Can't Expect Greysheet From My Local Coin Shop?

It is a hobby. Individual coins like these would sell for 100% markup over melt, for collectors filling holes in coin albums.

I used to buy coins like this out of dealer's scrap silver cans. I was focused on Walkers, and turned up G-VG obverse dates, an occasional 1919-D, and everything from 1923 to 1933. They were priced slightly above melt, with no premium for better dates. It wasn't worth the dealer's trouble to sort them out, put them in holders, and set them out in his limited case space.

Try to remember that a coin store has many necessities to make a profit. And the larger the profit, the better. From sales they must pay rent, gas, water, phone, internet, electric, etc. Then too there is that family thing where they have to feed a family, possibly pay rent or a mortgage, and on and on and on. And all that from the profit of selling coins and coin stuff. Coin stores in my experience have the lowest possible prices for your coins. And too depending on the location, may not get a lot of customers so the need for a higher profit per coin is really necessary. Your only looking at what he has to pay for coins, not what he has to sell them for.

Thanks for the additional insights. This is really good discussion. I can certainly appreciate what a brick & mortar LCS must have to deal with to make ends meet; especially in today's market with soooo much competition!

I also just re-read this thread from a year ago, which was helpful too: http://goccf.com/t/305913

I think basebal21 had a good comment yesterday, and Aoraki said the following on that thread from last year:


Of course, all of us are looking for above-average coins for our collection. But I don't necessarily believe that ALL the coins sold below greysheet are sub-average and ALL the coins sold above greysheet are above average. There are so many factors that go into what coins sell for, particularly on ebay or online auctions. One primary factor is likely who is looking at that particular auction at that particular time. In other words, how many people are competing for a given coin at a given auction. So to Aoraki's and Basebal21's points, while I do typically try to target coins for purchase around greysheet pricing, I'm typically not considering sub-par coins. Obviously it is a balancing act and I don't have blinders on. I consider the coin, the price, AND what other coins in that grade have sold for. Of course, if I see a coin above greysheet, I'm not discounting it outright based on price alone; but there's got to be something about it that will get me to pay more ( strike, luster, condition, originality, etc)

Other than the key dates, I do not believe that XF Mercury dimes are particularly collectible. Should you decide to sell in the future, you may not get more than spot. Of course if you are buying them for around spot, then go for it. Just don't want you to get set up for another disappointment in the future.

sure, thanks for the advice. but really, "not particularly collectible"?! I think I said XF and better, and I'm focusing on pre-1934 branch mint issues, which mintage-wise represent a miniscule percent of all Mercury dimes ever minted. most of these aren't really "common" dates. I expect to pay around $100 per coin.

what coins or series do you consider to be "collectible"? and what basis do you use to determine how "collectible" any given series is?

Thanks MikeF! I have perused Great Collections in the past, will definitely look again.

So is this what you all do? Sell your coins on ebay when you're looking to liquidate? To fenton's comment, seems there should be some viable coin selling venues other than ebay where one can presumably sell for above melt, but likely less than "top dollar". Do you sell via vest pocket at coin shows? Seems one could go dealer to dealer and ask if anyone is interested and what they would offer, right?

MikeF - I'm guessing you're in a metropolitan area with more than 500,000 people. Pawn Shops in Syracuse don't typically offer "coins for cheap in bulk". Also, I agree with your coin show strategy, that sounds like a good approach, which I could try when I'm in my 70s looking to sell some or all of my collection (if I accumulate enough to make it worth it by then). Since I'm no longer targeting any coins in F or lower (unless a key date), I'm hoping resale offers will improve in the event I need to sell any VF and better coins. I'm chalking this experience up to as a lesson learned, buying low grade coins will only yield low grade offers at resale.

Lower grade common coins like these Barber quarters can sit in a dealer's stock for years. IMHO. the dealer offered a fair price. It's been my experience that dealers will pay close to bid for early dated, key date and higher grade type coins.

Consider that Barber quarters are not as widely collected as the dimes and halves. The three, quite expensive, S-mint keys discourage many would-be collectors.

if our OP is disinclined to accept the dealer's offer, my suggestion is to put the lot in a local antique auction, being one that routinely draws a fair crowd. Have them sold "by the piece." I've had great success with this strategy over the years; this, despite paying the auctioneer 15-20% of the price realized. Antique dealers tend to like having some coins in stock, and they'll bid a fair base price. That said, impulse buyers who typically know little about coins will often drive prices upwards for hundred year old coins. Then too, their valuations will be based on the inflated catalog and magazine price guides. the last time I did this, a few years ago now, a page of twenty, common date Mercuries realized $6, apiece.