PCGS Red Wheats......
bikenut
Posts: 82
I attended the monthly Nashua, N.H. coin show yesterday. My search for red wheats to add to my collection in the $300-$1,000 range continues. Once again, I found very, VERY little to choose from. But I did have an interesting conversation with a dealer that shed some light on why their is so little to choose from in that particular market. In his case he simply cannot buy red wheats anywhere near greysheet bid or whatever other buying guide he uses. He stated that most of the coins with any sort of eye appeal are going for 20-30% over bid. And if a dealer who doesn't specialize in that particular market can't buy at bid, he just won't do it.
Ergo.....no red wheats at any of the dealers tables.
I guess that I should not have been surprised with our little conversation. He was telling me something that I knew but I hadn't heard from a dealers perspective. If they can't buy right, they won't do it.
From a collectors perspective, like myself, I'll bid 20-30-40% over greysheet because price means less to me than it does to a dealer.
I did make one deal though. I bought a 1917 NGC 66 Red Brown wheat. I don't have a picture but it was a fine looking piece with no distractions and though it's a red brown I couldn't pass it up.
Not may of these have surfaced recently. I had a 'ball park' idea of what I wanted to pay.....and after a few back and forth offers, I bought it.
My investment was $580.
Denis
Ergo.....no red wheats at any of the dealers tables.
I guess that I should not have been surprised with our little conversation. He was telling me something that I knew but I hadn't heard from a dealers perspective. If they can't buy right, they won't do it.
From a collectors perspective, like myself, I'll bid 20-30-40% over greysheet because price means less to me than it does to a dealer.
I did make one deal though. I bought a 1917 NGC 66 Red Brown wheat. I don't have a picture but it was a fine looking piece with no distractions and though it's a red brown I couldn't pass it up.
Not may of these have surfaced recently. I had a 'ball park' idea of what I wanted to pay.....and after a few back and forth offers, I bought it.
My investment was $580.
Denis
0
Comments
When a collector starts to pay premiums for "nice" coins he had better be very knowledgeable about just what dealers make the market in those premium coins. The collector needs to be sure that it is not a one-way-market.
MAYBE THE FRICKIN' SHEET NEEDS TO MOVE!!!
...just a thought.
-30-
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>In his case he simply cannot buy red wheats anywhere near greysheet bid or whatever other buying guide he uses. He stated that most of the coins with any sort of eye appeal are going for 20-30% over bid. >>
I hear this kind of statement a lot and it always seems to be a pretty silly comment to me. Basicly he is whining that he can't buy premium coins for the wholesale price of average coins. (And you hear the same kind of comment from both dealers and collectors. The want to select the choce pieces from a group and then complain when they they are asked to pay above the price that the average run of the mill pieces would sell for.)