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Selling/trading to a dealer at a coin show
Vetter
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I’ll be going to a show this weekend and I have a few coins l’d like to sell or trade. I don’t quite know the etiquette for approaching a dealer with my coins and I don’t want look stupid or be insulting. What advice would you give me. I would either want to sell outright or if I see something of interest in their case, maybe do a trade. These are certified mid grade US coins but with values of between $1000 and $2000. Thanks
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To start, look for dealers who are selling similar coins. Next- "Hi- I have some coins I'd like to sell. Are these anything you'd be interested in?" If the response is "Yes", be prepared with the prices you'd like to get since you'll most likely be asked "What do you want for them?"
Start off by asking "Are you doing any buying or trading?".
The value material you have should get the attention of most dealers.
Be sure to let the dealer see your Grey Sheet so he knows not to try to low ball you.
Worry is the interest you pay on a debt you may not owe.
Alternatively, if you have any really nice material that should trade well above greysheet, and the dealer insists on quoting the greysheet bid, tell them to send them a check then. 😉😂
Type Collector of U.S. Pre-33 Gold https://instagram.com/deplorable_dan Successful transactions with- @drfish, @Cladiator, @johnny010, @Pedzola, @PerryHall, @2windy2fish, @Ike1964, @JohnThePainter, @rpmsrpms, @REALGATOR
It can be difficult enough for a seller and a buyer to come to an agreement on a mutually acceptable price. But it can complicate things considerably, when an attempted trade’s involved. So unless the dealer is someone you have some type of relationship with, I’d advise avoiding an attempted trade in your initial interactions.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Expect lower than what you would get for it if you sold it to a private buyer. After all, the dealer has to sell it for a profit. So be prepared to take what may seem to you like a low ball offer. In my experience, especially since covid, there is not much back and forth barter or debate these days - what they offer is normally what they will pay and if not then no deal. If they really like it they may raise it.
Good luck - you might get more for them on eBay!
I never liked when folks wanted to trade their inventory for my inventory. I would suggest that they trade their cash for my inventory or their inventory for my cash, instead. Trades can muck things up horribly. The best option is to sell and buy, if possible.
In honor of the memory of Cpl. Michael E. Thompson
Do your due diligence beforehand checking out recent auction results and Greysheet. Be hardnosed and anticipate the critical analyis finding problems and typical rhetoric to strengthen their argument. You may want to call around because usually the highest price to be realized with what you have is online these days in most cases.
Remember that you can always say no especially if you aren’t very motivated to sell.
Agree with both of these comments. With trades, one party is getting rid of coins not wanted in favor of acquiring wanted coins while the other may not be, complicating efforts at arriving at agreeable values for the coins involved. Much simpler to sell unwanted coins for cash and use that cash to buy wanted coins.
You must know when a dealer is selling to you it's always a PQ A#1 could gold CAC.
If your selling it's way over graded, CAC made a mistake, TPG over graded it.
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Buyers (on both sides of the table) say this all the time.
I agree with above; however, I would suggest you ask the dealer to review your coins and provide his/her best price. If you provide a price first you just set the ceiling. After selling coins at multiple shows I found that most dealers are about 80% of retail, maybe a little higher if they really want your merchandise. At a larger show I might get offers from 2 or 3 dealers and do a deal with the one that gives me the best offer. However, as a matter of courtesy I always get back with the other dealers to thank them for their time. I'm always courteous, but not afraid to negotiate for a little more. But the key is to be reasonable, dealers are in business to make a profit and you can not expect to receive retail for your coins.
One last point, I will make a suggestion which is somewhat contrary to some of the comments above. If one of the dealers that you are negotiating with has coins that you are interested in, that dealer may give you a better offer because the dealer will make money on the coins bought from you and the coins sold to you. In this case the dealer may be willing to slim down their normal profit margins. But for this technique to work you first must get a good feeling where the dealer is on the offer to buy your coins, then bring in to the discussion the coins you are interested in either to raise the trade value or likewise a better deal on the coins you are buying.
Good Luck!
While it sounds nice to let the dealer throw out the first set of numbers in an offer of sale to that dealer, it does not always work. If folks tried that with me I would very politely tell them to figure out their numbers and then come back to me to discuss a possible sale.
In honor of the memory of Cpl. Michael E. Thompson
Post a photo here of one of the coins you have and see what people here think its worth... Just for information...
Anybody selling four figure coins (aside from heirs who inherited them) has a number in mind before making the offer to sell.
Thank you for posting this thread, a lot of great information and opinions shared here.
As a collector who loves to trade, I wish you success!
A suggestion I have not seen is eBay. If you have an account, particularly with sales history it might be an option.
