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 Replies: 22 / Views: 2,294 |
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Pillar of the Community
United States
2120 Posts |
JBuck,
You wouldn't be talking about the PNNA Semi-Annual in Portland would you?
If so, See you there. :D
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Moderator
 United States
189010 Posts |
Nope, that is a bit out of my way. I am referring to a show in South Carolina.  |
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Pillar of the Community
United States
2120 Posts |
Ah ok. The show in Portland happens to be 9 weeks away.
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Pillar of the Community
United States
507 Posts |
Nice report, thanks for sharing I too lament the high price of silver, and wish it would go back down to where I could get some decent deals on circulated coins. And your off-hand comment about finding junk silver in air vents suddenly makes me want to start cleaning the nooks and crannies of my house! -wheatiefan |
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Pillar of the Community
United States
5854 Posts |
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Moderator
United States
16679 Posts |
Great pickups! I love the big shows and recommend at least once for anyone in small town areas, if you can.
I do Long Beach Coin Expo twice per year here in Southern California...it's big with lots of dealers. I want to say 600, maybe more. September 9th next one :-)
swcoin.ecrater.com
Edited by vermontensium
08/29/2011 7:11 pm
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Rest in Peace
United States
9104 Posts |
Quote:
multiple dealers were paying 965 for them there from what they said. He offers me 1100 sight-unseen and when I show him the coin he re-iterates he'll give me 1100 for it cash. I guess 180 is his "profit expectation" then. LOL Is that unfair? He wants to make 16.36% after holding it, you turned down 18.28%, have no overhead, and immediate turnover. |
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Rest in Peace
United States
9104 Posts |
Quote:
How can someone so novice be looking to buy a coin of that value? Amazing! Prolly fell for the TPG bullpuckey that now anyone can speculate in coins, even if they don't know the first thing about them. |
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Pillar of the Community
United States
1151 Posts |
Great story! I'm going to a coin show this weekend in Parsippany New Jersey and then one in my hometown on September 9th.
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Moderator
United States
16679 Posts |
Have fun Billy and make sure to show us your pickups!
swcoin.ecrater.com
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Rest in Peace
United States
9104 Posts |
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Great stories, BuffalosRock, especially the one about the guy that wanted a receipt for $3.00... Local customers seem to have two price points, cheap and free. A neighbor sold returned watches for $1, and said people actually wanted warranties. They went to a two-day flea market and sold 200 for $3 each, compared to 20 a month in the store. No warranty requests. |
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Pillar of the Community
 United States
500 Posts |
Quote:
Is that unfair? He wants to make 16.36% after holding it, you turned down 18.28%, have no overhead, and immediate turnover. Maybe not, but we have a different perspective on it with you being a dealer. I think those margins are okay for cheap coins, but when 16% is $180 that makes a big difference. He was asking well over list, his offer was below list and lower than I was willing to sell for - seeing as how I am buying gold coins as a longer-term investment right now and not as a short-term turnover opp. Some of the dealers I've talked to say they struggle to get margins above 5%-8% these days, so >15% on $1000 coins does strike me as somewhat excessive in a simultaneous offer. I know pawn shops deal more in the 18%+ ranges, but I find many of those guys to be unscrupulous to be kind. |
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Pillar of the Community
United States
1353 Posts |
Thanks for the report...very interesting read and observations.
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Rest in Peace
United States
9104 Posts |
Quote:
so >15% on $1000 coins does strike me as somewhat excessive in a simultaneous offer. Doesn't change the fact you turned down 18.28% and don't have overhead. Put another way, what is your profit expectation? |
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Pillar of the Community
United States
500 Posts |
I'm buying for years down the road, so my mindset is not on immediate turn-around and profit, but I'm not interested in paying inflated list for anything. That's the difference between a collector and a dealer - one of many. The guy can pay his overhead off someone else at well-above "inflated list", IOW. I later heard him haggling with a local dealer I know that was interested in one of his coins, they were oceans apart and didn't make a deal. I'll ask him what he thought of the guy this weekend - should see him at a small show.
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Posted 08/29/2011 6:17 pm
