LCS help locate coins?

Discussion in 'Coin Chat' started by Silvergmen, Sep 19, 2020.

  1. Silvergmen

    Silvergmen SILVER & MORGAN Obsessed

    I’m wondering if anyone can give me advice for having a local coin shop help find specific coins for a Morgan set. I already have a few LCS that I like, but have never had them search for something for me they didn’t already have in inventory.

    Have you had any success with getting them to find coins for you? How did you handle price? Did you agree before hand or only when they got it in? Did you turn it down if you didn’t like it in hand? Did that make them mad? Any help/advice is appreciated!
     
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  3. Paddy54

    Paddy54 Variety Collector

    Why dont you search them yourself? ...coin shows,internet,even posting here on CT, there are several members who are dealers , Toughcoins thats Mike he's also a mod here, C-D-B another dealers members well liked. ,
    Please understand that part of collecting is the hunt. Next is the price why pay me or anyone else for something you can do your self and cut out the middle man?
    More cash flow more coins...
    And im sure if you took the time to meet some other members who collect Morgans they put you on the right track.
    Now I know that these are difficult times to attend shows as such....but if you surf the net youll find it.
     
  4. longshot

    longshot Enthusiast Supporter

    One time a dealer obtained a walking half date he knew I was looking for, though I had not asked him to. He showed it to me and I did not buy it....it was too nice, too much money. But it felt a bit awkward.
    If you ask a dealer to look for a coin for you, you and he need to agree beforehand on what is your obligation if you do not like the coin he comes up with.

    I agree with Paddy above, there are oodles of morgans to choose from, be picky, look around and find coins you like. It's not a race.
    JMO
     
  5. fretboard

    fretboard Defender of Old Coinage!

    Gotta agree with the above statements. That said, part of buying a coin to me is the 'hunt' in finding the best possible coin. I think there's a certain feeling of accomplishment when you find what you're looking for. Also, sometimes it will feel like you're not gonna find what you're looking for. But, if you're patient and you look everyday, ebay, Heritage, wherever! You will find what you're looking for,! Normally I've found what I've wanted within months, 2 to 3 months. Do it yourself, you'll feel better and you'll save money as well, just have patience! :D
     
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  6. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Oh yes. I work my local guy to death. He found my bar copper for me. We have become friends over the years so that helps too. He told me once that he has a whole dealer network of coins that all of us regular coin junkies don’t have access to. I will also reinforce what @Paddy54 suggested. C-B-D is an absolute first class dealer here on the forum. He has tracked me down some stuff too and he is a first class guy to deal with. He has a website called Allegiance Rare Coins.

    edit.... You asked how we deal with price. When my dealer finds something I am looking for, he simply emails me a photo and cost. He doesn’t buy the coin until I give the go-ahead.
     
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  7. John Burgess

    John Burgess Well-Known Member

    The one time I tried this I told the dealer what I was looking for and what I was willing to pay for it immediately (reasonable budget top end) . he went through his network and came up with 3 examples on loan/consignment (I guess from other dealer friends or other local collectors interested in selling, one of which I bought and I assume he returned the two I didn't want to whoever owned them.

    It was a long time ago, pre-Internet I would assume it still works this way for some, but I would also assume with the Internet it's just done with pictures and I would also assume we'd be talking about graded slabbed examples that make it a bit safer even to figure out grade/condition or problems sight unseen.

    You should be prepared to not pay bottom dollar if you do this this way though. It's gonna be what the seller wants (if it fits your range) and a finders fee for the dealer that does the work. You will be close to top end price and maybe over your range with his finding fee, for the grade realistically doing it this way and you should be prepared for that.
    I'd assume if you make the dealer do the work and you don't buy anything, eventually when you do buy something, he's gonna hit you harder on the price on whatever that is for the effort he expended on you for the times of nothing.

    As was already said, cheaper to do it yourself with Great Collections, Heritage, even ebay, but I'd say buy graded examples from ebay and check cert numbers and be sure it matches what they are selling, in that slab is what the number says it is, and what you receive in the mail matches. In other words don't take anything for granted and be cautious as you can to not get scammed. If you are unsure, or have a doubt, pass.

    Fax machine used to be the way, now it's email. Same goes for the ways LCS do business for their customers. I have no idea if a shop still does it old school and hunts their contacts for what someone wants or they just go on the Internet and buy what theit customers want but I'd assume they use the Internet now and you can do it yourself and save the markup.
     
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  8. Silvergmen

    Silvergmen SILVER & MORGAN Obsessed

    Some great advice thus far I appreciate it. Sounds like it could be a good avenue to try, as I’m not trying to take away the thrill of the hunt just looking for all avenues that may help on this long journey.

    When you all buy from your LCS do you find the pricing to be done mainly by grey sheet?
     
