R.A.C.E Today New Dealer

Discussion in 'Coin Chat' started by BUncirculated, Mar 10, 2013.

  1. BUncirculated

    BUncirculated Well-Known Member

    So I went to the bi-monthly R.A.C.E, Rochester Area Coin Expo, and saw a new dealer set up for his first show ever. Nice, personable guy around my age, with a small selection, but not a bad inventory to look over. Mostly, common stuff, but I always make a point to meet new dealers at this show.

    While I was there, a collector came up and asked if the dealer would be interested in a 1973 Proof Set, still in the OGP. The dealer looked the set over and asked the guy how much he wanted, and the seller said $15. I was a bit taken a back by the asking price because these are running between $6-$8. I stood quietly and listened to the transaction and the dealer counter-offered with $4.50. After some haggling back and forth they settled on $9.50 for the set.

    The seller left the table and the dealer looked to me and said he's not really sure how these sets are worth, but he hopes he hasn't over paid. So I told him that ask price on Grey Sheet I think is $7. He looked it up, and sure enough $7 was the ask price, and he says, "ooops!"

    So I'm like, well it's not as bad as you think because the Kennedy half you could ask and get between $4.50 - $5.75, and the Ike was running around $7-$8, I was going by prices of other dealers at the show. The other coins of the set, would give a small profit.

    His response was, "That sounds like a good idea. I didn't think about piece them out."
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  3. Tom B

    Tom B TomB Everywhere Else

    Personally, I think I would have taken a $2 loss to get rid of the set quickly if I was the dealer instead of attempting to sell the coins individually. Of course, everyone does things their own way and this doesn't mean that my way would work for others.
  4. Victor

    Victor Coin Collector

    I hate to break up a set. I don't know how many mint sets1970 and 1987 mint sets I have purchased. The intention of buying a 1987 mint set [for $5] is always to cut out the Kennedy halves to use in my Dansco album. The 1970 mint sets bought for $15 or so were to get the 1970-D half out. I also won at the coin club raffle two 1970 mint sets and one 1987 mint sets. Those were won on 3 different nights for $5 each.
    But I never had the nerve to follow through and cut out the Kennedys
  5. aubade21

    aubade21 Well-Known Member

    Interesting. I keep trying to come up with reasons as to why a dealer 1. Would not know the basic value of
    a common proof set 2. Wouldn’t reference some sort of price guide before paying 3. Not know about the option of breaking up a set.

    Here is what it reminds me of:
    We have a few smaller shows in our area where tables are cheap and you get a decent amount of collectors (versus dealers) that exhibit their coins.
    A lot of these guys have 9-5 jobs in other professions and just enjoy showing off what they have once or twice a year. The big draw is just being around other people with the same passion as their own. Generally these are folks that are not as well versed in many aspects of coinage, especially when compared to a dealer that does this for a living. And because of that, I think they sometimes think as collectors and not dealers in regards to the prices they are willing to pay.
    I keep thinking that the guy you are talking about fits into that group. He probably just buys coins he likes and doesn't worry too much about making a profit on every deal.
    Of course, I could be completely wrong. But it is just what came to mind when I read your post.
  6. John Anthony

    John Anthony Ultracrepidarian Supporter

    It's an old salesman's trick - make yourself look gullible in front of potential customers. Let them think they can get one over on you.
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