This Sunday, as usual, I spent a great deal of time both before and during our monthly coin show, browsing the tables of other dealers. It so happened that this month I was not looking for anything in particular, as I usually am, but rather was just on the prowl for a few great deals from fellow dealers. As I expected, I picked up a couple of very nice raw MS64 Morgans at great prices, a few slabbed common date MS64 Morgans for fair prices, and some misc. other items. Action at my table was also brisk, where I acquired a variety of walk in common and key date material from collectors. What is funny though, is the purchase that really made my day. Of all the coins I picked up the one I enjoyed buying the most was a PQ 1945 Washington Quarter that I purchased for $4. Although the coin had a somewhat weak strike, the color was SUPERB and the coin was nearly flawless - a definite MS65 and possibly higher were it not for the strike. I point this out as a reminder to enjoy the experience of a coin show. Stop at all the tables. Look at all the books, check out all the cases, and be on the lookout for that one coin that just speaks to you. You would be amazed at what you can find when you're paying attention!
when you go to a show like that, do you carry a Red Book with you and look up the list price while browsing?
As a dealer, I bring a great deal of reference material with me to every show - including a copy of the Red Book. When I browse, I carry a copy of greysheet.
I would never be insulted, and I believe the majority of dealers feel the same way. Check out this thread... http://www.cointalk.org/showthread.php?t=1678 In regards to haggling, it can never hurt to ask for a better price in a professional and courteous manner. What is the worst that could happen? The dealer could respond with the price on the coin ;-)
I read the other thread, thanks. If, I had copy of the Greysheet (isn't that wholesale from dealer to dealer) and could compare their asking price to the greysheet, what is an appropriate markup?
You can purchase a subscription to the Greysheet at http://www.greysheet.com. When it comes to dealer markup, you will find it varies greatly from dealer to dealer and show to show. In most cases, coins will be sold for at least 10% more than the "ask" price listed on the Greysheet. In some cases the number could be as high as 20% or more, depends on the dealer and the coin. It should also be noted, that often the prices listed at a show include the appropriate sales tax for the area which could be as much as 5-8% or so.
One should also remember that for some coins - there is no sheet price. What I mean by this is that with some coins - particularly high end coins - the price guide is thrown out the window. So don't be surprised if you see a given coin and a dealer is asking what seems to be ( based on a price guide ) outrageous money for it. The coin may well be worth it. It may even be a bargain. It just might not seem that way. Of course it could be that it IS outrageously overpriced This is where knowledge comes into play. You have to be able to tell the difference
So true. The registry sets have really driven prices through the roof. You must also take into consideration the availability of certain coins. Just because the price guides say that an 1893-S Morgan should be bought and sold at this "price" doesn't mean there are any available at that "price". The owner of the coin really has the final say in what their coin will leave their possession for. Remember that we dealers are in this same boat. We must pay higher prices to bring out the good material.
