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 Replies: 16 / Views: 3,613 |
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New Member
United States
8 Posts |
When I normally go to a Coin Show I know what I am looking for, In fact I'll usually have a piece of paper with me listing all the dates I am looking for and the price I expect to pay for them. The question I do have is how do I know what are the actual prices of the coins that I am purchasing? I know the RedBook 2011 is based on prices in the Fall, so they are most likely not accurate prices I'll pay for the coins. By the way I am purchasing coins in Omaha, NE. I am also 19yrs so I would believe that many coin dealers would not negotiate with me and/or rip me off in some cases, which has happened. How do I know what price to expect to pay for coins and where can I find that information. I'm looking to spend about $500 on coins which I find interesting and are sleepers. Edit: Okay, I'm not looking for certified slabbed coins, I'm looking for circulated coins. How do I successfully negotiate with a dealer if I'm only 19? Edited by LincolnMercury
04/21/2011 7:22 pm
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Valued Member
United States
81 Posts |
I buy coins at a local shop and make sure to check the Grey sheet before the purch ASE |
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Pillar of the Community
United States
7192 Posts |
Go on line to PCGS website and they have a price guide. It sounds like you know what year mint and type you think are "sleepers" PCGS should give you a high end ball park for these dates.
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Moderator
 United States
188725 Posts |
NumisMedia.com is the guide I use. They have retail pricing, so you should expect to pay at or below what they list.
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Pillar of the Community
United States
2661 Posts |
Quote:
NumisMedia.com is the guide I use. They have retail pricing, so you should expect to pay at or below what they list.
 With silver running amok you can not go by Red Book prices anymore. They are either too low or too high and are updated once a year. Numismedia is updated at least weekly. |
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Bedrock of the Community
United States
10982 Posts |
Numismedia.com is a good retail price guide. Use it like the sticker price on a new car. You may be able to get 20% off and the dealer might not budge, but on common U.S. coins, Numismedia has the best free retail price guide.
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Pillar of the Community
United States
1064 Posts |
I've seen a lot of folks in these threads say Numismedia is way high, is that a wide-spread opinion?
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Bedrock of the Community
United States
20753 Posts |
For one thing see the post called a price list question.
And I see most replies have little to do with a coin show which usually happpens. Taking any price listings to a coin show is usually a waste of time. Almost all dealers use the Grey Sheet at coin shows as a Guide but many factors also effect the prices of coins there.
I presently go to about 2 to 4 coin shows a Month, all year long, for many years. I've found that coin prices at most coin shows are based on some, not always, the following:
1. Size of show. The larger the show, usually the higher the prices of coins
2. The economy since if many people are out of work, those are the ones that usually do not run out and buy coins.
3. Actually the weather. If it is snowing, raining, hailing, etc. ou don't get a large crowd of buyers at a coin show so to make a sale, a dealer must make deals.
4. Most dealers do use a Grey Sheet as a guide but if they know you, those prices too can be cut either a small amount or even a large amount.
5. The popularity of what your looking for. The more popular a coin is, the higher the dealers prices will go.
6. Always remember to ask dealers what their lowest price is on any coin. Coin shows are basically a flea market for coins so haggling prices is actually expected. If you pay the original asking price, you made a mistake.
Usually, not always, coin show prices are sort of based on what a dealer must output for being there. The large shows dealers come from other places so must stay in hotels or motels. Pay for food and other items for traveling expenses. Some take their families with them and that cost money too. Table rentals and large shows also cost much more for dealers. Some have to pay extra for additional electrical for lighting. Dealers at large shows know they will probably never see you again so why give you any special deals. So all must be added on to their selling prices to cover those losses.
A small, local type coin show is usually attended by local dealers and coin store representatives. So most of the above requirements for large shows are just not there. Some bring their own food and coffee asa with a normal, every day job. Table rentals are usually cheap and all the ones I go to, electrical is provided free.
At small shows, if you go frequently, you get to know the dealers and even get to meet other collectors. A dealer that knows you may well give you a better deal since he knows he will see you again soon.
