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 Replies: 37 / Views: 4,671 |
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Pillar of the Community
United States
2543 Posts |
Firstly, it is like stepping into a deal at a coin show. It is never good etiquette to step in on a deal, no matter if the dealer or the buyer can realize a bigger profit. It is not even good etiquette to "hover". Secondly, I agree with TPG, I have a great rapport with my dealer.I trust him on things that I don't know. And he pretty much knows that I know a lot and always do my homework. If I ever saw a dealer blatantly cheat some unknowing customer, I would also think that it is only a matter of time, and I would not do business with them again. After the customer left, I would have asked to see the coins. Perhaps you could have gotten a good deal if he wanted to turn them quickly or because he " knew you knew " what he bought them for. |
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Pillar of the Community
United States
4421 Posts |
It appears that the OP's coin dealer paid a better price than jewelry outlets are now giving. I just appraised a collection for a woman whose collector/accumulator father is in bad health. A local jewelry shop was paying $16 @ for the silver dollars, 13x face for the 90% and $1.75 @ on the 40% halves. She wisely had me check for better dates or collector coins. There were none of import.
In addition to a dealer's overhead, being rent, taxes, utilities, employee costs, advertising, etc., his time is also worth something. Consider that dealers are constantly having to cope with folks wanting to sell common coins of minimal or no numismatic value.
Had I been in the OP's position, I'd have kept quiet and, after the deal was completed, asked the dealer if any of his newps (new purchases) were for sale. There are many dealers who keep boxes of newps for better customers to see. These are coins which have not been processed for stock and their more immediate sale will save the dealer time. Many of my best buys have come from the newps' box!
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Pillar of the Community
 United States
1247 Posts |
Let me categorically state, I would never try to do business in someone else store.
I try to live my life by being ethical. The woman did ask me for an offer, I said I couldn't do it, because she wasn't my customer. So that is not my issue.
I guess I just wished people would come to me to buy their stuff, but then I would have the overhead of a store and offer the same prices... catch 22.
I thought about offering the dealer $25.00 for each piece, but kept my mouth shut. And like another person who was their told the woman she was getting a fair price.
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Pillar of the Community
United States
4421 Posts |
My suggestion was to talk with the dealer about his newps, being any recent purchases, AFTER the seller left, not while she was there. I'm in accord with the OP on that. On a related note, I tend to ask a dealer what his bottom line is. I try to avoid the possibility of insulting him/his pricing. On occasion, I will offer more than what he's asking. That way, he's more likely to sell me more in the future and knows ahead of time that I'm a congenial customer. Also, I often sell to dealers, fully hoping that they will make a profit. Getting back to the OP, might there have been a rare VAM coin in the lot? Who knows? A dealer might be well acquainted with Snow varieties and know/care little about VAM's, or vice-versa, or neither. At what point does fairness in a coin sale come into play? My favorite dealers with whom to do business with are those who work on a close margin, flipping coins at a fast pace. Numismatic interest and knowledge varies from one dealer to another; this, as is the case with collectors. Thus, what's fair to one dealer/collector may be unfair to another ... |
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Pillar of the Community
United States
1247 Posts |
While in that same store, I saw some Ike Proofs and a Mint set of a particular year. When I inquired about purchasing 3 of the Ikes, she wanted 12.95 each, which I thought was expensive for clad dollars and 10.95 for a mint set that originally sold for 9.00 and RedBook listed a value of $8.00, these were all just mint coins in a us mint plastic holder.. |
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Pillar of the Community
1751 Posts |
Many dealers don't know jack about varieties. My dealer doesn't care, lets me cherry him all I want, he's just grateful I go there and spend like $100 a week on average, lol. Typically, if I'm at his store and he buys something, it comes right over to me for first offers on it. He bought a lot of toned morgans last week, I picked out two I liked. The rest he set aside ofr another customer of his, and if that customer doesn't take them, there's a decent chance I'll pluck one or two more out last week. Buying at $25 each, he flipped them to me for $45 each in about 10 minutes. Dudes gotta eat, this is just a hobby. Could have walked over, come over top his offer at $65 or something for both and walked away with them, but my dealer would never cut me a good deal again.
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Pillar of the Community
United States
4421 Posts |
Given the prices you were quoted, stampvirgin, this dealer may not be my favorite "variety" with whom to conduct business. However, there are likely some scarce and rare varieties of coins that come across their counter, now and then. Good luck with the hunt!
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Pillar of the Community
United States
1903 Posts |
Stampvirgin....is this a new shop in town or a well established dealer? Did you attempt to haggle at all? Ask for a "bundle" price? Were you looking for that specific mint set for your collection? Is the $3 above what you were expecting to pay worth the extra effort of looking elsewhere? Don't get overly fixated on price...is the entire endeavour and your time that determines the true value of your pursuit. I never understood when people would price shop me at my store, to then drive an hour to save $5...an hour of my time isn't worth quibbling over $5, never mind the gas.
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Pillar of the Community
United States
1247 Posts |
the are a big time dealer, biggest in maryland..
She said they weren't in inventory then went to her computer to look up prices..
The Ikes were S mint mark in plastic holders, looked like US Mint.
The mint set was a 1980's item. It was going to be an impulse buy, but not at several dollars above what it is worth.
I realize that dealers need to make money. But when they buy a common half dollar for face then sell it for $2.50 a pop, it annoys me.
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Pillar of the Community
United States
1903 Posts |
Stampvirgin.... the Ikes you are referring to are indeed 40% silver ( a big plastic holder that comes in a wood grained cardboard box) and worth $12.95 (melt alone is over $7). Are the half dollars you mention 40% silver as well (1965-1970)? At $2.50 each that would be below melt. If they are just clad halves and not anything special, then I agree $2.50 is high...but then again I see TONS of people buying bank rolls of halves ($10 face) for $15 plus shipping on ebay..and there is no salesmanship there...just people buying what they want....so you can't blame a store owner if his local coin people are willing to pay that for them. Edited by unholyroller
10/30/2013 1:09 pm
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Pillar of the Community
United States
1247 Posts |
the half dollars are > 1970
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Pillar of the Community
United States
8137 Posts |
@ unholyroller, I am thinking about doing this. Have you tried this at all?
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Pillar of the Community
United States
1903 Posts |
Uhhh....define "this". Lol
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Pillar of the Community
United States
1247 Posts |
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Pillar of the Community
United States
5212 Posts |
If the person declines the dealers offer and walks out of the store I think it is fair game to follow them out and hit them up with a cash offer.
But if you are in the dealers store or at their table at a show you have to wait your turn and respect their sale or offer.
Edited by jack jeckel
10/30/2013 9:57 pm
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Replies: 37 / Views: 4,671 |
First Page
Posted 10/30/2013 10:54 am
