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Valued Member
United States
470 Posts |
Learning how to grade the series that you collect and knowing the value of the grade is the best defense against the unscruplous dealer. This topic has been discussed to death here and on other forums. When you walk into a coin shop it's every man for himself. Your goal is you pay the least you can and the dealers job is to get as much of your money as possible before you leave his store. To level the playing field, you need to be armed with knowledge and confidence in what you want to buy. Any hesitation will spell fear and it will be sensed immediately by the opposing party. It's a wonderful dance that is played out hundreds of times a day all over the country. Mano y mano. Sometimes you win and sometimes he wins but if you know your series and buy the coing you want for a price you can accept..you both win. Don't be afraid to walk away if it's not the right coin or not the right place. While it's true that brick and mortars do have plenty of overhead; no one says that you have to pay his entire electric bill ...lol ...just a portion of it....knowledge is power.
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Pillar of the Community
United States
1952 Posts |
i use my loupe like trump uses other peoples money lol I don't leave home without it. lol
Gary too
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Pillar of the Community
United States
709 Posts |
As with anything, a good rule is: "buy smart, sell smart". Having said that, I am not sure there is truly an etiquette to follow. If you are buying smart, you will have researched the coin price or coins you are looking at buying before going to a dealer. With that in mind, if you are given a price from a dealer that is out-of-line or higher than you think, tell him (or her) what prices you have seen. There will be or there will not be price movement from the dealer. Most are interested in selling. Some not. I think you will find this a good starting point.
But remember it is you (the buyer) who must be armed with the knowledge otherwise you become any one's legal lawful prey.
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Pillar of the Community
United States
1173 Posts |
I do my best to build a working relationship with a shop owner. I buy several items over time, make myself a "regular" customer, and spend time talking about coins and life in general with both the owner and customers. Never insult the guy (or gal) by saying "I can buy this cheaper elsewhere." or similar such things. Dealers know what's out there and at what price. What I'm looking for in the end is a PARTNERSHIP, where the dealer knows me, knows what I like, knows my general budget, and keeps an eye out for coins that I'll be interested in at a fair price. I try to make his day a little brighter when I come in, and make his shop a little friendlier for other customers, too. My aim is for the owner to be happy to see me come in as a person, as well as a customer. You'd be surprised how well this has worked for me (both coins and guns) in the Mom-and-Pop shops. My dealer here in town regularly holds back some coins from collections he's bought for me to buy or pass on prior to putting them out for the general public. Just my Two Cents... |
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Valued Member
United States
459 Posts |
I implement and practice the same methods/ideas that hunter20ga has put forth and it has worked out well for both parties involved. After moving to a new city, in the beginning of our relationship(my primary, trusted dealer), when selling to the to the dealer, he paid less than fair prices for my wares, but I accepted offers without a haggle. And when buying he gave no discounts, but again, I didn't feel the need to haggle. Gradually as the relationship has matured, over 2 years, he has always given larger discounts and paid stronger money, again with no haggling while holding back bust material before casing it.
However, I have no problem with, and enjoy, bargaining/negotiating with the other local(bottom feeder) dealer and dealers at shows. They ask for "Z", I ask for "X" and if we can't meet at "Y" I'll walk. Meanwhile, there are exceptions to every rule. If it is coin I like and I don't think there will be or are many more like it, I buy it regardless.
Everyone has there own buying styles and personalty, but arming yourself with knowledge and finding/keeping a trusted dealer/contacts is just as valuable as one's collection, IMO.
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Valued Member
United States
487 Posts |
My local coin shop guy is great. He generally only puts out rare dates and au+ coins in his shop and sends the rest to big dealer up north. When I'm in he pulls the stuff he's sending away and offers them to me at what the other guy has posted on his website he will pay. This allows me to buy dimes, quarters and halves below melt, VF and XF morgans for $11.50, silver eagles with some toning for $12.
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Pillar of the Community
 United States
603 Posts |
Benji,
What shops are around this area? I have looked online and most listed are closed or by appointment. I have been to Solon and 1 in Cedar Rapids, but I know of none in Iowa city.
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Valued Member
United States
470 Posts |
Benji - Interesting quote in your footer. Did you make that up yourself or is it attributed to someone?
