Very quick ANA Pittsburgh Show report and a question.
ajaan
Posts: 17,396 ✭✭✭✭✭
Got on the bus sponsored by the Buffalo Numismatic Association at 5:30 AM. Arrived at the Convention Centre at 10:30. Took a tour of the floor, talked to Chris at NEN, who is one of the nicest people you could ever meet. I haven't seen Chris at a show in about 8 years and he still remembered the name of my wife. Also went to gab with Ken, jfoot13, at his table.
Coin wise I bought one coin for my DANSCO type set. I'm trying to obtain all the coins as close to FINE as I can.
This coin will be cracked out and put in the album. I also bought eleven low grade Morgan Dollars. Just some silver to have around. My final purchase was a couple generic 5oz silver bars for my brother.
I notice there wasn't too many type coins in Fine available and those that were seemed to be priced 10-20% above bid.
Now for my question. I haven't been to a major coins show in years, and one thing I noticed is how some dealers are pricing coins now. I went through a few boxes of type coins a dealer had at his table. The flips had a number in black marker on them. I picked out two coins I needed, handed them to the dealer who told me the black number was the price they paid and he proceeded to take a blue marker and mark up the price and told me the blue number is their sell price. I was flabbergasted, I've heard of negotiating a price down, but up? Being fairly common $30-40 coins readily available on eBay, I told the dealer I'll pass on the coins.
At another table I saw a sign on a dealer's table that said something to the effect of:
"Prices are Net to Registered Dealers, other +10%"
I was just surprised to see this. Another table had a sign "prices may be higher than marked"
Is this a new trend at coin shows? Marking one price on a holder then telling the customer the price is really higher?
Left the show at 6 PM got home at 11: 20 PM.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Comments
@ajaan Thanks for your show report.
Sounding like this was more of a dealer show?
Sounds like you were lucky to be able to go through some wholesalers stuff. That's pretty much their MO and takes the negotiating time out of the equation. They have to do a lot of volume to work on tight margins. They don't have time to haggle over prices and their window of sales time is usually set up day,day1, and morning of day 2.
A sign like "prices may be higher than marked" is an example of POOR marketing.
If the dealer posted his purchase price, why would he sell it to you for that or less?
He was a wholesale dealer. That is what they do.
I didn't expect him to sell it for less. I expected him to sell it for the number on the flip. If I go the Target to buy something, I don't expect to be told at checkout the item cost more than the stickered price.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Common practice for a volume dealer.
They turn their stuff fast.
Thanks for the report. Nice addition with the half.
Thanks for the show report.... I would be upset at that pricing switch as well.... Cheers, RickO
You still don’t get it.
The price listed on the flip is what that dealer paid.
He needs to sell it to for more or he won’t be at the next show for you to view his stuff.
And to add many of the coins might have been purchased and added to the box a few hours earlier. Turn and Burn...that's what wholesalers do!
PS...he might even price it higher than normal because he probably realizes in a split second your seat would be more productive with a dealer who will buy 100's of coins instead of 1 or 2.
No, YOU still don't get it, he didn't tell me the marked price was his buy price until AFTER I said I wanted the coins. He didn't say anything about the cost of the coins will be greater than the price on the flip until AFTER I agreed to buy the coins.
DPOTD-3
'Emancipate yourselves from mental slavery'
CU #3245 B.N.A. #428
Don
Ok.
The way you worded it was confusing and still is but I understand now
Taking a step back, how is anyone supposed to know who's a wholesale dealer vs. someone who is interested in selling to collectors? I've found this frustrating at shows, some dealers don't give you the time of day, often working on a big deal with another dealer, for hours on end, while other dealers are super polite and will chat with you about the coins.
Personally, I wish the wholesale stuff would take place in another forum or at another time. It's annoying and makes me less excited about attending shows.
I am sure they agree with you in that they find collectors annoying..............
...but but butt...who pays the promoters for running the shows & the expenses.....hint
Not. the collectors
How you know it's wholesale is either the "+10% sign" or a "to the trade only" sign.
There is a local Texas dealer who marks coins in green and says - as soon as you start looking - "the green price is what I paid, the price is a little higher". It's annoying to be told this EVERY time, but he does it so there's no confusion...
ANA 50 year/Life Member (now "Emeritus")
Hard to tell when they act like you're invisible.
What I don't like are dealers that say they pay extra for premium quality coins, so they sell them for 50% above Grey sheet ASK. But, when you try to sell said coins to the same dealers, then they offer to pay you 25% back of Grey Sheet BID. I see/hear this a lot and it really chaps my behind.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
@ajaan
Nice report, thanks.
I really like that CBH as well.
I'm not super experienced but I have been around and I don't recall running into any dealers who mark up from the stickered price. Maybe it is more common than I know but to heck with them.
Usually they'll tell me that they can do a little better than the stickered price and want me to ask them.
You're fortunate to have a sponsored bus trip.
Even though it's a long day, I'd take advantage of that too.
-Mark
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Back what I used to do, and it was a common practice at the time, was circle the price paid on the 2x2.
You might sit at someones table and buy 40 or 50 coins. You do it kind of fast too. There was no time to make a list or record the price paid in any other way. You held out a coin, the dealer shot you a price. If it was a go, you wrote that price on the 2x2 and circled it. If you still happened to have that coin a year later, at least you knew what it cost you. When you sat at someones table and they had a bunch of circled price 2x2's, you KNEW your cost was something greater than the circled number.
I do understand though, the original poster just didn't know the guys system and that was the problem here.