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Pillar of the Community
United States
2764 Posts |
Very thorough answer from Carl. I suggest you print it out and study it. I think your follow up question will be "where/how can I get the Greysheet?". To help you from running around/searching.... here's the directly link to the Greysheet. This is what I buy every January and that would help me stay in ball park for the whole year, with complete pricing reference for all US coins. However, w/ the current precious metal price increase, some of those data (silver and gold coins prices) are becoming obsolete also: http://www.greysheet.com/web_order/...ial_form.asp I hope this help. |
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New Member
 United States
8 Posts |
Since I can't edit my topic anymore, I do want to say that I will be carrying $500 CASH on me, so I'm not sure how successful this negotiating will be.. Any comments to this?
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Pillar of the Community
United States
2764 Posts |
Make sure you do your "homework" and focus on getting the coin(s) you need first. If you don't like the price, just walk away.... go to another dealer... you can always come back.
Regarding "sleepers" coins.... depend on the series and there are many factors involve. One important thing to remember is if the price gap between VF and XF is more than normal (think of a continuous price graph from G to MS70)...especially when the price of XF is closer to AU than to VF then buy the VF since probably many people wanted XF and push the price of XF.... the lagging of VF price will eventually catch up (equilibrium).
There are alot to read and learn, so take your time and "DON"T buy on impulse"!
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Moderator
United States
188725 Posts |
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I've seen a lot of folks in these threads say Numismedia is way high, is that a wide-spread opinion? It it a matter of perspective. In my experience, NumisMedia provides a good retail price. For people that "never pay retail" it may seem way high, but that does not mean it is out of line. |
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Bedrock of the Community
United States
20753 Posts |
Quote:
Since I can't edit my topic anymore, I do want to say that I will be carrying $500 CASH on me, so I'm not sure how successful this negotiating will be.. Any comments to this?
some time ago I posted a list of security measures people should try to use going and coming from coin shows. The reason is just as you noted, most people carry cash and many, many crooks know that. Many carry thousands of dollars in cash. There are many robberies associated with coin shows but usually seldom reported if in an area where crime is just a way of life. In large city areas there is just to much crime to report all of the robberies. 1. Always carry cash in your front pockets. Not easy to pick a front pocket. 2. Do not carry a back pack for anything. To easy to put a device in to find you later. To easy to pick things out. Bumping people in crowded aisles so usually would be told to remove or take out to our car. 3. Never pay with a check or plastic card with your name, address, etc on them. Remember how many people have camera phones and could lean over your shoulder and photo that info. 4. When leaving, try to see if anyone is also leaving at the same time. If so, just walk back inside to see what they do. 5. If you drove there, drive around the parking lot in a circle to see if anyone else tries that. 6. If you suspect your being followed, try to find a police station or just pull into a gas station. Ask directions and see if the possible follower is there too. Just remember it is always better to be safe than sorry. Ome more hint about coin shows. Always be prepared to talk to dealers as much as possible and/or if they let you. Dealers are just people and will remember you if you spend a few minutes with them regardless of if you bought something or not. |
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Valued Member
United States
79 Posts |
Quote:
I am also 19yrs so I would believe that many coin dealers would not negotiate with me and/or rip me off in some cases, which has happened. Remember these guys (especially those who try to rip you off) and try not to ever deal with them again. For every one of these shysters there are quite a few friendly dealers out there who are willing to deal with you and who are more deserving of your money. I'm young too (I just turned 20 last month), and get this every now and then too. Just try to be respectful and tell them "No, thanks anyway" if you think they're trying to pull a fast one, and walk on to the next table. |
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Pillar of the Community
United States
3184 Posts |
as others mentioned greysheet is good and maybe bring a laptop or a phone with internet and check online for what a specific coin goes for before you purchase.
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Valued Member
United States
337 Posts |
21 years old and haven't had a problem with dealers
however I haven't really started buying high end or semi key coins by any means
I rarely try to haggle since I like to search bargain bins
most of the dealers I go to at shows take a bit off when I hand them what I want
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Replies: 16 / Views: 3,613 |
Posted 04/21/2011 4:31 pm