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Valued Member
United States
459 Posts |
cpfull, In CR there is Liberty coins in Westdale mall and the Hiawatha Coin Shoppe/BEs Coins run by Brian Fanton, who does a lot for the hobby by giving presentations/workshops at all the surrounding schools and teaches a seminar/class at Kirkwood on Numis. coin grading/doctoring and Counterfeit Detection. I spoke to the Solon shop over the phone, but didn't make the appt. How was your experience with them? In IC there is Dean Oakes Coin & Currency, which is hard to find ("shop" has moved several times, last known location was in one of the buildings in the Ped Mall). Oakes has a lot of obscure, high $$$ wares that I had little/no interest in. Most of the by appointments I have met with TOLD ME what I was interested in, then offered me some high grade modern garbage. It is certainly a task to find to find B&Ms. I recommend Hiawatha Coin Shoppe/BEs Coins...friendly, customer oriented, offers a wide range of material (I have my eyes on a couple of dies offered), if he doesn't have it; he will find it. They are ex-ANA governors(which means nothing to me,but does to others), go to most national shows with want lists, and has connections with major numis book dealers. Andrew289, Pete Rose is/was the greatest baseball player. I only wish I was around in the late '60's - early 80's to witness his true grit and determination on the field. I only have low quality VHS games dubbed from the MLB library. Off the field, of course, his lifestyle certainly is not helping him attain Sainthood. The sig line was part of a discussion in pub over Jameson and Guinness, so I cannot claim it as my "intellectual" property. Edited by Benji
06/15/2007 5:25 pm
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Bedrock of the Community
United States
20753 Posts |
As to coin stores, hobby shops, places with coin/stamp counters, I basically stay away from them. Yes they hae to make a living and have to raise the prices of coins, etc to accomplish this, but I don't want to be a part of that. We have way, way to many coin shows around me to ever think of going to a coin shop. I used to when there was a lot of them in the area where I worked but seldom ever bought anything due to the high prices. Harlan J. Berk is an example of a place to look but don't buy type. There are at least 3 coin shows a month around here and occationally even more. There are no rules, dress codes, etc at any of them so I see people with the Red Book, Grey Sheets, Magnifiers, long lists of coins needed. At all shows if the dealer has no prices shown for his coins, I usually just walk away. Occationally I'll ask about a coin I know for sure would cost X and if he says X+, I just walk away. I always try to haggle the prices down and if a dealer will not drop prices, I walk away. I carry a bag with a 14X, a 4X, a flashlight, my list, etc at all shows. My list is made up of what I want, would like, could use. I first make the list, add prices from the Red Book, Add prices from PCGS web site, Add prices from the Grey sheet and also prices from a few decent on line dealers. This gives me about 5 prices for each coin and if I can't beat those, I just walk on by. I need the exercise anyway so walking around a coin show is just one more wayh to get it. At one of the bigger shows each month I'll spend up to 2 hours roaming around looking for exactly what I want. Now with this upcoming big show at the Rosemont Convention Center I'll probably get more exercise than I really need but lots of stuff to look at. If your in the area of Chicago this June that show is on the 21st to the 24th in the suburb of Rosemont, Illinois. |
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Pillar of the Community
United States
986 Posts |
I have the same philosophy when it comes to buying at coin shops, shows, and online through dealers. I'll ask them for their best price, and if I agree with it I'll buy it, and if I don't I'll walk. Haggling from that best price may save me a few bucks, but my relationship with the dealer is more important to me. Next time, he may remember me as someone who didn't argue with his prices and paid quickly.
I bring a list of coins I own with me, so I know which ones I have. I also carry a "Pocket RAG" (helps attribute R4 and R5 bust halves) and my Overton. I've seen people with Redbooks and Greysheets, and nobody really minds. A loupe can save you from lots of costly mistakes, so definately bring it.
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Pillar of the Community
Australia
853 Posts |
From a dealers perspective...yes bring your glass your coin catalogue. You can always ask but do not expect the price to drop. Some items a dealer, other items the dealer won't. The bottom line as long as you are polite and reasonable the dealer should be polite and reasonable. You must keep in mind a dealer may have room to move on some or even most items but on others he may not. The thing you need to keep in mind is that at the end of the day that you pay a price you are comfortable with. That may mean a price below CV, at CV or over CV. The dealer will also do the same thing....sell an item at a price he is comfortable with.
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Valued Member
Australia
99 Posts |
lol..ok bigfella, next time I am asking for a discount...
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Pillar of the Community
Australia
853 Posts |
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Valued Member
United States
250 Posts |
Great comments by everyone. I agree wholeheartedly! A dealer offended by someone doing their homework is a dealer I will not deal with!
There are several times I won't even haggle over a coin price if I think it is priced fairly and the quality and eye appeal is there!
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Replies: 25 / Views: 2,849 |
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Posted 06/14/2007 9:40 pm
