OK, so I take a trip to a local coin shop today with my son...FOLLOW-UP in first post
CoinHusker
Posts: 5,033 ✭✭✭
Samuel's out of school and I had the morning free so I thought we could drive down to a local coin shop and look around and possibly do some trading.
Well, we walk in and look around and most of the cases are nearly empty. The owner is busy on the phone and when he's done comes over and asks how we are and what we're interested in. Right away Samuel asks about silver eagle's for his dansco. "Don't got em". So, he struck out.
I said, "Well, I brought a few things to see if you'd be interested in a trade". I take out some dupes from my IKE registry set, all 65+ coins. He gets out a "Coin Values" looks at a couple of my coins, looks in values and says, "$15 each is the best I can do, and I have so many on my website already that I can't even sell for that". I tell him my price and we immediately come to a mutual agreement that we weren't going anywhwere.
I get home, go online, and check his website. His IKe's, the one's he told me he can't sell for $15 on his website, are $70+!
So either he had a bad memory or he was trying to rip me. Guess which?
Now what's worse about this is that he knows I'm a IKE guy, and though I'm no expert, I am pretty well acquainted with values, etc. for IKes and he tries to low ball me like that. I mean he was nice and everything but...Unbelieveable.
Also, before we left I asked if he had any modern $5 gold commems in the original packaging. He says, "No, we sell 'em for melt". I said, "You sell 'em for melt"? "Yeah, grey sheet is even below melt on those, not many people know that, so we buy them for that and melt 'em." I said, "Which years?" "All years, it doesn't matter. They're not worth anything more to me than melt."
I mean, After his BS on the IKE's I don't know if I can beleive anything he says. But, if that's true, modern gold commems will have a market in the future if other dealers like him are just melting them.
Either way, I think that was my last trip to that shop. For some reason I always feel like I need a shower or something after I leave.
edit for spelling
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Follow-up
As a follow up to my coin shop trip yesterday, I went back this morning to buy the Ikes he couldn't sell for $15. Guess what, I picked out what I wanted and he priced them $49, $69 and up to $95! Then he shows me a big cardboard shipping box full of misc. slabs of all sorts of coins and denominations and said "I bought this box of slabs for $6 a slab. I buy boxes like this from dealers all the time." Out of it came a real nice PCGS MS65 73-P Ike. That's the one he wanted $95 for. Not a bad price, but when a shop owner brags he paid $6 bucks for it I hate to pay that mark-up, Especially right after he brags about how cheap he gets them! To top it off, he offered me $15 for my PCGS MS65 73-P yeasterday saying that is what it's trending at. Those trends sure jumped over night from $15 to $95.
To be fair, I enjoyed my trip back. We had a nice visit about collecting and the collecting environment in Omaha. I understand he's in a "business" not a charity and I have no problem with that (other than envy at his $6 buys ) But I'd be more of a buyer if he didn't brag about how cheap he buys coins just before he slaps his price on it. Talk about sticker shock.
As for the $5 modern gold commems. I asked him about those and he brought out a lunch size bag of them (4 - 1989 congressional proof, 2- statue of Liberty proofs & 1 constitution all in mint packaging and COA's) that he said he sold @ melt this morning. I told him when he gets more in to let me know.
Well, we walk in and look around and most of the cases are nearly empty. The owner is busy on the phone and when he's done comes over and asks how we are and what we're interested in. Right away Samuel asks about silver eagle's for his dansco. "Don't got em". So, he struck out.
I said, "Well, I brought a few things to see if you'd be interested in a trade". I take out some dupes from my IKE registry set, all 65+ coins. He gets out a "Coin Values" looks at a couple of my coins, looks in values and says, "$15 each is the best I can do, and I have so many on my website already that I can't even sell for that". I tell him my price and we immediately come to a mutual agreement that we weren't going anywhwere.
I get home, go online, and check his website. His IKe's, the one's he told me he can't sell for $15 on his website, are $70+!
So either he had a bad memory or he was trying to rip me. Guess which?
Now what's worse about this is that he knows I'm a IKE guy, and though I'm no expert, I am pretty well acquainted with values, etc. for IKes and he tries to low ball me like that. I mean he was nice and everything but...Unbelieveable.
Also, before we left I asked if he had any modern $5 gold commems in the original packaging. He says, "No, we sell 'em for melt". I said, "You sell 'em for melt"? "Yeah, grey sheet is even below melt on those, not many people know that, so we buy them for that and melt 'em." I said, "Which years?" "All years, it doesn't matter. They're not worth anything more to me than melt."
I mean, After his BS on the IKE's I don't know if I can beleive anything he says. But, if that's true, modern gold commems will have a market in the future if other dealers like him are just melting them.
