I am going to a coin show in two weeks and want to know how to play their games. I went to one last weekend and was surprised how high the prices were. I found one dealer that had more reasonable prices and easily offered to sell at a lower price. My question is, should I try to offer a lower price than his sell price? Example, his list price was $20 and he would take $18, should I offer $16?
I don't have a whole lot of experience, but here's what I've come up with: I wouldn't recommend trying to go both ways - but you can haggle. In fact, I think most, if not all, even expect it. Some dealers have prices circled in red (for instance) to advertise that price is non-negotiable. Then again, everything is negotiable. If you try to low ball them, they are likely to get irritated. For instance, if you know what you are willing to offer - in your example in the $20 piece, offer $16 - and don't wait for them to come down, first OR if you ask them what they are willing to take, and they say $18 take it or move on... (16 isn't far from 18, so they might take it, just to get the deal done, and have you satisfied with the transaction, but if the price is 50, and you ask them 'how much do you want?' and they say 'I'll take 40', don't turn around and offer 30 or 35... either offer 35 up front, or accept the 40 they offer.) Keep in mind, they need to make a reasonable profit - a lot are there to have fun, but those tables aren't free.
Everything is negotiable. I usually say something like "how much is that one selling for" even if the price is clearly marked. Sometimes I'll get a lower quote. Sometimes not, but that is an opening to make a lower offer. Don't bid so low it becomes insulting. Not being a dealer, I would guess they would have to make at least 20% over their cost to stay in business, but probably not more.
I usually take my latest Gray Sheet and factor in what the dealer's costs are. If it's higher than that, I usually pass.
There's something else to consider in the situation you describe. If he is the only dealer at the show selling the same items as everyone else - but for less money - you better look at the coins very carefully. There may be a reason. The cheapest price is not always the best deal in the room.
I find a few things I like and make an offer on the whole thing. I had a guy tell me "I priced that fairly" and he was miffed at my offer but he still took it. It is a combination of mind games and a serious desire to at least break even. BTW a lot of dealers are there to engage in transactions with other dealers and could care less about us.
[Thats a tuff one viper. It probablly would b ok b cuz most dealers when u bu a lot from them want to keep u as a customer and dont want to blow u off. But do remember dont rip the dealer off or he wont want u as a customer.
Negotiation is generally accepted, although many dealers these days have their coins "net priced" to everyone...dealers and collectors all have to pay the same price. It never hurts to ask for a better price, most dealers won't get offended by your asking. HOWEVER... If you spend time negotiating and make an offer on the coin, you'd better buy it if the dealer says yes! Too many times dealers get irate if a customer hammers and chisels for a better price, makes an offer, then after the dealer says yes, the customer says "I'll think about it" or some such. An offer is an offer to buy so be prepared to pay or don't make offers. If you are sincerely interested in a coin but want a better price and don't want to commit, just ask the dealer if he can sell for less...then you can still say no to his price, if you want. Nick
shows Thanks for the help everyone. Now mabey I'll be a little more prepared for the show this weekend.
Remember bundle a few things into one lot and make a resonable offer on the whole lot. This way they may give you a better price (those coins are heavy and they do not want to carry them).
Know as much as you possibly can about the types of items you think you may be purchasing. Learn about grading; variations; pricing; specific features to look for, especially if a given year or two had something "special" about them. I have paid less than $10 for items with initial asking prices in the hundred dollar neighborhood, but only because I knew exactly what I was looking at and what the items were worth (and the dealer did not). I suppose it helps to have interests in oddball exonumia, of which many coin dealers have little knowledge. Try to place yourself in a position where a dealer can not buffalo you, but that process will take more than two weeks. If you take to the ropes, do so in a small way for the first couple shows to gain some experience. Repeat business with a good dealer at a later show may work to your advantage a bit as well.
I just wanted to let you know that I consider your ideas to be excellent, and they have had an impact on my collecting habits. I purchased my first CWT last weekend. This is a wonderfully underexplored part of numismatics. The opportunity to buy something (1) old and historical, (2) relatively scarce, (3) in nice condition, (4) for a reasonable price seem higher in exonumia than in almost any other part of numismatics.
I've been going to coin shows for many, many, many years and I would never pay what is marked on the coin or what the dealer first mentions. You really should get a copy of the Red Book as a guide to prices, quantity minted and qualities of coins. Also, search the net for coin price lists such as on the PCGS web site. Print out such a price list before you go the a coin show so you'll have an ideal of what a coin is worth. My experience around here is the price of coins is also dependant on the dealers cost for the spot at the show, his transportation to get there and if coming from a great distance, an overknight stay at a motel. Then there is the cost of food and drinks for the dealer that also is a factor on his prices. With this in mind attempting to drop the price excessively can really make a dealer feel insulted. This will not help you in a negotiation with them. However, never pay an outragious price just because of the dealers expenses. At one of the coin shows I frequent around here there is one dealer I USED to buy from. His price of one coin I wanted started to go up by hundreds at each show. I asked him about why and he tried to tell me it was a different coin. I mentioned you just lost me as a customer forever. I purposely bought a few coins from a dealer across from him just to irritate him. Coin shows are like flea markets, garage and yard sales where there usually is no manufacturers suggested price on the items so coins are price and demand. You will pay what you will pay.
Great Article Before you go to the show you should read this article Buying Coins at a Coin Show Good Luck
That's a pretty good article but was offbase on a couple of things. Almost nobody actually uses cotton gloves, in my experience and I've never seen a dealer ask a customer to wear them in order to handle coins. Many dealers won't hold a coin...even for a couple of hours...at the major coin shows, since the big shows are an important opportunity for LOTS of people to view their inventory. And very few dealers accept credit cards at shows. Many (if not most) don't accept plastic at all, even in their stores. Generally, the article is a good read, though. We need more writeups like this about the different aspects of the hobby. Thanks for posting it, Richard. tradernick
Nick Points you make are correct, but a good article for novices (also if someone showed up and started putting on gloves, you would know they were a novice. The author of this article has quite a number of articles on coins posted on Bellaonline.com. Many of them are quite interesting and informative.
Civil War Token....I've also heared it used as a CoinWorld Token...as the CoinWorld Mag. made a token a few years back I understand...but the way it was used in this thread and the way it is used the most is Civil War Token. Speedy
Thank You The auther admits that the coinage is unusually collected, so the use of an abreviation seemed a bit odd Ruben
