A box of slabbed coins for $6 per slab?
CoinHusker
Posts: 5,033 ✭✭✭
Earlier this week, notlogical and I took a trip to a local coin shop and something happened while we were there that still has me baffeled. While there the owner showed us a a shipping box 24"X24", full of mostly PCGS slabbed coins and said, "I bought this box at $6 per slab. I buy boxes like this from dealers all the time and don't have time to go thru them". And I know it's not all junk. I asked to see some Ike's out of the box and he dug around and pulled out a 73-P PCGS MS65.
Is this a common occurance or was I getting another shovel full of BS? Why would a dealer sell slabs like that? And if they do, how do you find out about it before they end up in the hands of coin shop owners? I mean, I wouldn't mind going through a few boxes of $6 slabs.
I'm baffled.
Is this a common occurance or was I getting another shovel full of BS? Why would a dealer sell slabs like that? And if they do, how do you find out about it before they end up in the hands of coin shop owners? I mean, I wouldn't mind going through a few boxes of $6 slabs.
I'm baffled.
Collecting coins, medals and currency featuring "The Sower"
0
Comments
<< <i>Is this a common occurance >>
Yes, in fact, it is. Large volume dealers blow out the "didn't make it" coins quite cheaply.
Russ, NCNE
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
<< <i>
<< <i>Is this a common occurance >>
Yes, in fact, it is. Large volume dealers blow out the "didn't make it" coins quite cheaply.
Russ, NCNE >>
What do you mean by "didn't make it" coins? The 73-P MS65 he showed me looked pretty nice. Or was that a set up?
<< <i> Based on your previous post, he sounds like a blowhard. >>
That probablility notwithstanding, I'm still curious about these $6 slabs?
Fewer than 1% of these will make MS-65. Indeed, you could buy every roll of '73 Ikes on the market at $6.25 per coin and be certain there won't even be an MS-64 in the lot.
<< <i>The wholesale price of an MS-60 1973 Ike is $6.25
Fewer than 1% of these will make MS-65. Indeed, you could buy every roll of '73 Ikes on the market at $6.25 per coin and be certain there won't even be an MS-64 in the lot. >>
But these were already slabbed coins. He wasn't offering them to me @ $6, that's what he said HE paid for them from a dealer, he priced the MS65 73-P Ike @ $95 for me .
<< <i>What do you mean by "didn't make it" coins? >>
Like the stuff Marty used to unload on Cammie.
Russ, NCNE
<< <i>
<< <i>What do you mean by "didn't make it" coins? >>
Like the stuff Marty used to unload on Cammie.
Russ, NCNE >>
Ouch!
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>
<< <i>The wholesale price of an MS-60 1973 Ike is $6.25
Fewer than 1% of these will make MS-65. Indeed, you could buy every roll of '73 Ikes on the market at $6.25 per coin and be certain there won't even be an MS-64 in the lot. >>
But these were already slabbed coins. He wasn't offering them to me @ $6, that's what he said HE paid for them from a dealer, he priced the MS65 73-P Ike @ $95 for me .
The wholesale price for an MS-60 is $6.25
This is bid. You can sell these to dealers all day long at this price. It is not possible to buy an MS-65 from
a knowledgeable seller at $6.25 . While it's vaguely possible he paid $6 each for the box, the '73 was a
relatively large portion of the value. Frankly, I find his claim more than a little incredible.
<< <i> Frankly, I find his claim more than a little incredible. >>
That is the very thing that has had me baffled. I was so curious about his claim, I just had to ask the brain trust here about it.
All my life I've had people tell me they could have or did buy this or that for some unearthly low price. Every time I say OK lets go get a whole bunch more for that price, they are either all gone, seller left town, sudden price change, sky wrong color, shoes to tight or a thousand and one other excuses. I am not a dealer but know many personally and since the last post of this magical $6 per slabbed coin asked some of them and they all said the same thing "WHERE?"
I don't even know why some dealer would tell you what he paid for a coin unless he was a long time personal friend or something.
CoinHusker, your letting that nut get the best of you.
<< <i>
CoinHusker, your letting that nut get the best of you. >>
Not really, I'm just trying to get some info so that hopefully I can get the best of him sometime.
<< <i>Lot of bunk I say. Like I said before about this same dealer. Why not just tell him you will buy the whole box for $7 each. That way he will make a fast $1 per coin all on one bulk sail. Even say $8 each. >>
I know first hand that it happens. I even know of one deal that was done at $5 per slab. The high volume submitters are doing 10,000 to 20,000 coins a month. Their time is more valuable than trying to squeeze out an extra buck or two by selling the dogs one at a time.
Russ, NCNE
<< <i>
I know first hand that it happens. I even know of one deal that was done at $5 per slab. The high volume submitters are doing 10,000 to 20,000 coins a month. Their time is more valuable than trying to squeeze out an extra buck or two by selling the dogs one at a time.
Russ, NCNE >>
I know you're right that you can buy slabs for five or six dollars each. But there's not going to
be an MS-65 '73 Ike in the lot. There might be an MS-63 or possibly even a 64 that someone
was hoping for a higher grade but an MS-65 is a minor score, not a reject.
<< <i>I know you're right that you can buy slabs for five or six dollars each. But there's not going to
be an MS-65 '73 Ike in the lot. >>
There might be if the dealer wholesaling them out was in a hurry or got sloppy.
Russ, NCNE
Bargains can be had.
barely missed getting an FS, etc.
the dealers I go to won't offer me bid
they'll go face or 'not interested' or 'don't need any'