Nephew decided not to go this month, so I went to the big local flea market first as it's only a few miles away. Columbus, NJ farmers market is large, maybe 300 to 400 dealers selling everything from food to dollar store items. There was only 2 coin dealers set up though. One was selling all his morgans to a couple as I approached for $33 each, the other didn't have low priced dollars, but was selling cull smaller denomination coins for 20x face. Got to show just after 9:00 and there were several more dealers than there had been, maybe 20 to 25 I guess? Very little foreign, nice mix of raw, slabbed, various sets, 2 dealers with currency. Here are my recollections based on what I was interested in. There was one dealer that had a MS66 Antietam that I had been admiring. He wanted $800 for it when I had asked in prior months, but felt it was too much to pay. He had sold it some time between my last visit in November, and when I arrived today. He still had approximately 30 of the 2021 morgan/peace commemoratives. He really enjoys the toned coins and has many examples in different TPG slabs. Another dealer had maybe a dozen of the 2021 morgan/peace, but mentioned that they're sellilng for less than he paid, and was going to hold onto them. (insert your own commentary about cash flow, velocity, etc. here). Different dealer had the Nieu Beskar armor 1 oz., (are they coins?), pieces. Priced at $55, he said he'd take $45 before I even really looked at them. I think he had 8? He continued to negotiate against himself and said $42 was his rock bottom. At twice melt, I declined, but really want to get one or more of those. Saw a worn (XF? dealer said AU?) Gettysburg commemorative, for $420. passed. Ike prestige set, 1990, for $24, passed as I already have 3, plus a couple of the solo Ike commemoratives. My purchases - 15 low grade morgans for $450, 1910 D $10 Indian Eagle for $900, ( I think I could have gotten it for less), 3 Blue Ikes (all but 1972), for $26 and an unc bi-centennial set for $15. West Point commemorative for $21. 3 capsule only commemoratives; Korea, USO x2, for $19 each. Interesting discussion with a dealer, asked if he had anything he was selling at melt, and he said no. Asked about some smaller foreign gold and he tersely said nobody sells gold for melt. Saw the 1910 D at one table for $1500, so as I was leaving, I saw one for $1,100, I asked about it. Dealer said he'd take $1,000. Spoke to a dealer I'm close with and he said, "Grey Sheet is $1,070", but refused to say what a good price would be. I offered $900 and dealer said yes without batting an eye. Subsequently, when verifying authenticity, another dealer said, "Price?" and I assumed he meant what I paid, so I told him. He asked if I could do any better. Hmm. Finally, I was speaking to the best dealer there and he said, basically it's a bullion piece and I should have paid $960 to $990. Which all leads me to re-evaluate my thougts on pricing. If Grey Sheet is what one dealer pays another for a coin, and I buy below that, with a dealer asking if I'd sell for even less, and a third dealer tells me I paid a little too much, was I just lucky? Is Grey Sheet a "best case" for sellers? Or is something else going on? Thoughts? I'm a little puzzled still.
Sometimes dealers need to make a sale to cover the cost of their tables at coin shows. Often dealers might have given you a discount if you bought 3-5+ coins from them. I know 2 dealers in Las Vegas that always give me discounts when I buy 3-5+ coins from them. Maybe it is what the dealer paid for the coin and was just wanting a quick sale ? I have dealers make lower sell offers and dealers that will not budge no matter what you ask them. I like dealers that will work with you to sell their coins.
