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 Replies: 24 / Views: 2,706 |
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New Member
United States
31 Posts |
I have a question about dealers..I have a 2006-W Silver Eagle MS70 (Numismedia worth = $194) I take it to a local dealer..the girl I hand it to has to go ask someone else about it..he looks at it for two seconds and says give him $40...I held my hand out and walked away. Is this common with most dealers?
I was also wondering how you know if a coin in artifically toned...I have a 1883 Morgan Rainbow toned..but have no clue about it.
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Pillar of the Community
United States
3276 Posts |
I don't believe all dealers are like that, but I think some try that hoping you do not know what the coin is really worth. some coin dealers are honest and some aren't, just like people are.
also, post pics of the morgan and I bet some of the experts here will be able to tell for you.
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New Member
 United States
31 Posts |
Edited by CoinRook
02/24/2011 10:32 pm
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Bedrock of the Community
United States
11951 Posts |
I am curious .. who graded it MS 70?
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New Member
United States
31 Posts |
NGC graded it  Edited by CoinRook
02/24/2011 10:25 pm
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Bedrock of the Community
United States
11951 Posts |
That is a good coin, worth much more than $40.00.
Hard to say why he made such a low offer.
Yes he could be just trying to beat you out of the coin, for a low price.
There could be other reasons
- Some dealers/collectors are just not into super grade modern coins
- Some dealers do not know how to price modern coins over MS 65
- Some dealers know what sells in their shop and may not make a good offer,
because they know they will have to re-sell it at a low price.
All I am saying is with out knowing more about the dealer it would be
hard to know why he made such a offer.
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New Member
United States
31 Posts |
Yeah Idk..the guy she showed it to looked like he thought he was king of the castle and was blowing me off.
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Pillar of the Community
United States
7629 Posts |
I wouldn't put it past the dealer being an idiot and not knowing at all what the coin is. There are a LOT of those out there. They do the hobby NO good at all and should be outed. Smacks of someone who is burned out, doesn't want to deal with people, and should probably be working on a factory line somewhere instead of sitting in a coin shop robbing people.
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Pillar of the Community
United States
3278 Posts |
A lot of the "coin dealers" I'm seeing popping up lately are just
silver and gold buyers and people are getting robbed to the point
that it seems criminal. I'm talking about the ones who place huge adds in local
papers and set up shop in a hotel for a day or two, but their not the only ones.
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Bedrock of the Community
United States
20753 Posts |
You didn't mention if just a coin dealer, hobby shop, coin shop, pawn shop, etc. In most instances this makes a real difference. Also, are you young looking, a female, elderly or what since that too in many instances creats the price. Usually if your appearance is that of someone that doesn't know coins, the potential purchaser will make a really low offer. Nothing to loose. In coin stores dealers must always think of massive profits to pay for all their expenses so buy low, sell high of course since the profit is what pays the bills.
Dealers in buisness for long periods of time attempt to analize their patients (customers) and if they don't know for sure, just offer real low prices. Again, nothing to loose and if the offer taken, great buisness stratigy.
Always remember that buying and selling anything such as coins, cars, houses, etc. are whatever you can get if selling and as low as possible if buying. This is what is called buisness.
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Pillar of the Community
United States
1348 Posts |
You are better off having the ms70 on ebay or cosigning it to a respectable auction house. You may loose 20-25% but at lest you will get fair market price for it. |
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Valued Member
United States
463 Posts |
If you can find a person to pay that much for it, go for it but for me any bullion graded ms70 or pr70 is a waste of money to buy imo as they all come from the mint 68-70 any how and why would I want to pay such a preieum for just it being graded? To me its worth only its weight in silver
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Bedrock of the Community
United States
12437 Posts |
Quote:
I wouldn't put it past the dealer being an idiot and not knowing at all what the coin is.  The dealer probably thought it was just a regular bullion Eagle. Quote:
To me its worth only its weight in silver See above, this is NOT a bullion Eagle and is definitely worth more than silver. It is the first year issue of the Uncirculated(burnished finish) Eagles meant for collectors. This coin was sold as part of the 20th Anniversary SAE set, the 20th Anniversary Silver and Gold Eagle 2 coin set, and individually. The total mintage for the 2006W was 470,000 with only 200,000 sold individually. |
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New Member
United States
31 Posts |
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Pillar of the Community
United States
7629 Posts |
It all boils down to this - know your market for what you sell, whether you be the customer or the store keep. if you are taking things into someone's store to sell them - SELL TO THE RIGHT STORE! Obviously this guy is in business to buy and sell what he wants to buy and sell, which obviously isn't certified specailty bullion coins.
Now...my question would be - Did he have similar pieces for sale? No? This should have been your first clue that this guy has no clue what these are and doesn't deal in them. Yes? Then the guy is a crook.
Bryan1234 illustrates a VERY important point. He doesn't understand (or care to understand) the market in these, and makes his statement based on HIS reality - he wouldn't buy the coin for over melt, regardless of what it is. There are dealers who think that way as well. You want to sell this coin and maximize profit? Sell to a modern coin dealer - not to a classic coin dealer!
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New Member
United States
31 Posts |
The store is called Coin and Bullion Reserve. They do sell some jewelry as well. But yes they had a great set of all 3 2006 20th anniversary coins PCGS MS70/PR70. They have more than a few hundred coins on display.
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Replies: 24 / Views: 2,706 |
Posted 02/24/2011 9:32 pm
