Why don't dealers who pay the best money make it more obvious?

291fifth

You have just entered the bourse floor of the MegaHuge Coin Show. There are at least 400 dealers with tables. You have coins to sell, but to whom?

You've heard that there are strong buyers out there and you stop at table after table. "20 off blue sheet bid;" "30 off
gray sheet bid;" "I make my own;" "I've got an adequate stock at the moment;" "Can you come back on Saturday? I should have some cash by then;" etc., etc.

Out the door you go with all of your coins unsold and a bad taste in your mouth.

Here is the question. Why don't the dealers who really are interested in paying serious money for nice coins make it more obvious when they are at megashows?

ziggy29

<< <i>Here is the question. Why don't the dealers who really are interested in paying serious money for nice coins make it more obvious when they are at megashows? >>

My guess is that they would be inundated by would-be sellers offering up schlock which they only think are PQ, and that they may assume that those who are really savvy about the business and the coins they own probably know who they are.

harvey85422458

How do you suggest they do that Neon signs. Seriously the show's I have been to it seems like the dealers are all pretty close to each other in prices.

ricko

What Ziggy said.... and in fact, they are there to sell, mainly. So only 'hot' inventory would be of interest to them... Cheers, RickO

DaveG

Well, certainly the dealers all know who among them are the "big buyers" - remember, they had dealer set-up to trade among themselves.

Whenever I go to a show to sell, I first offer the coins to my regular dealer and if he doesn't want them, he'll usually suggest a couple of dealers who I should offer them to.

I would suggest that if the dealers aren't buying your coins (for themselves or to sell them to the big buyers) or directing you to the big buyers, then either you're asking the wrong questions or are trying to sell the "wrong" coins.

291fifth

Let's get back on track.

The question is: Why don't dealers who are ready, willing and able to pay serious money for nice coins make it more obvious? The big shows are intimidating. Are they just poor marketers (I have long suspected that to be the case) or do they just not really care about the general public at all (also a good possibility.)

Newcomp103

Sometimes you will see dealers in the show program with ads that say "strong buyers of ..." or "we pay top prices for your coins". I think I saw one that said something like "let us show you why your coins are worth fair market value". Other than word of mouth, I think these are ways that these dealers try to let people know. Since I am usually there to buy, not sell, I can't give any feedback as to whether these ads are true or not though!

BECOKA

A lot of it has to do with experience. After awhile you get to know the good dealers. These dealers pay high premiums for nice stuff knowing they have a collector base to absorb the stuff they buy.

doh

There's no such thing as a dealer who pays the strongest money for everything. Dealers will pay the strongest money for their speciality or for completely random coins that just happen to fill a customer's want list. You have to ask around. I always check to see what the dealer is already selling. If they're selling loads of ICG/ACG/whatever widgets, I'm not going to bother showing them my PCGS 13-S Quarter. If they're selling lots of certified key dates, then I will definitely ask if they're interested in my 13-S Quarter. In short, dealer's don't advertise that they pay the most for all coins, but such a dealer does not exist.

ziggy29

Plus, the less they pay for advertising that they are buyers, the more they can pay for coins.

DaveG

How would you suggest that strong buyers make it more obvious?

About the only things a dealer could do would be to have posters or flyers at the bourse entrance or have flyers at their table.

I have seen dealers with flyers at their table, but I've never seen one that lists purchase prices - unless they're buying generics, they'd be foolish to list prices, since they wouldn't pay the same for ugly coins as they would for nice coins.

I haven't seen any posters at bourse entrances, but how would you be able to tell if the advertiser was really the "best buyer"?

stman

Well, I recall a while back Harry Laibstain offered to buy you a hot dog for first shot at your material. And, those on the left coast sure have seen that grumpy "dealer" guy in the pony-tail with a carnival looking shirt that says.... "Cash Buyer." Does that count?

cladking

Sometimes buyers are not very motivated. They may make a market in the material and want
to maintain their offers to support the market but get all they need through word of mouth and
current customers and suppliers.

That's the nice thing about buy ads; these guys are always motivated. They'll pull the ads when
they have as much as they need.

Elcontador

I think a lot has to do with finding the right dealer(s) who sell the material you wish to sell to them. Ie., if you have early copper, I wouldn't take it to Gus Tiso, who deals with Morgans, or Jay Cline, who deals in SLQs. I'd take early copper to Tom Reynolds or Doug Bird.
The other thing, as others have mentioned, is the quality of the coins themselves.

For example, yesterday at Long Beach, I was talking with my Heritage rep and a guy came up and asked him what he would pay for his double eagle coin. Jim had to politely tell the guy that the coin was a harshly cleaned POS and it was worth a fraction over bullion (think it was $850).