Either way, I think that was my last trip to that shop. For some reason I always feel like I need a shower or something after I leave.
edit for spelling
__________________________________________________
Follow-up
As a follow up to my coin shop trip yesterday, I went back this morning to buy the Ikes he couldn't sell for $15. Guess what, I picked out what I wanted and he priced them $49, $69 and up to $95! Then he shows me a big cardboard shipping box full of misc. slabs of all sorts of coins and denominations and said "I bought this box of slabs for $6 a slab. I buy boxes like this from dealers all the time." Out of it came a real nice PCGS MS65 73-P Ike. That's the one he wanted $95 for. Not a bad price, but when a shop owner brags he paid $6 bucks for it I hate to pay that mark-up, Especially right after he brags about how cheap he gets them! To top it off, he offered me $15 for my PCGS MS65 73-P yeasterday saying that is what it's trending at. Those trends sure jumped over night from $15 to $95.
To be fair, I enjoyed my trip back. We had a nice visit about collecting and the collecting environment in Omaha. I understand he's in a "business" not a charity and I have no problem with that (other than envy at his $6 buys ) But I'd be more of a buyer if he didn't brag about how cheap he buys coins just before he slaps his price on it. Talk about sticker shock.
As for the $5 modern gold commems. I asked him about those and he brought out a lunch size bag of them (4 - 1989 congressional proof, 2- statue of Liberty proofs & 1 constitution all in mint packaging and COA's) that he said he sold @ melt this morning. I told him when he gets more in to let me know.
Collecting coins, medals and currency featuring "The Sower"
0
Comments
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
<< <i>And this lovely shop would be??? >>
Well, I hesitate to say since I'm an officer for our Coin Club, and might have to deal with these folks on other levels than merely personal. And I can imagine how fun that may be.
<< <i>I wonder what he would have said if you asked to buy the $15 Ikes. >>
Funny you should say that...I was so tempted to say, "OK, I'll take what you got."
<< <i>What did your son think of the experience at the shop? And did you relay to him the same information you posted above. It would be interesting to get the impressions/thoughts of your son, both before and after you told him whatever you told him? >>
Well, after I did my "dealing" I asked him if he wanted to look around at anything else. Now if you knew Samuel, that's like saying "sick 'em" to a hound dog. Well, he just shook his head no and said he wanted to go. I asked him "Why?" when we got out to the car and he said, "I don't know, it was just kind of creepy in there."
<< <i>I wonder what he would have said if you asked to buy the $15 Ikes. >>
I agree with that. You really should have said "great, I'll take all you have for that amount."
Also, you should give out the name of that place. Why should any coin collector have to put up with people like that? Imagine if he would cheat you, what do you think he would do to some little old lady that needs the money.
Maybe a good story for your son to try and have published. "Coin dealer honesty"
<< <i>
Funny you should say that...I was so tempted to say, "OK, I'll take what you got." >>
Seriously, you should call him back and say, "I was thinking about how you said you couldn't get rid of those Ikes for $15 and I felt bad for you, so I'll do you a favor and take them all off your hands." What could he say... oh we don't have anymore? I don't think so right after he told you he had too many already. Stick it to em!
<< <i>
Also, before we left I asked if he had any modern $5 gold commems in the original packaging. He says, "No, we sell 'em for melt". I said, "You sell 'em for melt"? "Yeah, grey sheet is even below melt on those, not many people know that, so we buy them for that and melt 'em." I said, "Which years?" "All years, it doesn't matter. They're not worth anything more to me than melt." .
>>
Cool, I'll drop by later and get the Civil War $5 in Unc and the Jackie Robinson Unc $5 for melt! I don't need the original boxes.
<< <i>Your son seems to have a good head on his shoulders and is very quick to size things up. Kudos to him, I assume a chip off the old block? >>
Thanks!
<< <i>Or you could do a positive thing and move on and find a better shop that works for you and your son. Life's too short to fight battles like this. >>
You're right on. I've quit jousting at windmills.
<< <i>
Cool, I'll drop by later and get the Civil War $5 in Unc and the Jackie Robinson Unc $5 for melt! I don't need the original boxes. >>
When he said that about all the $5 commems have the same value to him is when the needle broke on the old BS meter for me.
<< <i>I wonder what he would have said if you asked to buy the $15 Ikes. >>
Exactly. You should have offered $15 for them and trapped him right there. He deserved it.
/edit minor typos /
cough
If you had brought something popular in the marketplace that he wanted I bet you would have seen another result, I have been treated reasonably by dealers and when I dont get an offer that I think is fair I dont bag on the dealer, I sell it somewhere else. just my opinion, most dealers are fair if you have something they want.
IF the dealer had stated that he couldn't move the Ikes because they weren't popular and couldn't offer more than $15, and left it at that, fine.....I would agree with you.
However, and I am inclined to believe CoinHusker's recollection on this, he said he can't even sell the ones on his web site 'for that', which was a reference to the $15 mentioned.
When CH got home and looked at the website, they were listed for $70+.
So, the dealer seems a bit duplicit and not trust worthy. I would indeed be quite wary of such a dealer and not cut him any slack unless he was an outstanding citizen in all things after that.
"Screw you once, shame on you, screw me twice, shame on me....there won't be a third!"
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>so I thought we could drive down to a local coin shop and look around and possibly do some trading.
dealer, coin shop?? sounds like an instant rip to me. To bad for the young collector.
You should have offered to buy all he had!
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