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Etiquette for selling to dealers at show (and who to go to at Baltimore)

planetsteveplanetsteve Posts: 1,425 ✭✭✭✭
in U.S. Coin Forum
I would like to see what offers I can get from a few specific dealers at Baltimore. What is the most professional way to do this? I have a handful of classic commems and Walkers to find homes for, so I'm wondering (a) how to expect to negotiate on several coins -- i.e., for the lot of them? or individually? -- and (b) how to get offers from at least two or three dealers before selling. I don't want to offend, so I'm curious how to return to get better offers, or simply to sell to the highest bid from the first visit, and so forth.

Also, I am looking to sell recent Mint bullion collector issues... and a complete unc set of silver Roosevelts. Any suggestions on where to sell the latter types of material? TIA...

Comments

  • LongacreLongacre Posts: 16,717 ✭✭✭
    Negotiate a price, and then tell the dealer you want to check what the guy at the next table is offering. image

    Actually, just have a number in mind, and if the dealer is able to meet it (or get close), then you sell to him.
    Always took candy from strangers
    Didn't wanna get me no trade
    Never want to be like papa
    Working for the boss every night and day
    --"Happy", by the Rolling Stones (1972)
  • kevinstangkevinstang Posts: 1,521 ✭✭✭
    I would strike up a conversation first, look at a few of their coins (possibly see if they have ones similar to the ones you want to sell), don't appear desperate to unload them at the show or at that moment. Be prepared to here some "not much of a market" or "those are overgraded" etc.. stories, I tend not to go back to dealers who open with those lines before they even look over your coins good.
  • BochimanBochiman Posts: 25,556 ✭✭✭✭✭
    Combination of the above
    * Have a price in mind
    * Look at what they appear to be selling (same things? Reasonable prices?)
    If price is about there, go for it.


    As for the complete unc set of silver Roosevelts...hmmmm .... got pictures? image

    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

  • seatedcollectorseatedcollector Posts: 976 ✭
    show is expected to be kinda busy, will dealers have time (or the desire) to look over a handful of coins ? then offer you half of what you could sell tem for to a collector ? wouldnt it make more sense to just sell them to a collector ?
  • mrpotatoheaddmrpotatoheadd Posts: 7,576 ✭✭✭
    You might want to be aware some dealers react negatively to sellers using their quote on your stuff to negotiate with other dealers (as an example... you get a quote of $500 from Dealer A, and then approach Dealer B with "Dealer A offered $500- can you do better?"). If you plan on trying to get multiple offers, you might want to let the dealers know that you'll be doing so before asking what they'll offer.
  • BAJJERFANBAJJERFAN Posts: 31,268 ✭✭✭✭✭


    << <i>Negotiate a price, and then tell the dealer you want to check what the guy at the next table is offering. image

    Actually, just have a number in mind, and if the dealer is able to meet it (or get close), then you sell to him. >>



    Whats wrong in asking several dealers for their offer and then going back and taking the best offer, afterall you don't end an eBay listing if the reserve is met if there might be more money on the table. Its kinda tacky and hokey to use one dealer's offer as leverage against another IMO.
    theknowitalltroll;
  • PerryHallPerryHall Posts: 46,815 ✭✭✭✭✭
    When a dealer makes an offer, it's only good until you leave his table.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • SeaEagleCoinsSeaEagleCoins Posts: 3,262 ✭
    I may be in the minority on this...

    ...I have on many occassions, made an offer and if I sense hesitation...I suggest they go out and see if another dealer will offer more...and if they will/can...I tell the person that they should take it...

    ...just like in an auction...I have an amount I am willing to spend...if someone will go higher...all the power to them...

    ...interesting thing is...on a number of these occasions...I have had these folks come back and tell me that another dealer offered to top my offer by just a little and they decided they would rather sell to me...

    ...on one particular occasion, 4 or 5 dealers at the show turned down an outstanding coin or lowballed the guy...he came back and sold it to me...then, to my amusement...one by one these dealers came by and tried to buy it from me for considerably more than they could have gotten it directly from 'the source'...

    ...I ended up selling it to a collector...it was not a coin that deserved to be "flipped" from table to table... in an old 1st Gen PCGS with not a scratch on it BTW...



    Planetsteve...as for your Classic Commems...try Commemoratives Unlimited...decent guy and this is (obviously) his specialty...definately have a price in mind because he will ask...

    Walkers are slow (just like the Commems) but a quality piece can find a buyer...

    Recent Mint products often sell for less than issue price at shows...depends on the item...

    Unc Silver Roosies...best to sell dirctly to a collector...like here on the BST...

    Hope you have a great time... image
    Re: Slabbed coins - There are some coins that LIVE within clear plastic and wear their labels with pride... while there are others that HIDE behind scratched plastic and are simply dragged along by a label. Then there are those coins that simply hang out, naked and free image
  • RareBronzeCollectorRareBronzeCollector Posts: 1,270


    << <i>When a dealer makes an offer, it's only good until you leave his table. >>



    image

    UNLESS the offer is agreed to be in effect for a specific amount of time..... (very rare, but not unheard of)
  • edmerlredmerlr Posts: 563 ✭
    At the coin show I regularly attend every six months I have my favorite three dealers. 80%+ of the coins that I have bought at this show over the years have come from these 3 dealers.

