What is a floor bid?

Bayard1908

Until I went to Central States six months ago, I literally hadn't been to a coin show since 1980. I don't really know coin show customs and etiquette.

I saw a coin that I really liked. The dealer said he wanted $1000 and that there was a "floor bid" of $950. I didn't think the coin was worth more than $800. I didn't offer $800 because the "floor bid" sounded like the dealer was claiming that he had a firm offer of $950.

Anyway, what is a "floor bid," assuming that there is such a thing.

coinkat

I have not seen the term floor bid used in this context... I am not saying its wrong, its just that if the dealer has an offer of 950, it seems its time to make a decision and knock off the crap. Seems that passing is a way of calling the bluff

SilverEagles92

I've heard of floor bids when it comes to auctions, but never in this context. Maybe that means that another person on the floor (bourse) offered him $950 for it, and the dealer was testing the waters to see if he could get $1,000 for the coin? Or maybe he's full of BS?

WTCG

The "floor bid" that your dealer referred to may have been his way of calling a sight-seen or unseen bid on CCE or Intelliquote.

It's a method of telling you that he can sell the coin for at least that amount to another dealer at the show without strings attached.

Broadstruck

I guess he just had someone else floating on the browse floor that stopped by and said would offer $950.

Which if that's the case sounds like total BS as that's only 5% off his ask.

COALPORTER

I think it is way of saying he is firm on the price.

ColonialCoinUnion

Wei is right.

coindeuce

A certain Western New York dealer that has been discussed here occasionally conducts bourse "floor auctions" to dealers, but he will not reveal existing bids on anything. One of the most secretive business persons I have ever known.

thisnamztaken

Why didn't you just ask him what he meant by that term?

Bear

Shoulda told the dealer, that you were

not in the market for a floor. You just

wanted to buy a coin.

centmaster

Sounds like he was sensing you as a stooge. The best way to handle tough dealers who want to take you for a ride is to tell them what you want to give them for it (after asking for their price first, of course), and as you're telling them, take out CASH money. It's amazing how all their B.S. goes by the wayside when they see green in front of them. You probably would have taken that coin home for $800 or even less after his previous "offer" magically disappeared.

Boom

A floor bid?

Why, it's a bid some guy hollers out while in a state of delerium after falling to the floor!

Bayard1908

<< <i>Sounds like he was sensing you as a stooge. The best way to handle tough dealers who want to take you for a ride is to tell them what you want to give them for it (after asking for their price first, of course), and as you're telling them, take out CASH money. It's amazing how all their B.S. goes by the wayside when they see green in front of them. You probably would have taken that coin home for $800 or even less after his previous "offer" magically disappeared. >>



I bought an identical item in the Central States Heritage auction for under $650, making the issue moot. I agree that many dealers are clowns though.

Coxe

<< <i>Shoulda told the dealer, that you were

not in the market for a floor. You just

wanted to buy a coin. >>



Then call all those folks on the local craigslist and let them know that nobody wants to buy their garages or yards too.

YaHa

A floor bid is a simple process. Many dealers and outside sellers put a RESERVE on a coin. The Reserve is the Floor bid. It is a old way of consigning a coin for someone. I hope this helps.

PerryHall

<< <i>Or maybe he's full of BS? >>

Bayard1908

<< <i>A floor bid is a simple process. Many dealers and outside sellers put a RESERVE on a coin. The Reserve is the Floor bid. It is a old way of consigning a coin for someone. I hope this helps. >>



Thank you. I have consigned things this way without ever using the term.