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What's the deal with Apmex selling other dealer's coins?
ms70
Posts: 13,946 ✭✭✭✭✭
Apmex is currently offering a coin that's for sale in another dealer's inventory.
Do dealers use them to help push inventory?
Great transactions with oih82w8, JasonGaming, Moose1913.
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There are a couple of other posts in that regard. Evidently been going on for a while.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
They have a marketing agreement with various dealers. If they sell it, they pay the dealer the wholesale price and keep the difference. If the dealer sells it themselves, they owe Apmex bupkis.
ANA 50 year/Life Member (now "Emeritus")
What was the conclusion? Are they working in concert with dealers or selling dealer's coins at higher prices then quickly purchasing the coin from the dealer for a flip?
Great transactions with oih82w8, JasonGaming, Moose1913.
It is a perfectly legitimate business arrangement and there are several other threads on this subject.
That's what I was wondering. Thanks.
Great transactions with oih82w8, JasonGaming, Moose1913.
It is an incredibly stupid arrangement, especially when you have competing listings on eBay. That casts doubt to those unfamiliar with the arrangement, and hinders sales.
I don't like it, JMHO !!!
Usually it's not too difficult to figure out who actually owns the coin. That's who you want to deal with.
Worry is the interest you pay on a debt you may not owe.
What's the deal with dealers listing coins on eBay and their own website and also taking them to shows with them?
I'm not sure why these threads keep reappearing. It is VERY common to utilize multiple outlets to try to generate sales. EVERY business does it.
What's the deal with Amazon selling other people's goods?
What's the deal with Walmart.com selling other people's goods?
Why does Hanes brand sell at Walmart and Amazon and Penny's and Macy's and Sears...?
I do not find that as troublesome as having a coin still be listed after it is sold or in an upcoming major auction.
Because I was under the impression that Apmex was a dealer in and of itself selling their own wares and seeing another dealer's coin for over $10K more was very odd. Obviously if this has come up before it strikes an unusual feeling for others as well. Sorry for not knowing that's how Apmex works or seeing a previous thread about it in advance..... I'll apologize now for everything I may ask about in the future that I'm not aware of......
Great transactions with oih82w8, JasonGaming, Moose1913.
I could see partnering with another company if they were going to advertise and sell my inventory in a marketplace where I currently do not operate.
But I couldn't imagine letting another list my inventory in the same place I already list my inventory like eBay. Odd.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
It’s par for the course for dealers to consign inventory to other dealers like on invoice. Simply part of the biz.
In past I would get USGTC on invoice to sell from dealer A. Some I might buy around bid put out at retail or others sell close to bid keeping a commission. At end of show would owe him either coins or invoice amount. It made my case look nice and at times I really banked - would ask more on nicer ones.
It wasn't meant to be a shot at you. It wasn't even meant to be a criticism of any of the dozen people who raised the issue before.
My point was that no one thinks twice about it in other retail venues.
From a sellers standpoint, would think it's a good idea to get your product in front of As many eyes as possible.
They may be taking a little risk on the customer satisfaction front if they get an order and dealer XYZ already sold the coin or the shipping time is longer. There could also be issues between Apmex and the dealer regarding returns, but as long as the customer gets there money back quickly, that's Apmex's problem
No worries, I just didn't mean to create a topic already covered multiple times and be annoying. I Never saw any previous ones.
The thing that struck me as suspicious was the 10K markup.
Great transactions with oih82w8, JasonGaming, Moose1913.
That is one thing different between coins and other retail. The bid/ask spread is so low that there is no place to hide the juice.
In retail, where a net 40 or 60 applies, everyone can take a cut ix the 40 or 60. With the coins, there is no place to hide the vig.
Apmex, call me, I have Unique high-end inventory.
I believe the technical term is "numismatic pimping".
Maximum exposure to maximize cash flow and profit.
No, no, no! You're mistaken! That's when you only pay for the coin for awhile and then you gotta bring it back
Amazon and Walmart are selling widgets and not unique items with the same serial number. If and when Amazon and other merchants begin the practice of listing the exact same item and not merely one like it, I will similarly express skepticism. At best, it tells me that the price listed is not the real owner's bottom line, and I can do better negotiating around the others. At worst, it makes the listing look suspicious when there are duplicate listings for the exact coin in the exact same venue. That is also a factual distinction that you gloss over.
It makes me want to have some fun with them and make the exact same offer on the two otherwise exact BIN OBO listings. Let the fun begin.
What if they both accept? What if the offer is desirable? Who accepts? Who gets paid what?
@ms70 After an initial purchase where APMEX has lined me up with the dealer who stocks items that I want, I will try to do future purchases of that item directly with that dealer. The subsequent purchases are usually a bit cheaper. But the APMEX acting as a broker is legitimate. I believe the other sellers are usually approaching APMEX for the exposure, not the other way around.
@RogerB Totally agree.
Is APMEX really that large of a market force outside of the bullion market?
Is APMEX really that large of a market force outside of the bullion market?..........Cameonut2011
I never thought so, I always considered them a bullion dealer.
Has anyone here ever bought a numismatic item other than bullion related coins from them?
Try returning the item, if not satisfied, you'll be grilled as to what is wrong with the item and you must get a
return authorization number.
Okay all's fair in the coin business.
I personally listed the same coins on both ebay and Amazon at the same time.
But that the same widget is available on Amazon from multiple sellers often including the manufacturer and resellers. This is really not that different.
First, I would say that there is a learning curve, so if it costs me (as a buyer of something) a couple of dollars extra to a middleman to learn a new source, I'm okay with that. Once I learn the new source, it is also okay to eliminate the middleman in future transactions, if possible, without cheating the middleman out of his initial cut.
Second, selling is often simply a matter of getting enough eyeballs to look at the item, and then it will sell. So that's why I agreed with Roger B. about his comment on the importance and necessity of 'maximum exposure'.
I usually almost always agree with @cameonut2011 but don't quite understand the antipathy towards APMEX. I have found them a useful resource and their service is helpful.
I don't dislike APMEX at all. I have no problems with subcontracting or consigning a coin out. I just don't understand the logic behind having two different eBay accounts selling the same coin. It is confusing and counterproductive. When I first saw it on a coin of interest to me, my first instinct was "scam." After seeing who the sellers were, my second thought was that one of the dealers had sold the coin and had simply forgotten to update his inventory. Only after threads like these did it occur to me that the coins were contracted out.
I don't remember them either so thank you for starting another thread.
Glad I don't have their nerve in my tooth
I tried to once. It was a very attractive for the grade key date Buffalo Nickel. I sent an email asking if I would receive the exact coin in the photo, or if it was a stock photo. I was informed that I would not receive the exact coin in the photo. So I passed.
I have purchased a "generic" modern commemorative item from them and was very pleased with the transaction.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
I don't like the APMEX stock photos when buying non-bullion coins, for obvious reasons... but I also don't like their images in general... seem to regularly not match up to the photos of the same coin taken by others...
Compare this one as an example...
APMEX image...
Heritage image of same coin...
Wonder which image is more accurate?
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
Yes, APMEX sells other dealer's coins as they do not have the expertise to go out and buy coins over $3k for stock. They will stick to the cheaper items... So, they'll offer your coins through their website. However, one would be able to buy the coins directly for less and with a quicker turnaround time if the buyer should so desire.
Maybe the dealer is offering a coin in APMEX's inventory.
Give Me Liberty or Give Me Debt
Read the rest of the thread and you'll know why that's not true
Wow! Can barely tell they are even the same coin from those pics. I'm guessing the Heritage one is closer to reality.
Your hobby is supposed to be your therapy, not the reason you need it.