Coin show negotiating experience

Wouldn't the better play from the dealer's stand-point be to come back at the $180 offer with ~$205 and hope to close the deal at ~$200 over standing firm and watching a sale walk? Of course there are always other factors. For example: if it's still early in the show, he would probably want to hold onto his coins with broader appeal to draw in customers.

 

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I wonder whether some dealers understand the concept of time value of money. I've seen the same coin listed (eBay, Collectors Corner, magazines, their own website, etc.) for months at the same, too-high price. I've given them the benefit of the doubt and assumed the coin was consigned, so it's a collector that's OK with holding on to the coin unless they get someone to pay above fair market. It's still costing the dealer something though to continue to advertise the coin even if they aren't the owner. If they are the owner though, they should have put the money in an S&P500 fund. Maybe I'm missing something?

Cal

 

Once the dealer saw the Greysheet come out they probably concluded that negotiations were pointless. I've seen it personally at coin shows before, some people feel they are entitled to wholesale prices just because they were clever enough to have a Greysheet handy and then get offended when the dealer doesn't want to play ball. Sure the dealer could have handled it with more tact but as a collector I really don't want to haggle hard so I appreciate a pass or play price without a lot of invested time.

 

So... are there a lot of people in the bathrooms at coinshows looking at greysheets so the dealers won't know that they are informed consumers? lol

 

I've had one dealer object to me using my iPhone to do some price checking. I wished him a nice day and moved along.

 

That's the key. The problem is when you are dealing with coins where there AREN'T that many out there.

Often times yes.

 

Very good point. With such a gap in price a lot of times a lot of dealers just won't bother to counter, especially for new customers

 

Ok, so a dealer gets offended because I want to be a good consumer and carry a gray sheet? give me a break. If that is the case, then when folks try to sell their merchandise, why do they immediately look in their own gray sheet binder?

I spent to the table in the early afternoon, when dealers were starting to pack up.

I do not expect a wholesale price, but $60 over bid for a non so rare coin is out of line.

 

I agree. Dealers pay more than any price sheet for really nice coins. As a collector I do the same.

 

If you look at real-world results of actual sales of this coin, you'll have a better idea why he stood firm on the price. It's entirely realistic for a "nice" 1928.

If you're selling on Ebay. At Heritage, $160-175 is more like it.

Then again, only half a dozen or so a year of these appear at auction. There are none currently listed on Collectors Corner.

 

I wouldn't get to upset. I've seen dealer's at local shows that never seem to want to cut a deal and have many of the same, tired coins every show. How they pay the bills is beyond me, but to each their own.

I've also occasionally run into the "rude dealer" when I pull out my grey sheet/price app. If I really want the coin, I explain that I'm just trying to get a baseline, knowing that I will probably have to pay more (since I've usually done my homework). If they don't want to sell, it's their loss and I keep walking.

 

And from the coins you've posted here, it shows. Too bad others are too busy slamming dealers and being insulted to see the example you and a few select others have set.

 

Not sure what to think regarding the last comment. The coin I saw was bright and attractive and a solid ms63. 60 bucks over bid? I think not. This guy spoke to me like I was new to this. Also, what does it truly imply when someone replies that "I have $xxx dollars in this coin." Who knows if he place his labor, travel, liquor bill, etc. into that number.

 

I believe the point he was making is that collections built at or below bid are often average at best. A quality coin does cost more and a lot of times people get to focused on some price guide.

 

Exactly. I usually pay above price guide for my coins. Now the cheapskates may laugh at me, but to me a price guide is just a guide. As grading is subjective a solid 63 can be much nicer than your average 64. My type set SLQ is a 63FH and it looks far better than most (all?) 64s I've seen...

 

100 percent agreement. I made the price guide mistake a few years ago, regretted it ever since. I bet in the long run you actually save money since you won't have to upgrade and are happy with the first purchase.

 

I've paid over greysheet and under greysheet. It's about the grade, certainly, but also about the intangibles - how nice a strike, how even the wear, etc.

Two specific coins stick out and the funny thing - is both coins came from the EPN sale. With his eye for coins, both were nice for the grade, definitely circulated but even wear and high VFs.

One I bought a little over greysheet with HA's cut.

One I bought after the sale (resale) off eBay BIN for less than it sold for at the auction three weeks earlier, where I was the underbidder at just about $5 over greysheet.


WRT greysheet - it USED to be that buy was 10% back (below) greysheet and SELL was at greysheet.

Today? Be aware that the new ownership is making an concerted and unabashed effort to push the greysheet back to what it was - the price at which dealers would BUY clean examples at the grade, sight seen.

Bluesheet is the market for dealers to buy sight UNSEEN. That spread is the risk premium for not seeing the coin in hand (i.e. trusting the TPG).

If that's the BUY prices, the reasonable expectation is the dealer would SELL a bit above the BUY price and thus above greysheet.

 

first all all thanks for the excellent discussion. the more I read, the more I wonder if $215 may have been fair. I still say no based on my perception skills of the dealer behavior. Maybe $190, but no way $215 unless I bought it from Jack Beymer. Overall this was a good learning experience.

 

I never have problems with dealers or auctions. I always over-bid.

 

ref: ebay offers off auction

Most dealers and many non-dealers won't go for this since it's against ebay policy and could lead to unwanted problems. And it the deal went wrong you would have no recourse through ebay. I have had similar requests with items I was selling and I advised the requester that I would let the auction go to finish and if there was no sale I would relist what they wanted at the offered price and they could jump on it if they really wanted it.