The "Deal Shopping" Mentality - Helpful Insights for the New Collectors

That term bothers me too because it has elitist overtones. The implication is that some collections are "better" than others instead of more accurately describing them as a collection of higher grade and/or more expensive coins. The collections aren't better or worse, just different. Perhaps it was a reference to a collection that includes cleaned and damaged coins, and that might be somewhat accurate unless it was the intent.

 

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:high5:

 

Any coin is only worth what someone is willing to pay. Several coin dealers in the Greter Seattle area have nice coins-many of which are being offered above sheet & book value. That is the current market trend right now as coins are popping all over the place on every grade and price range. If you don't think the coin is worth the ask price- make a reasonable offer. Don't expect everyone to show up @ a major event and offer their coins at wholesale, that's defeating the basic purpose of the trade industry. When you're in over your head- doggy paddle- and learn-watch the trends. The economy claims to be improving- but that is not substantiated with the unemployment figures- increased spending, soaring debt, and a health care bill coming which will transfer secured account holdings of trillions over to private industry in exchange for debt, long term credits= currency will be pulled,gold will be confiscated, a new pan american currency will be issued- and many old rare coins will jump to priceless status.

 

Guys, I actually don't have a problem with people that price shop for coins as long as they understand they are probably going to get lower quality coins and can accept that.

Not everyone that is price shopping is making a mistake, and I actually think BnB was right in his first assessment to some extent.

Some dealers do charge a much higher premium regardless of the quality of the piece IMO, and some don't. Kind of like stores, you can go down Rodeo Drive or to WalMart.

Also I don't see the market as always being efficient when it comes to pricing coins. Pricing can be juiced by outside influences or if someone picks a bad ending time on an auction it can go for less than its true value.

A lot of knowledgeable people have been burned by buying high priced coins, let us not forget that. How many have AT coins right now that paid a premium for the toning and simply got taken? Anyway I agree though that quality is something to strive to own, and if one is serious about a collection they should buy quality coins.

 

I think what they are saying is "you can price shop, but know what you are collecting". I mean everyone knows that not all coins slabbed with the same grade are the same - for example some MS64's are ugly or overgraded and some are really nice, some might even be under graded. You can't just go by what is on the slab and eye appeal does make a difference. Now the add-on to me is shop for what you think is the right coin for the grade for your collection - BUT understand that not everyone will agree with you. So in reality you bought all the cheap 64's that someone else might say are over graded. Not all dealers price something like MS64's for the same date with the same price - variety of reasons. That is why you look at them and pick the best. I do not consider this the same as buying what you can afford, but as buying the best quality, eye appealing coin you can afford.

To me I buy what I think are the right coins for the grades, but I clearly understand that others(if I went to sell) might not agree. Just part of the hobby to me - and I personally think some of the red IHC's(large cents) are uglier than sin. Just part of my opinion. I also think it gets more critical with the higher dollar coins, but should always be kept in mind. And of course all this is just my opinion.

 

This thread must have been started by a dealer trying to sell coins

 

Lol, well yes, Penny Lady is a dealer... but what makes you come to this conclusion? Something in specific that she might have said?

 

Obviously you are new here or you wouldn't have to question whether I am a dealer. And since you are new to this site and you don't know me or how I operate, and you must not have read any of my posts here, I will assume your comment was made as a result of "ignorance."

Another obvious observation is that you didn't even read my original post which explains exactly why I started this thread. Another fact of which you are probably unaware is that I am also a collector and have spent many years and a great deal of money putting together my collection of higher end Indian and Lincoln cents, so many of the comments in my post were a result of years of experience as a collector.

If I sound condescending and a little peeved, it's because I am. Next time you feel the need to be so flippant with your comments on a thread, try reading the thread first - you might even learn something along the way.

 

Wow, How have I missed this thread for so long. Many good points have been made, so I will not be redundant.

Now, to the quote.

This thread was started by a dealer with coins to sell yes.

Now I'll quantify that.

A dealer with the highest reputation and someone you could learn from. A dealer who's level of expertise is nearly unsurpassed, AND to your benefit, is willing to share her experience so you dont make her early mistakes.

That goes for the many dealers who have posted to this thread.

OP subject. Searching bargains is awesome, requires a good eye and can be rewarding. Buying by sheet alone will net you a pretty average and probably problematic collection.

Learn from this thread rather than contest it.

 

I thought about it and you know, if I were you, I'd retract this statement. It's ill-advised, rude, and indirectly insults one of our most respected members who does indeed happen to be a dealer on this forum. Someone who I actually happen to like.

