dealers who advertise they are buying coins
Gazes
Posts: 2,315 ✭✭✭✭✭
I see so many ads from dealers seeking to buy coins. Many of these ads almost beg to have first chance and are always buying for top dollar. That being said I have been amazed that when I have offered coins to some of these dealers many did not even make an offer! Some I even had to send the coins first and waste a ton of time to not even receive an offer. One dealer who specializes in a series (non-gold) and who I bought the coin from would not even make an offer to buy back the coin when he advertised that was an advantage to buying with him! When I asked at least for an offer (again this was a coin he specialized in and stated he loved buying coins back) he said he "wasn't a bank". Also, keep in mind these are coins that were pcgs, often key dates, etc.
I think alot of these dealers want first pick and if they have a buyer lined up great--if not, they dont want it regardless of its quality. Over time I have learned who these dealers are and try to stay away from them. Also, I'm thankful for auctions.
Wondering if others have had similar experiences.
Comments
Yes I’ve seen the same. The bigger and bolder the ad for buying, the less likely it is they will actually buy anything.
Sounds like window shopping without having to walk anywhere.
I've never refused to make an offer on a coin, even if it was only face value
Right now I need to buy coins-the right coins for me. The public does not understand that. So what happened? We ended up with a book of circ walkers (which we did buy)! We have not bought a single coin this year through our ads and messages that we really needed for a Want List. The coins are all stuck in the deep black hole.
On coins we sold, we do make an effort to buy them back, but we do it at the current market. That is all we can do. Some people do not want to believe their coins may have dropped in value. My company does not do buy backs from what our auction company sold from multiple reasons. But we do give a good deal on putting them back in a sale.
Some dealers are simply look to rip things. If you have a log time working relationship w/a dealer you will do far better buying and selling.
I would think that dealers with high overhead costs would be able to offer less for your coins. Those ads are expensive. Some dealer reputations may offset some of this, but I generally am a buyer (for now) so I do not sell much except bullion which I sell locally. Maybe the auction route would work better for you, but I have low balled some auctions and won, and felt sorry for the seller. I guess in a long-winded way I am saying I don't have the answer.
I think, in some cases, a dealer who had previously sold a coin, is simply too embarrassed to offer half of what he sold a coin for. So,they just don't make an offer on some previously owned coin.
the answer for me is I have learned through experience who will make a legit offer and also when auctions are appropriate. Part of my OP was to let off steam after going through a couple coin mags and seeing all the "we are buying" when I know certain ones are not! one dealer had me send a top pop nickel that was a key date and pcgs and cac and would not even make an offer ! why have me send the coin in the first place!
I fixed it for you
let me also add---there are dealers I now know who love first pick of my coins and will send me a check via overnight. My main gripe are the ones who say they need coins and dont even make an offer.
An all too common experience with coin dealers who advertise their services.
Be your own middle man. This hobby is impossibly expensive if you cannot.
TOP DOLLAR! Top Dollar! top dollar!
Dealers who will not make any offer at all on a coin they sold you likely do not want to admit they buried you. Better to feign cash flow issues or something. Then they can act surprised later when you sell it for a big loss.
Most dealers I know are “one way” dealers on some coins they sell. That does not mean I won’t buy from them. I’ll just try to be a bit more careful in my buying.
"Many of these ads almost beg to have first chance and are always buying for top dollar." Nothing in the ads is enforceable. Just like the laundry detergent that says "New - Improved" on the label.
Hello. I have some proof sets from back in the 1970's and I was wondering if you ...... Hello?
The hype is for opportunities at old collections that likely may become available due to death or need.... These are often low balled, then cherry picked for profits. Just the way it is... Cheers, RickO
Fact: Dealers aren’t the bank for your coins. In this down market many not buying period or only material can flip instantly for profit. Buried in your material? Too bad so sad.
Just start the coin at 99c on eBay or shop it around at a show.
At a recent show a sharp young vest pocket trader 11 or 12 was going around bourse offering coins to dealers, flipping them, making deals. I don’t think he’s somebody that would waste his time with dealer mail order ads.
A local large local dealership advertises they are buying with radio ads. I am sure it draws many sellers / material. Just bring it to their shop.
I will pick up the occasional silver proof set from early 1960's for about $20 if it has a toner or is a high grade problem free set.
Dealer from Texas was at the Dalton Show and had about 100 proof sets in his case with some slabbed proofs.
Often wondered what dealers pay on undesirables like 1960's silver proof sets?
Spot?
Below Spot?
Greysheet?
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Some years ago at a national show a well known advertiser/buyer whom I'll call 'Richard' was set up.
As I saw he was idle, I pulled out a few coins to show him....he glanced at the coins, then studied ME,
then said I was better off offering these to the retail dealers at the show....I appreciated his candidness.
One thing I have noticed at shows... dealers will decline to make an offer but send them directly to another dealer across the room that specializes in a certain series.
Never tried selling to a dealer outside of a show
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I do this all the time: dealers will decline to make an offer but send them directly to another dealer across the room that specializes in a certain series.
