Long Beach Coin Show Report

I will repeat... there is a sight-unseen dealer bid posted in the amount of $1620 (for 10 of them). How insulting is it that a dealer quotes 11% over the sight-unseen bid?

 

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I agree they do need to do that more often. :thumb: to security there.

 

I've been buying/selling coins for over 50 years. Coins don't grow on trees for us dealers to replenish our stock for free. Most all dealers I have been associated with, including many of the majors, will pay a fair price for a coin close to grey sheet. If it's a fast seller we pay higher, a slow seller we pay less 'cause we know we will have it for a while. Now, think of some of the coin dealers expenses:

1. Gas and travel expenses to a show including hotel rooms.
2. Table rent at the show.
3. Insurance on the coins.
4. Risk of robbery (and it does happen).
5. Coin thieves at shows.
6. Supplies like lamps, boxes, cases, showcases, extension cords, pens, bags & envelopes for the coins and a myriad of other seemingly unnoticed expenses.
7. Website server fees & hours and hours updating prices on a weekly basis.
8. Greysheet subscription, CW subscription and others.
9. Tons of reading to know your professions ins and outs.
10. + probably some unknown expenses. :-((

Now, factor all that into what a dealer buys a VF20 1914D cent and what he sells it for is what pays for all of the above stuff.

I personally mark my coins between 10% and 15% above grey sheet to compensate for all the above ... AND, most of all to make a profit to support my family.

Remember, coin dealers are not in this to kill time before our next Nigerian $10 million inheritance gets processed. This is our livlihood.

Do grocery stores make money? Drug stores? Hardwares? WELL, get used to coin dealers and accept the fact that they have to make money also. It's a fact you will have to live with and accept, or, get out of coin collecting. Start collecting something else ... but you will find that field has to make money also.

No offense but it's time to accept the coin business as it is.

Lastly, if you think coin dealers all drive Rolls Royces, and have big boats then my suggestion is to gather up several 100 thousand $$$$'s and open up a coin shop and live the high life.

Just my simple old timer opinion.