Trust Issues I have with a lot of dealers

It seems almost like some think overgrading a raw coin is against the law, a criminal act, when it isn't at all. If grading today was compared to grading 50 years ago, almost every one is over-grading IMO. Grading is an opinion. If a person says they are just a collector, the only grade is (1) Good enough for my collection or (2) not good enough for my collection. However if we want to do selling, trading, etc. it becomes necessary to have more exacting grades to determine pricing. Most people you hear complaining about grading falls into the second group. I am in the second group most of the time also, but I have spent a H*** of a lot of time and effort to educate myself on grading the series I collect, buy , and sell.

In the olden days we were always told experience mattered, and very few expected to fall into a money pit ( unless inherited). We expected it would take time and effort to succeed and learn. Now, it has to be a tweet! Learn to grade in 140 characters or less.

Jim

 

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Mostly everyone forgets that coins are not just a hobby but also a business. There are numerous buisnesses similar as to the pricing games. Take the used car industry. Long standing joke about the used car salesman being nothing but criminals with a buisness card.
Most coin dealers that are in this for a buisness have numerous expenses that the hobbiest just doesn't see or care about. I'm not trying to defend dealers that charge excessively but you just have to stop and realize they too are trying to make a living. Many dealers I know only buy and sell coins and they have to support a family from the profits. One I know has 4 kids and one of them is in college. He has to really make a decent profit to support the entire family so his prices are at the top of the possible ranges that will still sell. Those dealers that attend coin shows also have to pay for transportation, living expenses away from home and all that too comes from the profit of coin sales. Most also use the internet where they have both thier own web site and also use ebay. Again, most do all that to help support a family.
People that sell cars, boats, planes, lawnmowers, vacuum cleaners, etc. also are into sales and also this is thier method of supporting a family. Of course the overpricing on coins on ebay is at times excessive. Sometimes actually funny. But if someone will pay that price, then to those that need or want money for whatever reason ebay is to thier advantage.
I'm sure the same individuals that complain about those excessive prices will someday also try selling something for an excessive price.

 

Wow, I find your closing statement quite presumptuous , Carl.
Take me for example. I am a very smart buyer when it comes to price & negotiation. If I buy a coin for $50,000 and it retails for $55,000, I'll sell it for retail or maybe even below. Why? Because it makes me different than all the rest who think like you describe. If you can't get good deals on coins, there should be no reason you have to pump prices up so high. Maybe they pump them up high because they themselves got in at bad prices. Not us the consumers fault.

 

I agree with Carl. If you buy a coin for 50k and it retails for 55k and someone offers you 60k for it, why would you sell it for any lower? I have seen people hoop and raw about “grey sheet this and grey sheet that.” Grey sheet is a guide not a list set in stone. A coin is only worth what someone will pay for it. For example while I was in LA for this year’s World’s fair of money a friend of mine told me he sold a Flowing hair dollar for six figures, he bought it for 25k several years ago. My buddy didn’t really want to sell it, but the buyer wanted it so bad that he offered six figures, an offer that my friend could not refuse, and he wasn’t going to sell it for any less. Why would he? The buyer believed the coin to be valued in his eyes as a six figure coin.

 

You're missing the point.

If I buy a coin for 50k I will ADVERTISE it at 55k or lower to bring in business if that's what the going rate of the coin is truly worth according to the open markets.

Sure if someone comes out and OFFERS 60k why wouldn't I take it?

But I'm talking about the price I offer it at to the public and thats what this thread is mainly focused on.

 

BNB My bad.


I guess the dealer/seller is the final say on the price, and you and I and everyone else can complain about their “park ave” prices. Sometimes dealers mark up their asking prices because they are assuming that the buyer will negotiate or ask for a discount. A company out of Reno has prices that make triple keystone look like a great deal, they advertise coins for sale which are sometimes marked up 1000%! They pronounce that “you get a 10% discount just for asking”. I hate doing business with this company but find myself going back still, why? Because they have things I want, I cannot find them anywhere else.
BNB Great thread!

 

I agree with that completely. If a raw coin worth more then $200 or so isn't in a slab already there is usually a reason behind it.