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 Replies: 12 / Views: 5,482 |
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Valued Member
United States
124 Posts |
I went to another coin shop in San francisco and the dealer offer me $310 for 2008 $10 gold buffalo coin. I ask him why is this Coin listed at bid $1100 on greysheet and over $1000 on all coin books. I ask him is this a lie or what. He said basically it is. He said the true value is the bullion value because it's a bullion coin no matter if it's proof it's still bullion modern gold coin. He said the $1000 + price it's an imaginary price if you can get it good for you but that's a collectors price not a dealer price. That it's not a guarantee that they could sell it for that. That's just a suggestive price not real you could get it or not.  I will sell it when gold gets to $2000 and sell it for at least $500 then. I get it now. Its like NGC certification price when you type the serial # on NGC verify says suggestive price of $100 but real price is like $35. Like presidential pr70 says NGC price $50 but it's only worth like $10 at the most right now.NGC price guide is useless ha. *** Moved by Staff to a more appropriate forum. ***Edited by alvaro77
04/29/2016 11:50 pm
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Pillar of the Community
United States
1005 Posts |
If you look up sold listings on ebay, pretty much all of those are going for around $1000, unless it was damaged. So the current market value is much more than bullion, despite what dealers are saying. Plenty of people would pay ~$1000 for one, as evidenced by recent sales on ebay. |
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Moderator
 United States
56855 Posts |
 John1  |
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Pillar of the Community
United States
4901 Posts |
Interesting coin. As was mentioned in the above replies the value is much higher than what a coin dealer would pay. I looked at the last 4 ebay sales during the last month. Two sold as Best Offers at $900 each and two BIN's went for $1009 and $1085 (shipping added into the BIN's). Even with the fees the exposure and results in this venue are usually superior than the local shops. As with anything each item has its' followers and this one obviously is not a coin shop item. I would list it as a BIN and see if you get any hits. |
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Bedrock of the Community
 United States
12815 Posts |
Keep in mind that the dealer is running a business and has to make money on the transaction to pay for rent, electricity, salaries, insurance etc.
That said, what he offered does seem way too lowball. Did you try to negotiate? Maybe he would pay $700 or more but was starting low to get the best deal you'd take.
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CCF Advertiser
United States
1533 Posts |
I don't care what kind of margins you need to make to run a coin shop, but offering $300 for something that eBays for $1000 is unethical. After fees, a $1000 sales nets $850. He should be able to pay $700 for it, easy.
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Pillar of the Community
United States
1005 Posts |
I think the shop is allowed to offer whatever they want to; the issue I have is that the dealer tried to convince him that the buffalo coin is only worth bullion value, when it actually is worth much more. If the dealer truly didn't know better that's one thing, but it seems like they were trying to rip alvaro off by stating that the NGC numbers are imaginary when in fact they are much closer to the truth than the dealer's offer.
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Pillar of the Community
United States
1499 Posts |
A dealer can offer a price at which he can make money. If a dealer is offered something that is not in his usual business area, he can pay a price at which he can profit from wholesaling the piece. How many collectors really want the 1/10 ounce Buffalo gold? I'd want it only as a part of a four piece set.
If a dealer does not to buy a coin he or she is under no obligation to buy it. It's not unethical when potential seller knows all of the numbers from the Gray Sheet to the retail guides, and dealer gives his opinions.
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Pillar of the Community
United States
1150 Posts |
Good on you for doing your homework and questioning what you were being told.
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Pillar of the Community
United States
1913 Posts |
If a dealer knows that a coin has a numismatic value in the $1000 range, but tries to convince someone that the coin is only worth melt, then that's definitely unethical. An ethical dealer who didn't want to buy such a coin (likely due to it being a thin market) would simply tell the seller that he wasn't interested because he could only offer the melt value when in fact it's numismatic value is more. alvaro77, the prices listed in the grey sheet are definitely not a lie. In fact, they're really the most substantiated prices available. When it comes to selling, you simply must find the right buyer in order to get what something's really worth. ebay is an option, but the fees are rather high. A better option is a decent sized coin show. |
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Valued Member
United States
417 Posts |
What coin shop in San Francisco did this happen?
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Valued Member
United States
451 Posts |
It's not unethical for a dealer to make an offer of any amount on any coin if one goes to the dealer asking for an offer. He could just as easily tell you he wasn't interested. It doesn't make good business sense to me as the dealer missed making 15 to 20% with that low-ball offer, but it's not unethical.
If someone was offering this coin for $400, would you snap it up or mentor and advise the seller on maximizing the sale price?
Edited by AES
05/16/2016 11:20 pm
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Pillar of the Community
United States
2403 Posts |
Quote:
, but it seems like they were trying to rip alvaro off by stating that the NGC numbers are imaginary when in fact they are much closer to the truth than the dealer's offer. Not quite what OP said. The dealer didn't tell him about NGC price guide. This is OPs own opinion. I think the dealer wasn't trying to rip him off and was well within his rights to offer what he did. The choice is in the customer weather to take the offer or not. NGC price guides are based on currents trends but are not exact. Some coins will sell for higher and some lower. It all depends on coin condition and how it is being sold. Auctions seem to be the best place to sell coins if you are not a dealer. You get enough people interested and you will get your price. Just be patient, take good (accurate) pics, and be thorough in your description. |
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Replies: 12 / Views: 5,482 |
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Posted 04/30/2016 07:21 am
