Are all dealers at a coin show smart?

Going to numerous coin shows each Month, I have noticed many of the same dealers and many know me. At a coin show today about 1/3 of the place was empty. Possibly one of those days where there are to many shows at the same time. One dealer I never saw before had some nice looking Indian head Cents for rather low prices. I asked about one and he said I could have it really, really cheap due to almost all the lettering on the front has shadows. So I looked and took it for $5 and just couldn't get him to lower the price from that. Here is the coin.





Not sure if this is considered a real double die but appears that everything is sort of doubled including the feathers.
Odd that everything appears doubled except the date.
A little greenish stuff in places too.
Not a bad price though.

 

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I think Longacre phenomenon.

 

It's not a bad deal but the dealer was unloading a problem coin IMHO.
This might be some good reading on preservation.

http://www.cointalk.com/t50366/?highlight=verdigre

 

We have profit margins and we know what were doing.
However manage to bargain for a coin we got a deal on, and the savings could be passed on to you. Since I mainly carry CC though, its hard for me to do so. Not to mention unloading a problem coin like this. I wouldnt have bought it and if I did I wouldnt resell it.
Not good ethics

 

Carl:
Nice purchase, good price.

however, not a doubled die.
I discussed 'Longacre doubling' here:

http://www.cointalk.com/t59120/

I hope this helps.

 

Yes I think dealers are smart at the shows I go to; if only for one reason.
That is they have figured out how to pay $70 table rental and all other expenses plus make a profit.
I have not set up at any shows because I would have to "give away" good coins just to pay expenses.
So in that respect they are smarter than I am.

 

A smart businessman/businesswoman knows his/her profit margin. The ones you see over and over again at the shows are likely smart. TC

 

Yes I read that previously. And I knew that was what it was but for that price and in that condition, I still thought it was a great deal. I still suspect the dealer had no idea what it was and just thought it was a messed up coin.
As usual a notation of not buying a problem coin is always pending on the future of that coin. Since I never sell coins, never plan on selling a coin, don't care about a slight imperfection, even like some cleaned coins, makes little difference about buying or not buying one.
For me this one is in much better condition than what is in most of my sets so why not.

 

Thanks for the possible suggestion but I've been experimenting on such coins for well over 60 years now. Presently found a Buffalo Nickel at a flea market for $0.25 due to it being almost Black in color. It is a 1913 Type 1 and is now going through extensive attempts to correct the color.
For exampl 1 day in Acetone, 1 day in Laquer thinner, 1 day in GooGone, now soaking in Vinegar. Rinsed with distilled water after each. No change so far. Next will be Jewlery cleaners from Walmart, 3 different types, battery acid, Lemon Juice and on and on and on. So far nothing is happening.
Might well be a fake made with a new type of metal from the Romulan Empire. I well know the Klingons coins are not like that.

 

Well - the few shows I have been to there have been some smart dealers. At the same time not every dealer can know every variety. Just like my local dealer they do not have time to research every coin and every variety - thats what cherry picking is for. For $5 you got a deal.

 

IHC's from 1864-L - 1886 T1 will have this doubling effect.. The well struck ones really stand out...

 

I've seen Longacre doubling on Indianheads as late as 1907. It probably continued through the end of the series in 1909. I will agree that it is seen less often after the mid 1880's but they can still be found.

 

As long as some dealers think it's a messed up coin, the price is really low and that is enough to make me buy them. The way I look at coins is if you show your coins to someone and they pull out a magnifying glass, I show them the door.

 

You mean if you were showing me your coins and I pulled out a glass you would show me the door? Aw...man...

 

What makes you think this dealer wasn't smart?

IMO, the dumb coin dealers aren't in business very long....Mike

 

If I were smart I'd have a real job making the bigger bucks....

 

Really? So you don't want your customers to be able to pick up hairlines indicative of a light whiz? Or to see the copper oxidation that is just starting, but not visible to the naked eye?

I did ask a dealer once to look through his box of nickels. He felt I was taking a little too close a look at them. I immediately put everything back in order, left his table, and have never even stopped to glance at any of his material ever since. His loss, not mine.

 

Am I missing something? This looks like an $8 specimen to me, based on grading guidance...

 

Maybe I am missing something really obvious here, but can you explain the logic of this to me? Why would you tell someone to take a hike if they wanted to look at your coins with a magnifying glass?

 

Not fair to people with 50 year old eyes.