What do you guys think?
Walkerfan
Posts: 9,656 ✭✭✭✭✭
Recently, I did some pruning to try to raise some quick cash and this dealer (who I thought I could trust) ended up paying me 19 and 26 percent back of greysheet BID for my two most expensive respective coins. They weren't typical, generic examples, either. Both were PQ and I spent mid-range market money on them.
Still licking my wounds. I feel like a dog who dragged himself home after being hit by a car..... not to mention the feeling of betrayal.
Half of me feels like it shakes my whole faith in the entire market and makes me question what I've been doing for the last 12 years with my Walker set.
The other half tells me not to worry and that he is just a bad apple not to be dealt with again. From now on in, I will only sell on the BST, eBay or Heritage for my more expensive stuff.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
Comments
If you feel that way (and I might too, especially for quality stuff) don't buy or sell with him again.
The strongest word in any negotiation is NO.
Listen to your second half and sell anywhere else but the one you dealt with.
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CoinsAreFun Toned Silver Eagle Proof Album
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Gallery Mint Museum, Ron Landis& Joe Rust, The beginnings of the Golden Dollar
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More CoinsAreFun Pictorials NGC
Same here sell elsewhere, BST is a great option.
Successful Trades: Swampboy,
Yeah, If you had a dealer make you an offer and you accepted it's your fault. Dealer might know that they is a thin market (for him) and might take some time to sell. Or your perception of the market and value might be influenced by ownership.
Selling good coins quickly rarely works out. That's why I have a stash of generic silver/gold to sell quick. Just ask a couple of formites here that bought batches of silver from me recently. Went well and had funds into PP almost instantly. I recommend that you don't use your core collection as a source for quick $$.
Perhaps a loan on them through a pawn shop would have been better if you knew you could buy them back before you lost them. Perhaps your banker would have given you a loan with them as collateral. There are usually other options.
bob
How do you lose faith in the entire market on a decision you made ?
I give away money. I collect money.
I don’t love money . I do love the Lord God.
19-26% back of bid isn't that bad compared to many dealers who will offer 40% or more back of bid.
This is where CAC is useful. If already stickered, you can call for a quick bid and dump the coins quickly if needed.
There is a cost to sell something fast to someone willing to take their time to find the right buyer. Whoever sits on the coin is now in the same boat.
Like selling a car as a trade in at dealership or you do the legwork to find a buyer private and get a little more.....
What do I think? I think you are an expert collector. But in your mind you screwed-up. Maybe you did. Maybe you didn't. It just goes to show that it's not just the newbies who pay the price for admission. The dealer was probably a fast talker. You'll be o.k.
I am sorry you found yourself in the bind @Walkerfan....just let it go.
You can't unscramble the scrambled eggs. Look forward for better and wiser deals
Maybe wait 'til he is a bit desperate and take advantage of him. Or just drive him crazy with consistently lowball offers.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
I knew what I was getting myself into and I did it anyway just because I wanted the quick cash. The coins I sold were duplicates and not super rare or part of my core collection. At most, I lost about $300. It’s just the principle of it that bothers me. Thanks for the moral support guys.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I am wondering if at some point he sniffed out that you may be a little too eager to sell and pounced on the jugular.
We all know guys like this who can smell the sweat.
I think many of us here (myself certainly included) have had to dump some stuff now and then and taken our lumps.
You are certainly NOT alone.
It's all part of the cycle.
Just try not to beat yourself up.
I think many of us have that tendency.
I tell this to my friends all the time..."Do you think you'll still be worrying about this in a year? Three years? Then forget about it!"
Sorry to hear that @Walkerfan....I agree with your decision to sell on the BST though... You are known for your great coins and they would certainly sell for better than the one's you just moved. Cheers, RickO
It all depends upon what you sold. Sometimes the Gray Sheet numbers are slow to react to a down turn. Sometimes they are just too high. Twenty percent in back of bid is not an unfair price if the item is something collectors think they are "entitled" to buy at "bid"including any sales taxes that might be involved.
As a dealer, one can afford to pay more if you know that you have an immediate customer. If you are buying it for inventory, that is another matter. Depending on the asking price, a coin can sit for months or longer, tying up the cash.
in that kind of situation I would of got cash through my credit card, some are offering cash advances for very little fees