How Far "back" of Greysheet Does Your Dealer Pay?

SarasotaFrank

I'm on the record as being less than happy about the buy tactics of some dealers.

Went to a shop today with a list of proof sets that would choke a horse.

What percentage "back" of greysheet was I offered?

What should it be?

airplanenut

I'll guess you were offered 30% of bid... I think it shuold be at least 60-70% bid, depending on the liquidity/value of the items...

jbsteven

I get 10% back of bid where I take my proof sets.

misterR

My local dealer pays 10% back of bid. You can do a little better than that if you want to get offers from several dealers at a show.

wayneherndon

I buy proof and mint sets at 10% back. If you can't get a better deal locally and have enough to make it worth it to ship them, PM or e-mail me for shipping address.

WH

SarasotaFrank

wayne:

99 Silver proof sets are greysheeted at $160.00 now?

I understand you (retail customer) can't buy them for that.

fact/fiction?

greghansen

On a commodity item like proof sets, I would guess you were quoted 20% back from bid. List them here!

SarasotaFrank

you're exactly right greg. 20% back, not only on proof sets by on every coin I offered, regardless of key dates, etc.

SageRad

Does percent "back" of bid mean percent off of bid? I am no sure I understand. I have very little selling experience--and none lately--but I am considering taking some generic gold to a coin show in St. Louis next weekend.

SarasotaFrank

wayne:

Proof sets - 1953 - 2002 - 55 is in a flat pack, 54 & 53 are in capital holders
Silver Proof set - 1992 - 2002, minus 95 and 97
Silver Premier Sets - all
Prestige Sets - all

email me at wallofknowledge@comcast.net if interested.

Also let me know on the 99 and 2001 Silver proof sets as I have a few of each

greghansen

Bring out those key date coins and let the FEEDING FRENZY begin!!!

NumisEd

I think that 20% back on proof/mint sets is reasonable. I see the same sets offered at coins shows for 10% back of bid. A lot of proof sets only bid at $5 (approx.). So, the dealer pays you $4 and sells the set for $4.50....maybe $5 on a good day. He makes $1 or less. Now, subtract the cost of the table at a major coin show, plus the other associated expenses, not to mention the labor for hauling that worthless crap around. Is the dealer really making anything at all? I think that a dealer is doing you a service by paying you 20% on proof/mint sets. Same thing for 90% silver. Dealers pay 3.1Xface and sell for 3.3Xface. Unless you are talking about thousands of proof sets or $10,000 of face in 90% silver, it is chump change for dealers, considering that they depend on their job to feed their families.

I think that dealers make their money with raw coins. They will undergrade your raw coins, then generously offer you full bid for your coins. Sounds nice, huh. Only problem is that your EF coin to the dealer is really an AU-55.

BigD5

Most local dealers in my area wouldn't be interested in those proof and modern sets. They would just look to dump them at the next show, and 20% back of bid would leave them room enough to sell them at 10% back.
Sheet numbers are quoted for original packaged sets also. Most times sets in Capital holders are discounted even more. Depends on the set though.
It can take some hunting to find a dealer interested in paying decent money for that stuff.

Tonelover

On modern Proof sets we buy then for 20% back of bid and sell them for 10% back. All original paperwork and packaging would be required.

stman

<< <i>On modern Proof sets we buy then for 20% back of bid and sell them for 10% back >>



Oh, so you make a full 10%? Yeah you slimey dealers are all the same.

Do you see the wink? I hope everybody sees the wink.