    I take coins with me to the show for selling and/or trade in.

    I have always been satisfied with the amount I have received as credit (trade-in) towards a new purchase from these 3 dealers.

    Not once have I been offered a better deal from anybody but these three.

    ...and I firmly believe that I get a "better deal" when I am trading in and not just selling coins.

    I personally believe that it would not be nice to "play offered price games" with these 3 dealers. They have given me "deals" in the past. In return, they have earned a "deal" from me once in a while.

    Like the previous Gentlemen said, have a price in mind for your coins. My "price in mind" is either cast in conrete or flexible, depending on the coin I am purchasing from the dealer.

    Keep in mind that these dealers NEED to make a profit. ...and they need to be able to mark up the coin(s) enough to cover over-head, pay taxes, to offer price discounts to other dealers and/or their good customers, and buy food for their family, etc., etc.

    After you set a price for your coin and before you accept an offer, ask yourself if you could do better - in a reasonable amount of time - on the Forum BST or eBay (after fees, if any).

    And if you think you can do better by selling them to collectors, what about your time? If you are doing this as a labor of love, then who cares if it takes an hour or more to write the eBay listing, package the coin, burn gas driving to the post office, etc. ...but if your time is important (has value) to you, estimate the hour(s) it would take to sell to collectors and then multiply this by the amount per hour your time is worth to you - then subtract this from any "profit" you might make.

    My M.O. is to try to sell my coins to collectors first - quickly and easily. (I do this not as much for the money, but it makes me feel better. I don't know why. I can't explain it.) The coins that I cannot sell - quickly and easily - to collectors, then go to the NEXT coin show with me, for trade-ins.

    Regards,

    Ed R.


    Capped Bust Half Dollars by Variety & Die State Pictorial Refrence
  • 1794half18391794half1839 Posts: 505 ✭
    You want to find a dealer that would either specialize in these series. Don't forget to stop by the Smythe tables.
    Greg Cohen

    Senior Numismatist

    Legend Rare Coin Auctions
  • planetsteveplanetsteve Posts: 1,425 ✭✭✭✭


    << <i>Negotiate a price, and then tell the dealer you want to check what the guy at the next table is offering. image
    >>



    image Yes, that is exactly what I thought is the wrong thing to do.

    Thanks guys -- I got something out of each response. (I even got a few PMs with interest in my coins, which was a nice surprise, and might just do me some good given the realities of what dealers are willing to pay.) I appreciated the anecdotes and the advice.

    I'll follow up and let you know what my experience was like!

  • BAJJERFANBAJJERFAN Posts: 31,268 ✭✭✭✭✭


    << <i>

    << <i>When a dealer makes an offer, it's only good until you leave his table. >>



    image

    UNLESS the offer is agreed to be in effect for a specific amount of time..... (very rare, but not unheard of) >>



    So how likely is it they will make you the same offer later that day?
    theknowitalltroll;
  • orieorie Posts: 998 ✭
    Dealer - Etiquette = Now that is a oxymoron.
    Cool set...poor pics
  • roadrunnerroadrunner Posts: 28,313 ✭✭✭✭✭
    Whats wrong in asking several dealers for their offer and then going back and taking the best offer, afterall you don't end an eBay listing if the reserve is met if there might be more money on the table. Its kinda tacky and hokey to use one dealer's offer as leverage against another IMO.

    Many or most dealers will refuse to honor their original offers if you come back to them after shopping around for the best price. Who wants to end up with a coin that was shopped extensively and be the high wholesaler? Chances are they may have overestimated them and will make little to nothing (or lose) on such a coin.

    Walkers and commems will be a tough sell, at least for commons.
    I would try to sell all the walkers or all the commems in one shot.
    What usually happens is that you will get picked off on your nicest coins (ie you underpriced them) and will be stuck with the stuff you overestimated and then cannot get rid of them unless discounted quite deeply.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • BAJJERFANBAJJERFAN Posts: 31,268 ✭✭✭✭✭


    << <i>Whats wrong in asking several dealers for their offer and then going back and taking the best offer, afterall you don't end an eBay listing if the reserve is met if there might be more money on the table. Its kinda tacky and hokey to use one dealer's offer as leverage against another IMO.

    Many or most dealers will refuse to honor their original offers if you come back to them after shopping around for the best price. Who wants to end up with a coin that was shopped extensively and be the high wholesaler? Chances are they may have overestimated them and will make little to nothing (or lose) on such a coin.

    Walkers and commems will be a tough sell, at least for commons.
    I would try to sell all the walkers or all the commems in one shot.
    What usually happens is that you will get picked off on your nicest coins (ie you underpriced them) and will be stuck with the stuff you overestimated and then cannot get rid of them unless discounted quite deeply.

    roadrunner >>



    Well a person may have other reasons for not wanting to sell right away. Maybe I'd only be interested in selling if I found something else I wanted.
    theknowitalltroll;
  • airedaleairedale Posts: 505 ✭
    Would not the savvy dealer ask what you wanted for them?
    John
    Chance favors the prepared mind.
    imageimageimage
  • seemyauctionseemyauction Posts: 3,655 ✭
    I would ask the dealer "Are you buying classic commems and Walkers?"

    if they say yes show them the coins and ask "What would you pay for these?"

    If they say no just say "Thank you for your time."


    Alan
    imageCoinZip.com

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