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<p>[QUOTE="ToughCOINS, post: 8290171, member: 20480"]That's actually how I got started . . . deciding that I had to sell coins for less than I'd paid for them as a collector, in order to break into the dealer ranks. That was a very different time for me, however, as I was working mostly with common coins at that point, for which the price guides are usually much more reflective of reality.</p><p><br /></p><p>Dealers in common coins use Grey Sheet for its convenience. It saves them the need to constantly refresh pricing in their minds for what amounts to too many dates and grades. Grey Sheet used to publish Bid/Ask spreads years ago, but no more. Most dealers did not adhere to those spreads, and the maintenance of that extra data was surely a burden on CDN which paid few dividends. Besides, computing spreads in one's head is easily enough done by most.</p><p><br /></p><p>As for a secret sauce, when I was a collector I used to think Grey Sheet was it, but it isn't. Grey Sheet does not make the market . . . it follows the market, although it follows it more closely than any other widely distributed resource. My opinion is that there is no secret sauce or, if it must bear a name, it is experience. </p><p><br /></p><p>There are some dealers out there who have seen most every example of the rarest of coins, and never forget what they've seen, and how much they sold for, and when. Grey Sheet means nothing to them. They know the owners and what they're willing to sell for, and the potential buyers, and what they'll probably pay. That's rarified air, and I have the utmost respect for those encyclopedic minds . . . I'll never get there.</p><p><br /></p><p>What you buy and sell should determine what you use to arrive at pricing and, just as importantly, what you use for pricing will determine how successfully you buy and sell. Just don't forget . . . price guides are merely guides.[/QUOTE]</p><p><br /></p>
[QUOTE="ToughCOINS, post: 8290171, member: 20480"]That's actually how I got started . . . deciding that I had to sell coins for less than I'd paid for them as a collector, in order to break into the dealer ranks. That was a very different time for me, however, as I was working mostly with common coins at that point, for which the price guides are usually much more reflective of reality. Dealers in common coins use Grey Sheet for its convenience. It saves them the need to constantly refresh pricing in their minds for what amounts to too many dates and grades. Grey Sheet used to publish Bid/Ask spreads years ago, but no more. Most dealers did not adhere to those spreads, and the maintenance of that extra data was surely a burden on CDN which paid few dividends. Besides, computing spreads in one's head is easily enough done by most. As for a secret sauce, when I was a collector I used to think Grey Sheet was it, but it isn't. Grey Sheet does not make the market . . . it follows the market, although it follows it more closely than any other widely distributed resource. My opinion is that there is no secret sauce or, if it must bear a name, it is experience. There are some dealers out there who have seen most every example of the rarest of coins, and never forget what they've seen, and how much they sold for, and when. Grey Sheet means nothing to them. They know the owners and what they're willing to sell for, and the potential buyers, and what they'll probably pay. That's rarified air, and I have the utmost respect for those encyclopedic minds . . . I'll never get there. What you buy and sell should determine what you use to arrive at pricing and, just as importantly, what you use for pricing will determine how successfully you buy and sell. Just don't forget . . . price guides are merely guides.[/QUOTE]
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