Strange Encounter at the Local B&M
erwindoc
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Walked into the local store today to try and sell(or trade) a few graded Franklin halves. Nothing rare or even particularly expensive for that matter. When I pulled them out the dealer, WITHOUT even looking to see what I had, said that he doesn't buy slabbed coins!!! 
I wish that I had brought in one of my REALLY rare coins just to see the reaction!
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It's hard to believe he's still in business unless he primarily deals in bullion and cheap coins that aren't worth slabbing.
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Maybe because he cant buy at AU/BU price when its in a 63 or 64 holder.
The scrap market supports the pricing structure of the used car market which, in turn, supports the pricing structure of the new car market........
I hate to be cynical but I have to wonder if slabs get in the way of his business model.
So I stopped in to a B&M jewelry/pawn joint just to see if they had anything interesting. Pile of naked ASE's in a tray. And one MS65 1881 Morgan in a NNC slab. Not having seen this holder before I used the Google to discover lots of negative info on this outfit also known as Censtes in Florida. Clerk said he wanted $25. I went on my merry way. Hohoho. Peace Roy
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LOL, I was just hoping to get my grading fees back out of the coins and even would have been willing to swap them for a coin album I needed. His loss! Should be easy to sell on ebay and Ill find my own album online.
Maybe he is a two way grader. One grade when selling, different grade when buying. Those dog gone slabs get in the way of that business model.
Before professional third party grading most dealers would undergrade when buying and overgrade when selling. This model only worked until coin collectors insisted on buying third party graded coins.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Hard to sell the coin as MS65 or 66 when it says AU58 on the holder.
That's strange. Maybe you should have asked if he wanted to sell you some gradeable raw coins.
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@erwindoc I believe I know who the dealer is.
To avoid a lawsuit I will not out him/her.
Whenever a dealer says that, or they say "I hate dealing with slabbed coins", that's a giant red flag for me.
A local shop near here sent in 50 of his best coins a couple of years ago. 42 of them came back with problems. (Mostly cleaned). He does not want to deal with slabs either.
I remember the early days of slabbing when most coins were still raw. Some dealers would buy lustrous AU58 slabbed coins for AU money so they could crack them out and sell them raw as MS65 coins.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Very interesting, thanks for sharing that experience
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I kinda see it the dealer's way - he is under NO obligation to make a bid or provide liquidity, slabbed or raw.
Perhaps he has too much inventory.
Perhaps his cash is tight.
Perhaps you have not been his steady customer in the past.
Perhaps he is consciously reducing his financial exposure in an iffy market.
Well there are coin dealers and bullion dealers. Maybe your dealer only wants to deal in bullion, but if they claim to be a coin dealer they should buy and sell slabbed coins.
I'm trying to think back to how I politely turned down coins I didn't want to stock and were too few to mail out wholesale.
"Don't buy slabs" seems dumb.
Can be a dilemma.
I think you've hit the nail directly on the head.
One needs more information
As an example a 1963-D franklin in MS64 sell for less than $20.00 on ebay
So if someone want the grading of $30.00 for that coin ?????
Just saying
did ya mean his ethics model?
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Interesting experience, thanks for sharing !!!
This type of action shouldn't really surprise anybody.
Pete
it has to be hard to offer melt on those Franklins
I was thinking the same thing.
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I'm assuming that he had no slabbed coins for sale.
I knew it would happen.
I've always operated with the belief that EVERYTHING has a price. It may not be the price you want to hear, but it has a price none the less.
I should not have even wasted my time! LOL!! Yes, you probably do!
He knew you would not take his offer at melt
I'd say he did look at your coins... at least long enough to see they were slabbed Franklins. And long enough to determine they were not for him, even if he didn't look at them individually. So if he doesn't deal in slabbed coins, then that is not the shop for you. But that doesn't automatically make him a 'bad' dealer; nor do I consider that incident by itself a 'strange' happening; I know quite a few individuals that prefer to not play the slabbed numbers game.
Not enough info for me to make a judgement on the dealer.
Interesting... I have not encountered that particular issue.... Of course, it has been a long time since I have been to a coin shop or show. I would think that not dealing in slabs would limit their business considerably. Cheers, RickO
Hmmmm, I wonder if this is applicable to the OP's coin dealer...?
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Many senior dealers (and many senior collectors) had the chance, back in the ancient agora, to buy solid rolls of BU Franklins at $2 to $4 per coin. Nice coins were readily readily available in quantity at those prices. Sometimes you could even pick out the individual specimens that you wanted at those prices. That makes it quite difficult for many to pay the prices being asked today for the slabbed Franklin stuff today.
Laura once referred to them as "dogs". Maybe try Petco.
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OP said the dealer didn't even look at the coins. I take that to mean he didn't even know that they were Franklins.
Collector, occasional seller
He didn't know and didn't care what I had in slabs. Could have been anything!
I'd be curious about what he's turning down and making myself known as a potential buyer.
The more qualities observed in a coin, the more desirable that coin becomes!
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I've run into some of the old school guys that make flatulent noises like that and want to sell polished Morgans and call 'em gems. They're kind of fun to pick clean until they get tired of it.
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