How do you handle explaining to a dealer, that you would like your regular dealer to help you with a

CaptainRon

How do you feel and or react when a possible client is interested in purchasing one of your coins, but prior to commiting himself, would like the coin inspected and perused by the dealer that he or she normally works with and feels very confident in for their opinion of the coin?

Do you look at it as a headache knowing the coin will be tied up longer then you had hoped for, and possibly lead to a no sale, for fear that the collectors regular dealer will poopoo the coin out of spite, and cost you the deal anyways.

What is proper collector protocol on such. Should collector be upfront with dealer even before receiving a coin on approvel, letting the dealer know that there is a possibilty that he/she would like a second opinion on the coin even if it is a slabbed coin. And they may wish to send it to another dealer. If so is it also expected to let the Dealer know who it is that you may be sending the coin to for a second opinion.

And as such, if all of this goes well, should the collector be obligated to tell his primary dealer were he recieved the coin from, or should this not matter.

Lastly how does one repay his regular dealer for this kind service, that is either saving him from a money making mistake, or helping his collection along, with out it being them that made the sale. Even when they say they would do this for free.


Thank you very much everyone
Ron

kieferscoins

Depends on the coin, how long it has been in stock, value, and what I would make on it.

Cameron Kiefer

RYK

I think being honest and considerate is always the best policy. If the coin is a "hot newp" that the seller could probably quickly sell without a hassle, he/she may not want to enter such an arrangement. If the coin is "stock," the seller may be happy to tie the coin up a bit if it is likely to result in a sale. If the coin is outside the norm for what the seller usually sells or the buyer is a good customer, the seller may be a bit more patient.

I generally try to buy coins from specialists that I trust, so I rarely have required a second opinion. That said, a second opinion is probably something more collectors should avail themselves, especially when they are getting started or operating outside their area of primary interest.

Excellent question/topic. I look forward to the other responses.

coinguy1

Good questions/thread CaptainRon.

I'm leaving town for a coin show momentarily and don't want to short-change you with a hurried reply. But, I'll be happy to post to your thread in the next day or two and look forward to other repies, as well.

coinguy1

<< <i>How do you feel and or react when a possible client is interested in purchasing one of your coins, but prior to commiting himself, would like the coin inspected and perused by the dealer that he or she normally works with and feels very confident in for their opinion of the coin? >>

Ron, this situation has arisen both at coins shows and when I have sent coins out in the mail on approval to clients. As long as I have a decent (or better) relationship with the client and the coin wont be tied up for too much extra time, I am ok with it.



<< <i>Do you look at it as a headache knowing the coin will be tied up longer then you had hoped for, and possibly lead to a no sale, for fear that the collectors regular dealer will poopoo the coin out of spite, and cost you the deal anyways. >>

There are some dealers who have "earned" reputations for automatically and unfairly "poopooing" coins that belong to other dealers. Still, I don't ask which dealer will be viewing the coin and must hope that the client will receive an informed and honest opinion. Also, if it is at a show, I make a point of NOT going to the other dealer's table with the client, as I don't want to put either of them in a potentially awkward/uncomfortable situation.



<< <i>What is proper collector protocol on such. Should collector be upfront with dealer even before receiving a coin on approvel, letting the dealer know that there is a possibilty that he/she would like a second opinion on the coin even if it is a slabbed coin. And they may wish to send it to another dealer. If so is it also expected to let the Dealer know who it is that you may be sending the coin to for a second opinion. >>

I think the collector should be up front with the dealer about wanting to show the coin to someone else. But, I don't think the collector should have to disclose the name of the person he's going to be showing the coin to. This presumes that the collector will be taking responsibility for the coin while it is on the way to and/or in the hands of the other dealer.



<< <i>And as such, if all of this goes well, should the collector be obligated to tell his primary dealer were he recieved the coin from, or should this not matter. >>

I feel it's better if the collector does not tell his "primary dealer" whose coin it is - that way any potential bias for or against the selling dealer is eliminated.



