$50 for a Run of Statehood Quarter Silver Sets

Typetone · October 9, 2003 5:06AM

Since we just had a thread on local dealers, here's a good one.

I called my favorite local dealer this morning and asked for a price on a run of statehood quarter silver proof (10 coin) sets that I had to sell, 1999 to 2003, (that's right five sets).

He quoted me $50

. No, not per set, for the entire 5 set run!!

He said he can't sell any, so that's all he can pay. So, I said that was a little low, but that I would be happy to buy as many 5 set runs that he could sell me at $100, (a 100% profit).

Click, was all I heard!

jcping · October 9, 2003 5:11AM

A coin shop dealer .......

You know one thing there is only one character difference between sho"p" and sho"w"

MadMonk · October 9, 2003 5:13AM

how come that doesnt shock me?

Louis · October 9, 2003 5:21AM

Tell him I'll take 100 sets.

baccaruda · October 9, 2003 5:25AM

did he honestly think you were going to give him $300+ worth of silver proof sets for $50 or was he essentially just saying "not interested"?

Strange he didn't want to sell at $100 though, 100% profit sounds pretty good to me.

khayse · October 9, 2003 5:27AM

Boy, I'd love to see the margins THAT guy works on.

-KHayse

robertpr · October 9, 2003 5:27AM

I think baccaruda was right, he was just trying to politely say he wasn't interested. Especially since he mentioned he couldn't sell any.

baccaruda · October 9, 2003 5:34AM

Does your voice sound like a poor little old lady's perhaps? Maybe he thought your husband just died and you were trying to sell his collection. His eyes lit up with dollar signs and he was doing the fist-pumping-cha-ching-thing.

nwcs · October 9, 2003 5:43AM

I don't think he was politely saying he wasn't interested. If he was, he would politely say he wasn't interested! I think he saw an opportunity.

Typetone · October 9, 2003 5:46AM

Baccaruda:

I'm sure he was saying not interested. However, it was insulting. Why not just say he is not a buyer at the market price. Or, if he wanted to quote a price, why not just say $150 or some other "reasonable" low ball. This was insulting because it seems that he actually thought I was dumb enough to consider it. Hum, maybe I am

Greg

numonebuyer · October 9, 2003 6:06AM

Can you imagine what you would have been offered by your "least favorite local dealer"?

Numonebuyer

baccaruda · October 9, 2003 6:10AM

You're right, $50 is an insulting offer. He might as well just say "I hope you're an idiot and you'll take $50 for those". You should walk into his shop and find a coin that he wants $400 for and offer him $50 - check his reaction.

I walked out of a local dealer's shop maybe 4-5 weeks ago. Generally his prices are a little high but he considers nice tone "damage", so I can pick out nicely toned coins for pretty cheap. He doesn't want to spend any time with you at all. He just wants you to plunk down a large sum of money and get out. He had a marginally nice washington quarter that he wanted $20 for. I told him I'd go $15. You don't really bargain with the guy, but he also gets upset if you look at a coin but don't buy it - and I'd done that for the last 3 coins because his prices were too high. He said "I'll just keep it for $15". I asked if he had any franklins in Danscos and he says "Yeah, but I want too much for them".

I stood there in disbelief for about 5 seconds. I said "I'm sure you do" and walked out. Left all the coins we'd already agreed upon on the counter. That was great.

wallstreetman · October 9, 2003 6:12AM

You should have contacted him later and stated you got $75 for them!

baccaruda · October 9, 2003 6:14AM

LOL - good idea WS.

ohbaby · October 9, 2003 6:16AM

I am surprised this stuff still surprises people!

The only way these mom pop dealers can survive is by having huge margins. Let's face it, even when they do have inventory most don't know how to move it. Go to any show, national, regional or local and you will see the same dealers selling the same stuff month after month, quarter after quarter. The only way they will make money is by buying at a steal and hoping to sell dear.

Bochiman · October 9, 2003 6:21AM

What Wallstreetman said.....LMFAO....that would have been funny.

Typetone...I do like what you said to him though....."give ya $100 for up to 5 sets".

Man...dealers like that...they should either be up front if they really don't want them, or not try to screw ya that bad.

Hey Barracuda....prior to the dealer telling you he charges too much for you, did you ever think a dealer could stun you like that? Other than by showing you a supercool
coin you wanted?

Heh...the 2 pictures I am trying to imagine most today, and would love to see are/would be:

1) Picture of Typetone's dealer when Typetone made the counteroffer....heh
2) Picture of Barracuda being told BY the dealer that the dealer wants too much for them so why show them.

Heh...I needed this today

Ron

baccaruda · October 9, 2003 6:25AM

The only way they will make money is by buying at a steal and hoping to sell dear.

This was the same dealer that gave the afforementioned little old lady $1.00 per roll for mixed wheats, and spot silver for rolls of SLQs, WLs, Franklins etc. An entire grocery bag full. I watched the deal take place. She had no idea what she had and no idea what to do with it. I heard every line in the book - "We can't really sell these", "These are slow movers", "We can't get much for these" etc.

I was in the shop the following Saturday and he was going through his ill-gotten booty on one of the side counters. He was showing me stacks of AU mixed teen-date Lincolns with a big smile on his face. I was just thinking "Dude, you're going to Hell - that's for sure".

Iwog · October 9, 2003 6:26AM

You must not have read this thread where it was revealed that coin dealers pay 75-90% of retail. I wish I knew where I could find those dealers.

It's a sad fact that most coin dealers stay in business stealing from widows and orphans.

baccaruda · October 9, 2003 6:37AM

The thing is that I was so tippy-toe polite to that guy (when you only have 3 dealers and 1 of them is a criminal, you don't want to lose another one). Oh well, I'm down to 1 now...

$50 for a Run of Statehood Quarter Silver Sets

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