Options
Do you avoid the poo-poo dealers?
topstuf
Posts: 14,803 ✭✭✭✭✭
I'm noticiing an increasing trend.
It's nothing new but it seems to be spreading (which I can understant).....but...
I browse Collector's Corner and am finding more and more slabbed "poo poo" coins.
Yes, they have the slab and grade...BUT... the coins are doggone shaky for the grade.
Sometimes REALLY awful.
But I guess they finally sell.
I won't name names, but if you browse and know anything about coins, you'll see this trend spreading.
Sure wish CC had some "feedback" feature. Sure, you can just ...not buy...them, but there are some dealers who are OBVIOUSLY (again not a new thing) ...seeking.... marginal coins that have gotten into slabs at a grade where almost no knowledgeable collector would pay good money for them.
Oh well.
Venting.
It's nothing new but it seems to be spreading (which I can understant).....but...
I browse Collector's Corner and am finding more and more slabbed "poo poo" coins.
Yes, they have the slab and grade...BUT... the coins are doggone shaky for the grade.
Sometimes REALLY awful.
But I guess they finally sell.
I won't name names, but if you browse and know anything about coins, you'll see this trend spreading.
Sure wish CC had some "feedback" feature. Sure, you can just ...not buy...them, but there are some dealers who are OBVIOUSLY (again not a new thing) ...seeking.... marginal coins that have gotten into slabs at a grade where almost no knowledgeable collector would pay good money for them.
Oh well.
Venting.
0
Comments
As you say, nothing new. There has always been a certain percentage of dealers who buy C level coins at the reduced rates the coins deserve and then resell them to collectors who believe the hype that a "PCGS 65 is a PCGS 65." just as before slabbing there were dealers who bought BUs which magically became gem BUs when selling. Unlike you, however, I don't see the overall percentage of dealers who do this increasing...if anything, I would say it's falling.
<< <i>I exist around, though rarely in, a circle. >>
Might you explain that? its a tad oblique
And, that's not nice.
peacockcoins
I don't mind people asking moon money for ugly coins. It helps justify the prices I strive to sell my correctly and eye appealing coins for
<< <i>Even the low for the grade coins have to go somewhere. >>
This. Turn the clock back 40 years in my experience---well before the internet existed---there were plenty of dealers pushing junk. Many of them placed big ads in publications like Coin World and Numismatic News (and some still do). Only a small percentage of the available collector coins are scarce and nice for their grades. The rest? Sitting in inventories, waiting for schmos to happen by.... It's always been like this.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
WS
Personally, I like to pay "B" prices for "A" coins.
Now, if coins are in holders that they shouldn't be in....... that's different, but they still have a proper price. If bought and sold correctly, everyone can go away whole and happy.
<< <i>
<< <i>I exist around, though rarely in, a circle. >>
Might you explain that? its a tad oblique >>
I get the coins needed, outside of certain circles because I'm not in any of them, per se. For example ; Collectors Corner, CCE, CoinNet, PNG, etc., etc.
My customers either like what they get or they don't get it.
Latin American Collection
<< <i>Perhaps you should start a "Poo Poo" stickering service, brown of course. >>
Welll....Change a background color to brown, add an 'A,' and you're there.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
<< <i>lol @ poo poo stickers. >>
yes, a big brown poo poo sticker
<< <i>Even the low for the grade coins have to go somewhere. >>
As a retired dealer I can tell you that just about everything sells eventually if you are willing to wait long enough. That's why you see the same coins in a given dealer's inventory for years. Some guys never give up the ghost on anything, but that strategy don't help your business in my opinion. You need to keep your inventory fresh and changing so that the serious collectors will come back looking at your stock show after show.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>I don't bother with CC any longer. I looked at it a few times and all I saw were coins which I collect which were selling for about double what they were worth. >>
I have found CC to useful when I was at a show. I would check to see if that dealer was attending the show, and I've been able to find and buy a couple of coins that way.
<< <i>
<< <i>
<< <i>I exist around, though rarely in, a circle. >>
Might you explain that? its a tad oblique >>
I get the coins needed, outside of certain circles because I'm not in any of them, per se. For example ; Collectors Corner, CCE, CoinNet, PNG, etc., etc.
My customers either like what they get or they don't get it. >>
I was just following on with another geometric reference sorry , what is the thread about anyway? I wasn't paying attention
<< <i>
<< <i>
<< <i>
<< <i>I exist around, though rarely in, a circle. >>
Might you explain that? its a tad oblique >>
I get the coins needed, outside of certain circles because I'm not in any of them, per se. For example ; Collectors Corner, CCE, CoinNet, PNG, etc., etc.
My customers either like what they get or they don't get it. >>
I was just following on with another geometric reference sorry , what is the thread about anyway? I wasn't paying attention
>>
The shape of poo poo dealers , I think
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I know several who glean for ugly slabbed dreck to sell on eBay.
"How much ya want for that (hee hee hee HAW) 63 seated slug?
Yeah... I'd take it for a bit less to foist off online. Say, want a cheese dog?"
It's GOT THE GRADE, Martha.... what could be bad? And it's CHEAP.
