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Message:: [QUOTE="Player11, post: 961232, member: 26725"]In terms of the CDN, Ask usually represents Dealer to Dealer Wholesale. Bid is the starting point of a wholesale offer. A dealer my offer a certain percentage below bid. It usually takes a gross margin of 40% to make it in the coin business. Many dealers in the business (based on Ads in CW and NN) price their material at 30 - 50% above CDN Bid. Consequently, Bid IMO is both a basis for markup or a standard inventory valuation parameter.  For example, if someone offers me a numismatic coin at my table at a show say a PCGS MS 65 Texas Half which Bids $225 and I believe I can sell it on the Bay for $250, I will probably offer $150 for it. Of course on Bullion Coins this is different, I may offer 95% of melt with the idea of blowing it out at or slightly above melt at some time in the future. I recently purchased a group of NGC 69 Unc and PF Buffalos at 97% of melt. Some I blew out at CDN Ask, others I have put away for investment. In this scary economy, I am generally not a buyer on numismatic coins like the 1936-S Texas Half shown below above 60% of what I think I can sell it for as I have more than enough material to fill up my cases at shows.[/QUOTE]