Do you avoid the poo-poo dealers?

topstuf · December 9, 2014 1:58AM

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.

MGLICKER · December 9, 2014 2:00AM

Even the low for the grade coins have to go somewhere.

OKbustchaser · December 9, 2014 2:07AM

Do I avoid them? No, but I avoid the "poo-poo" coins being sold by them. Doesn't mean I wouldn't buy a solid coin from them if offered.

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.

TwoSides2aCoin · December 9, 2014 2:11AM

I exist around, though rarely in, a circle.

bronco2078 · December 9, 2014 2:15AM

<< I exist around, though rarely in, a circle. >>

Might you explain that? its a tad oblique

braddick · December 9, 2014 2:30AM

Labeling dealers as, "poo poo" is labeling the collector as "poo poo".

And, that's not nice.

Pokermandude · December 9, 2014 2:38AM

People can ask whatever they please for their coins. Whether you think they are "poo-poo" or not.

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

Sonorandesertrat · December 9, 2014 2:52AM

<< 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.

steveben · December 9, 2014 3:03AM

by educating yourself and showing restraint?

WaterSport · December 9, 2014 3:08AM

There is a home for all these coins and I do not consider a dealer selling less than perfect coins, less than a perfect dealer. You buy what you like and don't worry about it.

WS

BryceM · December 9, 2014 3:12AM

Lest we forget, properly graded "C" MS65 coins are nicer than properly graded MS64++ bean, sticker, star coins. The only sin is paying "A" prices for "C" coins.

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.

TwoSides2aCoin · December 9, 2014 3:43AM

<< 

<< 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.

Boosibri · December 9, 2014 4:03AM

Perhaps you should start a "Poo Poo" stickering service, brown of course.

TwoSides2aCoin · December 9, 2014 4:04AM

lol @ poo poo stickers.

Sonorandesertrat · December 9, 2014 4:09AM

<< 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.

Broadstruck · December 9, 2014 4:41AM

johnny9434 · December 9, 2014 4:47AM

<< lol @ poo poo stickers. >>

yes, a big brown poo poo sticker

BillJones · December 9, 2014 4:50AM

<< 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.

Elcontador · December 9, 2014 5:30AM

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.

BillJones · December 9, 2014 6:08AM

<< 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.

bronco2078 · December 9, 2014 6:17AM

<< 

<< 

<< 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

TwoSides2aCoin · December 9, 2014 7:40AM

<< 

<< 

<< 

<< 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

shorecoll · December 9, 2014 9:23AM

I have found some decent things on CC. I don't know if it's the same thing but the ones that get me are the obviously cleaned ones that got in on blind grader day (no offense to other blind people).

MrEureka · December 9, 2014 9:32AM

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.

ricko · December 10, 2014 12:26AM

Coins of all 'levels'/'grades' have potential buyers. Not all can afford high grade coins and enjoy the hobby at their financially comfortable point. Perfection is not necessary - especially if one is just a hobby collector. The only dealers I avoid are the nasty or the ripoff artists. Cheers, RickO

topstuf · December 10, 2014 12:47AM

It IS a great "money maker."
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.

AMRC · December 10, 2014 1:21AM

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.

Greeniejr · December 10, 2014 2:18AM

<< 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

SoCalBigMark · December 10, 2014 2:24AM

<< 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!

FredWeinberg · December 10, 2014 2:30AM

I'm in agreement with AMRC -

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'........

leothelyon · December 10, 2014 4:07AM

Should we be slaying the dragon before the creator? It's not the dealer's fault because he submits a lot of coins and gets a few winners. Nor is it the collector's fault because they buy them for ulterior purposes. And it's not the creator's fault either for grading such coins since we all live under the same umbrella of free will. We all do what makes us content and happy. I became very happy when I finally saw some true views and was able to compare coins that I have owned and others that I still have in the 1953-S, 1954-S, 1959-P and 1960-D with the top coins graded. All I'll say is that I did quite well in my years of searching the Jefferson nickel series.
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.

<<

>>

Leo

Edited to correct a coin date and add a comma.

topstuf · December 10, 2014 7:43AM

<< 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)

MrEureka · December 10, 2014 8:16AM

won't name names, but if you browse and know anything about coins, you'll see this trend spreading.

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.)

Cougar1978 · December 10, 2014 8:43AM

If I need the coin and like it in addition to the price I buy it.

What I think about the dealer or his inventory is a moot issue. I buy the coin, not the dealer.

Walkerfan · December 10, 2014 9:40AM

I avoid 'poo-poo' coins. But I realize that just because a dealer has a bad coin once or twice doesn't mean that all his inventory is dreck all of the time. Collectors Corner rarely has what I'm looking for at the right price. I bought something from there once but the sale was cancelled, as the dealer told me via email that a mistake was made in the listing price. I was mad, so I called to complain and they still refused to sell me the coin at that price----I liked it, so I paid a little more for it outright. I had to laugh as another dealer had a OGH with BAD images and even with these bad images the coin looked 'lower end' to me---the strike and surfaces looked poor. He was asking too much for it and it wouldn't sell. What did he do you might ask?? Lower the price?? Heck no! He went on to have it CAC stickered and is now asking even MORE for it!!

19Lyds · December 10, 2014 9:45AM

<< 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.

Do you avoid the poo-poo dealers?

Comments

The more qualities observed in a coin, the more desirable that coin becomes!

My Jefferson Nickel Collection

Leave a Comment