Dealing with the coin buying public

Aethelred · December 19, 2003 10:55AM

Some customers make me see red:

My first customer at the coin shop today came walking in with a metal lock box. I walked up and asked if I could help him to which he said nothing but began to unlock his box and fumble with some items inside. While he was doing this I noticed that he smelled rather gamey and had snot running from his nose. He pulled out an 1896 Dollar that was in a holder marked "UNC." I looked at the coin and explained that it was really just an AU and that it had some rather unsightly marks on the cheek. I told him I would pay $8.50 for a coin like this and handed the coin back. He said nothing as he locked the coin back in his box. He then went to a tray of MS-63 to MS-65 Morgans and looked at a few. He then said "You have one hell of a mark-up don't you?" I said " If you are comparing the coins it that tray to the one you showed me, you have to understand that these are nice Unc. coins while yours has been in circulation, that is like comparing apples and oranges." He then said "Yeah sure!" and stormed out of the shop.

A few days ago an older lady called and said "I have a coin you need to answer some questions about." While I was thinking that I didn't "need" to do anything, I was polite and asked her what she had. She said "I have a 97 year old coin, what is it worth?" As much help as her detailed description was, I still needed to ask her what kind of 97 year old coin she had. She huffed and said "It has a lady on one side and a big V on the other, it says 1907. How much do you pay for those?" I said "I'm sorry, but I would need to see the coin and determine what condition it is in to be able to tell you what it would be worth." "It is in very good condition" she said. I then told her "If it in fact grades VG I would pay fifty cents assuming there is no damage or pitting." Before I could even finish she interrupted and said "Only fifty cents for a 97 year old coin? Huff! I think I'll take it to someone else!" I then said "That sounds like a wonderful idea, please do that and have a nice day!"

But some customers are just plain funny:

One day a man walked into the shop with several copper Chinese Cash coin on a paper plate. He started to tell me about his coins. He said "these are 14k gold, back in these days they were not able to remove the gold from the copper." "Is that so?" I said with a smile. "Sure is, these are worth hundreds!" he says.

BigE · December 19, 2003 11:45AM

That happens a lot too me also. I try to look at it from the customers point of view because often they don't know anything about what they have so they are automatically on the defensive. In my business I do not qoute buy or sell prices over the phone because condition is important(on bullion items this may be OK). Tell the customer to bring the item in and they can look the price up for themselves and if they are serious about doing business they will show up and maybe bring other items with them that may be worth something. They definitley won't go to the other dealers they have phoned up. Just a rambling suggestion

-----------------BigE

Tootawl · December 19, 2003 11:48AM

Try dealing with un-appreciative computer users.

coinkat · December 19, 2003 11:49AM

perhaps a new title is in order for this thread... Dealing with the coin SELLING Public... oh the fun of hearing stories such as these.

Cladiator · December 19, 2003 12:08PM

I agree with coinkat!

These stories are hillarious...please share MORE!!!???

fullerfun4 · December 19, 2003 12:33PM

People that have no experience and no desire to gain knowledge are of no use. But if someone is just ignorant but wants to know more, that's when we need to be patient. Afer all, you never know when someone turns out to be a future customer , associate, or friend. But some people are just intolerable!

jbsteven · December 19, 2003 12:44PM

I have a small ad in the yellow pages and get some really funny phone calls. I will probably keep the ad next year just for the entertainment value. Ask me about some stories if you see me at a show and I will be happy to share a few.

Aethelred · December 20, 2003 2:47PM

<< <i>People that have no experience and no desire to gain knowledge are of no use. But if someone is just ignorant but wants to know more, that's when we need to be patient. Afer all, you never know when someone turns out to be a future customer , associate, or friend. But some people are just intolerable! >>

I agree, if someone has a real desire to learn about coins they can have my time and ear for as long as it takes. If they are there to make a buck or don't care to listen, I'll give only as much time as I need to. If they think they are experts because they watch Coin Vault and believe I am cheating them because I don't pay as much as the coins sell for on tv, they can be a real chore!

ARCO · December 20, 2003 3:24PM

I am sure dealers become experts in human relations and patience in fast time. Great stories.

I attended a local coin show in Salt Lake and was doing my first bourse run looking for Barbers. A dealer selling some commemorative gold or Franklin Mint gold or whatever they were, pulled me in and said "hey, if you want a good investment, these will easily double in value in a year".

Well why would I want to spoil a sure thing for you? You should just keep them and make yourself some good money, but thanks for considering me for all those hefty profits, especially since no one is visiting your table and buying those ACG slabbed beauties of yours.

Afterward, I looked in a big mirror wondering if someone had taped a huge "kick me" or "I am with stupid" sign on my back. I mean, what the hell?! Do some dealers think that the collectors are so gullible? I better not answer that question! LOL

Tyler

LucyBop · December 20, 2003 4:58PM

where the heck is your store? You ain't dealt with anybody till the HepKitty deals with you in person!

Cladiator · December 20, 2003 5:01PM

Now that sounds like fun

JoesMaName · December 20, 2003 9:52PM

<< <i>People that have no experience and no desire to gain knowledge are of no use. But if someone is just ignorant but wants to know more, that's when we need to be patient. Afer all, you never know when someone turns out to be a future customer , associate, or friend. But some people are just intolerable! >>

No use?!? only when they bring in garbage... on the other hand they are very usefull when they bring in a morgan looking MS69 (granted - they almost never do...)

I've heard stories and seen the results that go the other way though.
But a fool and his money... or coins...

Myriads · December 21, 2003 3:12AM

I manage a comic book store. It's no different in my line of work.

A lot of sellers fixate on old = valuable.

