Any advice on buying coins from a dealer

atarian

Im sure there will some dealers on here. so i dont expect too many secrets escaping. but are there ways to snag a better deals on coins, i hear BID and ASK and ive been explained that , I heard about Greysheet. I guess next ill find out to get one of them. but what are some good ways to get a better deal on a coin you already like. Im sure dealer to dealer there are secrets. but waht can us regular customers learn. that we might use when talking price. I always found that no matter waht price is listed ( unless really low) its like buying a car ( the price is in shoe polish ) i ask waht is the best they can do and normally theres little wiggle room. Ive seen Wholesale price listings around im thinking thats what the dealers would pay? i hope im asking this right and i hope im not stepping on dealers toes. and making negitive waves

nwcs

The best thing, in my opinion, is to have a solid understanding of the true value of a coin independent of any spin and then base your offer on that value or ask the dealer for their price. Don't overspend what you value the coin to be and be sure to underspend when you can. The way to do that is to see what the typical selling prices are for a given coin from various dealers and listen to what people are saying they are getting from dealers when they sell.

Tonelover

A little understanding of the market doesn't hurt so you have some ammo if need be. Otherwise, just be sure and ask "what's the best deal you can give me" every time you talk to a dealer and things will take care of themselves from there.

Russ

Only buy from real dealers. Never buy from wannabes who sell widgets.

Russ, NCNE

BlindedByEgo

1. Know what you want

2. Be polite

3. Don't put down the quality of the merchandise

4. If you don't like a coin, and don't want it, don't bad mouth it

5. Be friendly

6. Spend some time getting to know a dealer, and letting him (her) get to know you

7. If you agree to a deal, follow through

8. Ask advice. You don't have to take it.

Gosh, that's just a start. Hopefully you're in this for the long haul, so keep a good reputation.

DaveG

I don't think there is a "secret" to getting better prices.

I think the better a customer you are, the better the prices will be. . .up to a point.

There's no way to make a dealer sell you a coin for less than he wants to. It doesn't matter if you know what wholesale prices are, or if you know what the last ten "identical" coins sold for on eBay or at Heritage. Some dealers would rather hold on to a coin forever than sell it for less than the price they want.

All you can do is ask the dealer for his "best price" and decide if that's the price you want to pay. Odds are, if you tell him that you can get the coin 10% cheaper down the street, he'll just tell you to "go over there and buy it, but his coin costs $X".

What you can (and should) do, is keep looking for the dealer who has the best combination of coins, quality and price for the coins you want to buy.

Of course, it's easier to do this if you get to a lot of shows or if there are several coin dealers in your town. It's a lot harder to do it by mail.

stman

<< <i>Any advice on buying coins from a dealer >>



Yes, no matter how many times they tell you to on here.... Do not suck up to them. They're gonna sell the coin for what they want anyway.
So why lower yourself? For "first shot"? Heh, yes, after they come back from the shows ever notice they are all waiting for grades?
I guess there are a lot of expensive raw coins that come to market at every show. Yes, suck up to them, and after they "crack and max"
then you will be special and get "first shot" Heh...... Or, I just use my Sig line and make it short. Hope this helps!!!

On a side note, after you have a very well established relationship with a dealer, you won't need to ask for a better price as they usually will give it to
you right from the start. And it IS possible to have a good relationship without sucking up.

TheRaven

If I am looking for a big fish I do the following:

I know what the coin should be priced at.

Scan the entire floor to see how many of them are on the floor.

Get the price from the dealer that has coin I want then walk away and look at other things.

Go back and seem more interested, but don't ask for more money off. (If they will go lower they will, at least they have a few times)

Purchase it if the price is right.

atarian

i figured that every dealer has a price that they want no matter what. and i dont mind that. no dealer should loose money on a coin. but if you are selling a coing for 600 and the bid is lets say 450$ and some how learn its 450$ shouldnt i be able to offer maybe 525$ and work up from there. (if i am misunderstanding Bid and Ask please let me know , i dont want to go and look too stupid).

i know dont screw over a dealer i know or worked with before. i got one dealer who has nice coins works with me on price. and im cool with that. but its these new ones i want to try i just want to get as much info as i can. and see what i can save off of what they list a coin at. i just want to learn how to do good formyself at the same time and also let the dealer know im not some bum who knows nothing. i like the advice given and that sig sounds a bit mean. does it really work?

stman

<< <i>and that sig sounds a bit mean. does it really work? >>



Mean? Heh! If I think a coin is worth the money I pay the price. Some people are never satisfied unless they talk somebody down in price.
Most times the prices listed have a built in factor to come down a bit. As far as my Sig line working? It may seem mean but I can tell you this.
I just don't like to hear a bunch of "Stories" when I buy a coin (add hype) Believe it or not I have many good relationships with dealers.
If they email me, or PM me with a coin to offer.... they will say.... "OK, no stories here is the coin and the price." Does there really need to be anymore said? If I have a question, I ask it politely (if they're polite with me) and then I pass or play. It's really very simple.

DaveG

It really depends on where you're purchasing coins - from a storefront dealer or at a coin show or on eBay, etc. Each type of dealer has his own cost structure and will price his coins accordingly. Dealers in coin shops have higher overhead, so I'd think it'd be futile to counteroffer at Bid if he's asking a Coin Values (retail) price (depending on the particular coin, of course.)

Some dealers will bargain with you and some won't. Some dealers will proceed to bargain from your counteroffer and some dealers will just put the coin away and refuse to deal with you anymore.

I don't think it will matter to the dealer if you know what Grey Sheet Bid is, if you're an expert collector or just some newbie. Some dealers would rather skin newbies all day than deal with one expert collector for two minutes. It's really important to get to know your dealer. Talk to him. If you're looking for Franklins, for example, ask him what are the good books on Franklins. Some dealers will warm up to you if they think you know what you're doing. (Some won't.)

You need to know what price you're willing to pay for a particular coin. You need to know what that particular coin goes for in the coin shops you frequent. It doesn't matter at all what Bid is if none of your local dealers will sell coins to you at Bid.

cladking

The best way to get good prices is to make good offers. You'll need to know what the real
value is and how it might differ from Greysheet. When you can pretty consistently make of-
fers that are about 20% over their costs they'll start selling. Lower your offers a little then.