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Replies: 22 / Views: 4,209 |
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Pillar of the Community
United States
1913 Posts |
I went to a large three day coin show over the weekend. It's one of those shows that so big, I think I could spend the entire three days and still not see and get everything that I want to. Unfortunately, I could only spend four hours on Friday and four on Saturday. On Friday I was going from table to table while trying to force myself to keep up a good pace. I came across a dealer who had a Thomas Jefferson Coinage and Currency Set on the table. The packaging looked somewhat ragged, but I remembered that I need the special nickel for my collection. I didn't immediately remember what the going rate on ebay was, but I asked him for the price anyway. He said $12. After a brief delay while I looked at it, he said "that's below bid". He also pointed out that there's a $2 bill in the set. Although I didn't remember what they normally sell for, given that it has a Jefferson dollar, the nickel I need and the $2 bill, the price had to be good. So, I bought it. Right after I bought it, the dealer then says "Now I'm going to put the good one out." I was kind of taken aback as it was almost like he was implying that he pulled one over on me. I asked how much he wanted for that one and he said $14. I then went on to look at some other tables. On my way home it dawned on me that I thought the Jefferson dollar must be silver because all commemorative dollars are silver. Then I thought, it must be clad because if it's silver, then it's worth the $12 in melt value alone. I took a look at it and sure enough, it's silver. So now I'm thinking that the dealer made a mistake. On Saturday I couldn't go back until the afternoon. I figured that the other set would be sold by then, but I'd point out to him that he sold me a set for less than the melt value. So I get there on Saturday afternoon and immediately go to his table. Sure enough the better condition Jefferson Coinage and Currency Set is still there. In fact, there's a Millennium Coinage and Currency Set right above it. So I ask him again how much he wants for the Jefferson set. He says $14. I say what about the Millennium set. He says $16 or $28 for both. At this point I'm just dumbfounded. Is there something wrong with this guy? The melt value of the Silver Eagle is worth $16+ alone. I look around at his tables. He's obviously been a dealer for a while as he as a good bit of stuff. It's quality stuff too with many slabbed coins. I chatted with him for a few minutes. No indications that he has Alzheimer's or is not otherwise completely there. The odd thing too is that he seemed so definite about the prices when he gave them to me. Many dealers have to look prices up which is understandable considering they can't remember everything. So, I bought both sets for $28. Reflecting back now, I just don't know what to think. This is not a cherry picking situation where I found a variety that the dealer didn't know he had. Were these out of his personal collection and he based the price on what he paid? Did he buy them from someone else cheap and then just mark them up a few bucks? I sort of feel guilty like I took advantage of the guy by buying them, but then again it's his business to know the current market prices. Mentally he for sure seemed to be all there, so I really just don't know what to think. One things for sure, I certainly won't forget where I got these sets and how much I paid for them.
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Valued Member
United States
487 Posts |
You paid him what he asked...I don't see how that is taking advantage of him. I'm not familiar with the coins you bought but if you are happy with them and they fit your collection, sounds like winner winner chicken dinner to me. jmo
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Pillar of the Community
United States
814 Posts |
Don't feel bad, you paid the guy what he asked. I felt bad the other day when one of my local dealers only charged me $10 for a 1928 Half Crown, a 1918 silver threepence, and a 1916d Barber quarter. But it's what he asked. You done good! I think that the situation is that dealers can't get rid of a lot of the commemoratives short of giving them away. Like last fall when I asked a dealer here if he had a 1983 Olympic dollar, he replied that he'd just sent all his bulk commemoratives off for scrap.
Edited by hcmusicguy 04/19/2015 3:00 pm
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Pillar of the Community
 Canada
5393 Posts |
You won,now on to the next deal.
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Moderator
 United States
23522 Posts |
What does he know that you don't? He knows that his asking price nets him sufficient profit because he's sharper than you think and got the stuff cheap.
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Pillar of the Community
United States
4691 Posts |
That shows you that there is essentially no demand for these items. So it offers you an opportunity if these items appeal to you.
I have over a dozen modern commemoratives I bought for melt -- too bad that was when silver was $21/oz.
Edited by jimbucks 04/19/2015 2:03 pm
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Moderator
 United States
23522 Posts |
Quote: That shows you that there is essentially no demand for these items. Another good point. He may have accepted them in a lot along with the stuff he really wanted, and just needs to move them off the table so he has less to carry home. Sundays are good days for buyers at coin shows. 
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Pillar of the Community
Canada
3049 Posts |
Quote: so I really just don't know what to think. One things for sure, I certainly won't forget where I got these sets and how much I paid for them. I think in your response is your answer.. you're not going to forget this guy... and I'm sure if you ever go to a show and see his face again you're definitely going to check out his table again and probably buy from him again... It's a win win! As mentioned previously he probably got that set and the others in bulk... his money that he had into that purchase has already been made.. he wants to free up cash and get more product to move... he knew EXACTLY what price to set it at.. and him saying "Good now I can put the good one out" was AWESOME.. as it did exactly what it was intended... got you back to buy the other one and another one after that as well. For a dealer who already has their money off the table on product.. it's amazing to see what they can do and their price points to make everyone happy! You got some sets you wanted and paid a price that you felt you were walking away with a steal.. he has cash flow and moved product and made a sale. Don't think you did anything wrong this is the absolute perfect scenario... everyone's happy. Congrats!
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Pillar of the Community
 Canada
5393 Posts |
There are two great times to buy coins. Late in the day , the last day of a show or 300 AM at a very long running auction when your competition has left or is sleeping. At a slow show there are usually a bunch of guys struggling to make it pay off and they will be very easy to deal with. I know I have been there. Also once in awhile if a dealer takes a shine to a polite and enthusiastic younger person they will get a deal. Some older dealers see themselves from a long time ago. Also if Dad or Mom are at a show with a couple of younger ones there is usually a free coin or two sure to be offered especially if there is a purchase.
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Pillar of the Community
United States
1795 Posts |
Never look a gift horse in the mouth! You paid him what he asked an d that should be it. He was happy he sold it and you were happy that you got it.
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Pillar of the Community
 United States
1913 Posts |
Thanks for the input guys. I was a pretty good show. I was also about to put a big dent in my Silver Eagle collection and sell off a couple of gold bars at spot (which I didn't think was possible).
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Bedrock of the Community
United States
11951 Posts |
You made a great deal That dealer told you the price. He knew what he was selling, he just did not know what he had. The 1994 matte proof nickel is worth easy $25 to $45 dollars. The matte proof nickel is in the Red Book. You see mostly slabbed coins on ebay, but you can check the prices. Check the $2.00 note, some of the sets came with a star note. I see the star note sets sell on the $75 to. $80 range.
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Moderator
 United States
23522 Posts |
Quote: There are two great times to buy coins. Late in the day , the last day of a show or 300 AM at a very long running auction when your competition has left or is sleeping.
Here's another good one: Internet-only auctions from the major houses, when there's a live Signature auction happening at a major show somewhere. I've beat the odds hard a couple of times that way.
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Bedrock of the Community
United States
20753 Posts |
For all you know someone may have just gave him those and said sell them if you can. Or he got them for practically nothing as some dealers do when buying from the general public. Regardless, you paid what he wanted.
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Moderator
 United States
187834 Posts |
Interesting story. I think you got a good deal. As indicated above, he probably did not have much in the sets and was happy to be rid of them.
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Pillar of the Community
United States
5823 Posts |
Great deal if you ask me.
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Replies: 22 / Views: 4,209 |