Coin Shop Etiquette ?

Lori · January 20, 2003 10:43AM

Is it "ok" to bargan at local coin shops in general? I wasn't sure if it is normal for most people to offer less for a coin then what they have it priced at. I've seen many raw coins I would love but they are a little more then I wanted to spend. Thanks for the info.

Lori

dwood · January 20, 2003 10:45AM

Lori,
If it isn't, you're probably in the wrong shop

I usually make 2-3 purchases at the marked price before I start bargaining with a new dealer. Once they know you know what you're doing, they'll usually tell you a different price than what is marked on the coin. And then they'll usually bargain a little from there.

fcloud · January 20, 2003 10:45AM

It never hurts to ask. I use to negotiate with one dealer, now I have been going there so long that he just cuts me the best price right off the bat (and it is not the price on the tag).
Tony

Russ · January 20, 2003 10:47AM

Not only is it okay to bargain, it's expected. To do otherwise is un-American.

I ALWAYS offer less, whether it's a show or a shop. It's more fun that way.

Russ, NCNE

nwcs · January 20, 2003 10:49AM

They're all overpriced at the local coin shop here, but after seeing me several times and talking with them, they now give me between 10-15% off their prices every time. Because they know I'll buy something later. Sometimes I score a big win and sometimes I bomb out and wayyyyy overpay. But I think there is value in the relationshps and sometimes they even find something and save it just for you. I got a monster toned 1900 dollar for $28. But then I spent $22 on a 1953 proof dime that looked better in the store.

Neil

goose3 · January 20, 2003 10:50AM

There are only a few places on earth I don't try to "bargain" such as the grocery store, gas station, and bank.

Coin shops are fair game.

I used to just politely ask my dealer if XX.XX was his best price. Now I don't have to say a word. If I find something I want, he always takes a bit off of it.

dwood · January 20, 2003 10:57AM

One other thing I always try to remember:

I don't want "my guy" going out of business. Therefore, I don't try to win at EVERY coin. He needs to make a fair profit on EVERY coin, and he needs to make a better than fair profit on as many as he sells me at "less than fair" profit

He scratches my back, so I try to remember to scratch his every now and then too. It keeps both of us happy most of the time, and at least one of us happy ALL of the time

MastaHanky · January 20, 2003 11:00AM

<< Sometimes I score a big win and sometimes I bomb out and wayyyyy overpay. >>

Haha, I hear you there! I scored a 38-D Texas for well under bid from my dealer, but he made up for it later on a Buffalo and a Morgan that I purchased. It all evens out in the end.

Android · January 20, 2003 11:01AM

My coin dealer cuts me some good deals. He makes some money on it, I get a nice coin for a reasonable price. He usually quotes me somewhere close to greysheet ask, sometimes a little above, and sometime a little below. I've rarely had to "bargain" with him because his asking price is fair to begin with. He's a great guy, treats me well, and deserving of the profit he makes from his sales to me.

Andy

Lori · January 20, 2003 11:03AM

I kinda thought it was "ok". I have only been there a few time and paid what it said. Next time I will put the charm on and get some good deals. HA!

Lori

dlshaw · January 20, 2003 11:04AM

I agree its expected to bargain, Main thing is attitude when bargaining.

Loki · January 20, 2003 11:09AM

I usually do not offer a price until I know the dealer is willing to negotiate. To see where the dealer stands, once I know the starting price I simply ask this question: "Is this your best price?"

That way I know right away if the dealer is willing to negotiate or if the price is firm. I have had a few surprises with even lower offers made to me after I asked that question then what I was willing to pay for the item.

Also, just because he may be firm with one piece you are interested in doesn't mean he is unwilling to negotiate on another piece that may capture your eye.

