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 Replies: 15 / Views: 1,997 |
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Valued Member
United States
71 Posts |
The other day I went to a coin shop I wanted to go to a couple of years ago, but it was closed or the guy just wasn't in the shop at the time. I was in the area so I checked it out. He sells currency and jewelry there. After looking around a couple of minutes I asked him if he deals with errors and varieties. He got enthusiastic when I asked him that, maybe errors in particular. He brought out a box of errors and showed some to me, mainly off-center strikes. Also showed me a blank planchet. He said those are his own collection and not for sale. He loves that stuff. Customers brought them in. He said if I ever have any he'd like to see them. After I said bye to him while he was helping someone who came in after me he said if I come across anything show him first. He said I could teach him things I think. He was friendly and really into coins. He said he's been there since 2008. It seems like he doesn't do a lot of research on varieties, more so buys them. I asked if he heard of the extra V penny and he didn't know about that. He did tell me a story about him having a 1909 V.D.B. he bought for $1,200, so I'm guessing he knows the most famous ones. I wasn't sure what he said, but it sounded like he sold it to someone for the same price. He would have liked to keep it, but he might have said at least he broke even. I'm glad I found a coin dealer who's into errors and varities, and one not looking to flip them which could potentially give me the same or more profit than online/a big auction place, or least close to as much, but I don't have that kind of knowledge to know what a good/great deal is, and he might not know either. I don't have a lot of coin dealers in my area. This one is about 25 minutes away, another one is a little bit further, but they mainly deal with silver and gold coins unless it's something of high value. I'd be happy to do business with someone like him. I wouldn't have deal with ebay (I do want to learn though) and it'd be going to someone who it would make happy for his own collection. What have/do you do with coin dealers who buy errors and varieties? Does it depend on value to you? Ideally I'd sell him minor errors and varities I'd find, and if I come across a high valued one I'd also explore different options. Edited by CozyCoin
08/31/2023 7:30 pm
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Bedrock of the Community
United States
73628 Posts |
I have never sold any errors or varieties to a coin dealer. I am not sure how much they'd offer you for an error or a variety.
Errers and Varietys.
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Pillar of the Community
United States
7273 Posts |
My coin dealer won't buy errors unless they are certified.
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Pillar of the Community
United States
4135 Posts |
When selling to a dealer with a store consider their overhead cost and the fact you get paid on the spot so, when they offer you a wholesale price and they will sale retail, it allows them to make a living.
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Pillar of the Community
United States
2280 Posts |
Of course every coin dealer is different, some specialize more than others.
The V "error" was discovered not very long ago, so I don't see an issue there.
The majority of dealers get brought junk instead of real errors.
Once you actually come to that realization you will be more understanding.
If it's worth a dealers time to buy it and they don't have an approximate value, they will look it up.
Expecting dealers to be an all knowing Genie is irrational.
The period of knowledge being necessary is over.
With the internet at our fingertips a dealer can utilize that and doesn't have retain so much like back in the day.
You realize when you know how to think, it empowers you far beyond those who know only what to think.
-Neil deGrasse Tyson
Edited by NumismaticsFTW
08/31/2023 8:47 pm
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Valued Member
 United States
71 Posts |
I wasn't implying I thought they should know everything. In fact I don't expect the majority of dealers to be into minor varieties and errors.
I forgot to mention he showed me a double-sided Kennedy obverse coin that he didn't know what it was. I'm gonna look up that counterfeit/joke coin (unless he has something extremely rare and doesn't know it!).
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Moderator
 United States
94728 Posts |
When you go back, try to get a picture of that half if you are able.
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Valued Member
United States
71 Posts |
I took a couple of pictures, but last time I tried to post a picture on here a couple of months ago, I couldn't. I don't know if things have changed since then, but I've never seen another board where it was so hard to post a picture lol.
Edited by CozyCoin
08/31/2023 9:17 pm
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Pillar of the Community
United States
4036 Posts |
Errors and especially Varieties are a very thin market. Most dealers I've met want to be rid of the stuff, as if they were problem coins. A few dealers are interested enough to sell them when they find them, but would have no interest in buying them. A very, very few are interested enough to buy them, but valuation is difficult so buy prices are very low. The best market for the E/V collector is...other E/V collectors. I have thousands of RPMs and Doubled Dies that I never expect to find buyers for. ebay offers some potential, but there are many more E/V coins available than actual sales, and prices are variable and generally low. I guess bottom line is...don't expect to get rich on E/V coins. Contact me for photographic equipment or visit my home page at: http://macrocoins.com |
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Pillar of the Community
United States
5602 Posts |
NumismaticsFTW Stated, " The period of knowledge being necessary is over." Knowledge is Power, Always Will Be. Not Everyone , like Me, are Computer Savvy, Not Everyone Knows How to Navigate the Web, That Said, I Disagree.......... I deal and Dealt with some Very Educated, Extremely Knowledgeable Coin Shop Experts, They are Very Unique and Rare. Nothing like Listening to a Very Experienced Coin Shop Dealer Discuss Their insight into What WAS happening Way Back When, Priceless. They, with Our help, Makes for a Very Promising Future For the Up and Coming Coin Collector's Education, Developing a Relationship with a Coin Shop Dealer Takes Years to Establish, If You can locate a Knowledgeable Friendly Person, Many Years.... .............  |
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Pillar of the Community
United States
3237 Posts |
@morgans dad I think what Numis meant, and I agree with this, is that modern tools have shifted what knowledge is in a way that has made it less important to know facts, and more important to know how and when to research to *get* facts. Knowledge will always be important, but the internet has made it so it's no longer important to, for example, have all the doubled die varieties for a particular date committed to memory, because we can always open variety vista and check them. What is important is knowing how to identify doubled dies in general so that when you compare a coin with the images online, you're actually confident in your attribution. Different kinds of knowledge.
Edited by SamCoin
09/01/2023 10:56 am
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Pillar of the Community
United States
2280 Posts |
Samcoin nailed it, thank you You realize when you know how to think, it empowers you far beyond those who know only what to think.
-Neil deGrasse Tyson
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New Member
United States
35 Posts |
Dealers only buy errors if its in the Red Book and don't even expect to get that much if they do make an offer. My experience with dealers hasnt been good. In my experience they lie about your coin so they can get it from you for alot less, and then lie about the coin again to sell it to someone else for more than its worth. Coin dealers in my area are swindlers straight up |
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Moderator
United States
54280 Posts |
Quote:
Coin dealers in my area are swindlers straight up Pawn brokers Jewelry stores Car dealers Gold buying franchises Antique shops Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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New Member
United States
35 Posts |
Nss-52 aint telling no lies on that list
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Pillar of the Community
Canada
5238 Posts |
In my area (Ottawa, Canada), our dealers are generally decent folks trying to make an honest living. I would say that all of them are well aware of errors and varieties, but they are very hard to price as the market is thin (as someone mentioned) Thus they can't offer very much if they want to make a profit and even then they may have to sit on an item for months or even years.
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Replies: 15 / Views: 1,997 |
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Posted 08/31/2023 8:21 pm
