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 Replies: 23 / Views: 3,813 |
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Bedrock of the Community
13014 Posts |
Let me start by saying that I live in Northern VA which is a pretty expensive area to live in, so I expect prices to be a little higher by this shop takes it to a whole new level. I stopped by (anyone in the area who wishes to know the name feel free to pm me for) the shop with the intention of at least picking up some bullion ASEs for my ASE date album. Was probably going to get 10 or so. I also had some coins with me I'm looking to sell 2005 S Silver PCGS PF70 California State Quarter2003 PCGS MS70 First Flight Half Dollar 2012 (S) PCGS MS70 Silver Eagle 1925 PCGS CAC MS65 Lexington I wasnt exactly looking to sell but was curious as to what they would offer. If the offer was good I was going to accept it. However, the offer was such a low ball it was a joke and he was just flat out lying to me at times. I was told the State Quarter had 0 value above face, that the First Flight Half dollar was a 10 dollar coin, That the eagle was worth 80, and that the Lexington he could offer 300. Now heres where it really gets interesting. Even though he told me the eagle was worth 80 and he would offer 300 for the Lexington, his total offer was 350 for all 4 coins. He wont even offer 60 dollars on the 80 dollar coin which is more than fair for both parties in my opinion, but the real kicker is his shop has an NGC MS65 Lexington that has been sitting there for months. Ive been to the shop a few times before and many months ago and I remember seeing the Lexington, it hasnt sold because theyre selling it for 850, yes 850 not even CACd or anything. Basically asking for close to MS66 pricing for it. So all told he offered me far less than half of what he sells things for and flat out lied about 2 of the coins values. Anyone who can find PCGS 70 First Flights for 10 bucks please let me know I will buy the entire stock same goes for face value PF70 Silver State Quarters. I dont know if its because I am a younger guy or thats just how they do business but needless to say I wasnt happy. While I was wearing athletic clothes and have a compression stocking on my leg from a surgery that gave me a giant blood clot, certainly didnt look like someone with money today, he knows who I am from previous visits. The last time I brought a coin in for an offer he low balled me that time too which I called him on and sold the coin to another dealer for what I thought was fair and far above his offer. I gave him a second chance today but that will be the last chance. I know he has to make money, but offering 30 percent of what you sell for and flat out lying about things (in fairness he may not have a clue, not sure which is worse) are not the type of people I want to do business with. Had he made a reasonable offer I may or may not have taken it, but would have still made my intended purchases. That offer however cost him a significant sale and my business for good. And thus concludes my rant. I would love to have a shop near me like I always hear members talking about their great relationship ect but my experiences have been the polar opposite. Looks like I will be continuing to be stuck with ebay and online shopping for coins as long as I live here. On the bright side I have made a relationship with two dealers off the country from ebay deals and can directly deal with them now personally, but would have been nice to have a place you could just stop by and pick things up. |
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Valued Member
United States
376 Posts |
Sounds like he's trying to play you. No need to continue giving him any business at all. The lying part is a kicker for me. Can't stand dealers like that.
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Valued Member
United States
55 Posts |
It really all boils down to how fast the seller can turn the coins around, if he knows hes gonna be sitting on the for a while, he'll offer less, if he already has a buyer in mind, he'll offer more, try another dealer, maybe he has better clientèle for the coins you are trying to sell. To a seller its all about money, he'd much rather have it in green form rather than in coin form.
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Bedrock of the Community
 13014 Posts |
Quote:
It really all boils down to how fast the seller can turn the coins around Which I understand. Had he said "I cant sell these" or "I dont have the buyers for these I am not interested" I would have been fine with that. But telling me the market says the silver quarter if worth face and the first flight is only a 10 dollar coin is where it crosses the line to me. Not being able to sell is one thing. Giving me false information to try and get a good deal for himself is a completely different story Quote:
The lying part is a kicker for me. Can't stand dealers like that.
