Calculating buy prices on Moderns

MICHAELDIXON

I was contacted this past weekend by a person who wanted to sell a certified modern BU Jefferson. When I am offered moderns, which aren't on the Blue Sheet or Grey Sheet, I calculate them by going to Teletrade and doing a 60 day search for that particular item. When I find several, I average them and divide it by 90%. 90% is what I'll pay for the coin, because I have determined what the coin has actually sold for in the past 60 days.
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The seller wasn't happy with the price I offered and stated that XXX Dealer had the coin on his website for twice what I was willing to pay. Unfortunately, I can only pay based upon what I feel a coin is actually going to sell for. And, in this case, I figured 10% below what the coin actually sells for.
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So, if you're going to buy common modern coins, do a search on Teletrade and find out what they are actually selling for. Don't be surprised if the large dealers are trying to get twice what the coin actually goes for.

BigD5

Sounds more than reasonable to me.

keithdagen

MD,

The funny thing is that, when I have sold some of my modern pieces in the past, especially the commems, I contacted several of those "high-dollar" dealers and offered them pieces of my collection. In cases where they responded, the buy price was less than half of what they were willing to sell it at, or, in a majority of the cases, my e-mails for inquiry were completely ignored.

TheNumish

I've had the same experience trying to sell moderns to the larger dealers. In fact I had no interest in them at all and never had any desire to deal in them. Then one day I bought a collection and tried offering it to some of the major dealers. I faxed the inventory list to one of the guys three times and they all ended up in the trash. Never even called to say he wasn't interested. They were good coins too. So to make a long story short I put the coins on ebay and now I'm really into it. One thing for sure is I would have sold the deal way too cheap if they just gave me the respect of an answer.

For the record I have to thank those guys for ignoring me. I never would of gotten into the modern market if they just bought the coins from me. They forced me to learn about it and now I'm a player. Maybe just a little player but it sure is fun to deal in this stuff. It's also nice to sell stuff at half their prices and have happy customers.

I guess those guys already have sources for coins and buy enough back from customers that they don't need more coins. That's what I figure.

braddick

Well Michael, I've got a box of them heading your way (as you know, via PM)- so between now and when they arrive I certainly hope you get it figured out!!

keets

my initial reaction to your post was to suggest you have the seller contact the dealers he referenced. i'm sure when he hears their offer he'll immediately contact you and accept yours!!

al h.