Bear · January 20, 2003 11:22AM

Now if all you guys and gals would stop bargaining and just pay the full retail price,

maybe we could get this here economy moving again. Start saying to the dealer ,whats the highest price

you will allow me to pay for this coin without getting embarrassed.

dwood · January 20, 2003 11:26AM

Ok...if we all start doing that, can I go back and change my answer in the "Did you ever want to be a Dealer?" thread?

mbbiker · January 20, 2003 11:29AM

Bear if you want to do that i'll sell you my whole collection

As for the question i usually talk the dealer down a little even if it is my first time at the shop i'll just ask the dealer if he/she would take xx about for this coin if they say yes they made a sale if not they are still stuck with it in there inventory. Odds are if you make a DECENT offer they will probably say yes.

oldcameoproofsguy · January 20, 2003 11:37AM

I figure if I am going to loiter around the shop gawking at the coins in the display cases I will purchase at least something for taking up the dealer's time. He is a pretty nice guy and usually gives me a decent deal on whatever I purchase. I have never had to bargain with the guy; his prices are always really good.

I figure it would be in poor etiquette to visit the shop, take up a bunch of this guy's time and not purchase a thing. Besides, its a pretty cool shop anyway; he must have an inventory of several hundred thousand dollars in his display cases alone.

Bear · January 20, 2003 11:44AM

I figure that a good relationship and a fair price on coins is always a two way street.

If one remaines polite and does not tear down a dealers coins to get a lower price, then

generally there is a meeting of the minds and an equitable agreement. If not, stay pleasent,

there is always tomorrow.

Topdollarpaid · January 20, 2003 1:23PM

Hi everyone I am new to this board and this is my first post.

This is a great subject for me since I have a coin shop. Discounts are ok on most collector coins, however attitude is the key. I don't mind giving 10-15% to good customers on coins out of my stock boxes. (If the customer is not rude about it). Most collectors are great people and fun to talk to ans visit with, its much appreciated if you don't advertise the discount, or everbody in the store will be trying to get a discount and that wont work.

If I have a coin priced at 50.00 please dont ask if I will take 25.00. I think 40.00 is a reasanable offer and 25.00 is a insult, if we are that far off try a different coin.

Remember always buy what you like, and only buy from dealers who gaurantee authenticity of what they sell.
Randy
Lake Elsinore Coins, Ca

dwood · January 20, 2003 1:47PM

All good points here, and its nice to have Randy's point of view too.

Like I've said before, a good dealer is better than a good mechanic (BY FAR). Once you have one, you do WHATEVER it takes to hang onto him/her. My dealer will occasionally offer me things he KNOWS I don't collect, and sometimes I'll buy it just because I want to help him out (if he's offering me something he knows I don't collect, he's basically saying "I haven't been able to get what I wanted for this, and if I have to let it go cheap, I'd rather it be to you.") So I buy it, and he gets his money back out of it, and I have a nice whateveryoucallit.

I'm telling you, you have to build a win/win relationship with your dealer, and then your collection can really take off! It takes a little time, a little effort, and a lot of money, so once you get there, DON'T BLOW IT (either of you)!

I have a few rules for my dealer(s) (in no particular order):

1. If I have to worry about the quality of a coin, you're not going to be around long.
2. If you're EVER not happy with ME, you better tell me and FAST!
3. DO NOT overcharge me (on purpose). EVER!
4. DO NOT undercharge me. Not very often, at least

5. DO NOT GO OUT OF BUSINESS!
6. When I die, my wife is going to walk in here with a load of questions. Remember this: She was the boss when I was alive. She is the reason we were allowed to build a relationship. Treat her BETTER than you ever did me!
7. DO NOT let her sell the 39-S!
8. DO NOT lie to me. EVER!
9. DO NOT point out that I am bald, or that you have 3 Cent Nickels that are younger than me! I know I am old, and I know I am bald. I'm also fat, but we don't need to go there

10. DO NOT GO OUT OF BUSINESS! (this is a big one).

nucklehead · January 20, 2003 2:36PM

Welcome Topdollarpaid to the forum! Good post,I like your work ethics.

indianabyron · January 20, 2003 4:26PM

I have a good relationship with the dealers I deal with . I dont have to ask they just give me a lower price. One of the dealers also informs me when coins come in that im interested in.

Its all in just getting to know the dealers most will appricate you getting to know them and thats when they are more willing to cut the better deals. At least thats what I knotice.

Byron

relayer · January 20, 2003 4:43PM

Welcome Randy.

