If I bring a TPG slabbed coin into your shop, are you obligated to give me the greysheet bid price on it? Or do you offer whatever you think it's worth? Thanks.
Obligated not. If you have spent lots in my store (if I had one which I don't) then of course you would probably get offered bid provided the coin was properly graded, and I for one don't subscribe to the idea that the TPG are any better at grading than I am.
No grey sheet $ amount is what Dealer won't go over.90% will offer what they think the slabbed coin will sell for in there area.
No, they are not obligated to offer you anything at all. In fact there are some dealers who won't even buy some slabbed coins, depending on what the coin is. But for those who do, they can make any offer they want. And again, depending on what the coin is, that offer could be anywhere from 10-40% less than Grey Sheet Bid.
The graysheet is a guide, not a mandate. In fact, most collectors now want to buy their coins at or near bid, turning the graysheet "wholesale" guide into something more akin to a retail price guide. So a more typical offer from dealers, especially on the bourse floor, will be 5 to 10 back of bid with the intention of selling somewhere between bid and ask.
To answer honestly it depends on a few things. It depends on the exact coin... For example... The grey sheets are out if whack on Unc Washington quarters. There are some of those coins where we can't even get 70% of grey sheet bid as a RETAIL price. Now if I need the coin you have for a customer I might even pay bid for it... But most if the time it's 10%-20% back of bid for certified coins.
I do not have a store but if you contacted me I would offer you 10% back of bid and try to get it for lower when we were in person. OF course with any transaction between one person to dealer the dealer is strictly in it for the profit and does not care what any price guide says. They will try and get it for as low as possible. The best thing about it is you can stand firm for what you want, walk away if you can't come to a deal, or sell it on ebay for the greysheet bid.
Obligated? Never. The offer can be anything. My B&M offers nothing for graded coins. He's not interested and has none in his shop. Lance.
Even if Matt wasn't a dealer I would agree with this post. Its variable. Does the dealer have 5 collectors willing to pay a premium for that coin? Then he can offer more. Does he have 6 of these things sitting out that he has been unable to sell in three years? Then he may not make an offer at all, or a very low one. Like others have said, there is nothing magical about any price sheet. For US coins that price sheet is probably the most current, but it STILL suffers from the fact that its HISTORICAL information, as in what happened in the past, not today. Just like when you bought it, when you sell it the price will strictly be an agreement of what you will accept, and what the dealer will pay. Any priceguide is just a reference point.
Well, they got to make money and most of the items they buy I'm pretty sure sits in their shop for months or even years. So the look on the people's faces when an expert comes in and says item is worth $1000, they get all excited and say they want $1000, not knowing why would anyone buy something from you that is going to sit for days, months or years for the same exact price they're buying it for so they're totally disappointed by the actual offer, which is usually half the price.
But Pawnstars shows the dangers of selling to a "generalist". Usually, as a seller, you can get a better offer selling something to a dealer that they specialize in. An example would be a high grade IHC I am imagining Penny Lady may be able to offer better on that your neighborhood B&M shop. The B&M shop should be able to offer better than your local pawn shop. Your pawn shop will probably offer better than those thieving gold and silver guys. Chris
Well, it's scripted as well as it's just turned into a reality tv show. It's purely entertainment for me if I stumble upon it. If these people actually knew better, they could get better deals, most likely aren't in it for the money on that actual show but to just be on the show.
I believe in the positive networking externalities of being a professional. I am not in the coin business, but if I were, I would strive to offer the same standard across the board when it comes to pricing. The pricing would be whatever the market dictated at the time, but I certainly would not in any way shape or form offer prices based on the seller knowledge/lack of knowledge. I get emails from people offering me 10x face on silver like they are doing me a favor. I view this as low class, bad taste, and having morals equivalent to a drug dealer.
If you think they are bad, watch the avaricious money-grubber on Hard Core Pawn - he's absolutely repulsive.
