Bad coin shop experience

coinfreak499

I went to a coin shop last week to sell my 20th century type set and I was offered just over half of what I paid for one coin for the whole collection. And not only this but I aksed him what he would give me for my MS-64ish 1956 washington quarter. First we agreed that the grade was 64 and then he went on to offer me $2.50 for it saying that he only sells them for about $3.50 or $4. But when I saw a 1958 quarter unslabbed and graded by him as a 64 the price was $13!

MrEureka

So what's your point?

dthigpen

Easy fix - Never return

coinfreak499

<< <i>So what's your point? >>


I do not know I was just kind of mad thats all.

MrEureka

I do not know I was just kind of mad thats all.

No problem. Kick back, have a beer, and find a new shop next weekend.

tjkillian

I've had similar experiences. Those kind of dealers are just going for the desparate or the unknowning. It would behove you to just sell it on eBay.


Tom

keets

welcome aboard the Lowball Express. as per MrEureka's suggestion, make you way to the Club Car.

al h.

WaterSport

There is a later thread about demand, vs. price (value). The old business practice of buy low, sell high is a business fact. So if a dealer has a want list for a given coin that you walk in the door with, he may offer a better price. My assumption, is that anyone, walking in the door with any coin, collection, etc. will not be offered 1/3 of a any price guide, bid sheet, etc. the first time, especially to an unknown. A regular customer does have an edge, as the dealer wants return business.

Now having said that, you will never recover what you paid for your coins in the short run. Coins that are increasing in value over time, yes. Exceptions? All the time! So lets say I walk into the shop with my hoard of slabbed Lincolns. I got $11,000 documented as my cost. PCGS guide value is $27,000. Guess what I might get offered....I know it will NOT be $11,000. Any dealer here care to dispute this?

WS

fivecents

Sorry to hear about getting low balled on your type set, but how much were you expecting him to pay you for a raw MS64ish 1956 Quarter?

Steve27

Did you try offering the coins on our B/S/T forum?

mrearlygold

Life's tough. Wear a helmet.


Tom

earlwbollinger

It is an old adage "Buy low sell high" that a business person applies.
Walking in off the street guarantees you will be low balled at just about any coin shop or dealer.
How does he know you are not a thief or something (ugly divorce in process)?
But to a dealer coins are a business object, how can I make money off of it, applies.
There is little to no sentiment, beauty, et cetera to apply to it. It's all about making a living.

From the dealer's point of view, is how can I make money off of it?
Is it a hot item or something that is going to sit in my safe for many years?
Do I want to invest anything in it?
Thus it becomes risk, how much to I want to risk on it? Am I going to be stuck with a turkey?
Do I have a buyer that may be interested? Will the buyer want it or not?
Will "So and So" be interested in it at the next coin show?
Ad infintum. . .

Anyway, if you really want to sell high grade stuff, you need a rapport with a bigger dealer someplace.
Otherwise selling on Ebay works good.

dorkkarl

half doesn't really sound all that bad to me for common stuff. look, if you try to sell unused donuts back to krispy-kreme, what % of your buy price do you think they'll offer?

K S

MFH

I hate to say this, but, common dated coins in average condition don't sell well; either when the collector tries to sell them, or when the retail dealer tries to sell them. The dealer has an overhead to contend with and for common dated/condition coins which could languish in his display cases for months (if not years) you are lucky he offered you anything at all.

You're best bet is to offer the type set to another collector (at your local coin club) or try and sell on EBay.