Think I was taken for a Fool on Wheat Cents

my dumb arse (yes I calling myself:desk bought probably $100 worth of wheats within 2 months. So for some reason I wanted to check the prices I paid and compare them to 2010 Redbook.

Redbook was a lot lower.

Tonight I spent a total $42.50
I bought 1932 VF - $3.50
1932D XF - $4.00
1933 A/U - $11.00
1935D- VF - $0.40
1941D UNCIRC - $4.50
1946D XF - $0.60
1947D A/U - $3.00
1949S VF - $.50
1952S UNC - $7.00
1954D B/U - $8.00

Now I trust this guy since i have gone and bought my morgans at a reasonable price though on these wheats i think he's really making a killing especially on the 41 because I got home and noticed 3 nice scratches by the ear of Lincoln and I was wtf selling it as an UNCIRC when it should have been graded lower.

Now I am not sure if I really was taken advantage because he was looking at the graysheet for everything but something doesnt add up to me and want to know what you think.

Please Advise
Should this be a lesson learned, should I say something to the dealer, or am I worrying to much and I actually did ok?

Thanks guys/gals!

-Shrek

 

Log in or Sign up to hide this ad.

From my Jan 2010 Greysheet

These are the full ask prices
32 vf...2.80
32d xf..3.30
33 au...10.00

35 on they only list MS63 prices and up
35d ms63..3.50
41d ms63...1.90
46d ms63... .25
47d ms63... .25
49s ms63...1.15

the don't list above this

Richard

 

the 52s and the 54d shouldn't have gone for more than 50 cents to a buck unless they are ms65 or greater. even then those prices are out of line.

Richard

 

Your 1932/33's were no bargains, but you were close. The rest of them had better be real nice. Just for a reference, I paid $6.23 (shipping included) for my NGC MS-66 1952-S. Now that was 3+ years ago, but still.

 

yeah I thought so. I kinda want to say something to the guy. See if I can recoup some money but I doubt he will go for it.

Thanks for the responses guys

 

I'd show him your unhappiness with your lack of future business. IMHO.

 

Just shows, You have to do your homework!!

 

You said that you have been buying Morgans from him. Go back to the shop and pick out some nice morgans and pretend to be interested in buying them. At the last moment bring up the subject of the wheaties and the high prices and then say thanks but no thanks for the Morgans and leave. By the way, are you sure you got good prices for the Morgans?

Richard

 

Check your prices BEFORE you buy and don't use Redbook as the source. Nothing against Redbook but it's full bore retail. Very informative but comes out once a year.

Inspect what you're buying while you're there and if you DON'T like it DON'T buy it.

Sorry, but it seems you set yourself up for this one.

 

Couldn't agree more my friend.

Shoewrecky,

Redbook is a good guide to get an idea of what they go for, but I strongly recommend that you don't use it for seeing what you should pay.
The Redbook is about as high as it gets for retail prices. Use eBay's completed listings, and figure out a fair price to pay. Also use greysheet, like you've been doing.

Also you made a comment about a lincoln about having three scratches and not being uncirculated. Just because it has scratches doesn't mean it isn't uncirculated. Being circulated or uncirculated is decided by the amount of wear on the coin, uncirculated coins should have no wear.
With that being said, are you sure you are grading the coins correctly? If you aren't grading them, are you sure he is grading them correctly?

I'd strongly recommend these books for your grading:
ANA Grading Standards
Official Lincoln RedBook

 

Absolutley, that is the bottom line. Yes I've been in the position when I felt like I paid too much too. You remember that saying really quick, "burn me once shame on you, burn me twice shame on me".

Things get better, heck Shoewhrecky talk to the guy if you can, if nothing else you will feel better. You never know, he may give you a couple other coins.

 

All of you are right, and maybe this is a lesson learned for everyone as well...good to show you what not to do.

I realize that redbook isn't supposed to be used as a guide for prices, however it was something that was readily available to do a quick comparsion.

