Utilizing a dealer's want list service.....

PhillyJoe

I get emails from dealers and auction houses telling me to let them know what I am looking for and they will try to find it for me. I think it's a great service, but here's my question: If I happen to see the item on ebay, will I get into a bidding war because the dealer is also looking for that coin for my want list and doesn't realize I'm the other bidder? If I put the coin on every dealer's want list service, am I shooting myself in the foot? Appreciate any thoughts here.

Joe

kranky

I think it's a definite mistake to give your want list to multiple dealers for the reason you mentioned. You'll just increase the competition artifically. I wouldn't expect it to happen on ebay, though. To be safe you could tell the dealer you will continue to look on ebay, but he could look at shows.

Even if you only give it to one dealer, who knows if that dealer isn't asking other dealers for assistance in finding the coins? And if the dealer finds a coin you wanted, and it turns out you don't like it, the dealer might not be real thrilled about possibly being stuck with the coin.

Personally, I think a want list might be a better idea in theory than it is in practice. If you give it to multiple dealers, they can drive up the price competing against each other. If you only give it to one, and the dealer buys a coin for you, he's probably going to expect you to buy it when you might not like the coin. Some dealers might not go out looking for coins on want lists, but will match up their newps against want lists they have. In that case the dealer might not be upset if you don't want the coin (after all, it wasn't bought just for you), but on the other hand the chance of getting the coins on your want list are reduced.

NumisEd

Here's an idea: give a dealer your want list, but limit the timing to just one show. In other words, if a dealer is going to Longbeach, tell them that you will buy anything on your wantlist that comes from that show....period. Don't let them hold onto the list, since they will start competing with you in other venues, such as ebay.

mr3holesinone

Doesn't the competition among a lot of dealers only come into play when you are searching for RARE coins and not just common coins but with requirements?

For example, if you are seeking a gold coin such as a Clark & Gruber in mint state you're going to be competing for that coin probably. Whereas if you are seeking a clean MS63 1934-D Peace dollar, chances are there are plenty out there just that they are spread around and you need someone to find it for you. Hope that made sense.

I guess I'm seeing if people agree that for low pop/rare coins it is best to just have one dealer looking for you and that for more common coins you could ask several dealers with the option of finding it on your own too.