Thank you

 

Many of us can personally vouch for Penny Lady. Arizona is right... I assure you her intentions were noble and the advice sound.

 

You tell'em brother

:high5:

 

Just getting it back in gear here, off on business for a few days to earn some more coin money..

You go Penny Lady, maybe that poster will come back and learn from a top notch pro. :thumb:

 

Yep and several dealers also responded in this thread and so did many more non-dealers. If you knew the origins of the original post(which drove this thread) you would see that what precipitated this thread had nothing to do with copper. And you would know the Penny Lady sells copper. Now if you start pricing copper coins you would find that both Charmy and Jack offer very competitive prices in my opinion. THE added benefit to this is they both also have excellent knowledge on what they sell. So many people buy solely on the grade on the slab(and price) and not what is in the slab - this is what this is about and nothing else. All this really is a more in depth look at "buy the coin not the slab" statement used so often.

 

Thanks boys for all the support - I really appreciate your confirmation and comments! And Mark, you're right about this thread's main theme being the old adage - "buy the coin, not the holder." But I'd like to add one more thing to clarify. Buy the best quality coin in your eyes that you can afford, and ignore the holder.

 

Something I noticed, that I do not believe has been addressed yet in this thread is have you tried asking the dealer at a show for a better price? I have NEVER paid the first price given to me at any show/shop I have ever been to. Haggle man, it's half the fun of being a collector. If they don't want to give a little on one coin, than ask if he we give some when you present 2-3, ask for a group discount. If some one is selling me a coin and they will not flex at all, I walk away and hit the next one. Just remember to not get to serious to the point that your not having fun

It is just like when I am shopping at different jewelers for my wife, I watch 2-5 people come in pick something ask the price, pay for it and leave... I'm thinking what the heck are you people doing... I ask the price and say, come on, what is the real price, what discount can YOU give ME? Can NEVER hurt to ask/ but it can hurt your wallet if you do not learn to ask..LOL
Rarely I will find a shop keep that gives me a lame excuse, I can not alter the price, I just respond sorry, than I can not buy from you.. see ya.

 

I would even go so far to say that more than 90% of good sales places, be it dealers/ shows/ jewelry shops/ coins/ etc.. all mark up goods. This works in sales in 2 ways. 1) tons of people ask a price and just pay it... 2) people whom ask for a little off feel better that they got to save and want to come back again

 

Great point! I'm with you.. I never pay full price at ANY dealer. I always haggle because you're right, the prices are marked up most the time for the dealer's benefit usually.

Thanks

 

What do you think dealers are in business for? Of course prices are marked up "for the dealer's benefit." This is our job, our business, how we make a living. As has been discussed many times and which should be obvious, it costs money for dealers to participate in coin shows - a lot of money: table fees being one of the biggest expense, air travel, gas, hotel, meals, advertising, supplies, case/lamp rental fees, etc. That doesn't even include living expenses! So if we don't mark up coins, how are we going to pay our expenses, and ourselves, to keep doing this?

Perhaps don't be so quick to make a reply until you've thought it out a little more because your statements above are not very rational.

And, yes, I agree there's nothing wrong with haggling, however, I don't think you need to necessarily walk away from a nice coin you're looking for just because you didn't get a reduced price on a coin - especially if it's one you've been looking for and would fit right in with your set.

I have price stickers on all my coins, and when someone asks for a better price, I usually just look at what I paid for that coin and try to reduce the marked price, if possible. However, there are times when I buy a coin sight unseen, and when I get it, it's not quite the grade that was advertised or not as nice as I thought, so I may not mark up that coin at all or only mark up that coin a few dollars, rather than a percentage (sometimes, I mark the price at less than what I paid if I really don't like a coin or I've had it for a while and just want to move it). So when someone wants a discount on one of those coins, I probably won't be able to give one.

Also, I have notebooks of lower priced coins (less than $20 each) that also have prices marked where my profit is maybe $1-$2 (or less), yet I still get people who get miffed because I don't reduce the price on those coins - no matter if the coin is a "good deal" or not.

Another thing, since I do put prices on all my coins, there are times when I have had some coins for a while and, even though the price guides for those coins have risen, I may not have increased my price on the sticker unless it's a more expensive coin or a key date. So in those cases, the price marked may already be a good deal.

I'm just saying that I don't believe a collector should walk away from a coin he may like just because a dealer won't give a discount on that coin. It should NOT be an "always" or "never" situation as you both state - take each coin deal on an individual basis.