Did you look around his shop? Did he have similar coins/medals? If not, he just didn’t want them as he knows he will sit on them….especially if he doesn’t sell on eBay.
@jmlanzaf said:
It took me 5 years to get him somewhat competent on cleaned vs uncleaned. But he still doesn't know dates or condition. Sometimes he runs them by me before he buys. Other times, after he buys. But it's just ignorance, justified or not.
well said. the ability to do business in numismatics is not the same as being a numismatist. this model used to be in place BIG TIME as i've talked to so many dealers at shows/shops, especially in the beginning and i was flabberghasted at just how many many of them didn't know now seem to have a strong desire to learn.
i was still able to do business with them though. usually mostly buy as i think that old guard mentality is they were so used to having so much come into the shows/shops, there wasn't much need to be deeply knowledgeable. i can tell because they used to have the price of sets/type sets right off the top of their head and probably would pick up some nice meaty coins/high grade stuff just in with the mix so many times, it was just kinda gravy after a while but that model started drying up pretty quick with the inception of TPGs and wide-spread use of the internet and its myriad of informational sites.
i still recal vividly the old coinfacts and loved every time i used it and was a bit disappointed when it was finally retired. i would have LOVED to have had the rights to take over that site with all its info and have it alive today nothing against the new CF as it is amazing as well.
@jmlanzaf said:
$73, if I recall. But maybe it was slightly more
oh my. i just got your notification!
i was just raising a point that the someone having one of these 2021 (2022?) dollars peace or morgan would most likely know they have a big premium to them. (big imo)
thanks for some confirmation about the original price.
Someone else mentioned $85 and I think that may have been the right number. It was somewhere in there.
@Herb_T said:
Did you look around his shop? Did he have similar coins/medals? If not, he just didn’t want them as he knows he will sit on them….especially if he doesn’t sell on eBay.
If that was the case, it would have been a lot better to have let the customer know that, instead of making the offer.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
My local dealer pays slightly below wholesale when there is a glut of them and above where there is demand. Recently he asked me to sell him my extra Peace, offered me $150 as he had a willing buyer paying cash. I like the peace so I passed. Recently I was offered a few Morgan’s (p and d) at $75 each, I purchased the lot and wanted to sell them quickly, my local dealer had a glut, he was paying below what I wanted (much below) but seems several flippers didn’t get what they expected and had to pay bills so he offered low and they took it, but now he has a glut. If I had insisted on selling he would offer around $50 just to take it as he has more than he feels comfortable in his inventory.
Offering you spot is a way of saying I don’t want these.
@hfjacinto said:
My local dealer pays slightly below wholesale when there is a glut of them and above where there is demand. Recently he asked me to sell him my extra Peace, offered me $150 as he had a willing buyer paying cash. I like the peace so I passed. Recently I was offered a few Morgan’s (p and d) at $75 each, I purchased the lot and wanted to sell them quickly, my local dealer had a glut, he was paying below what I wanted (much below) but seems several flippers didn’t get what they expected and had to pay bills so he offered low and they took it, but now he has a glut. If I had insisted on selling he would offer around $50 just to take it as he has more than he feels comfortable in his inventory.
Offering you spot is a way of saying I don’t want these.
Or, as long as the dealer knows the coin’s value, it can be a way of saying (to himself) “In case the seller is clueless, I’d love these at this price.)
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I'd much prefer a dealer tell me they weren't interested in what I was selling than do a ridiculous offer that just kills their credibility with me. Dealers aren't required to buy everything that comes in the door, sellers should be aware of that. I collect some out of mainstream stuff, I wouldn't be a bit put off by a dealer telling me no thanks.
@logger7 said:
Buying or selling most of them play by their own rules that has apparently worked for them...
I was at a pawn shop the other day that had a couple common NGC MS67 fsb Mercury dimes. They were priced rather high, I made an offer around Greysheet. They said that they paid retail on the coins so couldn't budge. How many pawn shops or regular coin shops pay retail?
That sounds like a polite way to say no thanks I'm waiting to hook a fish.
If they were lying there is no excuse for that, and both the owner and his employee reiterated several times they had paid retail. They rely on unknowledgeable customers in a lot of cases, not much of a business model.
@Connecticoin said:
How does someone come into possession of the new Morgan and Peace Dollars not knowing they are worth way more than melt, or that the Mint sold them for way more than melt?
A couple of scenarios immediately spring to mind:
-A non-numismatist that inherited them or was given them as a gift
-A thief
Comments
Did you look around his shop? Did he have similar coins/medals? If not, he just didn’t want them as he knows he will sit on them….especially if he doesn’t sell on eBay.
well said. the ability to do business in numismatics is not the same as being a numismatist. this model used to be in place BIG TIME as i've talked to so many dealers at shows/shops, especially in the beginning and i was flabberghasted at just how many many of them didn't know now seem to have a strong desire to learn.
i was still able to do business with them though. usually mostly buy as i think that old guard mentality is they were so used to having so much come into the shows/shops, there wasn't much need to be deeply knowledgeable. i can tell because they used to have the price of sets/type sets right off the top of their head and probably would pick up some nice meaty coins/high grade stuff just in with the mix so many times, it was just kinda gravy after a while but that model started drying up pretty quick with the inception of TPGs and wide-spread use of the internet and its myriad of informational sites.
i still recal vividly the old coinfacts and loved every time i used it and was a bit disappointed when it was finally retired. i would have LOVED to have had the rights to take over that site with all its info and have it alive today nothing against the new CF as it is amazing as well.
Someone else mentioned $85 and I think that may have been the right number. It was somewhere in there.
If that was the case, it would have been a lot better to have let the customer know that, instead of making the offer.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
My local dealer pays slightly below wholesale when there is a glut of them and above where there is demand. Recently he asked me to sell him my extra Peace, offered me $150 as he had a willing buyer paying cash. I like the peace so I passed. Recently I was offered a few Morgan’s (p and d) at $75 each, I purchased the lot and wanted to sell them quickly, my local dealer had a glut, he was paying below what I wanted (much below) but seems several flippers didn’t get what they expected and had to pay bills so he offered low and they took it, but now he has a glut. If I had insisted on selling he would offer around $50 just to take it as he has more than he feels comfortable in his inventory.
Offering you spot is a way of saying I don’t want these.
My current registry sets:
20th Century Type Set
Virtual DANSCO 7070
Slabbed IHC set - Missing the Anacs Slabbed coins
Or, as long as the dealer knows the coin’s value, it can be a way of saying (to himself) “In case the seller is clueless, I’d love these at this price.)
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I'd much prefer a dealer tell me they weren't interested in what I was selling than do a ridiculous offer that just kills their credibility with me. Dealers aren't required to buy everything that comes in the door, sellers should be aware of that. I collect some out of mainstream stuff, I wouldn't be a bit put off by a dealer telling me no thanks.
If they were lying there is no excuse for that, and both the owner and his employee reiterated several times they had paid retail. They rely on unknowledgeable customers in a lot of cases, not much of a business model.
...if he offered 4 times spot , would you have been insulted ?
A couple of scenarios immediately spring to mind:
-A non-numismatist that inherited them or was given them as a gift
-A thief
RIP Mom- 1932-2012
This sounds like a pawn shop a little further away…