buying from your local coin dealer

Geoman

Do you ever feel like this..........

I live in a samller town, and there is only one coin dealer. He is an older gentleman, and really pretty nice. And he is VERY KNOWLEDGEABLE and you can go in and talk to him for a 1/2 hour. However, his stuff is a little more expensive than I can get through other avenues. BUT, I end up buying from him because I feel almost obligated to after he spends time talking to me and answering my questions. Maybe I should think of paying slightly more as "a fee" for the knowlecge I am gaining. Do you every pay slightly more because you gain some other intangibles from somebody?

wingedliberty

Supplement your collecting with Ebay and other venues , like shows. I would also reciprocate
and offer to educate him as well. We can all learn from each other.


Brian.

Unknown

I also tend to buy from dealers who are willing to share their time and knowledge. I guess it is a fee, but I really am asking their advice, so it's worth it. I don't feel obligated to buy from my local dealer but I prefer to.

g097103

I have an excellant rapor with my local dealer and will pay a bit more to deal with him. I learn a lot when I sit around chatting with him and pawing all the stuff I can't afford. I just think of it as the price of admission to his particular madhouse.

Scott M

FC57Coins

I tend to make periodic purchases from dealers who are willing to impart their knowledge with me - and I do think of their little premiums as the cost of gaining that knowledge - but heck - it's also entertainment value too.

Frank

bigbadchad777

I can usually "cut a deal" with my local dealers. Their price is usually negotiable.

fcloud

When I lived in a large city (650,000) there was a lot of dealers and the ones I delt with really took care of me (I got a fine 3-leg buffalo at less than half price--back in 1976). Today I live in a town of about 3,600 there is a dealer about five miles away in a city of about 85,000 and he is the only dealer. He is very knowledgeable, but he really doesn't take care of me the way the other dealers did. He has no competition and I think that is a big part of it. I do buy from him, but not even close to the cash I laid out at the other stores. His loss.

Dog97

I'm really tough on my local guy and weasel him down pretty hard. I've spent weeks bargaining him down to my price on a coin. If somebody else comes in willing to pay he sells it to them though.

DaveG

Yes, I certainly do shop more at dealers willing to educate me and sometimes I'll pay a little more for a coin from one of those dealers. I also make a point of referring my friends to them.

I think it's only fair - I'm taking up the guy's time and learning something valuable, so I want to compensate him for it.

stman

Hey Dog97, Now if I were your local dealer and you were always trying to talk me down, as soon as I seen you coming the price would get jacked way up. Then when you felt you got me way down on price I actually charged you more than it would have cost someone else. Ever think about that one? BTW does he call you dog also?

Stman

SarasotaFrank

I've made mention of my dealer situation in a few other threads over the past few months.

I must live in coin paradise, as we have about seven dealers with twenty or so miles. I have only visited two, and have developed an excellent rapport with both, although one did have a learning curve as to what I was looking for as a customer.

After making a few token supply purchases and modern stuff, I started to make purchases to work on older sets from both dealers. Once we started talking I started to get a little better treatment and became a regular visitor to both shops. I make a point to visit both shops a few times a week.

Prior to purchasing at these shops, I tried the E-Bay route and bought a fair amount of stuff. Some I was able to get for less, but I found I was spending a lot of time and not getting anywhere in building a relationship. I don't know how many guys I bought from when I sent an email -"if you come across an AU or better 28 Peace dollar let me know". Always a response, but no one ever followed up.

In the course of conversations with both dealers, I let them know how I work. I will NEVER haggle you on price. EVER. But, if you have some extra room on something I'm interested in - I will always be appreciative. If I ask the price and I think it is too high - I'll just pass. I believe both think I am a fair customer and one worthy of consideration as a result. I have given both these dealers my two page "wish list" which includes coins I am seeking, as well as coins I am looking to upgrade. The list is in spread sheet form and I email them when I pick up a coin off the list.

Just today, I called one of the dealers I work with to inquire about a set of Morgans he told me he had coming in this week. He had told me he was taking them in on Thursday and would put them aside for me until my regular Saturday morning visit. When I called, the onwer told me the Morgans did not show. He then proceeded to tell me he did pick up a few things he knew I was looking for and he had set them aside for me. These included a beautiful AU+ 28 Peace Dollar which I have been seeking for six months, plus an 1872 Indian, a 1908-S Indian and a 32-S Quarter. What's a dealer like that worth? A lot!

I knew he would not even show them until I saw them and got my coffee and hit the road. The coins were as described and I bought each of them at a discount - without any embarassing haggling. I let him know up front that I wanted to trade them for gold, as opposed to cash, and it was no problem.

This is the kind of stuff you don't get on ebay. Hell, sometimes you can't even get a positive feedback.

My two cents (a 72 and 08-S Indian! )

Fairlaneman

If I had My way the Local Dealer would be the only person I would buy from. Some 20 years ago this Guy taught Me so much Invaluable information that I never will be able to repay him. Of course sometimes I still think I know it all and get a minor toung lashing from him.

