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Dealer Price/Cost Codes

During the 1960s - 1990s I studied dealers' cost codes. I was curious to learn their markups, perhaps to give me a better bargaining position. I remember two of them.
Herb Tobias' code was GLADMOTHER - G is 1, R is 0.
Dave Bowers' was PANORCHEST, from panorchestrion, a mechanical musical instrument.
Does anyone else remember dealers' codes?

Comments

  • Klif50Klif50 Posts: 658 ✭✭✭✭

    Coins of Laurel used MONEYTALKS M=1 S=0

  • mikee999mikee999 Posts: 328 ✭✭✭✭

    BLACKHORSE was a code my dealer used in the 60s.

  • ambro51ambro51 Posts: 13,554 ✭✭✭✭✭

    Mine is ARTICHOKES

  • PerryHallPerryHall Posts: 45,198 ✭✭✭✭✭

    @MapsOnFire said:
    During the 1960s - 1990s I studied dealers' cost codes. I was curious to learn their markups, perhaps to give me a better bargaining position. I remember two of them.
    Herb Tobias' code was GLADMOTHER - G is 1, R is 0.
    Dave Bowers' was PANORCHEST, from panorchestrion, a mechanical musical instrument.
    Does anyone else remember dealers' codes?

    One dealer I knew used "BRICKMASON".

    Worry is the interest you pay on a debt you may not owe.

  • DoubleEagle59DoubleEagle59 Posts: 8,140 ✭✭✭✭✭

    I was first introduced to dealer codes in the diamond business.

    Every dealer had one and when you viewed their inventory (the diamonds would be loose in those folded diamond papers many may be familiar with) you would always see a three or four letter cost code.

    It didn't take a genius to decode the ten letters as all you had to do was view five or six items and numbers such as 1, 2, 5, 7 and 0 were extremely easy to identify.

    Difficult numbers were 3,4, 6 and 8.

    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • Manifest_DestinyManifest_Destiny Posts: 3,010 ✭✭✭✭✭

    @JimTyler said:
    I use the actual cost without a dollar sign, fools everyone.

  • PerryHallPerryHall Posts: 45,198 ✭✭✭✭✭

    @Manifest_Destiny said:

    @JimTyler said:
    I use the actual cost without a dollar sign, fools everyone.

    Audrey Hepburn was a great actress. <3

    Worry is the interest you pay on a debt you may not owe.

  • JimTylerJimTyler Posts: 2,993 ✭✭✭✭✭
    edited February 12, 2024 3:02PM

    Just got done watching Roman Holiday. She was Great. Sabrina just starting.

  • No HeadlightsNo Headlights Posts: 2,027 ✭✭✭✭✭

    Couple I know. Both read 1-0
    Discounter
    Max P Snyder

  • 1Bufffan1Bufffan Posts: 612 ✭✭✭

    I saw one listed as lowestbid l-being1 and d-being9 hard to remember them all but several I've seen being used. Great Post.

  • BustDMsBustDMs Posts: 1,557 ✭✭✭✭✭

    What difference does it make?

    Do you consider cost or market value when selling?

    If the coin matches your quality and is fairly priced does it matter how much someone is making, or losing, on it?

    Q: When does a collector become a numismatist?



    A: The year they spend more on their library than their coin collection.



    A numismatist is judged more on the content of their library than the content of their cabinet.
  • FloridafacelifterFloridafacelifter Posts: 1,125 ✭✭✭✭✭

    Long ago mine was
    WALTDISNEY

  • TypekatTypekat Posts: 103 ✭✭✭

    @ambro51

    Really? I thought i was the only member of the Artichokes Club!

    30+ years coin shop experience (ret.) Coins, bullion, currency, scrap & interesting folks. Loved every minute!

  • DisneyFanDisneyFan Posts: 1,541 ✭✭✭✭✭

    @Floridafacelifter said:
    Long ago mine was
    WALTDISNEY

    A true fan.

  • jdimmickjdimmick Posts: 9,577 ✭✭✭✭✭
    edited February 12, 2024 6:55PM

    I never used codes, I can remember what I paid for everything in inventory.

    I might add, before you say wow, i usually only have about 100 or so coins in inventory on any given day.

  • Klif50Klif50 Posts: 658 ✭✭✭✭

    @jdimmick said:
    I never used codes, I can remember what I paid for everything in inventory.

    I might add, before you say wow, i usually only have about 100 or so coins in inventory on any given day.

    Codes work well in a shop when you have more than 2 people working at any one time. It's always good to know what was paid for a coin so you know if you have any wiggle room to negotiate.

  • PerryHallPerryHall Posts: 45,198 ✭✭✭✭✭

    If you have a 10 letter code and you are concerned that it might be broken, you can always randomly add a few more null letters that are not part of the code that are just ignored when you decode your price.

    Worry is the interest you pay on a debt you may not owe.

  • oih82w8oih82w8 Posts: 11,800 ✭✭✭✭✭

    Wow, I still remember the cost code for a clothing store I worked at during the 80's. Oh...its coming back again. A colorblind salesman selling clothes.

    oih82w8 = Oh I Hate To Wait _defectus patientia_aka...Dr. Defecto - Curator of RMO's

    BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,...
  • 1946Hamm1946Hamm Posts: 754 ✭✭✭✭✭

    NICKODEMUS worked well.

    Have a good day, Gary
  • BillJonesBillJones Posts: 33,367 ✭✭✭✭✭

    One I heard of was PHONEDIAL.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • PerryHallPerryHall Posts: 45,198 ✭✭✭✭✭

    @BillJones said:
    One I heard of was PHONEDIAL.

    Don't you need 10 letters?

    Worry is the interest you pay on a debt you may not owe.

  • BillJonesBillJones Posts: 33,367 ✭✭✭✭✭

    @PerryHall said:

    @BillJones said:
    One I heard of was PHONEDIAL.

    Don't you need 10 letters?

    That dealer didn’t need them.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • BryceMBryceM Posts: 11,689 ✭✭✭✭✭

    I figured out a couple codes...... I wasn't terribly difficult, if you pay attention and have access to enough of their slabs. :)

    It's surprising how much this knowledge actually helps when trying to work a deal. :)

  • Cougar1978Cougar1978 Posts: 7,447 ✭✭✭✭✭
    edited February 13, 2024 5:29PM

    I use cost and sell codes✈️. Just part of being in the biz.

    1. Other dealers will try to undercut you if price on the item.
    2. Depending on how your show is going your ask price may vary - market conditions, cash flow, show goals, etc.
    3. If people coming in bourse room not asking prices means they probably don’t have any money, lookey looks, or just tire kickers.
    4. The junk box material, prices on that however- high markup (keystone) stuff -Helps pay my show expenses and drive thru meal on way home.
    So Cali Area - Coins & Currency

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