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 Replies: 28 / Views: 4,011 |
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Valued Member
United States
157 Posts |
Just got back, I never go looking for any silver or anything, just kind of odd ball things I find interesting, or USA tools I can use for making jewelry. Anyways, there's a section in one of the stores (it's all consignment, so there could be 30 dealers in 1 store) with some silver quarters, dimes, common morgans, all in horrible shape. Most of the quarters were priced at $12 each, most morgans were priced at around $45 each, and I believe a dime was around $8. Now I've been in this store a few times over the past few months, and I don't think I've seen one coin in there that hasn't been in there since the last time I was. I realize the whole "don't like the price, don't buy"... but you'd think if the person selling, actually wanted to sell, he would price accordingly. I don't understand taking up good floor space, behind locked counters, paying a monthly rent for items that are ridiculously priced. Most people who buy silver coins, do not buy them on a whim... where as somebody who see's something decorative and kind of "their style" might bite the bullet and pay a few extra dollars because they don't know when they'll get the chance again. These are regular quarters, '21 Morgans, etc. I don't get it, and I don't have to get it because I got my own coin shop guys I go to and am very pleased with. But I mean, what is the point!? Anyone here run a consignment shop or anything? And can help me out with this? I do say I find some cool old tools that I love to use with my smelting and jewelry making. I try to use only USA made tools (even though I know where that steel comes from, greedy greedy man little carnige). I did find a nice golden ring for $210 a few weeks ago, which was actually worth around $230. One thing off topic, I got invited back in to the back room of my coin shop because I asked if they could x ray my cross I made for my mom (Gold came from her mom's teeth, and I mixed silver in with it) came out 80% silver, 10% gold, and like 4% PD... was really cool seeing it. I got an excellent shop, ever since they undercharged me by $80, and I called them up saying they undercharged me and I'd be in the next day to pay them, they give me great prices and treat me wonderfully. I'm lucky because I know a lot of people have some bad experiences out there with their dealers. Anyways if you made it this far, sorry for the long post!
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Pillar of the Community
United States
1566 Posts |
The reason the antique guy sells coins for such outrageous prices is because there are rubes that buy it. Plain and simple. Folks watch QVC and think that coins are worth far more than they truly are.
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Pillar of the Community
United States
7390 Posts |
Perfect question for me as I have first hand knowledge of this. Celtic is correct however it is also about the "shiny" factor. Something to grab your attention to that space out of all the rest that just blend together into one huge space of stuff divided into cubicles... they say HEY COME LOOK AT MY STUFF
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Valued Member
109 Posts |
You should rent space and sell coins at a reasonable price.
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Valued Member
 United States
157 Posts |
I get where you guys are coming from, I really do, but to me a coin isn't say like a cool looking pendant ya know? And I'm being really honest, I went there when I first moved back here from washington in say December, and I swear, it's the same coins, in the same sleeves, marked at the same price. This is an "antique mall", which means theres a few other stores in the area, one of which I refuse to go in to anymore, especially after reading reviews, they follow you around all sorts of stuff. Anyways, they have one of those painted ASE's.... get ready for it, $90!.... $90! I saw that the first time and thought, noooooo no way. I asked one of the guys who was stalking me, and he said yup, I took the one I had out of my pocket and said, these things are worth spot, this isn't right what you're doing, it really isn't. He said he'd "look in to it". I mean I'm all for people making a buck, but blatantly ripping someone off, for your own personal gain, when that person finds out he got ripped off, you loose that customer and whoever he or she tells. Whatever though, just kinda sad when ya think of it. |
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Pillar of the Community
United States
7390 Posts |
The point is that you don't want them to sell. Think of it as the space the coins are taking is a loss leader of sorts... Or maybe he just haven't updated his prices from pre April 2013. Lol but possibly true
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Pillar of the Community
United States
1566 Posts |
I get what Cascade is saying "Let's put some bling out front to draw customers in to buy stuff that I can make money on".
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Pillar of the Community
Canada
3049 Posts |
I remember a few years ago I would walk into this one shop in my travels south.. and this guy had a wall hanger that wasn't worth more than $300 bucks.. but he had a $2500 price tag on it...
I once asked him about it .. Is he willing to negotiate price.. he response was "sure but only up!" we both laughed and I left... few years later the same wall hanger wasn't there.. I asked what happened to it... he said he sold it.. I asked if he negotiate "up" on the price.. he laughed and simply stated sticker price...
Perhaps this store owner doesn't want to take a "loss" since the drop in silver and is holding out... and doesn't recognize that it's sometimes better to move product and get your money into items that move and generate profit more than hold profit on an item that doesn't move...
Or perhaps the owner just doesn't care... and feels like in my story eventually a buyer would come around..
