When dealers make you wonder/think twice...

U1chicago

What are some of the things you have heard dealers / your local coin store say or seen them do that really made you wonder (good, bad, or downright puzzling)?

A few examples I’ve experienced:
-LCS that said it’s illegal to melt 90% silver
-Dealers that didn’t know certain coins existed-nothing world or super rare-more like the 1998 matte proof Kennedy or that there was 40% silver in the 1965-1970 era
-Not knowing where to find a US coin in the Greysheet

ricko

There was a dealer in the Seattle area (not sure where his shop was) that set up at all large shows...Prices on everything were incredibly high. I never saw him sell a single coin.... Even hung out at the end of his aisle one time with another collector, just to watch.... we observed for 45 minutes... lots of lookers, but each time he would give a price, they walked away..... We never understood how he stayed in business.... Figured he went to shows just for the social atmosphere... With those prices, likely never had any shop customers to talk to. Cheers, RickO

No Headlights

@ricko said:
There was a dealer in the Seattle area (not sure where his shop was) that set up at all large shows...Prices on everything were incredibly high. I never saw him sell a single coin.... Even hung out at the end of his aisle one time with another collector, just to watch.... we observed for 45 minutes... lots of lookers, but each time he would give a price, they walked away..... We never understood how he stayed in business.... Figured he went to shows just for the social atmosphere... With those prices, likely never had any shop customers to talk to. Cheers, RickO

Ricko,
Maybe he couldn't figure out how to make change and his prices saved him from having to do it.

AlanSki

Offer half price on a coin then immediately get on the phone and sell for market rate while you are still sitting there.

$50 really worth losing a customer for life?

Catbert

@ricko was his first name Julian? 😬😉

AlanSki

Juliancoin???

U1chicago

@ricko said:
There was a dealer in the Seattle area (not sure where his shop was) that set up at all large shows...Prices on everything were incredibly high. I never saw him sell a single coin.... Even hung out at the end of his aisle one time with another collector, just to watch.... we observed for 45 minutes... lots of lookers, but each time he would give a price, they walked away..... We never understood how he stayed in business.... Figured he went to shows just for the social atmosphere... With those prices, likely never had any shop customers to talk to. Cheers, RickO

I've seen quite a few of those and wondered the same thing. Some say that these dealers are there to run a museum and/or just spend the day around coins (they could also be retired or financially stable enough to not need sales).

ricko

@Catbert.... I can not remember his name.... We called him Snidely Whiplash because of his weird moustache. Cheers, RickO

steelielee

@No Headlights said:

@ricko said:
There was a dealer in the Seattle area (not sure where his shop was) that set up at all large shows...Prices on everything were incredibly high. I never saw him sell a single coin.... Even hung out at the end of his aisle one time with another collector, just to watch.... we observed for 45 minutes... lots of lookers, but each time he would give a price, they walked away..... We never understood how he stayed in business.... Figured he went to shows just for the social atmosphere... With those prices, likely never had any shop customers to talk to. Cheers, RickO

Ricko,
Maybe he couldn't figure out how to make change and his prices saved him from having to do it.

Now it's called EBay.

3stars

If its not CAC its not good, as if every coin has already been to CAC

Dave99B

Saw a dealer buy about three dozen colorfully toned PCGS MS66 Morgan dollars once. This was in his coin shop. As he looked through them, he kept saying ‘low grade, common date, low grade, common date’. The late-70s customer (I’m assuming the widow of a collector) said ‘OK, I figured they’d be worth a lot’. Dealer: ‘Not really’.

Kind of annoying to watch.

Dave

291fifth

A local Sunday bourse dealer always said that his price was the price and if it didn't sell by the time he died they could just put his entire stock out at the curb on trash collection day. I haven't seen him at a show in several years. I wonder if the trash men now have a nice collection?

TwoSides2aCoin

A dealer told me he would buy everything in my store at 30% less than greysheet Bid. I asked about buying from him for my inventory. He quoted me 30% over Ask.

It was a defining moment, over a decade ago.

AlanSki

@Dave99B said:
Saw a dealer buy about three dozen colorfully toned PCGS MS66 Morgan dollars once. This was in his coin shop. As he looked through them, he kept saying ‘low grade, common date, low grade, common date’. The late-70s customer (I’m assuming the widow of a collector) said ‘OK, I figured they’d be worth a lot’. Dealer: ‘Not really’.

Kind of annoying to watch.

