Not Just Buyer Beware...

The stealers I know are expert at feeling out a person's coin knowledge before making an offer on stuff.
I have sat in shops, browsing coins, minding my own business and watch people come and go with items for sale.
The stealer will feel them out, determine how much they know, then make their buy offer based on that assesment more than the assesment of coin value. People that know what they have, get fair deals, and people that don't get the shaft big time.
Seen it over and over.

I could understand a bit of variation in prices offered just due to honest haggling, but the differences I have seen are along the lines of this story... 30 bux vs 900 bux.
If it was a haggling thing, one would expect 800 vs 900, but not 30 vs 900.

 

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Well I for one am glad that dealer is way far away from where I am.

 

Woot woot rep for the bay
Sounds like a sweet collection you dispersed.

 

"The stealer will feel them out, determine how much they know, then make their buy offer based on that assesment more than the assesment of coin value. People that know what they have, get fair deals, and people that don't get the shaft big time."

I agree. When i was buying coins, eventually, I only dealt with ModernCoinmart and an outfit in Florida. OTOH, another side of me has empathy for the dealers.
I know one well in my area that is independent. His son graduated last year with a master's degree but can't find work so he works in his dad's coin shop.
The shop owner employs the son though he doesn't need him and pays health insurance for three. The owner's wife has multiple medical problems
he does business in one of the highest tax states in the country.

He's an expert at sizing up customers. been in business more that forty years.

 

Ahhh.

 

Lets not make this more complicated than it needs to be..........

 

Too late

 

I like that story, good job helping out others who are always in need of professional guidance.

 

***UPDATE***

I mentioned my wife's friend was bringing in the other coins she received from her client several years ago, to bingo last night. Here's what she has:

3 1890 Morgans - all of them in good shape, grade is 63 for two and 62 for one
1 1922S Peace - nice toning pattern, crescent shaped on obverse, grade 63
1 1942 WLH - nice condition, grade 63 with a chance at 64

Mostly common stuff, in the mid MS range on grade. Her diamond in the ruff was the 91CC, but over all still not bad coins.

We're negotiating price for all of them.

 

A lot of shops make their money by buying coins "right" in other words getting a good rip. I am surprised the guy did not toss you out considering such a huge rip. Perhaps he was scared of some kind of trouble with the law.

A guy at a show (Karl) told me he got a really good rip on some nice sabbed common date Morgans he got at melt from someone who answered his ad off Craigs List. He was going around the show flipping them, common dates in 64 and 65 but he really cleaned up. Perhaps the seller he bought them from was a thief who stole them (ignorant of coins) either way this guy meets the sellers like at a McDonalds, pays cash, and leaves. Karl will try to feel them out to see what they know. He says getting a good description over the phone is critical in seeing if it is worthwhile to meet. Most of the callers reject his low ball offers but the ones who don't he says it pays off big time for him. He says "I was getting clobbered by the recession at shows and the ebay buyers won't pay anything unless its some auction starting at 99c so I started doing this. Only way to really make money in the coin business nowadays is bullion uptick or getting a good rip" I don't know if he was bragging or confessing LOL.

Not many dealers will brag about something like this, I was surprised he was so candid.

 

What he was more worried about, was losing his membership in the local NA which was worth more to him than anything else.

 

Great job!:hail:

 

Yes. I believe this is how many dealers stay in business. Just take a rare coin into any shop and play dumb. You are gonna get lowballed. At least every time I have, this has happened. Unfortunately, I never take coins to dealer's shops for that reason. I feel that if they would take an unfair advantage if given an opportunity, they cannot be trusted. Not every dealer is like this I imagine. But if an extra profit can be made because of a seller's ignorance, many will take it.

A seller should kmow what they are selling.

And, frankly, because I have elderly parents with care givers, I have misgivings about any valuable coming into the hands of one of them. They can talk old people out of anything, and often do.

There is a lot of questionable "Honesty" in this whole thing I fear.

Did the dealer seem embarrassed when you called him on it ? Or did he take it in stride like something he does every day ?

Just wondered.

gary

 

Amazing turnabout. There are " Opportunities " and than there are " Opportunists " .

 

He actually seemed to show no emotion about it at all, which really surprised me.