Agreed. I'm sure its worked for him in the past too and hes been able to get most of his inventory cheap because of it while he resells it over priced. I forgot to mention he also sells Presidential dollars for 4 dollars each lol Edited by basebal21
08/28/2012 6:09 pm
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Moderator
 United States
14463 Posts |
FYI - I found online a First Flight half dollar: raw Gem Brilliant Uncirculated for $15.95 a NGC MS70 for $85 and a PCGS MS69 for $30 guess he didn't really want your business  |
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Bedrock of the Community
13014 Posts |
I guess he didnt. I wish he was right about their prices at least till I complete my sets  I forgot to ask. What is a good price for bullion ASEs at a local shop. They were charging spot + $6 which seemed high to me |
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Pillar of the Community
Canada
1411 Posts |
I also live in a more expensive area to live... And my dealer has a mix of way underpriced coins and way overpriced coins... He will only give half of what he is going to sell the coin for... And his prices for good coins are above RedBook or Charlon! However, his junk bins ($1.75 per coin) contain a lot of early 1900's and earlier coins.. Including silver (I picked up a 1852 Trime, 1842 Half Dime, 1912 Canadian 5 cent and a 1941 Newfie 5 cent for just $7.00) |
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Pillar of the Community
United States
3184 Posts |
just sell it on craigslist, here, or on ebay. I took 2 coins to a local coin show a while back and I got offers of 200-300 for both coins.....guess what, I sold them to collectors for 900 so I know what you mean by them lowballing you |
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Bedrock of the Community
United States
20753 Posts |
Not sure if people ever realize the cost of having any kind of store. And a coin store can really be the pits in some areas. Not a great area for coins? Then out of buisness in no time. Try to remember that the person that owns a coin store has to pay for gas, electric, water, phones, emails, computers, lighting fixtures, show cases and even a broom to keep the place clean. Then too there are many, many other items that must be paid for by the owner and if he only rents, his rent is not cheap. Now when you finish tabulating all that, also, remember this may be his only income so he may well have all those expenses for his home too. Now this all comes out of the profits on sales from coins.
Hate to be the one backing coin store people, since I've run into some real crooks that own or work in them. Yet so many of us never consider all of the above.
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Bedrock of the Community
13014 Posts |
Carl I definitely realize that which is why I though 60 for an 80 dollar coin would be fair. Maybe even 50. But between the buy and sell prices needing a 70 percent margin to stay afloat means you arent doing something right. I do find the pricing to be extreme, but the dishonesty is what really bothered me That said the need for a profit margin is never an excuse to lie or try and say you know what youre talking about when you clearly dont in order to get the best possible deal. I'm not opposed to stores at all, I've met two great dealer through repeated purchases on ebay who have stores in WY and Fla and even though they give me great deal Ill always give them over what they paid for it. Sometimes they get coins cheap and will give me great deals sometimes they cant and Ill pay a bit more. But they are always honest about what it cost them and as a result get repeated business from me which is the key to a successful store anyway. The local store may make a good amount of money on some sales, but when people realize the pricing and or feel taken advantage of you dont go back which in the end costs your store much more money than you made on that 1 sale |
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Pillar of the Community
United States
1302 Posts |
@basebal21 - you obviously don't need my opinion on the matter as you seem to have thought about the experience.
I would say, from a devil's advocate position, the following would be a fair assessment for a dealer who a) doesn't "need" your material and b) doesn't have an interest in moderns:
2003 Flight Half $28 (strong offer)
2012 Eagle melt or up to $35
2005 quarter $20-24 (strong offer)
1925 lex $300 is a strong offer, it has been selling for $275-320 range in PCGS 65. even if CAC'ed and really nice these prices are a drag.
