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What Is The Longest You Have Seen A Coin Sit In A Coin Dealer's Inventory

 
 
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 Posted 07/08/2018  7:30 pm Show Profile   Bookmark this topic Add Joe2007 to your friends list Get a Link to this Message
In a coin shop I frequent there are a number of coins that have been there in the showcase for 5 years +. Most of them are early raw type coins that have problems but are priced as if those issues didn't exist or wouldn't impact a straight grade. In particular several large cents, and few capped bust & Seated coins all with some blemish such as harsh clearing or corrosion.

What are your stories of stale merchandise in the numismatic world. What is the longest you have seen a coin sit in a coin dealer's inventory? Please add your thoughts and stories.
Edited by Joe2007
07/08/2018 7:31 pm
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 Posted 07/08/2018  7:44 pm  Show Profile   Bookmark this reply Add january1may to your friends list Get a Link to this Reply
I hadn't been frequenting the same dealers for that long, but I've seen many coins stay unsold for close to 2 years. (Maybe longer; I hadn't really been keeping track.) Yes, that includes US Classic - some of those coins were Mercury dimes.

Why did that guy think someone would buy his common-date Mercury dimes for $20+ each is beyond me. Maybe it was oriented on random people with more money than sense stumbling on his shop?

...I should probably go there again and check if those dimes are still in that tray. Wouldn't surprise me if they still are, some seven years later - though of course they may easily have since been sold, given that their price only comes out to around $9 today.
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 Posted 07/08/2018  8:44 pm  Show Profile   Bookmark this reply Add SpaceMaNy0 to your friends list Get a Link to this Reply
The 2 I want have been at my LCS over 2 years. You'll all know when I get one. :)
With all these Barbers around, you'd think I'd have shorter hair.
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 Posted 07/08/2018  9:05 pm  Show Profile   Bookmark this reply Add Mark1959 to your friends list Get a Link to this Reply
LOL! The only LCS around here has opened a mattress barn in the building next door to him. Plus now HALF his coin shop is now jewelry.

I think most of his profits from coins are from buying not selling
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Edited by Mark1959
07/08/2018 9:07 pm
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 Posted 07/08/2018  9:42 pm  Show Profile   Bookmark this reply Add SilverDollar2017 to your friends list Get a Link to this Reply
I've seen a coin sit for 2 years at a LCS (not really a coin dealer, mostly jewelry and jewelry repair with a few coins). This dealer has retired now and closed his store, but used to have some interesting stuff. As I usually visited stores that are actual coin shops, I only visited this store infrequently. The coin that sat for 2 years was a 1890 Morgan dollar that graded around VG. Price was $60.

This particular store had some great deals, as the owner didn't know much about coins. For example, 1882-CC and 1884-CC Morgan dollars about AU-55 for sale at $35 or $40.
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 Posted 07/09/2018  10:21 am  Show Profile   Bookmark this reply Add Jon Brand to your friends list Get a Link to this Reply
Old friends.
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 Posted 07/10/2018  08:51 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Unfortunately I just go to coin shows and there it is impossible to see a coin in the same place for long time.
just carl
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 Posted 07/10/2018  09:23 am  Show Profile   Bookmark this reply Add Steelers72 to your friends list Get a Link to this Reply
I've seen some toned coins on the markets for years due to the premium assigned to them. The really colorful coins are treated more like artwork and are kept on the market until a buyer who falls in loves with the coin purchases it based on aesthetics rather than book value.

Less people nowadays are willing to take a risk on raw coins. I agree with you that most dealers unethically sell problem coins out of slabs as "problem free" ; which hurts the market and buyer confidence when honest sellers sell raw coins. I have a bunch of coins from my old typeset that are on the way to NGC for grading since people dont seem to want to buy them raw. I like to buy and sell raw coins occasionally since I prefer my coins in albums, but I do buy slabbed coins for the quality reassurance and crack out myself. The main buying and selling point is that the costs are lower and if you have a good eye, the grade a TPG might give could be higher than a dealer's estimate if you chose to submit in the future. Some raw coins stay around the market a long time until slabbed though..
Edited by Steelers72
07/10/2018 09:24 am
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 Posted 07/10/2018  4:03 pm  Show Profile   Check Andrew99's eBay Listings Bookmark this reply Add Andrew99 to your friends list Get a Link to this Reply
I have seen mispriced coins in people's inventory for years. There is a dealer comes to MSNS every year and wants a 50% - $200% premium for his Franklin Proof sets because some of the coins are frosted. He even has Frosted written across the envelopes and no one buys them. He doesn't seem to get that these sets trade around bid regardless. He is also the guy that has two big bags of Feuctwanger cents that don't sell and he keeps buying more of them.
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 Posted 07/10/2018  4:35 pm  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
Some dealers I suspect like to sit on coins as a conversation piece more than a genuine piece of stock. My LCS has an egregiously overpriced Charlotte mint (we live in metro Charlotte) gold dollar. I couldn't get a good look at it, but I guarantee he will never move that coin at his $3,000 asking price for a raw, lightly circulated coin.

Similarly, at my first cashiering job in college, I used to get a lot of shifts in the liquor store. We had some higher end stuff, but there was a single bottle of $2,199 cognac that had been sitting there since the store opened. People would come in to gawk, then end up buying a bottle or two.

Same principle - it was a good investment that drove traffic and thus sales.
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