Sl Quarter - Did I Get Rooked? - Page 3

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Author	Replies: 33 / Views: 4,089	Page: of 3

ExoGuy Pillar of the Community United States 4421 Posts	Posted 10/04/2016 7:42 pm Quote: If you cannot see the obvious conflict of interest I mention then I don't know what to say. Nobody is going to pay $30 to have a non-scarce coin appraised by a dealer at a coin shop. Terry ... You are not understanding what I wrote. I simply said that most dealers, shops, whatever would NOT likely charge to appraise a single coin or even a handful. Coin dealers, especially those who own shops, have operating costs. They cannot stay in business, buy coins at catalog prices. Also, their time, is worth money; especially so, when appraising a large collection. Then too, dealers often run across items that take time to research. They cannot know it all .... all the varieties, the errors, the exonumia, you name it. They are human, like the rest of us, and they make mistakes. The overwhelming majority of coin shop owners I've encountered, particularly those who have been in business for years and cater to collectors, are honest. They need to sell below book value, not at high retail, to sustain a living. Moving coins fast is the key. If they sit on old material too long, they lose money. They will pay stronger prices for material that they can flip fast. Sure, if a dealer bought an 1893-S $1 for $100, I'd regard that as fraud. On the flipside, I once saved a Florida dealer from buying a counterfeit 1889-CC $1. It was "hidden" among a group of genuine Morgans that a customer was peddling. Fraud is a two way street. Note that our OP's quarter is not a fair comparison here. Report this Post to the Staff
GR58 Bedrock of the Community United States 11951 Posts	Posted 10/05/2016 07:12 am I also think that many dealers will tell someone that brings a coin in, what they would pay for it. They have too. Many customers do not under stand that a coin shop has to sell a coin for much more than they pay for it, just to stay in business. Most coin dealers have experience selling coins, believe me it is much different being on the dealer side of the counter. A dealer has to look at the lowest price that a coin might sell for. For this coin, it does have good detail. Detail that could put it in the XF range. But the date is weak and it does look like it has had a old cleaning. These issues could make a dealer want to drop the buy price by a grade .. or more. As for making a $100 offer on a 1893 S, I don't think that would happen in a good coin shop. Report this Post to the Staff
twslisa Pillar of the Community United States 790 Posts	Posted 10/05/2016 08:32 am Great info above--thanks! No, this dealer didn't offer to buy it. However, I do realize he's going to name the price he'd offer, rather than the price he'd turn around and sell it for. If he'd said it was worth $50 and then I tried to sell it to him for that, he'd have to backpedal and explain why he can't make a profit at that price, and then he'd risk me leaving all mad and giving his shop a bad review on YELP. LOL. I assume that if I really want the replacement value (my cost to buy a similar coin) I'd have to pay for the appraisal, or hunt around to see what shops are selling coins in the same or like year and condition for. I really appreciate you guys taking time to inform! I am learning a lot! Report this Post to the Staff
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