Another coinguy1 "Coin dealer bidding on an auction coin" - what is your bid and why?&quo

coinguy1

For those of you who want to play coin dealer and to get a feel for what it's like trying to buy coins out of auctions....

You are viewing auction lots at a major sale and happen upon this coin, an 1866 Seated Liberty dime graded PR65 by PCGS. Here is some pricing information - CDN bid is $1150, $200 over "common date" bid. The Certified Coin Dealer Newsletter has a price of $825 listed for Proof 65 Legend Obverse Seated Dimes by type. There is currently a $930 sight-unseen bid posted by a dealer on the Certified Coin Exchange.

The coin is VERY pretty - please take my word for it. You are now officially a rare coin dealer .
You are trying to make an honest living buying rare coins and selling them for a profit. Based on the appearance of this coin and the limited pricing information I have noted, how high (or low) would you bid on it, in order to add it to your inventory and try to make a profit on it by selling it to a retail client?

Please note, in the only other thread of this type which I posted, a few "bidders" bid below sight-unseen bid on the coin. Hint - it is all but impossible to acquire nice certified coins at below sight-unseen bids! And, it is a very tough way to try to make a living.
Place your "bids" and please do not let others' bids affect your bid amounts. Good luck!

Russ

$2600

Why? Because that's the first number that popped in to my head.

Russ, NCNE

MadMarty

$1700 and turn it to Joe Dirt for $2000, who will in turn sell it to Russ for $2600!

mgoodm3

I I were a coin dealer (which I'm not) and I wanted to make a profit I would get it for as little as possible. So I will give you $1100 for it. Since there are guys out there that want it for 2600, I'll make a good profit off of it. I could be a coin dealer, this is too easy.

grip

I would go $1,500.Al

barberlover

Buying it with the idea that I want to add it to inventory to try to sell for a reasonable profit means I would pay 20 % less then if I were buying it for myself, my answer depends on 1. Do I have a waiting client looking for pq color proof Seated dimes ? {would pay more depending on what the client wanted to spend]. And 2. A dealer thats "in the know on what a coin really can sell for wether above or below sheet levels.

For me I'd pay 1500 to 1600 with the idea of selling it for 1900 to 2000, but I would go higher for a waiting buyer on either a cosinment or done deal basis where if I agreed to go higher at the customers request, he couldn't back out.

Les

Clankeye

This is the tough part of your equation, Coinguy... turning off the collector side and thinking from a pure business standpoint.

I think that's a gorgeous coin. I think a true collector would pay well above bid for it. I know I would be tempted to pay well above bid for it--but I'm a dealer, right? Not letting my heart do the thumping here.

I'd still pay well over bid for it as a dealer. Probably at least double, and I'd certainly want to top Russ' bid just out of spite. If the market didn't crash I think you could pay that much and not be taking much of a risk-- $2800 from Clankeye.

Clankeye

greghansen

I'm in @ $1,750.

I think it deserves a 'double' premium for its eye appeal and uniqueness.

mgoodm3

Oh, by the way, thankyou coinguy1 for these kind of threads. I don't know squat about the high end coin business, and all of the opinions show a bit of how it works. Maybe someday I will be on the buying end of one of these beauties.

Baley

$1666. I feel I could find someone to buy it for $1850 and would be comfortable owning it for a margin less. And as Anaconda says, I get to enjoy looking at it in the meantime!

BTW, what was the "answer" to the SLQ question in the previous one of these?

Oak

I'd HATE to make those kind of decisions for a living. And worse, I'd hate to rely on fickle coin collectors.

Looks like it's worth 1.5x ask though, so I'd back into my bid from there.

mojorizn

Being very PQ for the grade and knowing the tone collectors that I know, I would probably go as high as $1700. Shouldn't have any trouble making $3-400 if the coin can be had for that money.

Mojo

coinguy1

<< <i>BTW, what was the "answer" to the SLQ question in the previous one of these? >>

Baley, the price realized for the NGC MS67 1923 Standing Liberty Quarter, which was the subject of the other thread, was $3680, including the buyer's premium.

OnlyBuffalos

My bid would depend entirely on my clientele. Do I have a customer, or much better, customers who potentially would want such a coin. If not what is the chance that I could sell this coin? Do I cater to customers who collect high-end proofs?

In my opinion, while this coin has excellent eye-appeal, it is going to attract a limited number of collectors due to its being a proof and its price-tag.