Your comments seems to indicate that you think a dealer could have some propensity to stock "poo-poo" coins (assume that is some technical term). As an example, if you look at my inventory I have a full range of coins, from the common dreck, to pretty nice. Because I focus on buying entire collections, raw hoards AND individually graded coins, I wind up with a smattering of things. Earlier this year I was hired to liquidate a collection and wound up with some of the ugliest (graded) Silver Commem's you have ever seen. Am I helping the client by saying "no I don't want those?" No of course not, instead I take advantage of this wonderful thing called a "Market" and let things sell as they may. I wish all collectors were sophisticated enough to only buy the nicest coins ever made, but that is just not reality. And since I have a policy of not "Cherry-Picking" when someone comes to me with a collection, I wind up sometimes with a very eclectic inventory that includes stuff I would never consider if offered to me over the counter as a one-off purchase. But as some intentional way of stocking over-graded poo-poo? That's just a bunch of poo-poo.
On another note, if you find that "some coins are shaky for the grade" I would expect that the weight of that responsibility (and I am not even sure there is that, but that is another Oprah), should be with the folks who put the coins in those holders. Why are you somehow associating that to someone who is retailing the product? What I do not understand is how you make the leap from what is your "idea of collecting," to that being some basis by which dealers should manage their inventory?
Having said all of that. There is not a dealer out there that does not have at least one piece of poo-poo in their inventory. On the other hand, if you find a coin you want/like/have to have/covet, most savvy collectors will figure out a way to own it regardless of who the dealer is that has it in their inventory. If you are not doing this, you are only hurting yourself.
<< <i>CC does have a feedback feature.
Your comments seems to indicate that you think a dealer could have some propensity to stock "poo-poo" coins (assume that is some technical term). As an example, if you look at my inventory I have a full range of coins, from the common dreck, to pretty nice. Because I focus on buying entire collections, raw hoards AND individually graded coins, I wind up with a smattering of things. Earlier this year I was hired to liquidate a collection and wound up with some of the ugliest (graded) Silver Commem's you have ever seen. Am I helping the client by saying "no I don't want those?" No of course not, instead I take advantage of this wonderful thing called a "Market" and let things sell as they may. I wish all collectors were sophisticated enough to only buy the nicest coins ever made, but that is just not reality. And since I have a policy of not "Cherry-Picking" when someone comes to me with a collection, I wind up sometimes with a very eclectic inventory that includes stuff I would never consider if offered to me over the counter as a one-off purchase. But as some intentional way of stocking over-graded poo-poo? That's just a bunch of poo-poo.
On another note, if you find that "some coins are shaky for the grade" I would expect that the weight of that responsibility (and I am not even sure there is that, but that is another Oprah), should be with the folks who put the coins in those holders. Why are you somehow associating that to someone who is retailing the product? What I do not understand is how you make the leap from what is your "idea of collecting," to that being some basis by which dealers should manage their inventory?
Having said all of that. There is not a dealer out there that does not have at least one piece of poo-poo in their inventory. On the other hand, if you find a coin you want/like/have to have/covet, most savvy collectors will figure out a way to own it regardless of who the dealer is that has it in their inventory. If you are not doing this, you are only hurting yourself. >>
+1
<< <i>Do inventories also seem to be getting smaller? If so, it would explain much of what you see. Nice coins sell and aren't getting replaced. All that's left is the "dreck". But if inventories are not getting smaller, I can't explain it. >>
Dealers have to make a living with what coins are available, it's not all kittens, wine and burritos!
When I buy error coin dealers, whether from a
counting room source, or an older collection or
accumulation, I buy EVERYTHING - and there
are always a few damaged errors - caught in
counting machines, scratched because someone
wanted to see if the error was genuine, or something
similar.
While I keep the nicer coins for my inventory/website,
I put up the 'off' quality coins on Ebay, either raw or
slabbed, and full described.
Some dealers' business model is to buy coins one at a time,
spending time looking carefully at every coin offered or found
at a show. Their inventory is going to look impressive all the time.
Other dealers, who buy at their shops, or entire groups/lots, will
by nature, have some coins that some collectors wouldn't want.
That doesn't mean a dealers inventory is P-P because there are
some coins folks don't like.
I don't like Coconut Creme Pies, but that doesn't make
Marie Calendars inventory of all pieces Poo-Poo, right ??
Just saying'........
for PCGS. A 49+-Year PNG Member...A full numismatist since 1972, retired in 2022
As for the pop-poo sticker.........there are a few pop 1's that deserve it but to each their own, whatever floats their boat.
<< <i> >>
Leo
Edited to correct a coin date and add a comma.
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
<< <i> But as some intentional way of stocking over-graded poo-poo? That's just a bunch of poo-poo.
What I do not understand is how you make the leap from what is your "idea of collecting," to that being some basis by which dealers should manage their inventory? >>
Because I ....know.... the dealers who specialize in these pieces of junk. They make BIG money off of ignorance.
I could name names but won't risk a defamation suit. They can be found at any show doing LOTS of volume in "iffies."
I have a STRONG hunch that several here know the names also but just don't do bizz with them. (or in some cases, USE them to layoff their dreck)
It ONLY takes a perusal of the inventories of the poo poo'ers to see what I'm talking about and it ain't comfy so few will acknowledge it.
I'll leave the thread now because it's an uncomfortable topic for many. Even though it is true.
(Original quote HEAVILY edited to get to the real bones)
Everyone knows that there are always some ugly coins out there. But you said that the "trend" is spreading, and I'm still waiting to hear explanations for that. (Of course, you could simply be wrong, but I'm giving you the benefit of the doubt.)
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
What I think about the dealer or his inventory is a moot issue. I buy the coin, not the dealer.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
<< <i>Do you avoid the poo-poo dealers? >>
Nope!
Every now again, I like shopping for some worthless crap cause you never know what you might find.
The name is LEE!