I have a little script to help them. "Old does play a factor, but the value of a comic is determined by three things coming together; Age, Condition, and Content. One needs all three to produce a valuable book." I then go on to cover things in more detail if need be. This method seems to deal with the majority of civilians who come in with a 'treasure'.

I think it could easily be adapted for coins to "Age, Condition, and Demand" :-)

Of course some will never get it.

Myriads

kranky · December 21, 2003 3:55AM

When you encounter people like the guy who complained about your markup without understanding factors that go into valuing a coin, or people who think their coin is worth hundreds based on age alone, why not offer to sell them a coin like the one they have?

If I thought my common large cent was worth $500 because it's very old and that you were going to rip me off by offering $15, I would have to rethink my position if you said I could buy one like it from you for $20.

Geoman · December 21, 2003 3:55AM

I am not a coin delaer, but was standing around in my local dealers shop this past Friday, when a lady came in with a IHC, in a little plastic sealed bad. She thought it was worth a lot of money of course. All it was, was a common date 1905 IHC in G-4 condition. The dealer offered her $1 for it. She of course, sais it was worth at least $100.

To make a long story short, it was a little plastic sealed bag from Littleton, that had a number of 145.06 on it. The lady thought it was worth $145.06. However, the dealer had to explain to her that the "145" was an inventory number, and not the price. He went on to explain the ".06" was the grade, and showed her in a redbook what a 1905 IHC in G-4 is worth. I bet there are many stories like this. Too bad tha Littleton puts inventory numbers on their bags making it look like a price.

wingedliberty · December 21, 2003 8:44AM

These stories demonstrate the general ignorance of the public at large. I agree that its similar in all areas of collecting where the general perception is that age = value. One only has to look at the New York Times best seller list as a gauge of the general public's mentality or look at the people eating worms on reality shows to understand that 99% of the public are dormant zombified drones.
One of my good friends owns a shop and I help him out on Saturdays occasionally. Watching him trying to explain the difference between silver and clad to a customer or trying to explain the difference between manganese and gold is like watching the apes looking at the monolith in the movie A Space Odyssey by Frank Herbert.

mercurynut · December 21, 2003 9:09AM

Customers are funny especially those that are not collectors.

MFH · December 21, 2003 10:33AM

Although I am a collector and not a dealer, alot of people I work with know I dabble in coins. I tell them I won't buy anything from them, and that I am only interested in choice collector coins. 90% of the things my co-workers show me would end up in a dealers junk box and I politely tell them to give the coins to either the Boys Scouts or Girls Scouts for they would be most appreciative for the gifts. I have only seen one flawless 1921 Morgan, which I thought was a proof striking, advised the owner to submit it to ANACS to get it holdered ( I didn't want her to get a "body-bag" for her submission fee). It came back UNC details net 55 cleaned.
There was absolutely not the slightest tick, blemish, spot or hairline on this coin. It looks a tad off because of the color, but it was a very pleasing soft lusterous grey. She then berated me for making her pay the expense of having the coin graded. She then tried to sell it to me for $100. I just shook my head, "no thanks, why don't you give to to one of your kids for Christmas".
Today, a recently widowed lady I work with is bringing me a box of raw gold coins that her husband bought during the height of the gold-boom. She has not a clue as to their worth. I'll bring her last months'
issue of Coin World Trands, and we'll look over the coins together. This could be interesting. I'll follow up later with my findings.

Coinosaurus · December 21, 2003 10:56AM

One of the local dealers here always does the switch thing where if you come in with a worn Morgan and want $100 for it, he will offer you one for $10. He says no one has ever taken him up on the offer. Usually they say something like "I'm not buying any coins, I just want to sell mine". And they still don't get it after he makes the offer, they think he is playing some trick to rip them off. It goes with the territory, if you want to run a retail operation, you are going to have to put up with crap like this.

ccex · December 21, 2003 3:37PM

Retail can be fun. I spent 12 years as the owner of a used computer shop on the Southside of Chicago. I had fun telling homeless people the value of the IBM XT they found in a dumpster and wheeled in in a shopping cart. The problem sellers were those who remembered how many thousands of dollars they paid for their computer and how much more they spent upgrading it.

At least retail coin dealers have the luxury of price guides and inventory they can show has not sold at a fraction of the wishful seller's asking price.

Conder101 · December 21, 2003 3:55PM

<< <i>Watching him trying to explain the difference between silver and clad to a customer or trying to explain the difference between manganese and gold is like watching the apes looking at the monolith in the movie A Space Odyssey by Frank Herbert. >>

2001 A Space Odyssey, written by Arthur C Clarke, directed by Stanley Kubrick. Frank Herbert wrote Dune (movie directed by David Lynch) and the other four books in the Dune series.

Coppernicus · December 21, 2003 4:16PM

My favorite second-hand customer story is the woman who walked in to the local shop with a supreme $10 gold piece (don't know the date.) The dealer (a very good friend and a tough grader) was wide-eyed! Offered her $4,500 and she was offended. Said she wanted other opinions. Three days later she's back with the piece, now harshly cleaned (Comet? Ajax?) to "Get that pinkish haze off of it." He offered $450 - she took it.

Said to me that it almost made him cry!

Mike

MFH · December 23, 2003 11:30AM

"It almost made him cry", it almost made me loose my lunch.... WHY OH WHY do people clean their coins, I tell everyone NEVER to touch them with anything, then I relate stories like what I just read... from Mike "Coppernicus"

Merc · December 23, 2003 2:26PM

These are fun stories to read. ARCO, did you really say that to the dealer? What a slam. I too look for Barber halves at a show and stay clear of Franklin mint products.

Dealing with the coin buying public

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