Sell a coin for less than what you paid?

Very true. This is exactly what I have posted about in PM forums that not only do you have the profit margin of dealers to overcome, and the market, but also dealers will either increase their overages or mysteriously not have any coins for sale if the dealer thinks the market is low. Conversely, buy prices seem to drop when dealers believe the market is high.

Perceived market levels definitely have an affect on availability of product.

 

Log in or Sign up to hide this ad.

Good, then we don't need this thread. Shirley your posting just to aks if dealers sell for reasons other than the grey sheet.

 

Pricing by dealers can vary for a number of different reasons. If the market is active on certain items, you can be assured that the price is going to reflect that regardless of what is in a grey sheet or guide. A dealer asking for a higher price because of his error in buying incorrectly does not get any sympathy from me. I don't need to know why he's asking a higher price because whether I pay his asking price or not is my own decision. He can accept or decline my offer. I'm not going to pay a higher price because I feel sorry for him.

@Swish- Haggling in the marketplace has been around and accepted for thousands of years. It's no different at coin shows where seller set up their tables with their wares.

If you don't try haggling, you are either going to pay full retail or you just aren't going to buy very much. Most dealers will be willing to lower their asking price or offer incentives for you to purchase from them. You want the best price possible, the dealer wants a sale and repeat business. If you just walk up to their table, pick up a coin and pay for it, that (in the seller's mind) is just a lucky sale.

Try building a relationship with the sellers. Once they get to know you, they will buy coins with you in mind. When I go to the monthly coin show, the dealers have items they keep behind the counter until I come in and then they offer them to me. The price is usually far lower than if they priced it for the general public because they can flip it quickly and not have to tote it around from show to show.

Asking if that's their best price is not insulting at all and a dollar you save can go towards other purchases.

 

After five pages of posts it seems that others disagree.

That being said, I would have rather had the coin and not overpaid. Complaining about it doesn't help anything, but being knowledgable does.

Another example, I was in the market for a '25S peace dollar in ms63. I was at a show & found a dealer that had one, and asked for a price, which was also way too high. He justified his price by telling me that the coin was a 20K coin two grades higher. Is that justification? I just simply said no thanks and walked away.

As opposed to another dealer who sold me a coin, and justified his higher price by the strike, toning, etc. It is an interesting contrast.

Knowing what goes on in the dealer's head can only help collectors who are trying to buy. The dealer can always walk away if he doesn't want to sell.
I am a believer in negotiating for the coins that I buy whenever possible. I don't know why that would bother you (or anyone). You can always say that your price is firm, and then the buyer has to decide whether to buy or not.

 

Exactly.

 

And don't call me Shirley.....

[video=youtube;0A5t5_O8hdA]http://www.youtube.com/watch?v=0A5t5_O8hdA[/video]

 

Your functioning under a misconception that the grey sheet sets prices. It doesn't. It records them. As hot as gold has been I'm not surprised if he sold that coin 10 minutes later. Or maybe he didn't, but your approach is way off and insulting. As I said, I would never have even answered your question, nor would most people.

The reason for the length of this thread is because it hit a raw nerve, not because anyone thinks deals stick to the grey sheet in making deals. I have seen them pull it out and use it a guild. I've even had them pull it out to show it me. But, Shirley, if I "called you on it", I'd expect him to tell me the Grey sheet lies and not waste another moment on you.

Ruben

 

Its not right to speak badly of the dead..

 

Certainly fair on your part, but that has not been my experience. I have found the sheet to be useful both in negotiation and as a guide. Many dealers will base their price on sheet (with modification), even if they don't follow it.

Perhaps my use of "called him out" was incorrect. As I said, I merely showed him what ask was for the coin and counter offered. After his story, I told him no thank you and moved on.

Perhaps what you see is due to a difference between the large dealers (who may not weant to hear) and the smaller dealers that go to smaller shows (who want to make a sale).

 

It is possible that your phrasing is what set this off, but you should just keep in mind that especially at small shows, a lot of dealers just want to enjoy the hobby. Make a few bucks, sure, but they are often weekend warriors.

Ruben

 

BTW - where was the show?

 

Wespnex - Westchester Co.

The place was very quiet, as compared to prior years that I remember, but it was also a Sunday.

 

Sounds to me like you meet all the qualifications needed to be a coin dealer.

 

Lol, half of them at least.

My main problem with being a dealer would be I would have to SELL coins. I like the buying part, but hate the thought of selling one. If I sell it, I don't have it anymore......