<< <i>Lastly how does one repay his regular dealer for this kind service, that is either saving him from a money making mistake, or helping his collection along, with out it being them that made the sale. Even when they say they would do this for free. >>

I don't feel any compensation is necessary - hopefully the collector and his regular dealer have a good, mutually beneficial relationship.

CaptainRon

Thanks for the input to you guys that replied. I'm actually surprised there were not more takers on this subject, or perhaps I shouldn't be

Ryk I'm envious of those that have been in the hobby for years, and have the time under their belt to have aquired extensive knowledge about a specific series, and even more so for those that have it in multiple series. However I'm still not quite there yet, even though my collection may be taking me into areas where the mistakes can be more then just a mere trival annoyance. Before they could be easily writen off as money being spent for knowledge. Hundreds of dollars now in my opinion are too costly of lessons

However much I have learned over the last few years, the one thing that I know, even more so then I did then, I Still Have A Lot To Learn. At this point the knowledge I have (or lack off), can get me into larger unwelcome mistakes, that I really do not feel like using as a paid learning experience.

Cameron good points, some things I will have to consider when considering a new deal. Perhaps New Hot Items from a dealer that I have not dealt with before, I should pass on at this time, and let his/her more loyal buyers capitalize on it. For the additional pressures of being hurried to a decision without the helping opinion of one I trust, just does not seem worth the risk at this point.

Mark, thanks again for thoughtful reply. This will help me out considerably when trying to negotiate from a new dealer. You gave me the answers that I was looking for.

Once again many thanks.
Ron

coinguy1

TTT for a subject that should be of interest and benefit to many forum members.

Reece

I think it is best to work thru the primary dealer that you have as association with, my dealer associate is Doug Winter of Pinnacle-Rarities, he told me long ago to let him work with any other dealers that have coins that I may be interested in, case in point this last summer I saw a very nice 0-mint $5, (I collect New Orleans gold), on a dealers website and was priced quite expensive I call Doug and he said I will take care of it and he did, it took some time but I got the coin at probably a fraction of the price, if I had tried to buy it myself!! The dealers have a network and can always trade amonst themselves for a much better deal than collectors. One other example-The last Long Beach show I was just walking the floor and asked one dealer if he had any nice 0-mints and he showed me a coin that was very nice and quoted me a very good price, I asked him if I could show it to my dealer associate Doug Winter and he said yes, I showed it to Doug and Doug said I think you should buy it and offer him a certain price I did and he accepted, your dealer should always work in your interest!!

Elcontador

Ron,

If I'm at a show & see a coin I like, and the price is right, I always tell the dealer that I'm interested in the coin, but before making a decision on it, I'd like to get a second opinion. I've never had a problem with this.

I always offer to leave some ID (typically, my driver's license) at the dealer table (if he doesn't know me). No one has ever insisted that I leave the ID with him. The only interesting caveat I received was, "you can show it to anyone you want to, but dont show it to (blank) because he ***** on everyone else's coins."

A dealer with whom you have a good working relationship should not mind occasionally giving you a second opinion on a coin, as long as you don't take up too much of his time in this area.

CaptainRon

Reece and Elcontador, thank you both for the addtional input on this. This does give one even more to consider.

Elcontador - A dealer with whom you have a good working relationship should not mind occasionally giving you a second opinion on a coin, as long as you don't take up too much of his time in this area.

Good point that I and perhaps many others probably would not have even considered until to late. It would not take to long I presume to become more of a pain in the ass type client then a valued client, if this privalage was abused and used unwisely. I guess it is easy to forget that just because a dealer can spend a considerable amount of time with you, he has to have the time to be able to do this to his with their other customers as well to make a living.

This twist can make a decision even more complicated I guess, screening which coins to have reviewed by the dealer, as to not flood him unnessacarily. Which pretty much brings me back to where I started.

Perhaps as the collectors knowledge increases, this need will diminish greatly, but until the knowledge is gained, one is just going to have to be a pain in the ass, or quite possibly end broke real quick.

Thanks guys.
Ron