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 Replies: 21 / Views: 2,146 |
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Pillar of the Community
United States
986 Posts |
If you can, attending a major coin show will be of enormous benefit for you. There'll be a lot of very respectable dealers there, and shows are a great place to enhance your collection. Of course, you can't expect to get full book price for your coins, but at least you won't get ripped off (usually). The greysheet will let you know bid/ask prices on a wholesale level that the dealers use.
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Pillar of the Community
United States
1327 Posts |
I agree with some of the others not all dealer are bad. Where I live there are 5 full time dealer, not pawn shops. 3 out of the 5 I do not deal with because of just what you were taking about. But the other 2 I go to more regularly. The one I spend most of my time at. He is a very honest dealer and he away sell for under the price and give a far price when buying. one thing he told me when I was talking to him about one day becoming a dealer is that don't plan on making it rich at this. but if you can make a decent living at it. he said the ones who make it rich are usually dishonest. so I would assume that is what you ran into dealer who are trying to make it rich and take advantage of others. also I bet that most of them had there coins over graded as well. Also the guy I deal with is semi retired so he said but he sure has a very busy shop.
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Pillar of the Community
United States
1454 Posts |
Not all are bad. Just most. The trick is finding one that isn't bad and stick with that particular shop no matter what. I do most of my buying on Wal-Bay unfortunately. They aren't the best either but they are at least convenient. I have a shop here I like to go to but I usually have to go by myself because the only shop that the wife will go to I don't like so much. It is a huge shop so they have several people helping out, the only problem is, most of them are uppity, rude and try to make it known that they know more than you do and are doing you a favor. The shop I go to is run by 1 guy and he has a couple of helpers who take over when he goes to shows. They are pretty cool guys too. My wife hates going because it is too small and it is hot in there and they don't have jewelry like the other place. So, I leave her at home alot when I go coin shopping.  |
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Pillar of the Community
United States
2365 Posts |
I've been fortunate to find a very fair dealer. He buys at Gray Sheet pricing and sells at RedBook. If I see something on a particular coin that brings the grade down a bit, we will discuss it and 9 times out of 10 he will agree with me on a lower price. I've shown him that I have the knowledge and he has shown me the same. He's very respectful and most helpful. |
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Pillar of the Community
Australia
853 Posts |
Noxx.....you are obviously a smart collector and done you homework before you flashed your coin about. From a dealers perspective...although I do not condone ripping collectors off you should also ask how they came about that price.
As a professional dealer I am often confronted with the situation where I have 20 or more of an item that catalogues for for $100, so my need for my 21st of that item just is not there so unless I get it as a very good price I have no interest in it. Now if the dealer is fair he will advise that when he offers a price...if not well...
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Pillar of the Community
United States
2365 Posts |
Bigfella has a very good point! My dealer always will explain to my the why and why not questions that I have. If I don't like what he has to offer and for his good reasons then I just simply will pass. It took my dealer and I a while to build a rapport. From my own observations, a coin dealer deals with a lot of kookie people. He got to know me and vice versa and now we are coin admiring friends as well as business owner and customer.
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Pillar of the Community
United States
1626 Posts |
It may also help to tell the dealer up front, your not interested in selling it. By doing this, it will take the idea out of their head that they may make a profit off you. I agree with jdheyne as well. Not all dealers are bad.
Tim
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Moderator
 United States
23537 Posts |
In my area there are a number of dealers. I have found one who I trust. It is no wonder he is also the President of the local coin club. Because of my particular coin interest, I buy most of my coins online. It would be very difficult for me to fly 1/2 way around the world each time I wanted to purchase a coin. No I do no buy all of my coins from one dealer. But if you are looking for an American Coin look up Bobby and Susan- who started this forum If you want Australian or New Zealand coins look up Bigfella he posted above.. I believe we have a few other dealers on this forum, but I can not list hem from memory so this is an invitation for the rest of you to chime in. Yes I know we already have a tread similar to this but repetition is a good thing.  |
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Pillar of the Community
Australia
1091 Posts |
"One of went so far as to tell me it was worth TEN BUCKS." Wow, These words would of jumped from out of my mouth... "Do you have any similar quality coins here that I can buy. I'll give you $15 each for them." That would expose his Fraud. I've been in my local coin shop when non colectors walk in and show the dealer a coin or two asking what they are worth. He examines the coins and gives them his opinion of there value. They tend to react as if the price is too low. He wanders over to the book shelf and brings back the actual BOOK, finds the coin, and lets them read the book price themselves. Works a charm, LOL, He's an honest man.  Edited by toast
10/05/2006 08:54 am
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Member
United States
3242 Posts |
some dealer are bad but you have to fell them out.Its just like life!
