Funny Incident At This Weekend's TNA
JoyofCollecting
Posts: 682 ✭
Let me begin by saying that I have the greatest respect for coin dealers and like in all areas of life there are honest and dishonest dealers. This isn't meant to be a dealer-bashing thread.....I hate those and if you want to bash "dealers".... start your own thread.
So here's what happened:
I walk up to a dealer's table that I had never met and knew nothing about. He's got hundreds of raw coins and literally three in slabs spread out in his case. But low and behold.....he happened to have a seated dime that I needed in an NGC holder that was properly graded. So I asked him how much for the coin and he quoted me a price that was about 40% over greysheet bid.
I then asked him if he had any interest in trading. He said "sure..let me see what you've got." So I pulled out an 87-S dime in a blue PCGS holder with a grade on the holder of MS63. Without even looking at the coin...and I mean without even putting the coin within 12 inches of his eye, he starts the following conversation:
Dealer: "You know what the problem with that coin is don't you?"
Me: "No sir....what's the problem with that coin."
Dealer: "That coins in one of the old PCGS holders before they knew how to grade. That holder's probably 25 to 30 years old. They just gave everybody great grades back then because they wanted their business. In fact, I'm not even sure that dime is even an AU58."
Me: "Really. Well, I don't ever argue grades, so I'm not gonna do it now. But I have a very solid knowledge of the evolution of the PCGS slabs and can promise you that the slab is no more than five to eight years old. And, if you've got a copy of Greer's book on seated dimes...you will see that the 87-S is notoriously, poorly struck...especially around the head."
Dealer: "Well...I think you know more about the slabs and seated dimes than I do. I have to be knowledgeable on all the coins in my case...so I don't know that much about seated dimes."
Me: "Boy, I understand. I couldn't begin to be able to grade all of the popular and obscure series that you have to. But, I don't need to trade this coin so how about if I give you greysheet bid for your coin."
Dealer: "That would be fine."
It just brought back memories of roaming the coin show floor alone when I was eleven or twelve years old some 30 years ago.
So here's what happened:
I walk up to a dealer's table that I had never met and knew nothing about. He's got hundreds of raw coins and literally three in slabs spread out in his case. But low and behold.....he happened to have a seated dime that I needed in an NGC holder that was properly graded. So I asked him how much for the coin and he quoted me a price that was about 40% over greysheet bid.
I then asked him if he had any interest in trading. He said "sure..let me see what you've got." So I pulled out an 87-S dime in a blue PCGS holder with a grade on the holder of MS63. Without even looking at the coin...and I mean without even putting the coin within 12 inches of his eye, he starts the following conversation:
Dealer: "You know what the problem with that coin is don't you?"
Me: "No sir....what's the problem with that coin."
Dealer: "That coins in one of the old PCGS holders before they knew how to grade. That holder's probably 25 to 30 years old. They just gave everybody great grades back then because they wanted their business. In fact, I'm not even sure that dime is even an AU58."
Me: "Really. Well, I don't ever argue grades, so I'm not gonna do it now. But I have a very solid knowledge of the evolution of the PCGS slabs and can promise you that the slab is no more than five to eight years old. And, if you've got a copy of Greer's book on seated dimes...you will see that the 87-S is notoriously, poorly struck...especially around the head."
Dealer: "Well...I think you know more about the slabs and seated dimes than I do. I have to be knowledgeable on all the coins in my case...so I don't know that much about seated dimes."
Me: "Boy, I understand. I couldn't begin to be able to grade all of the popular and obscure series that you have to. But, I don't need to trade this coin so how about if I give you greysheet bid for your coin."
Dealer: "That would be fine."
It just brought back memories of roaming the coin show floor alone when I was eleven or twelve years old some 30 years ago.
Go well.
0
Comments
<< <i>That holder's probably 25 to 30 years old. They just gave everybody great grades back then because they wanted they're business. In fact, I'm not even sure that dime is even an AU58." >>
I'd say: "PCGS was founded in 1987. Thats 17 years max. BTW the blue holder started in 1998. Goodby."
Cameron Kiefer
That is funny. Do you think he really thought that the PCGS slab was "20 to 30 years old" and that PCGS graded loosely all those years ago?
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42/92
This means to me they are trying to rip off a collector. I avoid dealers like this.
I sell coins for a rough percentage over what I paid. I have never quoted a coin at a certain price and then end up selling it for 40% less, if I did I would have lost 20-35% on the coin.
You handled it much better than I would have. No matter how much I needed the coin I would've said "Yeah right" & walked away.
Great transactions with oih82w8, JasonGaming, Moose1913.
You handled the transaction with grace and class and retold the story without planting the seed for a dealer bashing thread. Well-done all around!
I honestly don't think he would have ever gone that low on the coin except that he was "caught" and just wished to get out of an embarrassing situation. I would have paid about 20% over bid and was just trying to work on getting the price down. I never asked him "what is your best price?"....he just quoted the amount that was 40% over bid when he first handed me the coin.....so I felt at liberty to negotiate.
As to "who was the guy?" I honestly didn't get his or look for his name, had never encountered him or his coins before and don't think I'd recognize him if he came knocking on my door.
I really only tell the story because it is amusing and because it is so much the exception to what I encounter from the other dealers at the shows I go to.