Is This Inappropriate?

Discussion in 'Coin Chat' started by Endeavor, Sep 2, 2015.

  1. Endeavor

    Endeavor Well-Known Member

    I know most, if not all, dealers are okay with providing them with a "want" list. However, is it inappropriate to also list the most you are willing to pay for a coin? A part of me thinks this is okay cause it lets the dealer know up front whether it's worth the time and effort to search for a coin, but I don't know if this is something that is frowned upon. Any advice is appreciated.

    PS. I known some might say it is stupid to do that cause maybe the dealer quotes a lower price, but at least this way I will also know how trustworthy they are :shame:
     
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  3. omahaorange

    omahaorange Active Member

    Depends on what you're willing to pay. If the amount is reasonable, don't see why not. It lets the dealer know whether you're serious, or just kicking tires. if it's a real low offer, it lets him know it's not worth the time to think about it.
     
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  4. phankins11

    phankins11 Well-Known Member

    If the guy is seriously trying to help you fill your list, the first thing he's gonna ask is what's your budget. There's no use in him looking for a coin for you if he has no idea what your budget is.
     
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  5. stldanceartist

    stldanceartist Minister of Silly Walks

    Personally I think it's fine to submit a want list with budget considerations. I would also think it would be appropriate for the dealer to communicate if they thought the desired coins could be acquired within said budget (i.e., let the buyer know if they stand any chance of actually getting the items on their list.)

    My favorite though is when someone posts a WTB ad saying they want expensive or hard to locate coins, but they "don't want to pay a lot." Yes...best of luck to them.
     
  6. Kirkuleez

    Kirkuleez 80 proof

    Dealers make their living on want lists, why do you think that they go through the expense of going to large shows when they could just as easily sell the coin on eBay for the same money. I would think that they would rather know what you are willing to spend on a given coin rather than purchase it with you in mind only to add to their inventory. Some coins are incredibly hard to move at local shops. If it is something that is too specialized, they may have to resort to putting it to auction and wait forever to recoup their funds.
     
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  7. Hommer

    Hommer Curator of Semi Precious Coinage

    An honest dealer of anything, not just coins, needs to know your budget. If he's honest, he will do everything he can to get the best he can for your money. Makes you happy and him happy.
     
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  8. rooman9

    rooman9 Lovin Shiny Things

    I agree with what Hommer says. It's a lot easier and cost effective to keep a customer than to make a new customer. If they are business smart and just a good person they'll work with you.
     
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  9. Seattlite86

    Seattlite86 Outspoken Member

    I agree with everyone but would caveat that I think there are varying degrees of honesty. Remember that all dealers need to pay their bills too. It doesn't hurt to have a budget in mind and in the dealer's mind, as long as it's reasonable. If the dealer can get you the coin you want that's within your budget, regardless of the cost to the dealer, then you come out a winner.
     
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  10. Paul M.

    Paul M. Well-Known Member

    I agree with everybody here. You need to communicate about the budget somehow. I don't usually think of having a budget for a specific coin, but rather a specific amount per month or so. I'd rather end up with fewer quality coins than more average coins.
     
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  11. Brett_in_Sacto

    Brett_in_Sacto Well-Known Member

    It's always good to be honest if you find that THEY are honest. Two-way street and all that. I find it better never to tip your cards if you feel there's even the slightest possibility you'd be taken advantage of, but never lie.

    The other thing to remember is that if they are a good dealer, they may be able to take a smart risk and make it worth your while later if they know they have a buyer.
     
  12. princeofwaldo

    princeofwaldo Grateful To Be eX-I/T!

    Every coin is different, unless you're talking modern stuff, in which case it's all the same for the most part or at most a point apart and without any discernible difference aside from a ridiculous premium to get the 70 instead of 69. Not so traditional coins, no matter what you're offering, depending on the coin offered you might be paying too much if you make an open-ended offer prior to seeing the coin. Sure, services like Coin Facts take some of the guess work out of it, but at the end of the day I would be less concerned about the dealer ignoring me than I would be him/her filling the order expecting my "buy" price on the piece when the coin itself doesn't look like it meets my standards for what I want in the collection.
     
  13. rzage

    rzage What Goes Around Comes Around .

    Usually when you're giving a dealer a want list , you're giving him a price too . Lets say you want a Flying eagle cent in MS-64 , you know what they run and so does the dealer so if you're serious about the coin , figure around $2000 . If he has the coin or can get the coin then the actual negotiations begin . That said I see no harm in giving a price you'd like to stay at .
     
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  14. Collecting Nut

    Collecting Nut Borderline Hoarder

    If you know and trust the dealer, I'd let them know the highest you'd go. Sometimes, knowing your highest, they can get a lower price for you from the seller. By giving a dealer your want list they may purchase a coin on your list, just for you as they wouldn't have bought it otherwise. Then they give you the price and you say "No" because it's over your max. I think you just lost your dealer.

    You want a trustworthy dealer, one willing to go the extra mile for you. If you know the dealer well enough, they will learn your likes and dislikes and spending habits.

    I have done this in the past, very successfully I might add. I still do but not on every coin that is on my want list. Some coins have been on my list for years so I keep in touch with the dealer to let them know I'm still interested. I have four I'm still trying to get but my dealer can't locate them. The dealer has assured me he is searching and watching coin shows but they are not about to overpay for it either. Two years ago I finally got one coin for another set that I wanted/needed (ha ha) for $2000.00 less than it retailed for. The dealer trusted me because that's a lot of money to put out but it paid off for both of us. Best wishes. :)
     
  15. medoraman

    medoraman Supporter! Supporter

    Of course a price target is appropriate. Unless you know them very well, "test" a dealer with a few lower priced coins. Give him the max you would spend, and what you are looking for. If 4 out of 4 he found for you, but every one was priced at your maximum price, I would buy them but move on to another dealer. Dealers I work with will pass along savings they get to me. I had a dealer send me a pic asking me how much I would pay if he could acquire a particular coin. I told him $700. Well, he got it but only charged me $600 because he was able to make a good buy. That is the kind of dealer who deserves your long term business.

    Yes, MAYBE your "test" was too low of a price and it was simply a coincidence the price for all 4 was at your very max, but I am not a big believer in coincidences when it comes to money.
     
    Last edited: Sep 3, 2015
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  16. Dimedude2

    Dimedude2 Member

    I think if provide him with a budget, then it is mutually beneficial.
     
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