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 Replies: 25 / Views: 2,843 |
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Pillar of the Community
United States
603 Posts |
I know at coin shows most people bring magnifiers and some bring price guides, and make offers lower than a dealers asking price, my question is should you do the same in a shop? I am mostly talking about the magnifier and bargaining, the RedBook I can see leaving at home. Is a loupe accepted? as for the bargaining, how do you do it? I have 2 shops near me, and I want to use them both, but one guy always charges less than the price listed( I know they could be marked up, but he does it for coins in his 50% off bargain bin as well) and the other has only once knocked off a buck on a Peace dollar. Thanks for any advice with bargaining, since I could use your ideas soon for a new car I am going to need  |
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Pillar of the Community
United States
2797 Posts |
Absolutely ... take them both (loupe and bargaining strategy). They are tools of the hobby and should be universally accepted. If this offends the shopkeeper, I would go elsewhere. What they appreciate most is knowledge and enthusiasm.  |
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Pillar of the Community
United States
1283 Posts |
It doesn't hurt to try to bargain. Some dealers do it all the time. Some are more the "price is the price". In fact, one table at the only show I've ever been to had a sign that read, "The price is the price. If I wanted to bargain I would charge too much and then bargain down" or something to that effect.
It's most DEFINATELY acceptable to bring a magnifier. If a dealer has a problem with that never use them again. That would be like a car dealer being offended you want to look under the hood.
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Pillar of the Community
United States
3234 Posts |
Bring everything you would want to bring in order to help you make a decision. I wouldn't set up shop there, so be reasonable. I also bring the Gray Sheet in which might dismay some dealers, but tough! Coin shop dealers typically buy material (especially generic stuff) waaaay back of Bid, so you have a real bargaining tool with the Sheet in hand.
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Pillar of the Community
United States
2600 Posts |
Prethen is dead on right.  Your money, your time and your hobby, don't let anyone effect the way you study to invest. If they are not interested in letting you be comfortable with a buying decision, it is their loss. Jim |
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Valued Member
United States
136 Posts |
Couldn't agree more with everyone's comments. In my case a magnifier is an absolute must. The older I get, the more I need it! The two dealers I frequent have one available if needed, and one dealer will provide the grey sheet if you ask.
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Bedrock of the Community
United States
12437 Posts |
quote:
the RedBook I can see leaving at home. Is a loupe accepted?
Do not worry about not bringing a RedBook. Mine follows me to every coin shop and show for the simple fact that I use my RedBook as an inventory sheet of what I already have and what I need- it has pen and highlighter marks all over it. RedBook pricing is a different matter. Some dealers prices are right in line with the RedBook, some use Greysheet ask pricing, and a few will price them however they feel like pricing. For lower end stuff(<$100) the prices between the two sources are pretty similar, but differences can be seen on higher value and faster appreciating coins. At the very least, the RedBook serves as a decent guide for pricing trends. If a dealer ever scoffed at or berated me for using a RedBook, I would tell them how much I was planning on spending with them and then say another dealer will now profit due to their rudeness. As far as a magnifier or loupe, that is as much as a necessity as looking under the hood when buying a car as USAP said so eloquently. Some shops/dealers are even nice enough to let you borrow one if you need it. I take bargaining with a grain of salt. Sometimes I do but most times I do not. I usually try to look for coins with the best possible eye appeal and those are the coins that tend to be the most in demand- I have gotten alot pickier in my coin shopping in the past couple years. If a dealer's asking price for a coin is 5-10% higher than ask but it is completely problem free, well struck, has a nice patina, and is choice for the series and grade I will pay what they are asking. A savvy dealer(and collector) knows better than to bargain on nice eye candy because the next guy to walk into the store/show will pay that asking price. If the coin has some issues or the patina is not that eye appealing, then I would be tempted to bargain a bit. |
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Pillar of the Community
Canada
1106 Posts |
If I forget to bring my loupe my coin dealer lends me his. Once I established myself as a regular customer and built up a rapport with the dealer he would discount my purchases automatically and they were always fair.
Edited by chrycopaul
06/14/2007 12:30 pm
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Pillar of the Community
United States
882 Posts |
What do you guys think will happen when you say something like this to a coin dealer, "well I bought the exact some coin off ebay for $X.XX, why is yours twice as much?" I will buy cheep things from the dealers since shipping on ebay makes the coin expensive. But lets say you want to buy a Good 1921 P Mercury dime. You can get one on ebay for $40-$50. But a coin shops going to charge $75... Ty Edited by Tykimeister
06/14/2007 11:25 am
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Pillar of the Community
United States
2797 Posts |
Ty asked ...What do you guys think will happen when you say something like this to a coin dealer, "well I bought the exact some coin off ebay for $X.XX, why is yours twice as much?" I will buy cheep things from the dealers since shipping on ebay makes the coin expensive. But lets say you want to buy a Good 1921 P Mercury dime. You can get one on ebay for $40-$50. But a coin shops going to charge $75...Ty I wouldn't make mention of this. That would only anger me if I were the shopkeeper. You would limit my response to one ... "Shop on ebay". Why not ask the shopkeeper if he'll take $55~60 for the 21P. With ebay shipping/insurance ... and the uncertainty ... the difference would be a wash for me. If you can find what you want on ebay (remember they usually look different in-hand, and not normally the "good" different) by all means buy there if you are confident in the product and the seller. But there's nothing like having the coin in hand and eliminating all the variables created by photography and/or a less than honest seller. Bottom line, I'll give my money to the local guy if its within 20% of the ebay price.
