Is it prudent to tell your dealer that he's your "go to guy"?

Longacre

Suppose you collect a certain series of coins. Suppose further that you have been regularly purchasing coins from a particular dealer. Because you are a Numismatic Prima Donna™, your purchases are somewhat infrequent, but they are consistent over a fairly long period of time.

Due to the infrequency of purchases, there might be a risk that your preferred dealer may think that you are seeing another dealer on the side for your numismatic thrills. However, that is not the case and you are loyal to this preferred dealer.

Does it ever make sense to tell your preferred dealer that he is your "go to guy" and you have not been actively making major purchases from others? Or will you shoot yourself in the foot, because the dealer will now know that you are not going to stray, and he can take his sweet time answering your calls, emails, etc., because he knows you are not going anywhere anyway? What do you think?

STONE

Are you cheating on another dealer?

DeusExMachina

I would have no problems telling a dealer he/she is my preferential dealer. However, I would stop there and exclude the part purchasing coins from other dealers. I believe it makes sense to partner with a few dealers and let them know why you want to do so.

For example, you buy a coin from dealer A and let him know you really like his inventory and his eye for coins. Hopefully, when he sees a coin that he likes and subsequently, you like, he will set it aside and call you. This is my ultimate goal when partnering up with a dealer. If dealer B (say a non-specialist) ends up with a coin that you really want, you should be free to buy that coin from him without angering dealer A. Hopefully, you can consult dealer A to help you.

I believe by excluding this statement "you have not been actively making major purchases from others," you can prevent the consequences of dealer complacency and foster competition.

MidAtlanticCoins

Who would it make a difference to? Sure we all like to have customers who think of us first, but to get upset if they buy from another would be plain silly. I have clients who buy from specialists and I get the opportunity to look at and photograph the coins. More often than not, they will call or allow us to broker the deal (if warranted), but in the end, they buy from whomever has the material that they want.
You have to have limit your emotions in this business. If you take it personally, you will have loads of heartache.

On the other hand, if your dealer knows that they are your 1st choice, you may get some deals before they are offered publicly.

RYK

I actually have mixed feelings about this whole issue, and I think while dealer loyalty is sought by dealers, it is often under-appreciated. No further comment.

Doogy

I say buy the coins, where you can find the coins. why run the risk of "overpaying" just because you get some warm fuzzy about a certain dealer. Coin dealers are like car dealers; they all sell the same product, except some sell a little (or much) nicer product, and there are tons of them around (to include the auction houses). There are no limits to where to find the coins if one is willing to look. I talked to a few dealers at a show recently that don't even use the Internet much (for selling coins or otherwise). In my opinion, they are missing a huge part of finding coins to sell, as well as finding nice coins for their client's want lists. Shop around for the best deal on the best product, then make an informed purchase; this is the mantra i used when I used to collect high end Swiss watches and i try to use on now on my coins.

Doug

NITTANYJGK

Tell 'em nothing. You don't owe them anything and they shouldn't expect anything. Not knowing what your doing keeps a dealer from getting too comfortable with you.

In the words of Don Corleone: "Never tell anyone outside the family what you're thinking"

tradedollarnut

She already knows.

ricko

Information is power... never, ever give more than necessary. If you were trained in competitive intelligence, you would realize how valuable seemingly meaningless information can be ... and what can be done with it when empirically compiled. Say nothing... let them court you and your business. Cheers, RickO

tradedollarnut

<< <i>Information is power... never, ever give more than necessary. If you were trained in competitive intelligence, you would realize how valuable seemingly meaningless information can be ... and what can be done with it when empirically compiled. Say nothing... let them court you and your business. Cheers, RickO >>



IMO, this line of thinking is a bit silly and small minded. The next time your dealer sells a coin you badly wanted out from under you, remember that you held the fact you really really wanted it too close to the vest.

saintguru

<< <i>She already knows. >>




Oh....talk about a big slow pitch right over home plate.....



Longacre....is it prudent to ask the most innane questions you can think of to boost your post count?

NITTANYJGK

Tradedollarnut:

You NEVER let a seller of anything know how badly you want something. It makes his position stronger and your position weaker.

tradedollarnut

<< <i>Tradedollarnut:

You NEVER let a seller of anything know how badly you want something. It makes his position stronger and your position weaker. >>



Yes, I do. I consider my dealer to be my partner in the formation of my sets. Many of the greatest collectors of all time had this same attitude..

NITTANYJGK

Tradedollarnut:

Obviously you have a honest dealer who you have worked with for a long time. That's a good thing to have. I had a similar relationship with a dealer, who passed away a few years ago. Other than this guy, I never tell a coin dealer what I'm thinking. I've been into coins for over 30 years as an investor and collector. I've met, dealt with, and associated with many, many coin dealers over these years and the majority, I'm sorry to say, were at the same ethics level as used car dealers. It's the reason I only look at slabbed coins. Not because I like slabs.....and not because slabbed coins are always accurately graded......but because I don't want to have to look at tons of overgraded AU's that a dealer is calling choice and gem BU.

Just one man's opinion based on experience.

guitarwes

<< <i>Tradedollarnut:

Obviously you have a honest dealer who you have worked with for a long time. That's a good thing to have. I had a similar relationship with a dealer, who passed away a few years ago. Other than this guy, I never tell a coin dealer what I'm thinking. I've been into coins for over 30 years as an investor and collector. I've met, dealt with, and associated with many, many coin dealers over these years and the majority, I'm sorry to say, were at the same ethics level as used car dealers. It's the reason I only look at slabbed coins. Not because I like slabs.....and not because slabbed coins are always accurately graded......but because I don't want to have to look at tons of overgraded AU's that a dealer is calling choice and gem BU.