I'm about an hour away from Lake Elsinore, I'll have to stop in sometime and check out your shop.

I'll be sure to ask for the PCGS Forum discount

LucyBop · January 20, 2003 5:37PM

I travel alot so I find myself in coin shop where I don't know the dealers, as was the case when I was in Phoenix.....
I walked in with that Rock'n Roll beat... Gave a couple of really big smiles, a wink here and there, and a few 'what
a pretty Frankie' comments, and those mean dealers were dropping prices left and right for the HepKitty!

MastaHanky · January 20, 2003 5:44PM

<< Gave a couple of really big smiles, a wink here and there, and a few 'what a pretty Frankie' comments, and those mean dealers were dropping prices left and right for the HepKitty! >>

I tried showing some leg and a bit of cleavage, but they usually asked me to leave instead of dropping their prices.

LucyBop · January 20, 2003 5:52PM

<< <i>I tried showing some leg and a bit of cleavage >>

That's Strange... It seems to work for me......Go figure?

Crashtestfixer · January 21, 2003 9:42AM

reckon bout 5 shops in the (mile high metro) that I visit. the store with the super coins is hard to budge, sweet coins are just that. my fav store knows me & g. sheet is the way (both buy + sell). dont need to ask for a break.
one shop, reckon we do not like the way each other combs their hair. no deals have went down (asked to see a coin & the daeler flipped the piece- pointed ta da price) had to leave. had more than enough $ to cover the deal (offended) yes.
do not rag on invintory, introduce yourselef & learn your dealers names, as with the auto-trade so is the coins. Haggling-exchange of opinions is expected (less its top of the line rare=buy it cuz there are too few for demand.

MadMonk · January 22, 2003 1:35AM

First be comfortable with your grading skills!!!! I have a want list in my pocket. it lists the coins that I want. I have what I'm willing to pay, in my code, listed as well. A lot of beginning collectors walk into coin shops with the latest coin world, n. news, coinage, etc. which lists full retail. There are a number "coin dealers" who will see that, and guess what, your then a sap to them, and pay full retail. I may have a greysheet or blue sheet with me too. That in itself shows you are somewhat with it, and resourceful. Read how the greysheet talks about nice coins at those wholesale prices. Not bottom feeder junk. So, if you pay full retail, it better be a killer coin. Otherwise I start 10% behind the sheet, if buying from a dealer. Most dealers I've known try to buy at least 30% behind sheet. Some also do a two grade shuffle. (again know how to grade)
if you piss him off, it's an act, or your better off not dealing with him. Sometimes you might look at an additional item that he has for sale, and get a qty discount. Keep a poker face too. Too anxious can kick in some people sap detector too. Then Make your offer with cash in view saying "this is what I can afford".
So theres my jumbled ideas.

JLW · January 22, 2003 1:56AM

Randy, aka Topdollarpaid,
Welcome to the forum, sounds like you have a pretty good shop going there, and realize the importance of return customers. (It is a limited customer base after all, non-collectors don't often go into a coin shop on impulse). Our local shop here just closed, they were friendly and would deal as well, now I have to drive 30 miles to the closest one.
Joe

Topdollarpaid · January 22, 2003 2:28AM

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Coiniac · January 22, 2003 3:12AM

The local coin shops that I visit always cut me a deal on anything I buy because I am a frequent customer and never visit the shops without making a purchase. They respect the fact that I am a regular, know what I am looking for, and always purchase something, so they spot me 10--15% off the marked price.
building a good relationship with the store owners is key. Two incidents that stand out:

On one visit to my favorite store, I made a small purchase with a roll of quarters which I had accumulated. The owner thought the quarters were all silver, and he started counting out lots of change for me. He was very grateful when I pointed out the error!

That same dealer did something really neat on another occasion. After I made my purchase, he was counting out my change. At the very last he said "...and one penny." As he said this, he laid an 1847 large cent in my palm! It was VF grade, but was defaced with a large "X" over Liberty's face. Neverthless, I was thrilled. That Large Cent still proudly resides in my collection.

So, basically, it all boils down to a good working realtionship with the dealer,built up over time.

Coin Shop Etiquette ?

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