Sometimes "Specializing" in a coin can be a BAD thing!

braddick

I received a kind email today from a seller I've dealt with before. He caught on awhile ago that I enjoy searching for the super Low Grade (problem free) type that is hard to find.

Today he offered me a PCGS 1923-S Peace Dollar in PO01. It's a Pop One coin alright, but his asking price? $200.00. I took a pass and will just have to continue being satisfied with my 1928 (Key Date) that is in my set now (PCGS FA02).

Now, if I didn't chase after these coins what do you believe the asking price would have then been?

See? Sometimes it doesn't serve a purpose well for others to know your specialty.
Do you find yourself sometimes stuck like this? A Dealer/Seller who knows you kind of WANT a coin and then the price is 'adjusted' because of it?

truthteller

Frankly, to be offered this coin at $200 was an insult from the dealer. I would have seriously questioned his ethics since the dealer obviously knows the coin is worth a few bucks. In fact, I have had dealers quote ridiculous prices on coins which are nothing special, and then tell them that if they quote prices which are absurd, please place take me off their list.

TRUTH

coppercoins

There was a time that I could go into the local dealer's store and pick up BU cent rolls at 15% below bid...those were the days. I had to open my big mouth and tell him what I was doing with them and what I was finding in them. Well, now he wants to "give" me the rolls and "split" whatever I find in them. When I told him that I wasn't necessarily interested in keeping the books on something like that, his price suddenly went up to ask on rolls. Oh well.

RKKay

A dealer who adjusts his price based upon your how much you want a coin is, in my view, breaching an ethical obligation. The dealer has a right to make a reasonable profit, but that amount should not be based on the client's desire. As his client, it is my belief that he should attempt to help you build your collection, not gouge you when he knows your needs. It is contrary to the principle of providing a dealer with your want list.

tradedollarnut

Hey - somebody said any pop 1 coin should be worth $10k - that dealer was giving you a discount!

braddick

I guess it is akin to the old adage you never walk into a car dealership and scream, "That's perfect! I WANT THAT car! I'm not leaving until I own that car!"

RKKay

I think you don't do that until you know the dealer well enough to trust him and know he has integrity. My opinion.

TheNumish

ouch! $200 for a 1923-S Peace Dollar. I thought the point of buying these type of coins was that it's fun. At $5 it's fun. At $20 it's still fun but getting serious. At $200 someone thinks it's serious business.

sinin1

Some people pay premium for tone - some for errors - some for key dates.

It may take awhile for this person to move this dollar -

Email back an offer, saying something like "Although it is a population 1, and it would fit in my collection nicely, I limit my purchases to $12 - when your price is lowered, let me know."

I am sure the right buyer would need to be found for that coin at that price.

braddick

<< <i>ouch! $200 for a 1923-S Peace Dollar. I thought the point of buying these type of coins was that it's fun. At $5 it's fun. At $20 it's still fun but getting serious. At $200 someone thinks it's serious business. >>



That's EXACTLY right. Years and years ago when I started out collecting these type of coins it was because it allowed me to go to a show like Long Beach with only a couple of hundred in my pocket and search all day and still not find all I was looking for- with change left over.

After all, that's part of the sport of coin collecting is the chase. I was lucky in that when I did find what I wanted the price was very low because no one else cared.

Jump ahead to today and to be offered what really is a junk coin (in many peoples minds) in a $15.00 holder at such a high price really was insulting (you're also right, TRUTH). I may be lame with some of my buying purchases, but not THAT lame.

kranky

I guess I can't fault the dealer for trying, but I surely wouldn't be buying from him again, considering he was clearly trying to charge you an order of magnitude more than what the coin is worth.

I like sinin1's suggestion for responding to the dealer.

jbsteven

If it was me I would offer him $20-$25 considering it is slabbed.

braddick

<< <i>If it was me I would offer him $20-$25 considering it is slabbed. >>



I have NO problem owning this one for $25.00 (even a bit more- no problem), but I've found that when you offer a Dealer 20cents on the dollar of his asking price then HE becomes insulted and then you BOTH walk away disapointed.
Plus, after getting the price, it is so "out there" it left a bad taste in my mouth for the whole deal and I quickly became disinterested altogether.

Clankeye

I am with you all the way on this one, Braddick. That would leave a very bad taste in my mouth. I used to have a guy offering me marginally toned Carvers all the time at ridiculous prices. After a while I took it almost as a sign he held me in low esteem. That may seen overly sensitive, but I don't think I'm wrong. That was a connection I cut.