Just one man's opinion based on experience. >>





Good point........and

tcmitssr

I have no problem telling my top dealer that he is my "go to guy". I trust him, explicitly, and have never been taken advantage of by him. Quite the opposite, I get great service and a decent price break along with first call on almost all of his commems that might be coins I want.

No one is naive enough to consider that they are the only person one does busines with at any time. Each of us, regardless of individual budgets, buys sporadically because quality rarely comes to market.

My guy appreciated hearing it from me. He said that I've always been one of his favorites as well because I am a real collector, in it for the long haul and one of those who, after buying, are putting the quality away for what will probably be decades. All he asked was that I give him first chance at buying back anything he sells me, if I ever want to sell anything.

topstuf

<< <i>She already knows. >>



Very true. Or "he." It's called a "tell." It is often subtle like, "hey, when I was over at Clyde's place...er...I mean...uh...dang..... nice day, huh?"

Or.... "Lemme think about it. Long Beach is coming up. ...er"

But who cares? If you have a coin that someone wants, he will buy it. If you want to buy a coin that someone has, PAY for it.

This has gone too far. Should you bring a Starbucks?

Now, a shill........

Longacre

<< <i>My guy appreciated hearing it from me. He said that I've always been one of his favorites as well because I am a real collector >>




Hey! He said the same thing to me.

mgoodm3

Well, you know that scientists can tell when you're straying. I saw it on MSNBC yesterday. It's the flirty collectors and the numismatic cold fish who cheat on their dealers more often.

TahoeDale

If you are looking for hard to find dates and grades, that only come along infrequently, then your dealer(s) need to know that YOU are to GO TO GUY, when the coin appears on the market.

I would not limit the number of dealers except to avoid the ones that will take unreasonable advantage. TDN knows of whom I speak.

With that said, I really need some high end Barber Quarters in MS 65 or better, original toning, PCGS graded.

Call me, you fantastic dealers with great coins.

Nysoto

For the middle market, I believe some of the best collections of quality for the grade are acquired from numerous dealers, all of the auction venues, and fellow collectors. For my niche of early die variety collecting, all of the most complete and best sets were formed from multiple sources. It would be impossible to build a comprehensive variety collection from one dealer, although a specialist in a series could help to acquire some of the most difficult coins, and could act as the auction representative for the collector.

ricko

"IMO, this line of thinking is a bit silly and small minded. The next time your dealer sells a coin you badly wanted out from under you, remember that you held the fact you really really wanted it too close to the vest. "

TDN, perhaps from your position... and I know nothing of your background. However, from my professional opinion (and you know nothing of my background) it is foolish AND silly to expose your hand in business... even when dealing with a familiar. I will not get into a message war, However, good business practices demand you keep information close - unless of course you have limitless funds and willingly involve yourself in the redistribution of your acquired financial resources. If so, bless you... send some my way. Cheers, RickO

tradedollarnut

If you are looking for hard to find dates and grades, that only come along infrequently, then your dealer(s) need to know that YOU are to GO TO GUY, when the coin appears on the market.

Bingo!

pendragon1998

<< <i>Suppose you collect a certain series of coins. Suppose further that you have been regularly purchasing coins from a particular dealer. Because you are a Numismatic Prima Donna™, your purchases are somewhat infrequent, but they are consistent over a fairly long period of time.

Due to the infrequency of purchases, there might be a risk that your preferred dealer may think that you are seeing another dealer on the side for your numismatic thrills. However, that is not the case and you are loyal to this preferred dealer.

Does it ever make sense to tell your preferred dealer that he is your "go to guy" and you have not been actively making major purchases from others? Or will you shoot yourself in the foot, because the dealer will now know that you are not going to stray, and he can take his sweet time answering your calls, emails, etc., because he knows you are not going anywhere anyway? What do you think? >>



Just a guess, Longacre, but did you have any trouble committing? lol I told my wife she's my "go to" and the rewards were many and pleasant

roadrunner

If you keep things inside you, most good deals will go to someone else who is known to be a go to guy. That's how buyers like Monsterman, TDN, and others get the great coins first. They don't get offered to Joe Schmoe first even if he can pay. Invariably, these are the types of coins that either will evntually upgrade or strong long term upsides.

You NEVER let a seller of anything know how badly you want something. It makes his position stronger and your position weaker.


I don't care how badly a dealer thinks I want something. Usually if it's priced anywhere near reason I'll take it if I meets my standards.
What usually happens is that I'm not offered it in the first place so I'm out of the game from the start. How does that help you?

Sure if you're dealing with widgets, feign interest to get it cheaper. It you lose, focus on the next one. But the right coin may not come back around for a long time and at a lot more money. The best coins I purchased in the 1980's were typically bought for me as the go to guy. It was no coincidence that I did very well on those coins.

roadrunner

RYK

This has turned out to be an interesting thread! Kudos, Dr. Longacre!

Longacre

<< <i>This has turned out to be an interesting thread! Kudos, Dr. Longacre! >>




O ye, of little faith.

tcmitssr

<< <i>If you are looking for hard to find dates and grades, that only come along infrequently, then your dealer(s) need to know that YOU are to GO TO GUY, when the coin appears on the market.

Bingo! >>



I agree!

MidAtlanticCoins

<< <i>If you are looking for hard to find dates and grades, that only come along infrequently, then your dealer(s) need to know that YOU are to GO TO GUY, when the coin appears on the market.

Bingo! >>





Now if you are looking for circ Morgans, you don't need a go to guy, but some coins demand it.

DeusExMachina

To me, the chase is part of the fun. But I can appreciate TDN's points.

My collection tends to be a little less impressive so I can buy coins from any number of dealers.

DeusExMachina

<< <i>This has turned out to be an interesting thread! Kudos, Dr. Longacre! >>