Longacre

This is an excellent question. I don't think the dealers do enough to differentiate themselves. Honestly, I thought that the CAC stickers would make coins more marketable. In Baltimore, I had a stickered quarter eagle that I wanted to sell. I went to one of the preeminent sticker dealers, and I was told that they were not interested in buying it.

Perhaps in the program, the show promoter can allow the participants to advertise differently if they feel as though they pay higher prices than the next guy. Other than that, I really don't know.

RichieURich

<< <i>I think a lot has to do with finding the right dealer(s) who sell the material you wish to sell to them. Ie., if you have early copper, I wouldn't take it to Gus Tiso, who deals with Morgans, or Jay Cline, who deals in SLQs. I'd take early copper to Tom Reynolds or Doug Bird. >>



The dealer who deals in the same material as you are trying to sell, knows the market best and will be more willing to pay "over sheet" for the rare and/or PQ material.

Nysoto

<< <i>I'd take early copper to Tom Reynolds or Doug Bird. >>


I received a low ball offer for a Jules Reiver large cent from one of the above, sold it for 30% more to a local dealer. Specialists do not always offer the highest prices, in some cases they end up wholesaling the coins out. In general, those who advertise as paying the highest prices or honest offers often pay the lowest. It does take some trial and error, I am keeping quiet about who pays the most so they don't get inundated with material.

mrearlygold

Look for the guy standing on his showcase doing the hoola hoop?

bidask

Most of the dealer ads I visit online or CDN or Coin World say they are looking to buy nice coins.........go to those dealers, and if they say they are not interested, say what happened, your ad said your buying!

roadrunner

For the material I routinely like to play with, maybe only 4-10 dealers consistently offer strong prices. Not always the same guys, but out of that group you'll find a buyer unless the market is weak and everyone has backed off. And the other several hundred dealers at a mega show are just not strong buyers but prefer to "no risk" flip. One time I thought I was doing one of my local dealers a favor at a big show by offering him some MS64 trade dollars and other type at pretty fair prices. It turned out he walked every piece to one of his buyers and then bought what he needed. Hey, better that I sell to the higher buyer and cut out that 10% flip.

I don't know why those top 10 buyers that I like to visit don't make it more clear that they end up buying most of the best coins out there regardless of market conditions or other factors. And not that most of these are not your typical high end retailers. The high end retailers don't like to buy coins from specialists such as myself as a rule but have no problem buying them from the people I sell to. Just boggles my mind. Have to believe it's comfort thing for them.

roadrunner

JCMhouston

Well I can't answer the original question either. But I will say there is almost no chance of me selling a coin to a dealer. Why would I do that when there are plenty of auction outlets, particularly for better material.

IGWT

-- Why don't dealers who pay the best money make it more obvious? --

Maybe it's more fun to complain that buying nice coins is next to impossible.

WTCG

<< <i>You have just entered the bourse floor of the MegaHuge Coin Show. There are at least 400 dealers with tables. You have coins to sell, but to whom?

You've heard that there are strong buyers out there and you stop at table after table. "20 off blue sheet bid;" "30 off
gray sheet bid;" "I make my own;" "I've got an adequate stock at the moment;" "Can you come back on Saturday? I should have some cash by then;" etc., etc.

Out the door you go with all of your coins unsold and a bad taste in your mouth.

Here is the question. Why don't the dealers who really are interested in paying serious money for nice coins make it more obvious when they are at megashows? >>



The risk of over-advertising yourself as the "highest buyer" at a coin show is the propensity to be offered multiple examples of inferior coins or coins that you have no desire to buy. Being offered loads of those coins consumes up time and energy that could have been spent more effectively doing something else. If a dealer then rejects coins offered to them, the seller will almost undoubtedly realize a negative reaction about the dealer, accusing them of false claims or similar conclusions.

bidask

<< <i>

<< <i>You have just entered the bourse floor of the MegaHuge Coin Show. There are at least 400 dealers with tables. You have coins to sell, but to whom?

You've heard that there are strong buyers out there and you stop at table after table. "20 off blue sheet bid;" "30 off
gray sheet bid;" "I make my own;" "I've got an adequate stock at the moment;" "Can you come back on Saturday? I should have some cash by then;" etc., etc.

Out the door you go with all of your coins unsold and a bad taste in your mouth.

Here is the question. Why don't the dealers who really are interested in paying serious money for nice coins make it more obvious when they are at megashows? >>



The risk of over-advertising yourself as the "highest buyer" at a coin show is the propensity to be offered multiple examples of inferior coins or coins that you have no desire to buy. Being offered loads of those coins consumes up time and energy that could have been spent more effectively doing something else. If a dealer then rejects coins offered to them, the seller will almost undoubtedly realize a negative reaction about the dealer, accusing them of false claims or similar conclusions. >>

Tell that to Harry 'first shot' Laibstein.