Coin Show Buyers Etiquette

numonebuyer

I have only been to a couple of coin shows.

What is the proper buyers etiquette regarding offers? In other words, is the seller expecting a lower counter offer to the quoted price?

Numonebuyer

airplanenut

If you ask "What's the best you can do on this?" Take the answer, and no haggling.

If you are just quoted a price or see a sticker, you can feel free to, within reason, ask if he would take $xx instead.

Jeremy

Robgetty

It all depends on the dealer, but it never hurts to ask what he can do on the coin,
or to make an offer if you feel it is too high. I picked up a 72-CC quarter at the ANA
show with a sticker of $995, but the dealer told me $850 when I asked if he could
come down a little.
(At the same time, I wouldn't haggle too much on a coin that is only a few dollars to
begin with)

keets

there's a commercial that runs on local radio/television containing the line "........where an educated consumer is our best customer" or something along those lines and that's the approach that works best for me. i try not to make a purchase unless i at least have a basic knowledge of what a given coin should cost. there's nothing wrong with looking at a price list while viewing coins, and that usually prevents me from hearing a price that's way more than i care to spend as well as overpaying out of ignorance. as young Jeremy said, ask for the best a dealer can do on a particular coin with the amount you're willing to pay already in mind. a simple "OK, thanks" is all that's required if it's too high.

i find that i enjoy shows when i go prepared with a list of what i need/want and prices i'm willing to pay backed up with a grey sheet or current pricing from the net. don't ever be embarrassed to let a dealer see you looking at a grey sheet or flipping through a pocket notepad. after all, they need to write those little codes on the holders or refer to a sheet. heck, i've even flipped through blank pages while i thought for a few extra seconds and didn't want to show my excitement for fear of having a dealer raise his ask. now that secret's out!!

al h.

gsaguy

Don't be bashful. We coin dealers are thick-skinned. As long as you're polite, I can't see any dealer being upset if you wish to negotiate on a coin. He may not lower his price, but it doesn't hurt to ask..........politely.

And if a dealer pulls out another coin to show you, there's no need to say anything negative about the coin if you're not interested. Just say something like, "nice coin, thanks, but it's not for me".

GSAGUY

Good luck at the show.

LucyBop

Nope, I'll pound GSAGUY into submission until I get my price!!! Believe that!

gsaguy

I love it LucyBop when you put me in my place.

GSAGUY

I'll be a good boy.....I promise.

michael

for me in most all cases if i was interested in a coin i ask the seller what they want

they have to price their coins i either buy or pass i respect the coin sellers right to price it at whatever

in some rare instances i might ask ........... can they do better?

michael

bushmaster8

One alternative to negotiating that works:

Drop the coin into your pocket (only use this method on coins you have just GOT to have),
turn and run like hell for the door. Don't look back.

Please note that this method can only be used once for each coin show locale!

JoyofCollecting

I've found the following method works best at shows:

1. Ask the dealer the price of the coin.
2. When he quotes you the price....roll your eyes in disbelief.
3. Then question his grading or the grading of the slab company.
4. Then question the integrity of the toning or brightness of the coin.
5. Then, and this is key, offer the dealer 50% of his ask.
6. If he get's angry, ask to see another one of his coins and start the routine again.
7. If he doesn't get angry, but says that his quote was the best price, then offer him 75% of the price.
8. If then he gets angry, say something derogatory about all of his coins so that everyone within 20 feet can hear you.
9. Then offer him 90% of his quote.
10. Then whether he accepts or not, go to step #11 below.


11. Learn some etiquette.

numonebuyer

I was looking at a PCGS-certified MS65 DMPL Morgan. How much over greysheet (% wise) is expected on a coin? The coin I was looking at was 10% over grey sheet. The coin in the grey sheet was $400 and he had a sticker on the coin at $440.

So, I should have just said something like "Is this (pointing at the sticker price) the best you can do?"

I am thinking in retrospect that I should have just bought the coin.

Numonebuyer

Baley

how nice a 65 was it? if nice or very nice, then $440 might have been a bargain.

if not so nice a 65, then he might have taken 420 or 400, i dunno.

JoyofCollecting

Honestly though, you can never go wrong with airplanenuts' advice:

Just politely say: "What's the best you can do on this one?"

Then, either buy it or pass on it..don't argue. No one will blow up with that polite approach.

dorkkarl

the question is: are you a real coin collector? if you are, then of course, price doesn't matter if you really, truly fall in love w/ the coin. of course, there's no hurt in asking if the dealer dude can do better, but if you find yourself constantly passing on coins you think you like, & price is always the barrier, you should re-evaluate whether your a real collector or not.

if your not a collector, & price is all that matters, then there is no etiquette, you can bargain 'til the sky falls down.