Good material has been selling strong from what I have seen come and go recently. A lot of quality stuff goes for over pcgs list prices.
If you do go the eBay route, add about 15% extra for the fees and shipping.
http://www.pcgs.com/SetRegistry/publishedset.aspx?s=142753
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
Sure, you need to do your research before the show to know the current retail market, Greysheet prices if you can get them, and what your bottom number is to sell. All this accomplished before you sit down with a dealer/dealers.
I would not recommend selling this value of coins to a dealer at a show, you (IMO) be better off selling outright on eBay or similar.
These are certified mid grade US coins but with values of between $1000 and $2000
With the understanding that everybody has an opinion on the subject and there is no right answer, the OP said "I don’t want look stupid or be insulting". One way to avoid that is to say upfront what you want for your coins. There are posts here every so often complaining about dealers at shows who don't put prices on their coins, this situation is pretty much the same except from the other side of the table. If you have a bottom number figured out, why not tell the dealer? How would that be any different than asking the dealer "What's your best price on this" when buying?
Yeah. My offer expires when you leave the table. If you come back, the offer is likely lower, unless it is something I really like, because I know you couldn't find a better offer.
And before everyone jumps on me, the problem with being an early offer is that people use my free offer to leverage a better offer. I literally had someone once come to me with a large lot of coins. I went through them and made an offer of about $1000. He told me I was $50 lower than another offer. I thanked him and told him to sell to the other guy.
He then told me he'd sell them to me for $10 over the other offer. I knew the other guy and I said that I wasn't going to do that to the other guy.
He kept at me and offered to sell them to me at the same number. I said that wasn't fair to the other guy. I knew his number, but he didn't know mine.
Now, I'm not saying everyone does that. But people do and it's not fair to the early bidder who set the price just to get sold out by anyone willing to go $5 higher.
Next time someone asks for your best price on something you have for sale, tell them. And then, let them know if you haven't got a better offer by the end of the show, they can have it for that.
Think that'll fly?
o> @MasonG said:
As you said its a matter of opinion. If the dealer gives you a price the floor is set; if you give the price you set the ceiling. From a negotiating standpoint its always better to let the other guy go first. @TomB said he requires the customer to say what they are looking for and that is his choice. That works for Tom; however, I have never had a dealer turn me down to review my coins and provide me an offer first. But I also always had good PCGS CAC high quality merchandise. At the end of the day, some dealers are ok throwing out a number first and others may not. That's my thoughts on this and will leave it at that. You are welcome to get the last word Mason.
I sold four coins at last week's ANA show, I think I could have done better by walking over to the GC table and consigning the coins to auction. I inquired at each table if they were buying, most were but a few dealers were less anxious to buy and were more net sellers with tax time close. Those who were asked to see what I had, and the very first thing they all asked was what was I asking. I sold my four coins quite easily and came out ahead of what I had paid on all but one which I broke even on. I did have a fifth coin I shopped around too but it was a very common date sub $100 coin, even with the CAC bean, and while I could have sold it (still at a slim profit) the interest was lite and I decided to take that one home with me.
My takeaway, be prepared with both a preliminary number and a bottom line I'd be better off holding these coins number too. And several dealers were willing to work a trade as part of the deal, so if there is something that really interests you in a dealers case it may be an option.
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I think it difficult to just make a trade unless the dealer has something that you really want. A trade can be a great bargaining tool, and maybe the first thing you want to find is a coin that you really want, and would even be willing to pay the dealer's asking price for it. This is the best time to make a "trading" deal.
OINK
Find a dealer that has a coin you want and work on a price, when final ask, "would you be interested in this coin?"
That's all.
You can always move on to the next dealer, that is the beauty of a show.
Know the recent auction sale history for the coins you own! Most dealers will not offer you anything close to what they are worth...and by worth, I mean what you can sell them for yourself to other collectors. Be patient and do not sell to dealers. Either find collectors to sell them to or consign them to Great Collections. Don't allow yourself to get ripped off just because you want to buy something. Be patient. You can also try to post them on the BST here. If you have a coin Instagram account or coin Facebook account then you can sell by making contacts on those platforms as well.
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This ^^^^. Unless you need cash, this weekend, why not consign to GC? Your coins will receive very wide exposure, and, for better or worse, you will receive what they are worth, less the 10% buyer's fee, with no seller's fee. It will take several weeks for your auction to close, but you will be likely to receive a price a lot closer to retail than whatever a dealer at a show will offer someone they have no relationship with.
I have been over anxious many of times, actually more than many of times.
I was one of those people that just wanted the coin without thinking about over paying.
Given how hard it's become for dealers to source quality material at fair prices, about half of them - once a show quiets down - will greet me with "do you have anything to sell".