  9. Collecting Nut

    Collecting Nut Borderline Hoarder

    I've had lots of success with my LCS to find what I want. Today, a lot can be found by searching yourself and then go to your LCS. Tell them about the coin and they might be able to get you a better price. If you don't ask, it's an automatic no.
     
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  10. Paddy54

    Paddy54 Variety Collector

    Grey sheet plus what ever they wish to mark it up at. 10%-12%....or more. And again what are we talking a semi key,or key?

    And dont be afraid to make a reasonable offer.....key word 'reasonable ' and I say that because there are those who try so spoil a good deal by just being stupid.
    Most dealers I know depending what they have in it...as they made of paid up on it.
    I would be very satisfied with paying 5 to 10 % for their inventory or service over sheet price.
     
  11. ldhair

    ldhair Clean Supporter

    I have never ask a dealer to find something for me but I do ask them to let me know if they get stuff in they know I might want.
     
  12. Burton Strauss III

    Burton Strauss III Well-Known Member

    If you are going to have a dealer buy for you, make sure the terms of the arrangement are spelled out up front. You don't want to lose a good relationship over a silly mis-understanding.
     
  13. yakpoo

    yakpoo Member

    When I was young, there was no internet...just LCS and newspaper/magazine ads. I was too young to travel to coin shows and didn't trust mail order...so the LCS was the only game in town.

    Once you establish a good business relationship with a reputable LCS, they will generally bend over backwards to find you the coins you desire at competitive prices. That's been my experience, anyway.
     
  14. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    This deserves to be repeated. Well said.
     
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  15. Silvergmen

    Silvergmen SILVER & MORGAN Obsessed

    I agree thus far. I have a pretty good relationship with my LCS. I tell them I would rather buy from them then eBay, but I need the price to be close. They typically give me grey sheet pricing or better.

    sounds like most are saying they can find me a coin but make sure we talk about the arrangement up front. I think I’m going to give them a small list and let them know I’m interested but that if they buy it I would only be a buyer of the coin looks good for the price... these guys are experts and they typically know a good coin when they see one.

    they also have other Morgan buyers, so it’s not like they can’t sell it to them or back through dealer network.
     
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  16. yakpoo

    yakpoo Member

    I wouldn't presuppose what an LCS can or can't do. I find that a conversation is best. When I would request a specific coin, my LCS would counsel me on the prices I could expect to pay (LCS markup included). We would agree on a grade and a target price range. The more latitude I gave, the more likely my order would be filled. However, in this process, no deal had yet been struck. Once my LCS purchased the coin, it belonged to them...it was their coin.

    Most times, I got the coin I wanted for the same or even slightly less than originally quoted. There were a few times, though, when the coin increased significantly between the time I made my request and when it was actually located and purchased. In those cases, I would have to pay the difference or the coin would be sold to someone else. That was how the game was played...in Madison, CT in the 1970s.

    More recently, I was at one of the Baltimore shows and I needed an MS64+ 1912d Liberty nickel. I found a California dealer who had a nice one at a fair price, but it was more than I had in my pocket. Silly me, I thought they would take credit cards! Who wants to be walking around Baltimore with a wad of cash in their pocket?

    Much to my surprise, the dealer (whom I had never met) took what I had in my pocket ($100) and agreed to let me mail him the remainder! Idk if that's normal, but it surprised the heck outta me. I took him up on the deal and mailed him a check for the difference when I got home. It was just the coin I needed!

    I would recommend having a conversation with your LCS. Like me, you may be surprised what they may be willing to do. No two dealers are the same. In any event, don't bother telling them what you think is, or isn't, fair. Just listen to what they have to say, be polite, be friendly, and either accept their terms...or not.

    One last thought...an experienced Numismatist is worth their weight in gold! Think of them as an investment advisor/agent.
     
    Last edited: Sep 22, 2020
  17. Silvergmen

    Silvergmen SILVER & MORGAN Obsessed

    Thanks for the advice!
     
  18. Mainebill

    Mainebill Wild Bill

    I’ve done similar at antique shows and with coins. I take checks as do most dealers actually. We will chase you down if they’re bad and word gets out fast Most I’d say 99% are a good lot. I miss doing coin shows and can’t wait to get back to it. I would be doing one next week but it conflicts with an antique show I did very well at last year. I’m happy to pass along info when I see a coin that I know someone wants too
     
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  19. Collecting Nut

    Collecting Nut Borderline Hoarder

    Hope you have a great show.
     
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  20. capthank

    capthank Well-Known Member

    Use your coin club to help look
     
    Collecting Nut likes this.
  21. Cheech9712

    Cheech9712 Every thing is a guess

    Try contacting @C-D-B. This is your go to guy for sure
     
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