If I do not feel I can pay a fair price, and if I know someone who is strong in a certain area, its better for the seller,. And you can be assured, I know the party I suggest they go to will not rip them off
Of course Dealers are not banks for anyone's coins. You miss the point of the OP. My issue is with dealers who specifically claim they are buying and paying top dollar for certain coins and when given that opportunity consistently make no offer. Don't blame the collector when he actually believes what is being told to him. I even point out a dealer who made a point of advertising that if you bought a coin from him he would love to buy it back. This dealer not only did not offer a reasonable amount but made no offer ( I even told him that I knew the market was down for that type of coin and understood I would take a hit). I have no problems selling my coins but no longer consider selling (or for the most part buying ) from these dealers who say one thing but do another. There loss.
At the end of the day, what I have noticed is the dealers who stand behind the coins they sell or make reasonable offers on coins they specialize in are the same dealers who seem to turnover their inventory quickly and are successful. These dealers understand that sometimes it may make sense to buy back a coin even if they may not make a profit because in the longer run it will help their business.
I am not looking for any guarantees or a bank, but generally I like people to keep their word.
I'm have actually been offered below face value for some mint sets. When I asked, "Will you at least pay face", they said "No".
Honestly, some of te mint sets have to be below face because I'm going to have to take them out of the plastic to throw the in the coinstar.
There are still market makers in proof sets at 20-25% or so back of Greysheet. So, if they deal in proof sets themselves, they are probably at 20% back. If they are going to flip them, they are probably at 30% back.
Dealers don't pay Greysheet, they pay a percentage below Graysheet (assuming they want them at all, which I suspect many now don't.) What they pay will likely be determined by the wholesaler they sell them to, if they have one.
They're looking for a collector's next of kin...Nothing more.
My Saint Set
I can't tell you the number of afternoons that were blown cutting apart mint sets.
People laugh, but it's a lot of work when you have 15 hundred of them. Not to mention the garbage bags you have to haul out also.
Think about it. What's your time worth ?
I have been very successful over the past few years selling old gold coins at 90% of purchase price...however I was very disappointed with the lack of offers from several of the major dealers in this area for a couple of nice coins several months ago (all PCGS/CAC)...so market timing probably also plays a factor...
“Highest price paid” is a meaningless claim because no one can prove or disprove it.
Ya know, it's like going to a headhunter. If they can place you immediately they'll work w/you. Otherwise pass.
The only thing the buy ads are for is to increase the number of deals they get to look at. Of course they'll still only accept a certain percentage of them.
My experience is those that are willing to take out full page ads to advertise are looking for rips. After all, advertising isn't cheap. Don't take it offensively @gazes. It's just business. Maybe it would be a difficult coin for him to move, and he did not feel that he could make a fair offer on it. I have been vest pocket dealing for the last couple of years, and I have turned away nice coins that I thought would be too illiquid for me to make a competitive offer on. Not every "dealer" is a shark.
If you have a log time working relationship w/a dealer you will do far better buying and selling.
This has been my experience.
Best, SH
With some dealers, that is true, but not all.
One guy in club who posts buy ads posts specific buy price: examples- pay 55 pct Krause CV for world coins, $90 paid for Pcgs / Ngc MS65 Dollars, ms64 pay $50, $40 MS63. other material call for offer. Usually offer 80 pct CDN bid on this or could be bluesheet. recently bought Pcgs box of 20 slabbed dollars had some in cc auction at couple dol over what he paid. They all sold some bid way up. He had a ms64 Pcgs 3cn in auc at blue plus $10 start it got bid up. At show he may have stacks of slabbed generic dollars at bid plus 15 pct.
If your going solicit / sell coins via ads in publications posted buy prices like above may be way to go but don’t recommend. I gave up on that decades ago plus with ebay surprised this would still get activity. Due to how inexpensive eBay store is I question why somebody would want send off coins in mail (risk of loss) to some mail order buyer buy ad. At last couple shows had few offers off bourse which wanted to buy. Many others passed / seller (wanted too much) out of touch with pricing, junk, other reasons. Stuff passed on referred to dealers on either side of me both very reputable.
I would not of thought of a market maker in Proof Sets.
Might be the niche I am looking for...
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When I was a new collector I picked up a box of 10-15 assorted world mint sets from my local coin shop for around $4 each. I think I paid $50 for the box. I was a starving college student, so that was big money for me at the time.
Imagine my delight after I got back to my dorm and found in my trusty Krause SCWC that one of them - the 1969 Japanese mint set - booked for $650!!!
But what to do? The guy back at my local shop couldn't care less. He had no interest in buying back that one set, much less for hundreds of dollars. But in my mind I'd struck it rich!
So off I go to my trusty World Coin News and the ''We Buy Coins" ads in the back. (This was the mid-80s, so no internet.) I sent letters carefully describing my find to maybe 15 or 20 dealers with those ads. Probably 1/3 responded, the best with an offer of $450 from K.M. Froseth of Minneapolis.
I had that set packed and shipped the next day! His check arrived a couple weeks later. I still smile when I think back on that silly little Japanese mint set.
So yes, I suppose I do respond to those ads. What's not to like?