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 Replies: 19 / Views: 3,487 |
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Pillar of the Community
United States
2269 Posts |
Over the last few weeks I have been doing a little Coin Spring Cleaning. Since I primarily focus on Ancient Roman coins and Lincoln Cents, I decided to sell what I no longer collected. Today I decided to pay my local coin dealer a visit. I came with a few silver proof sets, some Washington quarters, and a few odds and ends. As usual with any dealer the greysheet is the buyers bible. After writing down all the greysheet prices on a piece of paper, my dealer picked up the latest RedBook and wrote down the prices listed right next to it. I was puzzled and it probably showed on my face. He immediately told me that he personally prefers to buy from the customer at a reasonable price that is right in the middle of the greysheet and RedBook prices listed. I was amazed to find an honest dealer with strong personal morals. I think he said it best, "I would rather have a satisfied customer leave my shop than one who thinks they were taken for a ride." I was so happy with my transaction that I decided to use some of my profit to purchase a 1931 S Lincoln Cent. One more key down, one more to go. Little to my surprise he used the same philosophy when it comes to selling too. He knocked off 40 dollars from the RedBook list price. I think my experience today shows that there are some really fantastic dealers out there. |
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Valued Member
United States
171 Posts |
I have b&m that I have been going to for a few years that I have sold a litle bit to. But just don't like his prices. Has a lot of matterial and expressed to him I would like to work with him but he doesn't want to budge.
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Bedrock of the Community
United States
10045 Posts |
That's how you keep customers coming back--great story!  |
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Pillar of the Community
United States
3294 Posts |
A good coin dealer makes this hobby much more fun doesn't it?
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Pillar of the Community
 United States
2269 Posts |
I only wish I would have found this dealer years earlier than having to go through to many bad experiences.
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Moderator
 United States
188770 Posts |
Great story, thank you for sharing. |
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Bedrock of the Community
Australia
21788 Posts |
I have a good rapport with one of the most respected dealers in ancient coins in Australia.
That relationship has been maintained for over 30 years.
Both of us have gained a huge amount of benefit and experience from this commercial relatonship.
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Moderator
United States
23522 Posts |
Quote:
Both of us have gained a huge amount of benefit and experience from this commercial relatonship. And that's the thing which many dealers don't get. If you only make 10% profit from me, every week for thirty years, that's a ton of money in your pocket and I'll freely give it to you. |
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Pillar of the Community
United States
2130 Posts |
Thanks for the story. It was quite refreshing. I want to move to where you are.  |
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Valued Member
United States
371 Posts |
It is so nice to have have a good dealer, I was buying from ebay quite a bit till I found mine. Now I buy most everything from them! |
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Pillar of the Community
United States
2269 Posts |
The first dealer I had closed his shop and retired. For the next couple of years I was in limbo until I discovered E-bay. I haven't had a bad experience yet, but I have to do my research before I make any purchases. The second dealer I went to was nothing but an ongoing bad experience. I watched him and his staff rip off inexperienced collectors either buying or selling. I had to finally stop dealing with them when I witnessed the owner paying $30.00 per ounce for pre 1964 silver coins, while the spot price was $43.00 an ounce. What mad it worse is his justification for paying less than spot. I know we all have had our bad experiences with dealers, but there are definitely some honest dealers out there.
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Pillar of the Community
Canada
2781 Posts |
out right ripping people off just because they are inexperienced is a shame, but with a fair share of the responsibility having to be on the customer as well - if you are rich enough to buy something for double what it's worth without knowing what you are buying then... well...maybe you should have spent 30 seconds on your phone googling the item  when buying silver when it's at $43, the dealer would have been foolish to think it wasn't going to come back down (to a whole lot closer to what he paid). I dunno... people can shop their stuff around or open a newspaper to see what silver is worth on any given day. the customer got cash, and the dealer was the one taking the risk (that dealer obviously/wisely padded the transaction to remove the risk) not saying there arent shady dealers out there, but every dealer has rent, employees, utilities, and taxes to pay, probably have kids to feed and might want to retire one day... |
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Bedrock of the Community
United States
10045 Posts |
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I watched him and his staff rip off inexperienced collectors either buying or selling. I've met a few of these types--they are a quick read and easy to avoid. As SuperDave noted, collector loyalty is worth much more than a few bucks up front. |
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Pillar of the Community
United States
2269 Posts |
I just found it hard to stomach how an inexperienced collector or casual buyer was usually taken for a ride. Education is a key to collecting, but so is finding a decent dealer to do business with.
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Pillar of the Community
Canada
3692 Posts |
Silver's very volatile. What did you expect?
Edited by Libertad
05/13/2012 4:59 pm
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Bedrock of the Community
United States
10045 Posts |
Quote:
I just found it hard to stomach how an inexperienced collector or casual buyer was usually taken for a ride. Spider--I know it, some dealers burn beginners. Back when I was a kid, I picked a few older S-mint Lincoln cents from a dealer's bargain bin. The dealer looked at them, decided they were too valuable, and with a sleight of hand, they disappeared from the counter. From then on, I looked at dealers with distrust--until I met a few good ones. |
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Replies: 19 / Views: 3,487 |
Posted 05/11/2012 10:42 pm
