Is it common for dealers to quote greysheet prices when buying from the public at coin shows and then to use something like "Coin Values" to sell from? Or, on a similar note, what is proper etiquette to use at a coin show when trying to sell a coin and the dealer asks "what do you want for it?" as they get out the greysheet? If I'm going to buy from a dealer who is selling from "Coin Prices" I think he should use "Coin Prices" as a starting point for my coin too. After all, greysheets are dealer to dealer aren't they.
I have met very few dealers who can obtain Trends or Values prices for their coins at shows. Most dealers buy and sell based on a 10% spread of greysheet. When you wish to sell a coin to a dealer, you should quote a price and allow the dealer to buy or pass on the coin. The same courtesy is given to you. When you ask a dealer what price his coin is, he will quote you a price. You either accept it or pass on it. Too often collectors rely on using the dealer as an auction house trying to receive the best possible price. How would you like it if the dealer asked you what price you are willing to pay for a coin relying on your lack of grading skills or lack of knowledge reguarding current values?
Thats the impression I got recently at a show when I was trying to "shop dealers" to see who would pay the best price for a 1895-O Morgan. Everybody wanted to know what the highest price was that I had been offered with out first offering a price themselves. If I do set up a table myself at a future show (something I would very much like to do) I wouldn't have a problem offering my highest price that I'm willing to pay for a coin and letting the person either sell or walk. Maybe after doing so I'll realize why this not a desirable thing to do but It seems straigt forward enough to me now. Dave in WV
In my entire life - I have met only only one dealer who used anything BUT the Greysheet - for buying or selling. The one who did not - used Coin Prices - and he used it buying and selling. But in all cases - dealers use a buy/sell spread. For a dealer to dealer transaction - it may be as Nd says 10% over ASK for selling and 10% under bid for buying. But when a dealer is selling to or buying from a collector - that number typically jumps to 15 - 20% - each way. Also - I suspect that the reason for your recent experience with the 1895-O was because the dealers all saw you going from table to table. When they see someone doing that - they are reluctant to make an offer unless they have reason to think it may be accepted. That's why they wanted to know what the best price you had been offered was.