Carl

Elcontador

Pat,

When someone insults me, I return the favor. Ask him if he'll accept payment in Brasilian Cruzados (they ceased being legal tender in February of 1995). I think I have a 5,000 cruzado note somewhere. BTW. be sure to ask him for change.

wayneherndon

Take your money and go after the ANACS [net] PO 01 1909-S VDB in the weekly Heritage Internet Only Auction.

WH

cladking

When there are some coins you have to buy then you need to develop a good poker face.

MastaHanky

Whoa!

PO1 Lincoln

michael

i love this thread!!!!!!!!!!!!

and you never walk into a local coin dealer's shop and tell him you want to sell these coins as you really need the money..........lol

for me a dealer can offer me any coin at any price he wants to i either buy or pass and if the coin is priced really super high crazy priced i vote with my feet nothing personal only a coin that no matter what it is i can certianly live without!!!!!
but i am always willing to look!!



sincerely michael

SarasotaFrank

I just came across an inventory/price list of coins (which shall remain unidentified). There are a number of coins on the list I am interested in purchasing. Just about every last one of them is overpriced by about 20%.

I would like to see this "seller" pay that type of premium when they are a "buyer".

SarasotaFrank

I just came across an inventory/price list of coins (which shall remain unidentified). There are a number of coins on the list I am interested in purchasing. Just about every last one of them is overpriced by about 20%.

I would like to see this "seller" pay that type of premium when they are a "buyer".

Trime

Braddick,
Your problem is that you are a visionary who has created a whole new universe of specialty collecting. Cult leaders are special and the popularity of their new found product creates followers and entrepreneurs who want to benefit from your popularity. You are the Jerry Garcia of the low quality, high desirability coin world. Congratulations. Your collection will soon be enshrined in the ANA museum. Think of the tax benefits.
Incidentally, don't send them in for regrading. According to non visionary Market Grading concept they will be upgraded and you are in big trouble. Maybe you can create a new dialogue with PCGS and NGC to Market Grade downward to retain maximum value.

kieferscoins

Braddick:

Too bad about the seller. I once bought a few civil war tokens at a local coin club meeting. As soon as there was a buyer in that, the next few meetings were flooded with the coins and at higher prices. I didn't buy any and they were surprised.

In general, I have sold many low grade coins to Braddick for his set. I think it is only ethical to sell them at a reasonable price. Let him know what you think about it and maybe he will see where he went wrong.

Cameron Kiefer

shirohniichan

I would have taken that to mean either the dealer thinks I'm an idiot or that he himself is an idiot. There's no harm in saying you'll give him $12 for it.

I had the opposite situation from you. My favorite dealer called me one Thursday night and told me he just got a chopmarked 1808 half dollar and asked if I wanted it. He told me he had no idea what it was worth. I saw it and told him I did, and I brought some Chopmark Collector newsletters that showed prices realized for chopped bust halves in the past year. He took my prices and almost cut them in half because he said he wanted the coin to go to someone who was really interested in it. That kind of explains why he's my favorite dealer.

Gilbert

... then HE becomes insulted and then you BOTH walk away disapointed.


Braddick,

It's okay for him to insult you? I mean, you took his request as an insult, right? I don't think he intended to insult, only to stick you in the ... pocket. Can't see the harm in letting him know, without a doubt, that his action was way off base AND DESERVES TO BE CORRECTED.

"Voting with your feet," is not always the answer. Sometimes, a person needs a loud wake up call. If nothing else, the dealer would have to "voice" why he feels $200 was appropriate.

As far as specializing in a coin, well, I have to agree with you. Sometimes, and this applies to many dealers I've encountered, just having a VAM number on 2 X 2 causes an increase in ask price. Nevermind who wrote there or whether it's even correctly attributed; most times, the seller didn't attribute it.

1956Quarter

This happens in a lot of other hobbys as well. I collect old toys as well. We have huge a semi-annual meet each year. The prices are assnine. Its like because all of the buyers are "professional collectors", and there are usually close to 100,000 buyers attending that its a free for all on jacking up the prices. Same thing on e-bay recently, starting bid and Buy It Now amounts are rediculous just because its Xmas.

I would e-mail or call this shop under an assumed name. Inquire about several coins, maybe Franklins, SLQ's, and Peace dollars. when asked what you need in Peace dollars mention that date and mint. See what kind of offer you get...... I'm curious.....

Once you get the $35 price quote, let him know he's busted.