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Pillar of the Community
Australia
853 Posts |
quote:
Originally posted by toast
I've been in my local coin shop when non colectors walk in and show the dealer a coin or two asking what they are worth. He examines the coins and gives them his opinion of there value. They tend to react as if the price is too low. He wanders over to the book shelf and brings back the actual BOOK, finds the coin, and lets them read the book price themselves. Works a charm, LOL, He's an honest man.
I have done the same thing.....I even pull out old auction catalogues or pull up a few ebay sales. |
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New Member
United States
18 Posts |
I've gotten myself in hot water over this, even thrown out of a coin show once, but I just cannot stand to see a coin dealer rip someone off, especially an elderly person.
Here's the typical scenario: I'm sitting at a dealer's table at the show, picking through the junk bowl and flat-price boxes, when a little old lady comes up to the dealer's table holding a jar of coins. The coins appear to be a mix of U.S. types, generally 50 to 150 years old, and includes some silver (although rarely silver dollars.) The lady proffers the jar to the dealer, asking him how much her coins are worth.
The dealer stirs his finger around a little, or maybe tips the jar to examine the contents, spending all of 30 to 60 seconds at this appraisal of scores of coins, and then tells the lady, "These are all very common circulated coins. I'll give you face value plus 10% for the lot, and I'm being generous."
What annoys me so much about this action on the dealer's part isn't so much the ripoff price he's offered, as it is the abuse of trust. The little old lady doesn't know anything about coins, which is why she brought her little hoard to a coin show, and asked the dealer about the coins. She is trusting in his integrity and relying on his expertise to give her a fair and honest assessment of her holdings. Without even properly examining her coins, the dealer makes a pronouncement and an unfair purchase offer, probably hoping to "make a score" at the lady's expense.
Why is it that most coin show dealers can't even take the 2 to 3 minutes it would require to look at the coins a little more closely, at least sort through them looking at the dates and mint marks to see if there are any keys or other exceptional specimens. These coin show dealers often stand around for long periods of time waiting for customers, but when they finally get one, they're brusque and unethical.
Sorry for the long post, but dishonest dealers are my biggest pet peeve. Has anyone else ever seen this sort of thing? Ever been thrown out for trying to intervene on behalf of someone who was about to get royally ripped off?
Susan Headley
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Pillar of the Community
Australia
1091 Posts |
I'm proud of you Susan, for your actions in protecting the ignorant. Well done!!!
Many coin dealers are Grumpy Old Men. While being brusque may come natural to them being unethical probably comes from trying to make a living on such narrow margins between what they buy a coin for and what they sell a coin for. I don't know how many of them can eek out an existence.
How much the coins are worth is a different number than how much the dealer is willing to pay for them.
While she asked "how much are they worth" asking for some free advice...He did not answer her question at all. Instead he made an low offer to buy the coins, knowing she knew no better.
I suppose it must be very hard to be warm, friendly and helpful to a person you are about to Rip off.
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New Member
United States
5 Posts |
I looked where to put my first post, and decided it had to be here (not for lack of wanting to in others, but...). Metalman couldn't have hit the nail more squarely on the head. It's a fundamental, but nowadays, we have so many other outlets at our fingertips, its easy to overlook that most basic part of collecting. Metalmans words about coin dealers is the same as 'glove to the ground' in baseball...one of the first things you should learn.
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Pillar of the Community
Australia
853 Posts |
quote:
Originally posted by Coins.Guide
Why is it that most coin show dealers can't even take the 2 to 3 minutes it would require to look at the coins a little more closely, at least sort through them looking at the dates and mint marks to see if there are any keys or other exceptional specimens. These coin show dealers often stand around for long periods of time waiting for customers, but when they finally get one, they're brusque and unethical.
I am not defending the dealer here at all....but consider this. I spend 3 hours a day sorting coins...this includes my "days off" and in all honesty I struggle to keep up. When a customer comes in with a few kilo of coins that are unsorted and I make the decision to sort to look for the hidden "GEM", the potential to be interupted by another customer given the time it will take to do a proper job of looking is high. This does not mention the other presures of running a business such as mail order, paper work etc and the fact these mixed lots are more the norm than the exception. This means a dealer could potentially spend a great deal of time sorting coin in from of customers and get nothing else done and well as annoy the woner of the coins by going off to serve others in the middle of sorting. In short what I am saying is if the coins are in any order then I for one will spend the time looking for the better dates and mint marks. If it is completely unsorted then depending on quantity very few bulk lots will get sorted in front of a customer. It therefore pays to sort bulk lots for the ease of th dealer you are selling to. Even cataloging the bulk lot can pay dividends. That does not mean I am a rip off saying this....it is the practicality of the business and profession I am in. In the situation talked about here I agree 2 to 3 mins is not much time but would you say the same thing about a 1 kilo lot or a 5 kilo lot or a 10 kilo lot. |
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Replies: 21 / Views: 2,146 |
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Posted 10/04/2006 6:14 pm