Dave

I would have offered double and made sure the customer walked out with me.

johnny9434

I don't like it when they have an attitude to go with it. It's not good

bestday

@steelielee said:

@No Headlights said:

@ricko said:
There was a dealer in the Seattle area (not sure where his shop was) that set up at all large shows...Prices on everything were incredibly high. I never saw him sell a single coin.... Even hung out at the end of his aisle one time with another collector, just to watch.... we observed for 45 minutes... lots of lookers, but each time he would give a price, they walked away..... We never understood how he stayed in business.... Figured he went to shows just for the social atmosphere... With those prices, likely never had any shop customers to talk to. Cheers, RickO

Ricko,
Maybe he couldn't figure out how to make change and his prices saved him from having to do it.

Now it's called EBay.

vplite99

@AlanSki said:

@Dave99B said:
Saw a dealer buy about three dozen colorfully toned PCGS MS66 Morgan dollars once. This was in his coin shop. As he looked through them, he kept saying ‘low grade, common date, low grade, common date’. The late-70s customer (I’m assuming the widow of a collector) said ‘OK, I figured they’d be worth a lot’. Dealer: ‘Not really’.

Kind of annoying to watch.

Dave

I would have offered double and made sure the customer walked out with me.

Then you would never have to be annoyed at that shop ever again.

ShadyDave

A coin shop in CT that told me "it was the law" that I had to provide my license in order to buy something from them (a $200 coin), so they could record my personal information.

The idiots running the shop were/are confusing their AML procedures with law...so I laughed in their face and walked out and will never return. I would never ever give my personal info to some small-time coin shop. The personal customer info they have is probably more reason for someone to break-in than the coins they had...

cmerlo1

All I have to do is look at the coins in a dealer's cases and what they're charging for them to know what kind of dealer they are, without having to wonder.

Cougar1978

A wholesaler setup next to me told me (after looking thru a couple slab boxes) I am no fun after I bought 2 coins from him.

BStrauss3

@ricko said:
@Catbert.... I can not remember his name.... We called him Snidely Whiplash because of his weird moustache. Cheers, RickO

I know who he is, but he's actually a nice guy and the shop is a hobby to keep him off the street. Sign on the door said they were open Monday, some Wednesdays and Thursday-Friday. Never Saturday because he was always at a show.

The shop was next door to the Subway where I would frequently pick up lunch. He was a member of our coin club and attended every show in the PNW.

Cougar1978

But quite frankly / Could care less about other RCI players (dealer, tire kicker, whatever) or their BS. Am in coin biz pick off deals, make money, have fun whether online or shows.

leothelyon

I don't know, haven't really dealt with any dealers lately. But I think there are quite a few sellers on ebay hallucinating with the prices they want for the crap they're trying to sell. lol

Leo

abcde12345

I see PCGS genuine only problem coins at asking price higher than a no problem coin (in the same grade range).

Lancer_343

I used to do business with a dealer who upon me requesting a return of common date Peace Dollars because they were 'sliders,' tried to explain to me that a Peace Dollar is a bullion coin and would not accept the return for what I originally paid.

skier07

I was looking at a few coins at a national show. I asked the dealer for a price. He quoted me a price and I handed him his coins back and politely said thank you. As I was walking away he said “are my coins not good enough for you”.

Mgarmy

@leothelyon said:
I don't know, haven't really dealt with any dealers lately. But I think there are quite a few sellers on ebay hallucinating with the prices they want for the crap they're trying to sell. lol

Leo

That is the truth! Recently I have made several offers to purchase at 10-15% below (still high) and no dice. I just laugh when the auction ends, product not sold...coin relisted same price. One dude is on his fourth run same price as the first three times.

ike126

I was at one of my local shows at a regular buyer walks up at says this to a dealer. I've got some premium shit for you 2 look at. The dealer then says lets see what's that means of premium shit because i got plenty of that lol. The rest of the day me and the dealer i was workin with used that word quite often i got premium shit 4 sale at this table 😂

MFeld

@Lancer_343 said:
I used to do business with a dealer who upon me requesting a return of common date Peace Dollars because they were 'sliders,' tried to explain to me that a Peace Dollar is a bullion coin and would not accept the return for what I originally paid.

Without knowing the prices he was charging and the grades he was representing the coins to be, there’s no way to know if he was being reasonable or (possibly) trying to rip you off.

fathom

@291fifth said:
A local Sunday bourse dealer always said that his price was the price and if it didn't sell by the time he died they could just put his entire stock out at the curb on trash collection day. I haven't seen him at a show in several years. I wonder if the trash men now have a nice collection?

I've seen some trash on the curb that looks better than some Sunday bourse dealer showcases.