ANA 50 year/Life Member (now "Emeritus")
Not everyone has access to a coin show. If you know what you need to get for your coin, the BST Forum is a great resource and it's FREE!!! If your coin doesn't sell on the BST, you haven't lost anything other than some of your time.
Worry is the interest you pay on a debt you may not owe.
Many dealers have their coin inventory listed at their website. If there is a coin you are interested in and want to trade, but would like to see the coin in hand first, email or call them and introduce yourself. Confirm if they'll be at the show and ask if they can or will be bringing the particular coin(s) to the show. Let them know when you'll be at the show that way if they have another prospective buyer the dealer knows how to respond to the other buyer. Also inquire if they are open to trades or combination of trade and cash. A reputable dealer will hold the coin until you've had a chance to deal face to face. Then follow through or inform them off any change in schedule. Need to build that report before the show. The show is too busy to build any kind of business relationship.
I agree with @JW77:
"If one of the dealers that you are negotiating with has coins that you are interested in, that dealer may give you a better offer because the dealer will make money on the coins bought from you and the coins sold to you. In this case the dealer may be willing to slim down their normal profit margins."
In any meaningful negotiations the result should be a "win, win" for both sides.
Just my two cents worth of experience in contract negotiations and coin trading.
Good luck!
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My current Registry sets:
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✓ Everyman Mint State Lincoln Cents (1909 – 1958)
✓ Morgan Dollar GSA Hoard (1878 – 1891)
Read through again. There is all you need above.
Interesting thread.... While I am not a dealer, and I rarely sell coins, I find the information above typical of most products. Know your products value... Know the value of products you want... Have your prices for buying or selling established in your mind before business begins and stick to the plan. Of course, in rare instances, something special or different could enter into the deal... Be prepared to back away long enough to evaluate the new situation. Cheers, RickO
I'd generally agree, but a friend of mine did a relatively simple exchange that worked for both. He had 3 coins, 2 bullion raws and an MS-65 1924 Saint. So pretty liquid coins one and all.
The dealer took all 3 for an MS-66+ 1908 NM Saint that the dealer had. I told my friend to kick in some $$$ and grab an MS-67 he had but he was happy with the exchange and didn't want to go another $1,500 for the 67.
I liked what you said except for "Be patient and do not sell to dealers." One thing I've learned from this discussion group, which I did not expect, is do not discount dealers. I had a recent happy experience with one dealer who regularly posts here. You really need to consider all selling options.
Not to mention that dealers buy a significant percentage of coins at auction.
As mentioned above, there is nothing wrong at all with selling or trading to dealers, but you have to keep in mind that they are a business and need to make a profit from every transaction, so you will likely receive less than you would by selling it outright - same as when you trade in a car on a new one, as opposed to selling the old car yourself.
Great timing. I'm going to my first show in over 13 years next weekend and was going to ask the same question about trading at shows. Thanks for the great advice above, I'll definitely keep it in mind, though my only goal this time is to know some local dealers.
It really depends. In any sale other than a major auction, you are setting the price. It is not a given that the offer from another collector will be higher than the dealer. The dealer may well know the highest buyer in the country for the item. Is the collector in front of you that same buyer? That buyer is trying to not pay the most possible, he wants to pay the least possible.
If it's your first show, just don't.
If you haven't "scoped out" the dealer/s in your type of coins, it will just be frustrating for both parties.,
Experience is what counts.
If you don't have it, use an auction.
@FrankH thanks, that's my plan. Just scoping them out for now, don't plan on selling or trading at this time. Definitely buying if I find some quality stuff within my interests.
One dealer I know who buys at shows has lots of cash. He has a big green banner “Cash Paid for coins”. It attracts them coming in the bourse room. Generally he offers 2/3 of CDN Bid. This is pretty much well par what a wholesaler I know pays for material walking in his shop. Sometimes he sets up with stuff at wholesale say bid plus about 5%. I try pickup material from him before they let the public in. Having good buying cash at show kickoff key. A vest pocket trader I know buys a lot of stuff from him (after it walks in the shop) probably ten back of bid. It’s all a food chain and having the right connections is key.
Know what you are going to realize after auction house juice, shipping, etc. Then you will be in a position to evaluate offer from show dealer.
Remember they are not the bank for your coins, money mismanagement, or buying mistakes. Dealer next to me at recent show was offering 20 pct behind CDN bid to walkup sellers. He flipped some generic slabbed 63 and 64 Saints to another dealer at 5 pct behind CDN bid per some convo we had about the market. The guy that has lots of buying cash is in the drivers seat in this business. If you pay too much it will catch up with you later on.