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 Replies: 33 / Views: 3,458 |
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Pillar of the Community
Canada
3692 Posts |
So for the second time this month alone I turned down buying silver dollars from particular dealers. The reason being that they hadn't changed their prices in the last couple of weeks. It makes it so hard to buy from them. One example, I was at a local show and every single dollar in this one dealer's binder was mis-priced. I was getting ready to buy a couple when the dealer wanted to turn to his Trends for every single piece.
Second example happened today. I got to looking at the silver dollars for sale and I came across 12 in the $15 range (2 were $13). I started pulling them out and asked for the price on some different gold coin, and just when the salesman had a GUARANTEED sale of $100+ he whips out this line, "I'll have to charge you 16.50 each for those. I'm not about to be taken advantage of."
That really killed me. I wasn't trying to RIP HIM OFF BLIND, and he said it as if taking advantage was a bad thing. I saw a good deal so I was ready to buy. Now, this is in a high-end store in the pricey section of town. It's not like he's trying to eke by on every sale, they buy estate and collections (and I'll bet you they pay nowhere near retail). So it's not like he was "losing" on this deal but he decided to be a scum anyways. Even after asking about the gold coin he felt he had to be a lowballer.
Well I just lost what little respect I had for this store. They're making killings (literally, "killings" from collections of deceased persons) and they feel the need to make an extra buck off a guaranteed sale. Good job, salesman. Nothing like giving a person $0 for their hard work.
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Pillar of the Community
 United States
2448 Posts |
I know, the faster silver appreciates the more it happens. They're to lazy to change the prices.
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Pillar of the Community
United States
3592 Posts |
I kind of understand why they need to keep up with changing prices as they will spend more to replace their stock...but the way they handled it was not the best.I know they can't change prices daily, but a sign to that effect would be pretty easy.
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Pillar of the Community
United States
3294 Posts |
One of my coin dealers just posts a sign that says the minimum price on all silver coins is melt value. I can understand that since he has like 2,000+ low end silver coins that are low price and he doesn't want to have to go change their prices all the time.
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Pillar of the Community
 Canada
3692 Posts |
I didn't feel right buying anything from this dealer. POOR choice of words, I wanted to say to him. I may be young but that doesn't mean I'm out to take advantage of everyone on the street. I wanted to slap this prejudiced man in his place of work but then I'd be out of line.
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Pillar of the Community
United States
2120 Posts |
Wow, thats ridiculous. One of the things I like about the dealer I go to is their prices are flat. If its marked, thats its price.
There have been many times I found a Silver coin in a 2x2 marked well under spot. I asked one of the workers about it and they said "huh, well if thats whats marked. we're not going to switch it on you."
I feel really lucky to have a friendly, honest coin shop to go to.
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Pillar of the Community
United States
797 Posts |
I would think it would be easiest to put a general price on Silver and silver coins at a shop that states they sell for melt + whatever premium they charge. I have seen silver eagles sell for Melt + $2 or other coins sell for melt plus a %. That way as silver prices change you don't have to keep checking or adjusting price tags. I hate going to shops that have very few or no price tags I hate having to ask about every coin I am interested in, especially if they are busy/crowded.
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Bedrock of the Community
United States
10045 Posts |
Quote:
"I'm not about to be taken advantage of." Well, OK then.  Some dealers are a bit lacking in the people skills department. Edited by DVCollector
11/12/2010 8:18 pm
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Bedrock of the Community
United States
20753 Posts |
Not meaning to take the side of a coin store, BUT you must realize many situations of a coin store. Regardless of what a customer thinks, they are there to make a profit and regardless of from who, they just must make a profit. The dealers in a coin store are really not there for you. They are there to make a profit.
From such profits comes possible store space rental or a mortgage payment. From profits they must pay for water, gas, phones, electric bills. Also, maintenance which means fax machines, paper for printers, printers, computers, the internet, store fixtures and on and on and on and all from profits. Then of course there is that thing called food for the family, house or apartment costs, clothing for the entire family and on and on and on and all from profits.
Always try to imagine what you would REALLY do if you were a dealer with a store.
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Pillar of the Community
United States
1424 Posts |
If the dealer can't keep up with the silver market they should just mark low end coins as "Melt value" or something like that. That way they don't have to change the prices all the time.
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Pillar of the Community
Canada
3692 Posts |
carl: I've already noted that it's a high-end store. I know what profit and overhead mean... I don't need a lesson in that.
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Bedrock of the Community
United States
10045 Posts |
Some coin dealers are really funny about this stuff, imo. Every business has overhead, yet nobody but coin dealers reminds me about it. That's your business, not mine. Also, what's the deal with dealers expecting that I buy something every time I look through their stock?  Some dealers see this as a "courtesy", but do they realize no other store expects this from shoppers?  If I like what I see--and the price is good, I'll buy it. This isn't a difficult concept to master. |
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Pillar of the Community
United States
2150 Posts |
Quote:
Every business has overhead, yet nobody but coin dealers reminds me about it. That's your business, not mine.  |
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Pillar of the Community
Australia
1040 Posts |
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Pillar of the Community
United States
1080 Posts |
Look, the dealer has plenty of silver that he bought at 12xface and even 6xface. He's not losing money because he has yesterday's silver price posted.
The guy I visit has a dry erase board with his current buy and sell prices for precious metal, 40%, 90%, etc. The numismatic stuff is priced based on what he paid, so he won't lose money on that as prices fluctuate. But there is stuff with no price -- inquire and they look it up in the grey sheets. Seems like an easy, inexpensive, and polite way to do it.
Sorry about your bad experiences.
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Valued Member
United States
57 Posts |
I sort of understand the attitude. Coin dealers are almost unique in that they are selling things of almost zero utility value. (They are selling little circular pieces of metal.) The entire business model is based upon creating and maintaining the perception of value in those little bits of metal, and I don't think I could be in that sort of business unless I adopted a very hard line on what I believe is the worth of my inventory, and had so much faith in it that I projected my confidence in its value every time I spoke. I figure the attitude I see in so many dealers comes from years of having to peddle bits of metal (with no utility value) so that they can earn enough money to buy for themselves things that do have utility. That can't be an easy life to lead.
Whenever I run into that sort of situation, I remind myself that everything a dealer sells is a luxury good, it's for extraneous consumption, and if it makes it easier for me to walk away if I feel like I'm not being treated well. It's surprising that coin dealers by and large don't seem to know this. People who own or work at jewelry stores and art galleries all know that if you give your customer a bunch of attitude, or feign rudeness (outside of NYC anyway) they are going to walk away without a care, and therefore they tend to emphasize people skills and courtesy in their staff, but sometimes I feel that it is a rare coin dealer that cares about such things.
Then again, maybe that's why so many local jewelers and galleries are in the swankiest parts of town, while the coin dealers are stuck in low-rent strip malls in economically depressed parts of town.
Edited by swiego
11/13/2010 7:17 pm
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Replies: 33 / Views: 3,458 |
Posted 11/11/2010 3:46 pm
