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How much do dealers need coins for inventory now?

ZoinsZoins Posts: 34,113 ✭✭✭✭✭
edited July 6, 2020 7:10AM in U.S. Coin Forum

Given the virus situation, what is the inventory situation at your dealers? And are you buying more or less?

For the first time, I received a note in one of my orders highlighting the dealer's need to buy coins due to the virus, e.g. more people sitting at home and buying. Legend's last Hot Topics is on buying coins and now the US Mint is releasing back dated coinss due to demand:

At the time, much of the nation’s economy had ground to a halt due to restrictions surrounding the COVID-19 pandemic, and demand for precious metals soared. The US Mint responded with this almost unprecedented sale of backdated coins.

https://www.coinnews.net/2020/07/01/ngc-certifying-stockpile-of-backdated-u-s-mint-gold-and-silver-coins/

Private Mint News | 2010 Lincoln Reverse Finalists
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Comments

  • JimnightJimnight Posts: 10,846 ✭✭✭✭✭

    I would say in these time it's all about supply and demand. People are still buying online ... if the dealer has inventory he/they have a chance to make it. No inventory ... No money.

  • keyman64keyman64 Posts: 15,499 ✭✭✭✭✭

    I have a couple dozen dealer websites opened in web browser tabs on my computer. I refresh all of the pages a couple of times per day on the sections of interest. Almost nothing has changed over the last several weeks. Without travel and without shows, inventory for these dealers just isn't changing/turning over. As a buyer, I would say the dealers are having a tough time getting new inventory.

    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • keetskeets Posts: 25,351 ✭✭✭✭✭

    there are about 7-8 dealer sites I visit and if anything their inventory is shrinking.

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    @keets said:
    there are about 7-8 dealer sites I visit and if anything their inventory is shrinking.

    Couple possible reasons. :/

  • U1chicagoU1chicago Posts: 6,010 ✭✭✭✭✭

    Not enough to buy my dreck or widgets. :D

  • Cougar1978Cougar1978 Posts: 8,173 ✭✭✭✭✭
    edited July 6, 2020 10:03AM

    Considering current conditions (PCGS 3000) I am not in great need of inventory.

    However, I keep a constant inventory level. Hundreds slabbed coins and graded currency. Lately I have been going after low pop slabbed world coins & graded US & World Currency. On the raw side have some nice collector coins & raw world currency. It all adds up lol. Because my inventory is mixed both US / World coins and currency - air raid offense (4WR / 1RB) it’s all about which player will score and not that predictable (no constant rhyme or reason to it). At shows here (Houston) Mexico coins & currency very popular many graded material of that single digit to just double digit pop. Early 20th century Mexico 50 Peso gold and Cabilito peso my favorites. Also a fan of Mexico revolutionary era banco notes.

    Online has been doing well. With shows in dry dock due to covid I miss the excitement of the bourse / setting up.

    Coins & Currency
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Yep.... I miss the excitement of the 'show reports'... ;) Since the most coin excitement I get in this area is checking my change from purchases.... :D Cheers, RickO

  • ZoinsZoins Posts: 34,113 ✭✭✭✭✭

    This type of market is probably great for @ErrorsOnCoins who sources a lot of his inventory from eBay from my understanding.

    Private Mint News | 2010 Lincoln Reverse Finalists
  • jdimmickjdimmick Posts: 9,667 ✭✭✭✭✭

    I getting a lot of dealers buying strong from my ebay sales ,

  • jmlanzafjmlanzaf Posts: 33,918 ✭✭✭✭✭

    @Zoins said:
    This type of market is probably great for @ErrorsOnCoins who sources a lot of his inventory from eBay from my understanding.

    Every type of market is great for @ErrorsOnCoins . Just ask him. :)

  • DeutscherGeistDeutscherGeist Posts: 2,990 ✭✭✭✭

    It's not a good time to buy, especially if the coin is more dependent on the precious metals value. It's tempting to buy, but I am realizing that prices are higher than I have been accustomed to for the past several years, especially for gold. Silver is not near$45-50/oz (its most recent high of the past 20 years) so it is not as bad, but I am being very conservative with my purchases. Glad I made the purchases of the last several years.

    I did order some silver proof commemoratives from the German Mint because it won't be any cheaper in the secondary market and I prefer it fresh and untouched as possible, so I made the move. Not a big dollar item at all, I did this mainly for numismatic satisfaction.

    A solution to stifle some of the cravings of buying coins is to focus more on another hobby for the time being. I like these message boards as my numismatic education continues, but I am looking to spend more time on the automotive hobby. There is less usage of cars for the moment, so parts and service are not necessarily up, but more like steady with opportunities for some deals and breaks. I mean, gas prices are lower as one indicator.

    The coin market is hot no doubt, but the key is to do the opposite of the crowd. Don't buy when hot, buy when market is cold.

    "So many of our DREAMS at first seem impossible, then they seem improbable, and then, when we SUMMON THE WILL they soon become INEVITABLE "- Christopher Reeve

    BST: Tennessebanker, Downtown1974, LarkinCollector, nendee
  • jwittenjwitten Posts: 5,114 ✭✭✭✭✭

    I buy and sell gold on ebay. My inventory is basically dried up with the inflated prices we are seeing.

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