Overpriced Coins at Coin Shows

What are some of the most overpriced coins you've seen at a show?

I've seen examples of several myself, and I'd like to hear what others have encountered. You can post coins, currency, tokens, or anything else numismatic related.

 

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I can’t be specific but if I feel the coin is too high I just won’t buy it. There are other dealers at shows that are more reasonable and I’ll buy from them.

 

Prices at shows are almost always going to be a little higher than shops or online sales prices to help recover show / travel costs. Some dealers will use this as wiggle room to haggle but some won't. It's best to know what you will be willing to pay for the coin you want and stick with that ceiling.

 

I can't be specific either but my favorite experience was a dealer at a US show selling Canadian coins using the Canadian price guide values without converting to USD.

 

As a frequent attendee at the major coin shows, you get to know that some dealers always overcharge. I don’t know how they stay in business, but they do. I’ve had instances of where I was looking through cases, spotted an item I wanted, and then looked up saw who dealer was who had it. Oh, *&%$#; it’s over. On to the next table.

 

It's like that online too. They'll do auctions with stupid reserves and about 20 items will expire together without a single bid.

 

My experience is different. Asking prices for coins that I've seen on dealers' websites have been about the same as asking prices at a show. However, at a show, they can usually be negotiated down. I think the prospect of quick payment has an effect on willingness to negotiate. That said, lots of overpriced coins can be found at all shows. Cal

 

It's usually easier to list the fairly priced than the overpriced coins at shows.

One anecdote was a coin that I owned and sold. I saw it at show for ~10x my original price paid. I later reacquired that coin for close to 3x my original price. I liked it and the market had increased since the original sale so I had to pay up. However, the 10x price it had at the show was still way too optimistic (if I wanted to put it up at a "I don't want to sell this price" I might actually ask that same 10x level today ...unlike me, the dealer at the show presumably wanted to sell it).

 

I saw an extensive collection of Morgans at a table last show. Including a Zerbe. I didn't think that any of those were overpriced.
What a pleasure to hold them in their original Soap box slabs.

 

I don't mind paying a little extra at a show simply because I get the opportunity to see many examples of the coin(s) I am looking for at one place. Everything can be evaluated in-hand, and I can purchase the best of the lot. As we all know, coins of the same grade do not always have the same eye appeal, so having the ability to view so many coins at once is worth the extra vig.

 

A little too high is one thing. I too will pay a premium for coins I like, especially now that I am old and not worried too much about reselling what I have.

Paying three times the catalog or previous auction price is something else when there is no market justification for that. You might think that a dealer who does that could not stay in business. Yet, they exist. They serve poorly informed customers who don’t do their homework. The phrase, “more money than brains” comes to mind. What amazes me is that there are enough such people to keep these guys afloat.

 

Going back to sometime in the early '80's I've attended both PAN shows each year, and several others over such time like Gettysburg, Baltimore, Louiville and Spartburg/Greenville. When the ease and convenience of buying online arose and competition increased dramatically many collectors, particulary those entering the hobby after the 1990's, assume that coin show prices should be comparable to what they are accustom to. Making matters worse, and what I've witnessed first hand on multiple occassions, is when a buyer bluntly states "I can find it cheaper on EBAY." or something similar. I can think of few things which anger a dealer more, again which I've personally witnessed. Not thinking of the costs the dealer has to incur or his/her time, some travelling 500 miles or more.

With this said, I've always approached each venue with the mindset of where I wished to be on certain coins I'm interested in and what I'd be comftable spending on those I may find unintentionally. If not within my range I move on. I don't haggle in the slightest. Where I make out is when I'm looking at two or more coins from the same dealer. The price per coin then drops, usually without a mention on their part. Second, as for those I've passed on, in the future I have contacted them or shopped their store/web-site and received a much better deal than at the show. Again, without haggling.

Staying on topic, what are some of the over priced coins. Anything being offered at 100% over fair market value. And yes, there are many. Especially modern bullion. In these cases it's simply best to walk away.

 

I've been seeing a lot of overpriced junk silver dollars. As in, one dealer will have them priced at $30 per coin, whereas one two booths down is asking $35 firm for coins of similar quality.

 

There may be a difference in pricing dealer-owned versus consigned coins. If a dealer owns a coin, they should try sell it as quickly as possible for more than they have into it. That means an appropriate price for the particular market. If a coin is consigned, then time in inventory is less of a factor, and the coin can be priced higher. Cal

 

Dealers and collectors make mistakes. We overpay or miss something about the coin. Some dealers that get stuck with a bad buy, don't lower the price. They just leave it out there and hope for the best.
I have known a few dealers like that. In each case, cash flow was not important to them.

 

Been going to shows, large and small for 18 years. Most dealers will have prices listed high so there's room to negotiate. They expect most people will try to talk them down.
If there's a coin they want/need $100 for and list it for $140, then you negotiate them down to $110, who won? This happens at varying price points at every show.
I've noticed nowadays though, it seems like there's less wilingness to negotiate. Inflation has been running wild for the past 5 years. As difficult as it is, at some point we all have to accept things are far more expensive than they were ten years ago. And chances are, another ten years from now isn't going to help.

The older you get the more difficult it becomes to accept but you have to or you just don't participate. Look at vehicles from early 2000s to now. In some cases it's double to triple what they used to be. Younger people are used to these prices. If you grew up in the 80s or 90s, you realize what has transpired and saving $20k under a matress back then was a real bad idea! This is looking at a tiny slice of time. Now compare buying power from the 1950s to now.

 

It might seem that all of the price increases are simply inflation, but they aren’t. Motor vehicles are better now than they were back in the day. Back then, when a car hit 100,000, it was considered to be a candidate for the junkyard. Now they go for 200,000 and more.

An AM radio was a big deal in the 1950s. So was air conditioning and backup lights. Now there are surround cameras for parking, backup cameras and GPS systems. Given the features from then and now makes it hard to differentiate between inflation and progress.

 

I think there is some validity to the "I can find it cheaper on eBay" statement. I do understand the costs that dealers have and the convenience of seeing a coin in hand vs a picture online. However, eBay sellers also have costs: there are eBay fees (~13.5%), shipping costs (including the packing materials/envelopes), and potential travel (to the post office or to buy supplies). If the show dealer has generic items and the same items are cheaper on eBay, most people will buy from eBay as price is the ultimate deciding factor. The show dealers who want to make more sales will need to keep their costs below eBay for generic items. Now I personally would not insult the show dealer by bluntly saying their prices are too high but if one ever asked why I passed on a coin, I might let them know about the same item being less on eBay.

 

We've got a coin show coming up this weekend in my general area. One of the participating dealers has a few coins for sale on their website. I hope that's not an indication of what their show prices will be. Someone needs to tell them meth is bad for their teeth.

 

They might be even higher at the show!