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Message:: [QUOTE="The Penny Lady®, post: 689874, member: 16948"]Recently, on another thread here about how the Long Beach show went, a relatively new collector BNB Analytics was expressing his dismay at feeling that some dealers were "ripping" people off because their asking prices were over Grey sheet bid.  <a href="http://www.cointalk.com/t69529/" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t69529/">http://www.cointalk.com/t69529/</a> As background, here is what BNB posted: <a href="http://www.cointalk.com/members/bnb-analytics/" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/members/bnb-analytics/">BNB Analytics</a>: "I really am losing faith in coin dealers as a whole. This is a becoming a big problem. Some dealers are plain rip offs and don't deserve to even be dealing in my opinion. I know that is harsh of me to say, but come on.. Do they think we're stupid? $1800 for an Ms64 1908 No Motto.. Give me a break. The days of finding a dealer that will sell to you at bid is hard. Sure dealers have to make a living, but what KIND of living do some of these people make? I wouldn't be surprised if they have yachts with the prices they charge on some of their coins. Give me a break... For a buyer, Heritage is the only place I'll go now.. I don't even know if going to shows is good for me anymore after seeing the prices being thrown around here. It's just disgraceful in my opinion." This was my reply to BNB: <a href="http://www.cointalk.com/members/the-penny-lady/" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/members/the-penny-lady/">The Penny Lady</a>: "BNB, please take these following comments in the spirit I intend them - purely to help offer some advice to someone who is new and a bit naive to the coin industry. So please keep an open mind and know that I say these things to try and help, not to criticize. Keep in mind, you came as a newbie to coins in a down market and may be getting some good deals right now, but seriously you might want to quiet that ego of yours a bit and listen to your coin "elders" and not be so quick to judge. Yes you can get some good deals right now, even at Heritage, but that won't always be the case, no matter how hard you look. And it's certainly not a good idea to limit your options so quickly by saying you'll only buy from Heritage - that is, to be honest, pretty silly. There are many good quality dealers out there, you just need to find a few in your series that "fit" well with your style, values, morals, personality - and wallet. For the most part, you will need to pay higher prices to get quality. Remember, dealers generally buy from Grey sheet, so how can anyone expect them to sell at Grey sheet? Especially key dates, high quality, and just plain hard to find coins will usually be higher than Grey sheet, so yes shop around, but be sure you are getting the best quality for the price you are paying. Look very very closely at those coins you are buying. You still have a lot to learn, and there is so much more you don't know than what you do know right now. I enjoy your enthusiasm and eagerness to get the best deal, that is what we all try to do - but you also need to build some solid relationships with some good dealers, so don't start out bashing them just because their prices seem too high for you. I don't know any dealers that have yachts or live high on the hog, especially right now. Sure it's ok to be a bargain hunter, but remember, in the end you really really do get what you pay for." I also found this recent article by Doug Winter of Douglas Winter Numismatics (raregoldcoins.com) on why "deal shopping" may not best serve those who are trying to put together a good quality coin collection.  <a href="http://www.coinlink.com/News/us-coins/the-deal-shopping-mentality-and-rare-coin-prices/" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.coinlink.com/News/us-coins/the-deal-shopping-mentality-and-rare-coin-prices/" rel="nofollow">http://www.coinlink.com/News/us-coins/the-deal-shopping-mentality-and-rare-coin-prices/</a> The following statements basically sum up what many of the more experienced coin collectors already know: "In the coin market, price buyers invariably wind-up with the worst possible coins for the grade.... That’s not to say that there aren’t good values in the coin market. I can think of dozens and dozens of coins that are undervalued in relation to their rarity and level of demand. I think that’s what the deal-hunters don’t understand. The real deals in numismatics come with knowledge of coins, not buying something for 10% less than Greysheet Bid. The Greysheet is never going to teach you that..."  This article is a good read, and may help some of you have a better understanding that, for the most part, "you get what you pay for." So what are your thoughts on this subject?[/QUOTE]

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