Problem At The Coin Shop

I looked up Greysheet and $25 is on the low end offer, but not considered ripping off. Like others have said, the shop has to make a profit from the transaction to remain in business. I too, have seen buckets of lightly circulated common date coins in the $15-16 range.

Jbuck has some great advice (along with the others) that trading will get you a better return than selling when it comes to common coins, especially if you know the dealer. It is a business and I do not know a single business that buys back at full price with no return.

The price guide is exactly that, a price guide. It is put together with information from a certain number or dealers, sellers and auction houses to come up with an average price and something to look at for a comparison. Right now a fair amount of coin stores are hurting because so many people are selling and not buying which makes them more of a pawn shop than anything else. You need to put yourself in the shoes of whoever you are trying to sell to, if they already have a large number of the coins you are trying to sell then what makes yours any different. Talk to your owners and they will tell you that in due time they will have to sell that coin at a very low price and hopefully make a small profit if not break even.

The best example of this I can give is my local coin shop and their half off table, most items there will just break them even without any margin of profit. They feel that if you get a great price there then you are more likely to buy other items in the store. At the end of last year I bought a 50 year old Whitman folder of Lincoln Cents that was dated 1909-1959 that was mostly full for $10. The 1909 was worth $25 alone and the rest of the set was easily worth $300+ but where they are mostly common coins they had a tough time getting more for it. Which also means that if I paid $10 then the seller did not get more than that.

If you are going to sell your coins you do have a better chance going somewhere else. A lot of people do not like ebay but if you put both coins together you would get a better price for them, or do what others said and get 50 posts and sell them here. The only downfall I can see is that if it is not a popular third party grader it may affect the price a bit as well.

It was probably fair, and you probably felt a bit slighted by it, but morgans being what morgans are, a dime a dozen in commons, you can't really expect more. If you really want to get rid of them for a better price than that, try and list them on a site like here for a fair value.

ive wondered that with silver coins too. Since this is the first real drop we have seen in years. Are we going to start see silver coins fall in value or will they hold their ground?

I bought 4 VG Morgans for $10 each at a local antique store. Now I have to go back and buy the Peace dollars from him also. Coin shops are not going to even come close to any price you find in a book. It's the same as trading in your car at a dealer or selling it yourself. Your $2000(coin or a car) is only worth $500 when they are the ones buying. Buying a coin at a shop you are going to pay for the rent,elect,salesmen wages,ect. All store owners might as well just put a sign up that says "these coins cost more because you are not buying online da" Shopping in a store has some good benefits. You do save on shipping and also can get a better look at the grade,better return policy,ect

KurtS,

There are 5 shops within easy distance of my house. I only deal with two for reasons you have stated.

One, I now work for, the other I am still a welcomed customer. They are in neighboring towns and get along quite well.
They sell to different clientele but if a customer comes in that has been to the "other" shop we certainly don't bad mouth him.

Honest dealer and well respected. We refer customers to him and vice versa. Customers benefit from this as well.

Of course there is competition but as in any business there is a modicem of respect. Dealers work together a lot and many don't realize this.

Bad mouthing the "competition" is not wise. If a dealer is legit and can better fill a customer's needs by all means lead the customer to that dealer.

That's really the most important "rule", one just hopes that one doesn't lose too much money or get taken too badly, while figuring that out !