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Valued Member
United States
63 Posts |
I grew up over there in McLean when I was younger, early 80's. I now live over in WV about 50 SW of Winchester. If you are ever in Winchester/FR area there is a good shop called Shenadoah Numismatics, Jim is very fair with buying and selling. Let me know if you need any help finding. There is also a good shop in Harrisonburg called Coins and gifts, Tim and Gloria I believe, are extremely fair on their pricing both buying and selling.
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Bedrock of the Community
13014 Posts |
CC The lexington offer itself didnt really bother me, well thats not entirely true. It wouldnt have bothered me under usual circumstances, but the fact he was selling his that wasnt CACd for 850 it did bother me he was asking for about a 65% selling margin on it. If you need a 60%+ margin youre doing something wrong. Had he just said I'm only interested in this one and heres my offer I would have been fine with that. All I ask is be honest with me. Even something along the lines of I dont really want those but if you wanted I could give you 50 for all three (which was the offer) I would have been fine with that too. I know not every one deals in the same things. My problem lies with the attempt to sell me a bill of goods about the Flight being a 10 dollar coin according to the market and the attempt to just make me think they werent worth anything when I am very aware of the market for them both on ebay and what dealers are asking for the same coins. I have no problem with someone not wanting what I'm selling, I dont want to buy everything they have either. What I cant take is dishonesty and I honestly feel like he thought I had no clue what I had. It was those stories that lost him my business. For what its worth as far as markets for the other 3 from what I have found (if youve found cheaper please do let me know I'm in the market for similar things and would love to find some better deals): The First Flight is mostly listed in the 100+ range. Some get a little lower with dealers having by far the highest prices for them. I know of one place that has a great deal on them right now which is why I ended up with 2 in the first place. The Cali Quarter is going for 90+ with a lot of the listings in the 130-150 range. The ASE bullion for the 70s are selling between 70-110 but you can find them in the 70-80 range and he said himself hed sell it for 80. |
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Bedrock of the Community
13014 Posts |
Quote:
If you are ever in Winchester/FR area there is a good shop called Shenadoah Numismatics, Jim is very fair with buying and selling. Let me know if you need any help finding. There is also a good shop in Harrisonburg called Coins and gifts, Tim and Gloria I believe, are extremely fair on their pricing both buying and selling. Ken thanks for the tip. I usually dont get out that way but will be going to see some specialists in Philly next month and at UVA in October if you know of anything along the way, would love to be able to stop somewhere Id enjoy along the way. |
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Pillar of the Community
United States
1302 Posts |
The prices I gave you are based on clusters of lowest realized public auctions within the past month or two with those figures cut in half. wholesale (which is what dealers expect to pay) is 50% retail or worse if you don't need the coins. Even if you brought in a killer piece, the dealer might not want to buy it but instead consign it. Case in point, a dealer friend has a top pop coin that sells for $4000. A high end collector wanted to move off his top pop coin in hopes of finding another one at the same grade he likes more. The dealer doesn't want to have two $4000 coins from the same date and grade- he'd only be competing against himself... so the best he could do was consign it and take a cut (about 30%). ebay is probably the smarter way to go- if you really wanted to let those pieces go- but a dealer paying more than what I quoted you- must have alot of confidence that he'll turn those pieces over at a profit. That being said, I understand your frustration. |
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Bedrock of the Community
13014 Posts |
I planned to sell them on ebay all along was just curious as to what they would offer. I definitely get the economics of it. But that doesn't excuse the story telling/lying or at best the having no clue what he was talking about and trying to pretend like he did. Had he been honest I wouldnt have sold anything, but I would have made my purchase. By lying to me hes lost my business forever. Im sure there are a a lot of good dealers out there, but theres a lot of dishonest ones as well who try and take advantage of the fact you more than likely have no reference material with you at the time. My frustration isn't that I wasnt able to make a quick easy sale for what I wanted, but rather the fact I was told lies which more than likely were told because he thought I wouldnt know any better Edited by basebal21
08/29/2012 01:54 am
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Replies: 23 / Views: 3,813 |
Posted 08/28/2012 6:04 pm
