Coin Community Family of Web Sites
Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest!
Username:
Password:
Save Password
Forgot your Password?


Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

Dealers Perspective.

 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 8 / Views: 332Next Topic  
Pillar of the Community

United States
1569 Posts
 Posted 05/18/2021  3:29 pm Show Profile   Bookmark this topic Add jmkendall to your friends list Get a Link to this Message
There is a lot of talk about dealers low balling sellers and that does happen. Here is one of our headaches.

I had a customer come in and want to sell me an 1880 micro O in AU58. A true AU not a dealer tactic. The customer wanted to sell me that coin as though it were a graded MS65. He brought in sheets of sales from ebay for PCGS graded ms65s.

He wanted full retail.

I explained that I was a dealer and that I had to make a profit on the coin and I showed him, using photograde why his coin was an AU. Even if it had been an MS coin it was a 63 at best.

Then he wanted me to buy his 3 VF 1937-P buffs for MS money. After which he wanted to sell a 1944-P Merc that was a f for $15.

I politely decline and advise that if he wants to get retail he needs to sell on ebay.

I get a call from the other dealer in town who told me that the same customer came to his shop and got upset when the other dealer offered him even less money.

This happens more often than you might think. For some reason customers are of the opinion that a dealer should pay full retail for their coins. I don't think they understand that we have to make a profit.

I do have a set price on common date coins and will usually haggle on a better coin.

I buy 13 times face on most silver coins which is a tad over 12 times face my competition pays. I've had people inquire about my price and agree then pull out bust halves. Oth I have had people moan and groan that I was not paying enough for their 40% Kennedys.

It is all part of the business.
Pillar of the Community
Learn More...
United States
1729 Posts
 Posted 05/18/2021  4:19 pm  Show Profile   Bookmark this reply Add southsav to your friends list Get a Link to this Reply
Thanks for your perspective
Pillar of the Community
United States
4537 Posts
 Posted 05/18/2021  4:22 pm  Show Profile   Bookmark this reply Add Greasy Fingers to your friends list Get a Link to this Reply
What's this, you have a brick and mortar shop and want to make a profit? That's just insane...
I'm by no means a pro and will never claim to be...just my 2 cents
A smile costs nothing to give or receive....GF
If it's not hockey, it's not a sport
Bedrock of the Community
Learn More...
United States
15378 Posts
 Posted 05/18/2021  4:47 pm  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply
Understandable , uneducated Newbies with a Red Book that they never full read .
Proud Member of The Black Sheep Squadron !
In Memory of Fallen Black Sheep Mates .
Pillar of the Community
United States
1213 Posts
 Posted 05/18/2021  4:48 pm  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply

Quote:
I politely decline and advise that if he wants to get retail he needs to sell on ebay.


If every person who wants to sell coin does that, there will be no more brick-and-mortar stores left.
Pillar of the Community
Learn More...
United States
4748 Posts
 Posted 05/18/2021  8:43 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
For the first 35 years of collecting, I didn't understand anything about the business of coins, or any other kind of retail business (my work career had been in a large business-to-business commodity corporation).

Only when I began selling off parts of my collection on eBay, and a few items through auction houses, and then more recently in semi-retirement actually working in a retail business (not coins) did I begin to grasp the things you are pointing out.

So, I chalk your story up to this being a "naive" seller. I can understand it must be annoying if it happens repeatedly.

Bedrock of the Community
United States
20246 Posts
 Posted 05/19/2021  08:31 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
So you want to make a profit. What kind of person are you? Why should you get rich?
just carl
Pillar of the Community
United States
4287 Posts
 Posted 05/19/2021  08:45 am  Show Profile   Bookmark this reply Add ijn1944 to your friends list Get a Link to this Reply
Good break down. There are goon dealers and goon customers--I've witnessed both ends of the spectrum over many, many years. And somewhere in between lies rational, informed behavior--however elusive it can be.
Pillar of the Community
Learn More...
United States
2437 Posts
 Posted 05/20/2021  8:45 pm  Show Profile   Bookmark this reply Add Ty2020b to your friends list Get a Link to this Reply

Quote:
And somewhere in between lies rational, informed behavior--however elusive it can be.


Sadly, this is true for just about all aspects of modern society..... emphasis on elusive.

@jmkendall, thanks for the write up
Edited by Ty2020b
05/20/2021 8:45 pm
  Previous TopicReplies: 8 / Views: 332Next Topic  
 
To participate in the forum you must log in or register.





Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2021 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2021 Coin Community Forums
It took 0.27 seconds to rattle this change. Powered By: Snitz Forums 2000 Version 3.4.05