In the last year or so I have sold him many coins but bought very few. He just cannot find Inventory in the series I collect. Selling him items he can make a Dollar is the small way i try to repay him for the time He took to Educate me. Whenit comes time to sell something he always gets first shot.

Blade

Unfortunately my local dealers don't carry the quality of coins I buy. Few slabs, even fewer coins >MS63. But I have bought from dealers who spent a lot of time with me, but 5% over the price from another venue is about my limit, unless the coin has stellar eye appeal (read: unique).

DesertLizard

Great thread!

Yes yes yes, these "geezers" like myself are a treasure trove of knowledge. They can help you avoid the mistakes and get stuck buying the wrong coins or wrong grade. Is paying 20% or 20o$ "too much"? Depends on the expertise of the dealer. Many a dealer has saved my tail and given me better discipline in buying better high end coins.

Interestingly the few times i have not followed a dealer's advice I have lost out years later.

I say pay more and demand more...information.

Today's net dealer is simply a mover of inventory and is not that knowledgeable I am sorry to say. Sure they know pricing but little else.

Oops, before I get a bunch of dealers jumping on my back I must add my disclaimer....Not ALL dealers are clueless to things other than price.

fcloud

It is more than getting the coin for the price. You have to be able to reach an agreement. Some dealers just don't care if they get your business or not. Or purchasing proof sets, your not allowed to pick out your set. They are simply pulled from a drawer and it is take it of leave it. Etc.

IF A DEALER IS WILLING TO HELP YOU COLLECT WHAT YOU ENJOY, HE/SHE IS WILLING TO WORK WITH YOU, AND EDUCATE YOU AT THE SAME TIME. I KNOW I'D BE WILLING TO PAY TOO MUCH FOR THAT SERVICE!

The moms and pops may be short lived, if they don't service their customer base.

SarasotaFrank

Fcloud:

That was a pet peeve of mine early on with one dealer. I need a 58, 59 and 60 proof set - and that is exactly what I got - three envelopes and a bill.

After frequenting these shops, I now get the entire bin and a lupe. "Pick out the ones you like."

You don't get that on ebay.

Dog97

Heehe
stman he's an old man that enjoys it just as much as I do. He pushes his glasses back up on his nose looks at me and blows his stinky little cigars smoke on me and says no way you better do better than that. He grades just like I do and his prices are always fair anyway so if it's something I just got to have I go ahead and pay his price. He always knocks some off the listed price I don't even have to ask.
He pays at least bid prices and more if it's something good.
He had a 32-D quarter in VF that he said had a bad MM. He wouldn't believe me when I said it was good so I took it and sent it to PCGS with some of my junk and it slabbed XF. He was really tickled.
What really irks him is when people come in with a copy of the greysheet and tell him he's overpricing his coins.

fcloud

Frank,

Good for you! I have been in and out of that store for over 25 years. That is the way they do business.

Tony

Fairlaneman

The Dealer and I pull the Gray Sheet out together and proceed to Beat each other severly. Unfortunately it seems he gets the last blow in.

Ken

indianabyron

Well i have a great time with the dealers i deal with . the best one is about 50 miles away from me but we have a good relationship . we met at many auctions. All the dealers i deal with in my town like that i use the gray sheet i asked 2 of them why and they both sadi almost the same thing."because it means your a more informed coin buyerand seller"..

As far as paying a small premium i dont have a problem with that . the 2 dealers i deal with the most always cut me deals when they are adding up what im buying.


Byron

shirohniichan

Do you every pay slightly more because you gain some other intangibles from somebody?

Yes, although my favorite dealer usually gives me good enough deals on the important coins that paying a little extra (i.e. regular retail) on inexpensive coins isn't a problem.

IvanOnly

I usally buy stuff from local Dealers instead of ebay, not that I don't trust people, I just usally want a specfic coin now.

Twowood

I finally settled in with an old dealer who's been around for years and he's got a great following among the older,veteran collectors I know. I was sick of the hustle from these coin/stamp/picture card guys who survive on eBay sales. Integrity has a price and I'm willing to pay it...Cheap is expensive! Twowood

wallstreetman

fcloud, I think your mad because he doesnt sell for half off!

fcloud

Wallstreetman,



<< <i>fcloud, I think your mad because he doesnt sell for half off! >>



That's not it. I have and will spend too much on a coin. See the thread on the 1937 MS68 Mercury Dime. I Bid $466 on a $200 coin. Money is not everything, but service is very important to me. When I was young and had cash, about 20% of my income went into coins! That is why that dealer gave me a 50% discount on one coin (and after 25 years I still have it). Most of the money I spend on coins today is through Numismatic News advertisers, ebay, and coin shows. I still spend some money in that store, just simply not what I would if there was some customer service. If there was great service, I'd be in there every payday!

Tony

Coinmonger

With my local coin dealer, I found that until I demonstrated some knowledge and until I was willing to spent a significant amount of money, that I could forget about purchasing coins or bullion from him without a significant premium attatched.