In my situation, I cater to buffalo nickel collectors, sell primarily in non-coin show venues and Ebay, and 95% of my indivdual coins sell for under $500. I would pass on bidding.

relayer

Are you sure you're not just making us do your work for you?
(If so, you wouldn't be in business very long)

I'd bid $1,082.56

DennisH

Mark:

I bid $1,300. (The market for Seated dimes doesn't impress me as being that active, otherwise it would have been higher.)

-- Dennis

Barry

I wouldn't bid above sheets. Being a seated dime guy, I know that 1866 proofs are actually somewhat common coins. I would want an 1866 business strike which is very rare, much moreso than the proof.

Louis

$1010

coinkat

I like the coin and this may be one of those that is worthy of a gamble... as a collector, I rarely buy slabbed coins, however, I think this is a possible upgrade and I would be willing to pay a premium. But even then, I think many others would feel the same way and the coin would go for more$$$ than I would be willing to pay. Perhaps under $2K would be reasonable, but that is based upon a reasonable chance at an upgrade. (BTW, I really don't what to start the whole argument about crack outs and whether the coin was graded correctly the first time)

newsman

I would bid $1,500, then pray I can find a buyer for $2,000.

Bear

NIce coin and great color. Dimes as minor coinage tend to be a hard sell

unless you have a client waiting to buy.I would bid 1700 dollars. Price coin retail at 2100.

scher

i like the coin for stock as you say at 1750...if i had someone in mind maybe as much 2250...this coin should be an easy sell at 2500 retail i think may 3k..
bruce scher

roadrunner

Bidding by scan only with no return priv...I'd pay $1250 right now.

roadrunner

Bustman

I would buy it at 1500.OO as a dealer, turn it for 1800.00- 1850.00 ( 20% mark up).

coinguy1

Price realized: $3450 (including the 15% buyer's premium)! It's tough to buy nice coins out of auctions!

FinallyHere

Yup........I knew that was coming!! Good post. Funny thing is Mark, if you or I had that coin listed for that kind of money on our sites we might get a few emails asking what we were smoking...., but in an auction......it seems to just make sense......right?

Mike Printz

Dahlonega

Double sheet: $2300 minimum
But, this indicates to me that a vest pocket dealer paying full sheet plus at regional shows should be able to do well...and many are.
Also, the first major dealer that announces/demonsrates they are paying multiples for PQ coins should be able to increase market share otherwise more and more PQ coins will just enter auctions...currently it is difficult for most to sell PQ coins to dealers for anywhere near [ie.25% back] what the dealers pay at auction.
Really don't understand why the 'sheets' are so far behind...is there a conspiracy?...why would there be a conspiracy??

Clankeye

Well, on the forum here, I was the high bidder at $2800. Clankeye's Coins turned that coin for a $650 profit.

Time for a fat cigar and a hot tub with a beautiful babe.

Clankeye

puff

"Mark".... Since this is a gorgeous coin if I were a dealer I would probably have to pass.... WHY? Because there are to many collectors that are willing to bid "STUPID" money, (especially at live auctions on the internet), just to say that they owned it!

So that would leave the dealers out of the picture with "one" exception that they already had a buyer for it. In that case I would go with what the buyer was willing to pay, and allow myself as a dealer a 10 to 15% profit, depending on how much business this particular collector has done with me in the past.

coinguy1

Clankeye, don't go out celebrating just yet.

The coin brought $3000 hammer (plus the 15%), so you, as the consignor, would not have received the full $3450.

But wait, there's more ..... and, it's NOT good............you didn't specify if your $2800 bid was hammer price, or one taking the 15% buyer's charge into account. So, I bid $2800 hammer for you, meaning, that with the buyer's premium, you were in the coin at $3220.00 and thus LOST $ on the deal.

Lastly, I presume that the "beautiful babe" you made mention of, was none other than Mrs. Clankeye - otherwise, this thread could get you into more trouble than some of your story characters get into!

Clankeye

No fat cigar?

No hot tub?

No beautiful babe?


In the immortal mantra of eBay: LIAR! LIAR! FRAUD! GET A LAWYER!!!!


Clankeye

eisq222

$990.00 would be my top bid

DHeath

Mark,

Perhaps Marty will be kind enough to post my reply to your initial post. I PM'd it to him by mistake. His was the last reply before I sent it, and I hit the wrong button.

TOPHAT

GEE ,MARK I KNOW THAT THIS IS FOR A DEALER BID,BUT I AM A TOTAL COLLECTOR. I WOULD PAY AT LEAST 3450 FOR THAT COIN. HARDY HAR HAR..........

STEVE