| Author |
 Replies: 81 / Views: 9,057 |
|
|
|
Pillar of the Community
United States
1121 Posts |
coinsrus,
Unfortunately the "Dollar Market" is dead at the moment. So unless you are selling high quality, keys or semi's, you are not going to get what you want for them. Although silver is increasing, the value of the Morgans are not.
Think of it this way. If you owned a home improvement shop that sold wire for electric. Although the value of copper in the wiring is rising, but no one was building houses to buy the wire, you would be able to make much of a margin, if any, on the copper wire.
This is the situation dealers are facing right now. My suggestion would be throw them in the back of your collection and forget about them for five years and sell them if you wish when the coin dollar market changes.
|
|
Valued Member
United States
258 Posts |
Susan Headley is a respected numismatist and I would highly encourage everyone to sign up for her emails. She wrote an article which I found in my inbox today. You can read it by going here http://coins.about.com/od/coinbuyin...ets.htm?nl=1 I do not agree with everything she says but she makes many of the same points I and others have already discussed on this thread. Sincerely, John Leckrone |
|
Pillar of the Community
United States
1304 Posts |
Interesting reading 925dealer, thanks for posting.
Another thing I remember about our trip to St. Louis was after the guy finished looking at our coins I casually said something about he must see alot of coins throughout the day. He said follow me and he took us into his office where he showed us 5 gallon buckets full of silver coins. File type cabinets, drawers 2 foot wide and about 6" deep also full of silver coins. He then went on to explain how people would bring these coins in expecting to sell them for alot of money. After he told them what he would pay and they were disappointed with the offer he would take them into the office and show them a drawer full of the same kind of coin they wanted to sell. Just no demand for the coin.
Wornslick
|
|
Bedrock of the Community
United States
11951 Posts |
I hope it is OK to give my opinion. If a coin shop offered me 8X face at today's prices, I walk out. I walked out of one shop today that offered me 10X face. My favorite coin shop paid me 12.75X face yesterday and again today (I sold just $50 face both days)
He does a does a lot more business because he is know to be honest and gives the best prices.
I have talked to him on how he does business, he believes in the Sam Walton way of thinking "make a little on a lot of sales" There are dealers out there that only want to deal only the higher priced coins, to me that is just the easy way out. Having a business is hard work .. treat everyone with respect. Yes every sale needs to have profit. But buying at 8X and selling 15X plus is wrong. So is paying only 65% the value of a nice coin.
Because my favorite dealer is fair I take my business to him first. I have bought about 15K in gold coins from him in the past month and will buy another 50K if the prices keep going up.
When the prices start to go back down I will go to him to sell. If done right we will both make money. I do buy coins that I will keep and pass down to my grand kids. I see no reason to sit by and watch the market go up with out making money.
|
|
Pillar of the Community
United States
2335 Posts |
Quote:
Yes every sale needs to have profit. But buying at 8X and selling 15X plus is wrong. So is paying only 65% the value of a nice coin. There are a few exceptions but almost every product purchased at the retail level cost the seller around 50% of the sale price. |
|
Pillar of the Community
United States
3294 Posts |
In the businesses I have worked for, the markup was anything from 10%-200% depending on the item (not including loss leaders), so it really is all over the place.
|
|
New Member
United States
16 Posts |
SO when you see prices from " (124) This link is not allowed by the Staff " or other sources on the web, what does that price represent and who gets that price? If I'm seeing 14 times face as value, and coin dealers are offering so much less than what they're supposedly worth, why would anyone sell to them except if you're desperate? How does a seller cash his stash in? Where do coin dealers cash their stashes in and why couldn't I go to the same place as they do?
|
|
Valued Member
United States
220 Posts |
"There are no guarantees that any coins can eventually be sold at a profit, no matter how desirable they may be. Coin collecting should be viewed as a hobby, not as a sure-fire investment." by Kenneth Bressett's book entitled "The Whitman Guide to Coin Collecting."
By reading these previous discussions, I am sure that I will keep coin collection as my hobby and not my investment. I do enjoy sharing the story behind my coins with my children, wife, and friends.
|
|
Valued Member
United States
171 Posts |
I HATE dealers! One time I called a dealer to see what I could buy a 1921D Mercury dime for. "I have one in FA-2 condition, son",he replied. Now, I hate being called "son", and I didn't want a FA-2 coin, but I asked him how much it was. "Son, I'll sell it to you for $60",he replied. "FAIR 2?",I fairly yelled. "YOU'VE GOT TO BE KIDDING! FOR TEN BUCKS MORE I CAN GET A VERY GOOD!" Then, the arrogant jerk told me <<Please do not bypass the bad word filter!>> and hung up. Those guys are total bloodsuckers and they rape you with their prices. Maybe you could sell those silver dollars on ebay. The people on there usually don't know what they're doing and will give you a good or sometimes even great price. Good luck. - coincrazed |
|
Valued Member
United States
436 Posts |
Hate to say it, but if I was a dealer, and you called me and didn't like the price, fine. Just say thanks but no. If someone called me, didn't like the price, and yelled like you did, I'd have a hard time being civilized also. You reap what you sow, remember.
|
|
Valued Member
United States
171 Posts |
Well Hippiebrian, I personally think if you were a coin dealer, unless you are dishonest-which I don't think you are-you wouldn't price a FA-2 coin for such a price. Also, Remember the old saying "The customer is always right." A seller should never get smart with a buyer like that, know matter what. I'm the buyer he's the seller. Good luck. - coincrazed
Edited by The return of Coincrazed
12/05/2009 3:01 pm
|
|
Locked
822 Posts |
Quote:
Also, Remember the old saying "The customer is always right." Sorry but no, the customer is not always right. Far from it. |
|
Pillar of the Community
United States
2521 Posts |
Quote:
Also, Remember the old saying "The customer is always right. That was in the good old days when a retailer solely relied on the customers in the community! (and was usually followed by "even when they are wrong" A good retailer would bend over backwards to keep their customers happy...and returning. As suggested by another member that "customers are NOT always right" goes to show you how times have changed. With the availability of just about anything you can imagine over the internet and an endless supply of customers....there seems to be very little emphasis on customer service and satisfaction. As a side note...If I were a dealer and you started yelling at me over the phone for no good reason, I probably would have done the same thing this guy did! |
|
Valued Member
United States
171 Posts |
Don't get sore, Ratman. It was a good reason. The guy was a cheat! A FA-2 1921D Mercury dime for $60? A G-4 is worth $35 and a VG-8 is worth $75! And plus, it is very rude to say "Get your head out of your a$$." How DARE he do that! But, my man, I am not trying to argue with you, just trying to get you to see my side of the story. Anways, good luck and happy hunting. - coincrazed |
|
Pillar of the Community
United States
2669 Posts |
A seller who tells a customer to pull their head out of a dark place has already lost the customer service touch. There are a few better ways to handle things like that.
You would think, as mentioned by ratman, with all the availability of the internet... that customer service would become a priority. I could buy something anywhere, but I will buy from a seller who has some manners and is nice. I'm not over-demanding - I just don't want to be treated like an idiot.
|
| |
Replies: 81 / Views: 9,057 |
First Page
Previous Page
Posted 12/02/2009 09:11 am
