don't greysheet me pal

and yet the thread below about "dealilng with dealers and the greysheet" with higher quality coins has a nice little quote from Ziggy

 

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By the way, generally, the Grey Sheet prices reflect the lowest level of each specific grade, i.e. G = G4 (not G6), VG = VG8 (not VG10), F = F12 (not F15), VF = VF20 (not VF 30, 35), XF = XF40 (not XF45), and AU = AU50 (not AU55, 58). This makes a big difference when looking for PQ coins for a specific grade as mentioned in Ed Tay's quote of Ziggy above. And AU58, which is one of the most popular grades I sell and buyers want to collect, will sell for a mnimum of MS60 money - I often pay MS60 bid for a very nice high quality AU58 coin. I also tell my customers that I'd much rather have a nice AU58 coin over an MS60 or MS61 coin since the low-end MS coins usually have "issues" such as spots, hairlines, old cleaning, nicks, uneven toning, etc. Any way, Grey Sheet prices are a guideline, and do not have to be set in stone as some of my buyers seem to think. A coin needs to be judged on it's own characteristics - they are not all clones and cannot all be bought and sold for a posted price or even the same price as a coin of the same grade just because they have the same grade "label."

 

You go girl, lol.
The XF-45's and AU-58's are the most popular grade I sell as well, and yes, they ( the -58's )do trade above 60 money, I sometimes pay 60 bid for them also, some I make myself if lucky.

Last show we did together, I offered Charmy bid on a PCGS 14-D and I thought she was going to hit me

 

Hey, but not as much as I wanted to hit you when you took all my money the last time we played poker in Tucson.... Can't wait for that rematch in Long Beach, Sweet Jack!!

 

It should also noted that these speculations are for "properly graded" coins. One misconception out there is that because some plastic has a number on it, it should wholesale for said speculated price. (Yes, I know about the Bluesheet, but many just use the Greysheet anyway, and not all plastic is anywhere near "kosher")

I hope these customers are other dealers. If not, I would point out to them that their "bible" is not intended for lay use, and even those prices are necessarily high if you, as the purchaser, aren't specifically looking for the particular coin.

You hit the point rather well in so few words (as many already know, it's near impossible for me to use less than a half dozen paragraphs to explain the obvious).

Education is key to this particular hobby. Yet, it is not only education about the actual coins themselves. Education on etiquette, speculation, market trends, resources, and much more is needed. You need the right tools to build the final result. But, you still need to know what each tool is for, as well as how to use it. And, sometimes, there are even a number of different tools that accomplish the same task, just a little bit differently.

 

I'm fairly new to this hobby..but being experienced in other wholesale operations (cycling) what's interesting to me is that just about anyone can subscribe to the grey sheet without any credentials. In most wholesale areas, you have to have some kind of qualifications to get wholesale pricing or even access to the price sheet. It's more like a free for all. But having observed professional coin dealers at a local show, you realize that the ones who have survived for many years are knowledgable and
fair.

 

Yes Morgan 78 it is interesting isn't it? I beat the drums till response #42 we got a meat and potatoes answer to how the inner circle works the greysheet.

and that wasn't what this thread started out to be, but it was nice to hear.

It is very much like a free for all, in 1978 Saloman Brothers Inc began including rare coins as popular investments, and in the 90's the Federal Trade Commission had to step in and bring to a halt because of overpricing.
Like Wall Street did with the Real State market. Thanks to folks like Dr. Michael W. Blodgett, hey. how you like that morgan1878? Doctors Credentials. lol

and even today with some Bluesheet action:

quote:
Honest, if you buy this coin I promise I'll bid that coin to
three times the level that it's listed on the sheet for now. It's the
only one known. I can bid it up to any level you want. What level
would you like me to bid it up to?

Coin shows are fun to go, and you get a better deal than going to a coin shop. But all the stuff I like to look for, the dealers like to keep for themselves, and I can't say I blame them.

Going full circle to what this thread was about in the first place, If you want the very best deals you have to go Cherrypicking at estate auctions, or just like the dealers, show up at people's door step.

And yes Virginia,
there are professional coin dealers that are knowledgable and fair.

 

Great post. I have learned this as well. Got screwed on both ends last year at the LB coin show- have overpaid for a couple nice coins and sold way too low to buy those coins I always wanted- like a kid in a candy store. All those coins at a show is overwhelming and got caught up in the excitment. At least you can write the loss off if it's part of your business (mine serve as investment of business profits and hedge against business debts). I would like to sell on eBay soon, but seems like a big headache.

 

I went back and read post#42 and it makes perfect sense..it's that mantra we keep hearing.."buy the coin, not the grade".

I concentrate on Morgan dollars and I'm trying to improve my grading skills so I'm not so dependent on 3rd party graders or the black and white of the grey sheet.

 

Good thread... As stated, modern stuff will be hard to unload without discounts. I'd avoid selling to dealers,, I'd avoid buying from dealers (unless other more opportunistic sources have failed and your "hurtin' for that coin fix).. buying from a dealer will ensure that you pay the 40% margin (..'sound investments are made the the 'buy')... ,,,
.. why not seek a readily available free market outlet and sell it at retail, or better.. . 'bay's a great option, even after 15% in fees you'll come out ahead.... or better yet, try Craigslist and pay 0% in fees. I've seen many coins begin to show up on Craigslist,, mostly from dealers feeling out the market on the site and asking stupid prices (but they are selling some like this,, u can too)... and I've also see some nice stuff listed by collectors and non-collectors... I've recently picked up a sweet 42/1 merc for under what a dealer would pay according to ol' graysheet (vf coin, anacs)... opportunities to beat the graysheet are out there and easy to use... so don't give them the chance to "graysheet" you and sell your stuff to thier customers at 10% under what they are charging !!

 

Be careful on craigslist, I hear of robberies all the time here in Phoenix. Bait and trap by sellers, and " buyers " that rob you.

Meet at a bank if you do a craigslist.

 

Amen,

Couldn't have said it better myself.

 

Yes, I always have a more than 1 conversation with the person to get a "feel" for them an then meet at a bank. Also there is the safety factor of not having to meet them with $$$ in your pocket, just mosey up to the window teller an get some cash!

 

Very well put! There are plenty of times when I have purchased things from retail and found out that the premium is gone or we did not see a hit on a coin or it was hidden by the holder and you end up loosing 30-40% of what you paid. You blow it out and move on.

The 'Dealers coming to your home' I see that on craigslist and I want to throw up those people make me sick. They don't know coins cold and are unsure of prices and like to talk your ear off downgrading your coins for no reason. They give real dealers a really bad name.

You win some and lose some.

 

I'm an avid error coin collector. Is your avitar a mushroom shaped broadstrike? Perhaps you could you post a larger photo of it here.

Also, PM me if you know of any major error coins for sale.

Very best regards,
collect89