend them with a low ball price.
if they have multiples of the date grade you are looking for always ask for a discount. I have asked and gotten good savings by doing that.

 

always bring your own loupe with you. it lets them know you really want to see the coin close up and are a coin collector. if you forget yours ask to use 1 of theirs.

 

Heck my local shop keeps loops for you to use without a problem. I usually do not try counter offers at my local shop - mainly because I either like the coin at that cost or I don't. I have even gone on to tell them that a coin price is to low for a variety - and yes they were still happy to sell it to me at that price. As a matter of fact in the other thread about beating TPG's some of the coins I bought were from the local shop. One was a bust half that was priced in the F range, but I knew it would come back in VF - so it was worth buying. They also encourage cherry picking - the owner said he is happy if you can do that because you will keep coming back and buying more.

PS - I also made it habit here lately to always buy something. Even if just a couple of ounces on silver. The prices are pretty good in that as far as premiums go. I have also bought some poured bars that seem to bring decent premiums on ebay - not that I plan on selling.

 

Heck, I don't think there's anything wrong with the dealer being hesitant about quoting prices over the phone. Lots of businesses are like that.