Greysheets allowed at coin shows?

Sure prices can be arbitrary; however, I don't think the price guides could be defined as totally arbitrary. They are based off of auction prices, and sales of various types.

Sure, if you have a "special" coin you probably can't even find it in the greysheet.

I think auction prices are a great way to judge value, but once again for the most part if you buy at those prices you are paying what everyone else paid. It might not be a bad deal, but it almost certainly is not a great one either.

You are dead on about the open market... that is what determines price. That also should be reflected in the greysheet. I don't think those prices are set in stone, but I do think they should be used as a frame of reference to keep you within a safe boundary.

 

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I was speaking primarily fr the greysheet; however, PCGS "claims" to do the same.

I realize that PCGS & NGC are inflating their numbers no matter what they say, but they claim to derive their prices from market data.

I have also noticed that NGC is also starting to close the gap between the price spread with respect to PCGS, at least it seems that way tom me for certain items.

 

I stand corrected. I thought the prices for greytsheet represented what dealers were asking, and paying.

Technically speaking if you bid on something you will have to pay that much, or more. I guess I misunderstood that somehow.

 

No, most dealers don't price right at greysheet levels. As a general pricing standard, we normally prices coins at 10% over greysheet ask on our webstore for retail business. However, certified key dates, early type and a few other areas can be the exceptions, as the Greysheets are not realistic and we often pay stronger for these coins.

For example, we recently purchased a 1911-D $5 Indian graded MS-62 by PCGS for a customer. We paid well over greysheet ask for the coin and sold it for a markup over that. For that particular coin, the greysheets are not realistic.

I will generally work very close to the greysheets at shows with customers, especially for easy transactions. Of course, I will price better for higher volume purchases.

 

I don't mind any collectors using a grey sheet as long as the read the very bottom of the front page on any of the weeklys. I point it out from time to time to some collectors as well. "Investor/Collector note: The prices in this newsletter are from Dealer-to-Dealer transactions; you should expect to pay a premium above Ask when purchasing coins in a retail transaction; you may also commission a Dealer for your purchase."

The paragraph also states that prices derive from the highest legitimate bids and the lowest legitimate ask seen nationally. So basically the prices shown are Bids = what dealers are trying to by the item for and Ask = what the dealers are asking for their items. Dealers could sell there coins if they are nice for the grade with out leaving the house at Ask to numerous dealers around the country.

 

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I must say you are getting better another one that i completely agree with . How come i dont find any of these knowledgeable collectors to sell

 

great minds think alike if a dealer refused to let me look at my material he wouldnt be getting my business

this is the way it should work but unfortunately the kind of coins i collect people buy them so i have to usually make split second decisions

 

didn't you know we sit at home and rattle coins

 

cold deck no. i got a full hand they just wont let me sit at the table they are afraid i will win. its like that dude who once told me i will never play poker with you because you will win.

 

That is not what my greysheet says. Dealer to dealer - yes, but not the rest. It does say that it includes raw and certified coins. It then adds that raw coins may be higher OR LOWER that the prices listed. It adds that only prices from dealers who adhere to strict grading standards are included

 

I need to set myself up as dealer, even if I dont plan on selling a single coin...then maybe I will get better prices on coins.

 

But then when you go to sell you're going to have to cut the IRS in for a piece.

 

you know Jack, I always wanted to know the same thing and did the same thing you did, posted and then deleted it

 

Well that in itself is some recommendation.

 

Years and years ago at a show up north in NJ, I had a greysheet in my hand and a dealer literally shouted at me that I shouldn't have it. I told him he was welcome to come and TRY to take it away from me. He didn't take me up on my offer and hence I never purchased any coins from his table either. :')