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Pillar of the Community
Canada
1106 Posts |
We should remember that unlike ebay sellers, those who run a brick and mortar coin store have expenses to pay such as lease, hydro, taxes etc. ebay can be a good resource for finding coins, but there is no replacing the feeling of being in a good friendly coin shop. I don't mind paying a small premium if it allows me the opportunity to go into a store, look at the coins first hand, and have a good time spending an hour or so looking at coins. If people stop patronizing stores like this they will go the way of the dodo bird, and that would be a shame. Edited by chrycopaul
06/14/2007 12:48 pm
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Valued Member
United States
470 Posts |
Learning how to grade the series that you collect and knowing the value of the grade is the best defense against the unscruplous dealer. This topic has been discussed to death here and on other forums. When you walk into a coin shop it's every man for himself. Your goal is you pay the least you can and the dealers job is to get as much of your money as possible before you leave his store. To level the playing field, you need to be armed with knowledge and confidence in what you want to buy. Any hesitation will spell fear and it will be sensed immediately by the opposing party. It's a wonderful dance that is played out hundreds of times a day all over the country. Mano y mano. Sometimes you win and sometimes he wins but if you know your series and buy the coing you want for a price you can accept..you both win. Don't be afraid to walk away if it's not the right coin or not the right place. While it's true that brick and mortars do have plenty of overhead; no one says that you have to pay his entire electric bill ...lol ...just a portion of it....knowledge is power.
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Pillar of the Community
United States
1952 Posts |
i use my loupe like trump uses other peoples money lol I don't leave home without it. lol
Gary too
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Pillar of the Community
United States
709 Posts |
As with anything, a good rule is: "buy smart, sell smart". Having said that, I am not sure there is truly an etiquette to follow. If you are buying smart, you will have researched the coin price or coins you are looking at buying before going to a dealer. With that in mind, if you are given a price from a dealer that is out-of-line or higher than you think, tell him (or her) what prices you have seen. There will be or there will not be price movement from the dealer. Most are interested in selling. Some not. I think you will find this a good starting point.
But remember it is you (the buyer) who must be armed with the knowledge otherwise you become any one's legal lawful prey.
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Pillar of the Community
United States
1173 Posts |
I do my best to build a working relationship with a shop owner. I buy several items over time, make myself a "regular" customer, and spend time talking about coins and life in general with both the owner and customers. Never insult the guy (or gal) by saying "I can buy this cheaper elsewhere." or similar such things. Dealers know what's out there and at what price. What I'm looking for in the end is a PARTNERSHIP, where the dealer knows me, knows what I like, knows my general budget, and keeps an eye out for coins that I'll be interested in at a fair price. I try to make his day a little brighter when I come in, and make his shop a little friendlier for other customers, too. My aim is for the owner to be happy to see me come in as a person, as well as a customer. You'd be surprised how well this has worked for me (both coins and guns) in the Mom-and-Pop shops. My dealer here in town regularly holds back some coins from collections he's bought for me to buy or pass on prior to putting them out for the general public. Just my Two Cents... |
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Valued Member
United States
459 Posts |
I implement and practice the same methods/ideas that hunter20ga has put forth and it has worked out well for both parties involved. After moving to a new city, in the beginning of our relationship(my primary, trusted dealer), when selling to the to the dealer, he paid less than fair prices for my wares, but I accepted offers without a haggle. And when buying he gave no discounts, but again, I didn't feel the need to haggle. Gradually as the relationship has matured, over 2 years, he has always given larger discounts and paid stronger money, again with no haggling while holding back bust material before casing it.
However, I have no problem with, and enjoy, bargaining/negotiating with the other local(bottom feeder) dealer and dealers at shows. They ask for "Z", I ask for "X" and if we can't meet at "Y" I'll walk. Meanwhile, there are exceptions to every rule. If it is coin I like and I don't think there will be or are many more like it, I buy it regardless.
Everyone has there own buying styles and personalty, but arming yourself with knowledge and finding/keeping a trusted dealer/contacts is just as valuable as one's collection, IMO.
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Replies: 25 / Views: 2,843 |
Posted 06/14/2007 09:51 am