K S

JoyofCollecting

<< <i>
if your not a collector, & price is all that matters, then there is no etiquette, you can bargain 'til the sky falls down.

K S >>





You can be a collector and be value conscious. Particularly, if you're collecting the more popular series where there are hundreds and thousands slabbed in many, many grades. Go to any decent coin show and you'll find dozens and dozens of "rare" CC dollars. It's a different story for the really rare coins. Also, there is always a place for etiquette in the world today.

BillF

Reving this thread with another aspect of "Buyer's Etiquette".

It is "Poor Etiquette" to carry around something like the Cherrypicker's Guide (if/when they come out) and maybe a price sheet as well, or is that just considered "standard", but dorky-looking?

Asking 'cause I'm planning on going to the Denver show at the end of the month, and I've never been one before.

seanq

<< <i>Honestly though, you can never go wrong with airplanenuts' advice:

Just politely say: "What's the best you can do on this one?"

Then, either buy it or pass on it..don't argue. No one will blow up with that polite approach. >>



That is exactly my approach as well. On rare occasion I will make one counter offer, but not an insulting one, and leave it at that. Works very well for me.


Sean Reynolds

mdwoods

I usually only buy from a few dealers. I have also sold to the same dealers so I have a good idea of their markup. I don't ask for anything off, they usually give me
the best price they can. Or I buy coins from auction and pay too much.

MICHAELDIXON

I usually only buy from a few dealers. Unfortunately, there are only a few dealers who will sell to mdwoods!

ArtR

Treat the seller the way you would like to be treated, and follow the advice given by airplanenut, and coinguy1. You will find that it will pay off in the long run.

MacCrimmon

<< <i>Treat the seller the way you would like to be treated, and follow the advice given by airplanenut, and coinguy1. You will find that it will pay off in the long run. >>


BINGO!
I might add; if you really like the coin but it's maybe 5% over what you had hoped, tell him you'll think about it and ask to see 2-3 other coins he may have on your list. Sometimes the purchase of additional coins gives the dealer leverage to 'balance' the deal to terms which might be more favorable to your pocketbook.

After all, I would rather sell a collector 5 coins on the spot for a 2-3% reduction for the group than see you just buy one coin at "the best I could do" and not come back because you thought it was maybe a little too high.

drainbamage

I usually am hardcore and haggle myself to death..... Some dealers are worse than Sumo wrestlers to bring down. You would think that I had naked pictures of his mother and he had nudes of my girlfriend. It is a fun day at the coin show when I deal with those sorts of guys.

numonebuyer

One of my old threads - revisited.

Numonebuyer

drainbamage

yeah.... your right about haggling too much..... You should always respect them.

The guy I was talking about kisses his wife as you walk away and says "I think we only made 20% on that deal"

He is overpriced..... but he has the quality.... so what do you do?

Merc

If the coins are good quality, but overpriced, I walk away.
At a show last weekend, I was looking at some Barber halves in VG10. They were nice and origional and properly graded. The trouble was, the dealer was asking a price for a full fine. The asking price was so much over what they should go for, I didn't even want to bother trying to hagle down. I walked by his table the next day and saw they were all still in his case.

lordmarcovan

What Airplanenut said.

Elcontador

What NOT To do

The following comes from observations made over the years:

1) Slap the dealer on the back and enthusiastically inquire, "how you doin,' boy?"
2) Make a point of eating a chili dog while looking at his coins (preferably the expensive ones)
3) If you're involved in manual labor, don't shower for the three days before the show
If you're a white-collar type, make that a week.
4) Same as item 3 re oral hygiene.
5) Whatever you have to say to the dealer, speak in at least the 110 decibel range to make sure
that everyone on the bourse floor can hear you.
6) When asking the price for a particular coin, you should always respond using one of the
following answers:
a) "You want how much for that coin?"
b) "Well, bluesheet for that is (whatever it is for the particular coin)." This is the
preferred response for a genuinely PQ expensive type coin.
7) In spite of items 1 through 6, if you actually reach an agreement to purchase a coin:
a) Insist that he accepts your check. This is the best route if he has never seen you before.
b) Pull out 25% of the price, give it to him, and start walking away with the coin, telling him
that you'll take care of the rest later.

I think I've said enough.

relayer

Ask him how much he wants for it and when he answers just laugh and say "No, I mean seriously how much do you want?"

FatMan

Treat the dealer just like they treat you. Offer them 50% sheet for anything they want to sell