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 Replies: 19 / Views: 3,651 |
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New Member
United States
8 Posts |
Hi everyone,
I am new to collecting, and I went to a coin shop today. I bought around $100 worth of coins, but one thing that felt awkward was that there was no listed prices on anything. I had to ask about everything. What do you think about this, and any advice for me? It just seems awkward asking about everything. The guy was SUPER nice and gave me decent prices for everything. One of the only coin shops in my area.
Thanks.
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Pillar of the Community
Canada
2124 Posts |
I don't use to buy when there aren't prices anywhere.
How do you know that the prices he gave you are decent?
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Pillar of the Community
Canada
4944 Posts |
Some dealers will do this so they don't need to update pricing on their 2x2's and slabbed coins all the time. This way, they will always quote the most recent price.
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Moderator
 United States
14463 Posts |
 when the price of silver was on a roller-coaster, some bullion prices might change daily or hourly |
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Pillar of the Community
Canada
1823 Posts |
 can you tell us the name of the store and were. |
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Bedrock of the Community
13014 Posts |
Check out numismedia.com. If you have a phone with internet you can use it in the shop as ball park figures on things which may help eliminate some things without having to ask the price. The other thing you can do is ask about coins in groups. For instance "What bust halfs do you have in the 100 dollar range".
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Pillar of the Community
Canada
5417 Posts |
to CCF! Also this is common among dealers as a volatile market forces them to change prices frequently and this makes them lose money on supplies like 2x2's. |
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Pillar of the Community
United States
2543 Posts |
My LCS does the same thing, for the reasons CB said. It is a little intimidating to newbies, but they are very friendly, don't mind showing bunches of coins and are very willing to tell you why one coin is one price and another similar coin is a completely different price.
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Valued Member
United States
250 Posts |
My LCS has prices on everything but they're good with negotiating some with. They all have codes written on the backs though, I figure that its code for what they paid, is there any rhyme or reason to the codes the dealers use or is it whatever they make up?
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Pillar of the Community
United States
1391 Posts |
kevro22: it is also a common practice amongst book stores. You pick a word or phrase with at least ten letters, match the letters to the numbers, and make your prices there. A lot of people add in extra letters (ones not assigned values) to throw off people trying to decode the price paid.
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Valued Member
United States
250 Posts |
Thanks Allranger I figured that's what it was.
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Pillar of the Community
United States
1554 Posts |
Get used to asking the price. Also get used to making counter offers. A lot of dealers don't mark their prices on the front of their coins anymore for a variety of reasons. Bring your pricing guides with you and also practice grading the coins you like before you go to make a purchase. It will take you time to learn grading, buying, etc.
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Pillar of the Community
United States
5207 Posts |
Quote:
They all have codes written on the backs though, I figure that its code for what they paid, is there any rhyme or reason to the codes the dealers use or is it whatever they make up? I found a seller at a local show last year (Jade Rare Coins who has / had a banner ad on the site here) and got to talking to him and he said he bought estates etc but also had bank teller that would call him when they got a score. He said one time he got a call from a teller and $12K later he had a ton of coins. Anywho I was looking for a Seated dollar for my 7070 all of his coins were in 2X2's and he had prices on them but he said that is what he paid for them and had a predetermined profit margin he needed to get. It didn't appear that any of the coins I looked at had been cherry picked and I guess if as a seller you can clear 20% over what you paid for anything nowadays you are doing good. Hopefully he will be at this years show so I can pick up a Seated dollar for a pocket piece. |
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Valued Member
United States
250 Posts |
For all you dealers reading this, I love trying to solve puzzles etc so that was my thought regarding the reasoning for the codes not so I could take advantage of knowing a cost - just rereading this and didn't want to offend anyone. Thanks
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Bedrock of the Community
United States
11951 Posts |
Many of the LCS I go to put the date and grade, but no price.
With the date and grade, you should be able to get a price range they are
selling the coin for.
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Pillar of the Community
United States
8137 Posts |
My LCS puts no prices on things like junk silver. Also to CCF! |
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Replies: 19 / Views: 3,651 |
Posted 12/29/2013 6:27 pm
