Mike Carmado Rare Coins

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Cleaned, yes. But still worth more than $85

 

$87 is crazy low for that proof.

 

I did not go to the dealer. He contacted me and said he would be around 80% of my prices. I am trying to sell to collectors.

i just requested a change in the OP. I was a little too angry to be writing sanely.

 

Was just bought recently on eBay for $130ish.... not that horrible of an offer I guess.

 

But, as I said, I am trying to sell to collectors, not dealers. But expecting someone to buy a coin for $125 and flip is for $85 is a little out there.

 

There is a very large used car dealer who operates like this. They brag about how they only accept the finest cars to re-sell, wholesaling the rest. Then they try to bamboozle you into an expensive extended warranty. If your cars are so good....?
It is my experience that most dealers will lowball you to a shocking, even insulting degree. If you collect coins, do so for pleasure. Almost all my dealings with dealers were poor.
I took the bulk of my collection to a dealer, when I needed money. Gold coins, sets and a Type set. He offered me $900. I was insulted, and he acted shocked I wouldn't take it. I think he believed I had stolen it, and was going to be real impressed with $900. And it just goes on and on.

 

If I were selling it it would be listed for $200-$250. But hey, that's me. It sold low the first time around for $130.

 

Just requested for this thread to be deleted.

 

Why? Fear of libel?

 

That and I probably overreacted a bit.

 

Lol

 

I would be upset to be lowballed like that too, but I don't think the thread should be deleted as it demonstrates buying tactics that are all too common, and should give collectors a "heads up" as to what to expect from a segment of the buy-side. For that reason I think it is educational. I'm glad the first post has been edited, I think that was appropriate.

 

Perhaps you missed the part about this fellow contacting the OP requesting to buy his entire inventory? I hate to break it to you, but this changes everything...

Also, the implication that a "dealer", real or imagined, somehow has the "right" to make, as you put it, "lots of money" is both ridiculous and asinine. I cannot even remember how many times over the years I had the "pleasure" of being fed the "but I'm a dealer" line, as if it magically allowed the person to buy whatever it was they wanted at their price. This business, as with many, many others, is centered upon value offered, that is unless one is simply wishing to burn their customers by any means possible. One can do much better by possessing a genuine knowledge and a trained eye than they can expecting everyone else to bend over by playing the "dealer" card. No one has any "right" to profit off of anyone else, period; it is something that must be earned.

That said, I agree that the OP needed to make his case, and to his credit he as since done do in a perfectly reasonable manner. Such obvious issues are all too often ignored, and unfortunately, most threads like this are started by people who would prefer to focus only on bashing the other guy, but isn't the case here.

 

Don't you just love it when a brand new member uses his first post to preach to the rest of us?

 

Indeed, and we just happen to have two new members contributing to this one thread. Not necessarily a bad thing, but in threads where it's a member against a non-member, it's usually very difficult to get anyone to question the member in any way, shape, or form, so it's interesting that two just happened to show....

 

He said the dealer contacted him

He was

He didnt

 

I offered a fair price on coins that would I would retail for a 15% mark up. I looked up what similar coins have sold for and took 15% off of each number.

There was an add posted and I asked if he was willing to sell as a lot. I checked out TWO of his coins and my buy prices were about 80% of the advertised price.

Collectors seem to be so eager to make coin dealers out to be evil but nothing is ever said about coins priced 2x above market. Is that not just as "scummy"?

I found a few of his coins that were "sold listings" on eBay. He purchased one retail for $120 and marked up to $200. I never charge customers that far over cost. But hey, I'll go ahead and be the bad guy.

I was made aware of this thread shortly after it was posted. I am an honest man who makes a living of 5-10% margins. Most industries would not consider anything under 30-40%.

- Mike Camardo

PS: It was a Sunday afternoon on Labor Day weekend, I was sitting in my living room. Although, if I was on the toilet it would indeed be funnier.

 

Okay. I formally apologize. I completely overreated when I felt I was insulted with the offer this dealer gave me. This thread should not have been created. I was in the wrong for expecting more for my coins and then slandering Mr. Camardo. I was ignorant about what kind of margins dealers operate on. Again, I apologize and I was wrong.