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Pricing - How Do I Do So At A Coin Show?

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snitchard's Avatar
United States
420 Posts
 Posted 01/22/2010  10:56 am Show Profile   Bookmark this topic Add snitchard to your friends list Get a Link to this Message Number of Subscribers
Hello,

Below is my pricing strategy for buying online.

1986 Statue of Liberty Commemorative Proof Silver Dollar

Coin Values PR68 Price
$22.00
Numismedia PR68 Price
$24.00
ebay AVG. Closed Auction paid price
22.25
Highest I'm willing to pay (AVG of above price guide prices)
$23.00
I actually paid $18.00

1986 American Eagle Proof Silver Dollar

Coin Values PR68 Price
$55.00
Numismedia PR68 Price
$43.00
ebay AVG. Closed Auction paid price
$48.50
Highest I'm willing to pay (AVG of above price guide prices)
$49.00

When shopping online stores or on ebay I look for coins in their original government Mint packaging, which is so hard to find sometimes but I have no clue how to effectively search ebay.

Say I'm at a coin show or coin shop and I haven't done my "homework" and I see a coin I like and might want to buy but I don't have a RedBook or price guide on me.....what do I do?

Do I only go after coins I have done my homework on first?

Do I carry a copy of Coin Values around and take a percentage off of their price and if so 10%? 20%? how much?

Please Help!!

Thanks,
Rich
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KenKat's Avatar
United States
4085 Posts
 Posted 01/22/2010  11:04 am  Show Profile   Bookmark this reply Add KenKat to your friends list Get a Link to this Reply

Quote:
Do I only go after coins I have done my homework on first?


This is what I do unless we are talking coins of lower value (under $20 or so). Have an idea of what you are looking for ahead of time and what you expect to pay.
Edited by KenKat
01/22/2010 11:05 am
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jbuck's Avatar
United States
188213 Posts
 Posted 01/22/2010  11:08 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Do I only go after coins I have done my homework on first?
That is my strategy. I have a spreadsheet that lists the coins that I need with pricing and grade information for each item. I keep it on my Droid phone for easy access.
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SsuperDdave's Avatar
United States
23522 Posts
 Posted 01/22/2010  12:34 pm  Show Profile   Bookmark this reply Add SsuperDdave to your friends list Get a Link to this Reply
It's all good if you have Internet access from your cell phone.
Valued Member
snitchard's Avatar
United States
420 Posts
 Posted 01/22/2010  12:59 pm  Show Profile   Bookmark this reply Add snitchard to your friends list Get a Link to this Reply
Hello,


Quote:
jbuck - That is my strategy. I have a spreadsheet that lists the coins that I need with pricing and grade information for each item.


Where do you pull the information for the entire collection? Can I get that from the mint's website or Coin Values Magazine?

Thanks,
Rich
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jbuck's Avatar
United States
188213 Posts
 Posted 01/22/2010  2:21 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I keep my full inventory in a spreadsheet as well, but I am not good about updating their current values (because I just do not care that much about it). I do record all of the prices that I have paid though.

For my "want list" prices, I pull the data from NumisMedia and update it manually. I will also look up prices on ebay, but only for the current coins of interest so that I am only doing a handful at a time (and not the whole list, which would be more work).

When I do find something, I often check a few prices using the phone's browser before committing.
Valued Member
snitchard's Avatar
United States
420 Posts
 Posted 01/22/2010  2:38 pm  Show Profile   Bookmark this reply Add snitchard to your friends list Get a Link to this Reply
Hello,

JBUCK, is creating a current want list (spreadsheet) of say 10 coins along with their values and what I'm willing to pay available at a glance better then trying to keep up with all say 50 coins in a collection?

If I go to a coin shop, coin show, or shop online via an online store or ebay is it an easier and/or better idea to just stick with those 10 or whatever small number of coins and collect those before moving on?

I always feel like I can't leave a coin show empty handed, is that the wrong way to thing about it?

Thanks,
Rich
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jbuck's Avatar
United States
188213 Posts
 Posted 01/22/2010  3:22 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
My full want list has 58 coins on it right now. That list shows pricing across my target grades, but I only update the full pricing a couple of times a year.

I also have a subset of that list with the things I am concentrating on. This list is more up-to-date and has more information about what to look for. Before I go to a coin show, I make sure that list is more current by checking out ebay and the current NumisMedia prices.

In the end, it really comes down to what you feel comfortable maintaining. I will tell you that I have left a show empty handed, there is no shame in that. Better to do that than bring something home only to later find that you could have done a lot better.
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trdhrdr007's Avatar
United States
2335 Posts
 Posted 01/22/2010  5:33 pm  Show Profile   Bookmark this reply Add trdhrdr007 to your friends list Get a Link to this Reply
For me this is the hardest part of coin buying. I take a list complete with prices for everything I am currently looking for, & I have a great memory for what I paid for coins I purchased* in the past.

The problem comes in when I see something interesting that I didn't prepare for. If the price is pretty low I'll bite, but most of the time I pass & put it on my list for the next time. I've missed out on some coins that would have been deals this way. I guess that's the price you pay for not having web access on your cell phone.



* too bad I can't remember the wife's birthday, or my anniversary, or......
Bedrock of the Community
United States
20753 Posts
 Posted 01/22/2010  7:36 pm  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
Remember that a coin show is basically a flea market for coins. There are electronic shows, camera shows, gun shows, etc. and all are really just specialized flea markets.
By that I mean you should never pay what a dealer is asking for a coin. Even if it appears to be the greatest deal on Earth, always ask if they can do better. Most dealers know your going to do that so they've already raised their asking price to compensate for that anyway. So if you pay what they are asking, your really blowing it.
If you want a suggestion. Find a two or three year old Red Book. With the prices in their, never go over that for a coin. And if possible, chey them down further.
Ond dealer I know told me he puts prices on his coins about 25% over what they are worth. The first thing he tells customers is that he would knock off about 15% if interested. He knows that most will still want to reduce the price by more so he agains says how about 20% off. Even if he has to go down 25%, he then gets what he originally wanted anyway. He is happy and the customer walks away thinking he is the greatest shopper on Earth.
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