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It's Time To Stop Purchasing Raw Coins From Local Coin Shops

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Bedrock of the Community
13014 Posts
 Posted 04/10/2018  8:20 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
I do say I have found it interesting that so many people who are so quick to jump all over online sellers seem to have a different set of rules for physical shops.

Overall I took the thread as a warning and a good one at that as sending coins in for grading can be eye opening, but that seems to have been largely dismissed by most.

Yes it is true there are good shops out there and honest mistakes general differences of opinion do happen, but I do think it is a good point that people shouldn't just blindly trust a shop.
Pillar of the Community
United States
3479 Posts
 Posted 04/10/2018  9:13 pm  Show Profile   Bookmark this reply Add MikeF to your friends list Get a Link to this Reply
It was a warning and I did my best to articulate it. A couple comments from folks that didn't understand the point of this thread puzzles me. However, I would say it was a success with 46 comments in a three day span. If anything, I hope some folks will be more cautious when purchasing raw coins from local coin shops. I imagine the problem isn't as bad on the east or west coast where you have larger population densities that can support multiple shops competing against each other. But out here in the Midwest, it's a different story.



Pillar of the Community
United States
3479 Posts
 Posted 04/10/2018  9:32 pm  Show Profile   Bookmark this reply Add MikeF to your friends list Get a Link to this Reply
Oh, and congrats on your 10,000th post, Mr. Bedrock!!

Pillar of the Community
United States
8715 Posts
 Posted 04/10/2018  9:39 pm  Show Profile   Bookmark this reply Add SilverDollar2017 to your friends list Get a Link to this Reply
When I go to a coin shop, I don't look at the grade the dealer gave a coin. I grade it myself and see if the dealer is offering it for a fair price. Some dealers overgrade and some don't. It's a matter of finding a reputable and honest dealer, and learning how to accurately grade coins.

Congrats on your 10,000th Post, Basebal21!
Edited by SilverDollar2017
04/10/2018 9:40 pm
Pillar of the Community
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United States
1466 Posts
 Posted 04/10/2018  9:49 pm  Show Profile   Bookmark this reply Add Coconutjoe to your friends list Get a Link to this Reply
"If you SEE a post milestone, 250, 500, 1000, 2500, 5000, 10K+, click below."

http://goccf.com/t/316031#2688706


check it out....
Pillar of the Community
United States
3748 Posts
 Posted 04/11/2018  8:59 pm  Show Profile   Bookmark this reply Add Joe2007 to your friends list Get a Link to this Reply
I've too found rampant over-grading when selling and under-grading when buying at my local coin shops and shows. It really limits the number of dealers that I can purchase from since more than a few of them are flat out crazy on their prices, sometimes double of what comparable coins sell for on eBay. One of my closest coin shops has a great, friendly owner but he must need margins higher than others since I can't justify his prices even after he knocks off 20% for being a good customer. Profit margins for coins are a lot slimmer than found in other antiques and collectables areas, in many cases dealers in antiques want to double or triple their purchase price.
Pillar of the Community
Canada
3295 Posts
 Posted 04/12/2018  12:31 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
When I asked the grade on a coin, my LCS used to joke: "Is that grade for buying or selling". But there is some truth to that.
Valued Member
United States
54 Posts
 Posted 04/12/2018  5:57 pm  Show Profile   Bookmark this reply Add bologna1 to your friends list Get a Link to this Reply
What do coin shops do to slabbed coins they think are overgraded? Price them at the grade they think it is or price to what grade the slab says?

Pillar of the Community
Canada
3295 Posts
 Posted 04/12/2018  6:06 pm  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
@bologna1, I think that might depend on what they bought it for. If they bought it based on the true grade they should sell it for less.

I have met at least one dealer who wanted me to pay more than market value as he himself overpaid. I didn't buy.
Bedrock of the Community
13014 Posts
 Posted 04/12/2018  6:10 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply
You're gonna be hard pressed to find a dealer who will sell you a graded coin (in a PCGS or NGC slab anyway) of value for a grade under.

Anyone who thinks there's a glut of first tier graded coins in inventories being sold for lower grades because dealers are grading themselves are being naive
Bedrock of the Community
10197 Posts
 Posted 04/12/2018  6:36 pm  Show Profile   Bookmark this reply Add Crazyb0 to your friends list Get a Link to this Reply

Quote:
Transient dealers who sell out of the backs of their cars don't have the overhead carl spoke of, so they can afford to have lower prices. And most of them are in the mood to bargain.


Houston, Miami, Chicago and East St. Louis....rriiiiiggggghhht! Guns, coins and drugs, mostly stolen...take your chance there, dude!

Edited by Crazyb0
04/12/2018 6:37 pm
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United States
14316 Posts
 Posted 04/12/2018  6:59 pm  Show Profile   Check Fuzzy317's eBay Listings Bookmark this reply Add Fuzzy317 to your friends list Get a Link to this Reply
I recently bought a Morgan dollar raw from my local coin shop. I am happy with the transaction.
<---- expert of nothing, student of everything. My Coin Galleries
Here is: My Want List.... to work on my: Birth Year Set

Circulating Dollar Coins ......Circulating Half Dollar Coins ...... Circulating Two Dollar Bills
Pillar of the Community
United States
655 Posts
 Posted 04/12/2018  7:56 pm  Show Profile   Bookmark this reply Add ron6788 to your friends list Get a Link to this Reply

Quote:
When I asked the grade on a coin, my LCS used to joke: "Is that grade for buying or selling". But there is some truth to that.

That's very funny, especially from a dealer- and, certainly believable.
Pillar of the Community
United States
1538 Posts
 Posted 04/12/2018  10:42 pm  Show Profile   Bookmark this reply Add kbbpll to your friends list Get a Link to this Reply
If the topic includes dealers at shows, add in the world coin scenario. I mostly shop for Canadian silver when I'm at local coin shows, and not only do they overgrade, but their asking prices are in US dollars on Canadian dollar trend prices, which is automatically 25% high. I don't even bother talking to them.
Pillar of the Community
United States
1303 Posts
 Posted 04/16/2018  2:45 pm  Show Profile   Check murty's eBay Listings Bookmark this reply Add murty to your friends list Get a Link to this Reply
Not to offend any buyers or sellers of raw coins I believe just know how to properly grade and what you want to pay for the coin. Grading is somewhat subjective and each buyer and seller may grade based on their own bias for any particular series. Those who consistantly OVERGRADE on purpose and not due to their grading skills will be the victim of supply and demand. Just my 2 cents.
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