Out of touch coin dealer or Insane

I went to a Antique/Coin shop today and everything he had was completely overpriced. I see a few possible explanations for this.
1. He doesnt want to sell anything
2. He just wants to rip off people who dont know better
3. He is out of touch

These were a few of his deals

1. 1980's proof sets for 19.00
2. Common junk morgans for 50.00
3. Roll of 2006 Jefferson nickels for 15.00
4. 7 Bi Centenial halves for 35.00
5. circulated silver rosies for 6.00
6. Circulated coins you find in your change for 2.00 (1985 Nickel, 1971 Cent, Etc.)
7. Junk silver halves for 18.00
8. coin flips for .30 cents

I was going to say something to him, but didnt want to offend him. I ended my visit pretty quickly, and will not go back

I like supporting these small shops and usually always find something to buy, but i didnt feel comfortable buying anything

 

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Yikes bikes!

 

Looks like to me he is out to rip off people who don't know any better.

 

Just a thief, much like gold buyers that pay 5% of value.

Offer to sell him some inventory at half of his prices.

 

Key words are "antique dealer". Many antique stores are over priced on most if not all their merchandise. However, there are exceptions. A month ago I visited an antique "mall" and bought a peace dollar for $22. The seller must not have known the value was much higher. So it can go both ways.

 

I think i will

 

Scammer....

 

bkozak33: I would agree with your decision to stay away from this dealer…far away. :yes:

 

Is there any chance that he wanted people to haggle with him? From what I've seen, antique Dealers generally have a 10% "courtesy" discount for other antique dealers. Sometimes even more. That tends to cause them to bump up prices so that they actually get what they want back after the discount.

 

haggling with this clown would be like haggling with a pawnbroker on the price of a used drill, you might get him down from $125 to $100, but it still costs $75 new at Home Depot....

c;mon $6 for silver dimes, $5 for 1976 halves, etc.

If he wants to sell a 1976 half for $5, he should be buying them for at least $1 !

See what he wants to pay for 90% silver or 14k or something. This guy has a clue on his coins.

I'd like to see a guy like this get stuck with some good Chinese fakes.

 

I don't get the hostility toward the dealer. If when the dealer overprices he is a thief, what are you when you cherrypick? People make mistakes on the value of coins all the time, and I am thankful they do, walk when the mistake is not in your favor and buy when it is.

It reminds me of playing poker, you lose lots of pots when you have your money in good. But think about it, if everyone played perfect poker you would never win. If all dealers knew everything about their coins, and priced them at market prices, you could never find deals...

 

No - because he would not know and he would then sell to others who would not know. The fewer the better.

I agree. I see online dealers who I trust and buy from with price items too high(in my opinion). I just pass on those items and move on. No reason to be upset with someone we really don't know the details on - you pass on it just like the original poster.

 

Knowledge is your best friend.

 

I agree with Beef as well. I don't have a problem with dealers pricing however they feel. They are providing a time and place utility and if the buyer overpays then that is a function of education. Just because a book says a morgan is worth $30 does not mean someone does not have the right to sell for $50.

Lets say a car dealer has a car for $2000 more than someone down the street. Would you ask if he is insane or just higher priced? Exact same situation. The could very well be "in touch" and not insane and simply choosing a higher pricing strategy. Their choice.

I never begrudge a dealer setting his own sale prices. That is his business, and his choice. The only thing that honks me off is dealers paying way to little on purchases. If he is a professional he should have a liability to pay "fair" prices if dealing with non professionals, (meaning widows of colelctors etc, not collectors). Short of that I stay out of other people's livings.

In ALL collectibles, knowledge is power. I do not know of any area of collectibles where someone cannot find the same items with drastically different prices.

 

I think it might come down to what he is trying to sell. You said it is an Antique/Coin shop, maybe he is more concerned whether the antiques sell and less about the coins. Then again, he might just be trying to rip people off.

 

I think they will commonly try to sell coins for the highest price possible. And an uninformed customer is the best mark.

I was at a coin show a couple months ago and overheard a conversation between two dealers. One was amused that a foreigner had bought a large number of coins for full sticker prices (whatever he had marked on the slabs or flips, which were obviously high prices).

 

I guess you could say that anybody who buys coins from him because they don't know any better, don't have any business buying coins.

 

Supply and demand, He wouldnt have those prices if people werent buying them.

Not nice but hey it´s a store and people fall for sellers like this.

 

...which is completely their right to sell at that price.

Listen, I know we get bent out of shape sometimes to try to protect others. The simple truth, though, is I tend to buy cars cheaper than most Americans because I know enough to buy a car pricing report on how much the dealer paid for the car, and what rebates he is getting to move it. Do I feel bad for others buying a car for more? No, since its their business what they pay for the car. Same with lumber I buy for woodworking, I get better deals that going to Home Depot or Menards by buying from a mill. Do I think Menards or Home Depot are insane or ripoff artists? No, they are selling to people when and where they wish to buy, at a price that gives them a profit.

Same thing. Go into some expensive malls in Vegas and ancient coins are for sale for 3 times the market price. I personally will not buy those coins, but others who do not know how to get better pricing do. Like I said, knowledge is money in most aspects of life. I am sure I way overpay for many others things I simply do not know any better about. I am paying for my ignorance there, like this dealers customers are paying for thiers.

 

I would say the guy is "out of touch" with reality and I have seen this fairly often; this Captain Queag may go down with his ship. There are plenty of questionable ads in the coin publications for "choice UNC" gold coins, better dates etc., that would never grade in line with Coin World's guidelines. There are dealers with tired inventories of over-graded and over-priced "walking wounded" coins that would be high grade rarities if not for an accidental pin scratch or mishandling or harsh dipping. It's the land of make-believe for some and it's a lonely life for them. They would be having a lot more fun if they loosened up and had more customer friendly pricing and policies.

People still go to those shops because they may have nothing better to do. I would rather have a high turnover with low profit than have to look at the same tired coins for months or years on end.