I wasn't grading the coin, the dealer was. Most of the gradings I agreed with, it was merely the 41 that I was concerned about. Yes i have that ANA Grading Standards and always have that out

Thanks again for the responses,

Shrek

 

I agree with others that you overpaid for the 35d and the 40's and 50's. If they're still in the dealers 2x2's you should be able to return them for a refund, at least if he's worth a darn as a dealer.
In case you didn't know, there's a decent sized coin show this weekend in your area. If you shopped around there you could probably get a lot better deals than what you're getting at that dealer.
Here's a link to the shows website:
http://www.ohiocoin.com/

 

Whenever I go on a coin buying spree, I usually bring my list of coins I need yet. Next to each listing, I have penciled in a grade in my price range and price I'm willing to pay. This is especially handy at shows, as some dealers do not update their prices on coins often enough. I usually end up with some really good deals with my method.

 

You over-paid but not to bad. If you learn a couple dozen things from this endeavor it's a cheap lession.
The seller can ask whatever he/she want's for this stuff - it's the buyers job from there. You can find these coins cheaper all day long at a show or shop after they get to know you. For resentment issues with this you could tell the seller you did not like this deal or would like to return them for refund. You do not have to go into the whole thing with him - he will, if you do the above know what you "are saying" to him. A good seller will always return your money within a reasonal time frame
In the future my advice is never buy Unc. or MS-63 type Lincoln's that are 1940's thru 1958 - these can easily be found in MS-64 (and higher) they will please you much more that way. Many folks go with BU to Gem BU for the 1936 or 1940 thru 1958, lower nice circulated grades for the 1936 back to 09.

 

About that 41-D, It was the last coin I needed for my 40-up wheat set. I think for some reason, those are less available than other dates. I looked for years to find one from circulation. I save every 41-D I find now. I believe they are rarer than the mintage would indicate. Still, The price was twice what I would have paid.

 

I did bring a list with me when I went (like I always do) and I always try to get them in A/U or better grade but if I can get them in MS64 or higher I will start looking for them (though I can't ever find a Lincoln in that nice of a grade around my area, does it mean that there's not one out there...no, just me not looking hard enough). I agree I am trying to get the highest grade Lincoln within a reasonable price that I can right now to finish my collection. I guess I was to trust worthy on the dealer and thought they were reasonably priced...Guess that is my fault for ASSuming.:goof: Unfortunately they are not in 2 x 2s they are in my folder
I am going to take a look at the Coin show and try to go (weather permitting of course) and this time make sure I am prepared.


-Shrek

 

This is a pretty cheap lesson to learn some really important axioms. Know what you are buying, know how much its worth before you buy it, and know what you are willing to pay.

 

Geez Shoewrecky, now you got me wondering. The dealer I go to always grabs the redbook. I just thought that was how it was done. Redbook = what you pay, Bluebook = what you get if you sell. I have heard this greysheet mentioned several times before. Where do I get one?

I should have known something was up the first time I visited him asking for advice on a coin that turned out to be simple MDD. When I asked to him to explain the difference between MDD and and a doubled die, he said he "wasn't sure".

The main reason I went to him is because A) this shop has been around for years (starting to wonder why now), and B) he's the closest one to me. Besides a couple small-time dealers at a nearby flea market, the closest real coin shop is about 45 minutes away. Sounds like I better start calculating gas into the equation.

As a side note, when I bought my Lincoln Memorial Dansco from him and asked him what year it went up to, he told me it was current to this year. Needless to say, when I got home, I needed the supplement page. No big deal really, but it would have been nice to know then, rather than having to go back and get it.

 

you can get a D/L copy for $3.99 of a greysheet at http://www.greysheet.com/Commerce/scripts/customer_pdf_login.asp?svc=CDNi&

or you can get a yearly subscription for about $98.00. There is a big difference between MDD and Double Die.

MDD: http://www.bakercoins.net/learn/variety/mech/index.html
Doubled Die: http://coins.about.com/od/coinsglossary/g/doubled_die_def.htm