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Pillar of the Community
United States
1192 Posts |
Waiting for a impulse buyer. Though if I had a flea market booth I wouldn't mark it up that high. Price to move but still significantly more then my dealer. $30 for a cull morgan, $5 for a merc dime, $12 for a half etc. I'm also sure someone at a flea market it would buy it. It's all about impulse buys but if I didn't go fast I would reprice it.
Edited by Bertensgrad
03/12/2015 9:44 pm
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Valued Member
United States
157 Posts |
Ya.... I don't know. To me, what makes sense is to sometimes cut your losses and sell more volume. That's why they always tell you to cost average, buy on the way down to even out on your losses, or at least to make them less severe. I mean I don't really care one way or the other, because I'm not buying anything... and it just seems so far fetched for it to be an impulse buy. There is no big banner saying "silver coins, come and get me"... they're just in those cheap white cardboard and staple case, marked the year and mint mark sitting in a glass case, next to a bunch of $250 knives. I know nothing of knives, but if I had to guess, even those are marked up, because I'm fairly sure they are the same ones as last time I was in. See there is no real "owner", well I guess technically there is, who decides who can set up shop, but besides that everything is labeled by a number... the tag with #106 belongs to Joe Smoketelli and that's it. He isn't in the store, just when he restocks. I guess as long as he pays the rent, who cares. I did break down and buy my Mom an 67 or 68 Elvis figure in the box with the stand and stuff... $15. LoL, she loves Elvis, but that's besides the point. Just curious if anyone has any similar experiences or what not, I just like hearing from other parts of the globe... I'm on the west coast, almost to San Fran. Thanks everyone!
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Pillar of the Community
United States
6370 Posts |
I recently found an 1837 $3 banknote at one of these kinds of antique malls. Paid $40 for it, but then I got home and saw it was worth $25. Oh well; it was on a whim.
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Pillar of the Community
United States
1192 Posts |
I have a dealer friend who owns four brick and mortar shops and five flea market booths. He tells me he always marks up coins 30% once he moves them to a flea market. It's just for people who won't come into a real coin store. Just like I know a couple that buys Morgans for $22 and places them at a auction at their place and sell them for usually $35. It's a funny world with a lot of uneducated buyers.
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Pillar of the Community
United States
1536 Posts |
Reminds me of this guy selling coins and other things at this antique flea market. His coins were completely over-priced and his answer to this is was "these are not for a numismatic, they are just for someone who wants something". I don't know what I was thinking when I bought world coins that looked silver but of course weren't. You have to know what you are doing when buying from them. A local shop has good deals and are better if your not as knowledgeable.
Edited by buddy16cat
03/13/2015 05:33 am
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Pillar of the Community
United States
7390 Posts |
hey stacker did u ask if its a permenantly 50% off booth. That would make more sense.
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Valued Member
United States
157 Posts |
Cascade, the sign said 10% off of member number 106, that's why I didn't even mention it. When you see a 12 well worn 64 quarter priced at 10% off, that's basically saying he's paying for the tax you'd incure, so it's still a $12 coin. I never went in to the other store that had the $90 painted ASE in it, and the last time I did was more than a month ago. I believe I went up to the owner of the shop and said something to them about that one. That was a different store, in the same mall area. I left that store a 1 star on yelp, but the store with the $12 quarters I left a decent review because I wasn't basing it off their prices, I based it off their customer service... not following customers around, and as soon as someone picked something up, asking if they could take it to the counter for them. Literally, you pick something up to look at it, and theres someone within eye shot that you thought was a customer, who actually owns a booth there, comes over and make you feel so uncomfortable. From what I know it's a newish owner who makes people who have a booth there, go up to customers and do that. Oh well, I have great hook ups on prices and dealers and such with coin shop owners. I've taught myself how to make jewelry and ya... just kill time when I go there. But to be honest, there wasn't a lot of new inventory. |
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Pillar of the Community
United States
1704 Posts |
Quote:
You should rent space and sell coins at a reasonable price. I had a space in an antique collective and tried that and it did not work for two reasons, first non coin collector people would come in and buy the overpriced coins not mine even though mine were on average better quality but not as shiny. Those sellers were targeting the impulse buyers, especially the ones who have a relative that is a coin collector and is buying the coin as a gift. Secondly, to price them at any sort of reasonable level is not worth the space they occupy because of the space rent and the commission on sales eats up most of the profit. You want to turn over your inventory quickly. So the coins I did put in my space were the ones that had problems that my flea market customers would not buy so I put them in bag lots and priced them so I could get my cost back plus the commission on the sale. The people buying those were buying them for their kids. I sold off all of my otherwise unwanted coins that way. |
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Replies: 28 / Views: 4,011 |
Posted 03/12/2015 7:59 pm
