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coin shop visit

Yesterday was my first ever visit to a coin store. It was very exciting. The attitudes of the other customers ranged quite a bit. One guy looked so serious he didn’t even look like he was having fun. The owner spent some time with me and was very polite. He explained how some things worked and gave me a couple of different grey sheets to take home and read. Since it was my first visit he said he would give me a nice price on something. My dad gave me an extra $10 so I had $32 with me. For $30 the dealer sold me 3 lightly circulated coins. A 1926s Peace dollar, a 1948 Franklin half, and a 1945d Liberty Walking half. He also threw in 5 Buffalo nickels and a wartime Jefferson that were circulated but readable. Also while I was there my cousin bought me a Dansco folder for my starter set of Liberty nickels and a 1957 proof set that is still sealed in the envelope. It was a good day and a great way to start off my summer vacation. Some time over the summer I am going to get to visit the Philadelphia Mint.

Can someone explain what the bid and ask prices are in the grey sheet?

Also what is the right percentage or fair price to pay over grey sheet? I understand rare coins are different but what about common date Buffalo nickels and Mercury dimes for example. They are always available so is there a standard markup?

Comments

  • BillyKingsleyBillyKingsley Posts: 2,661 ✭✭✭✭
    Very nice. I have learned that most coin dealers are very eager to see the hobby survive and they also are very helpful when you are clearly clueless, like I was just two short years ago.

    On my first coin shop visit I was asking some questions that must have given away the fact that I was totally clueless. The owner took the time to teach me some things that have stuck with me ever since...and he also handed me a Confederate States of America genuine $100 bill to teach me how to spot a real one vs. a reproduction!

    I think you did very well with your purchases. Around here (Dutchess County, NY) common circulated Peace dollars by themselves are going for $18. Buffalos go for about $2 each if they are readable, but I don't know about the halves or the war nickel.

    I can't help you on your other questions, though. Sorry...
    Billy Kingsley ANA R-3146356 Cardboard History // Numismatic History
  • AUandAGAUandAG Posts: 24,515 ✭✭✭✭✭
    Sounds like the trip to the city was a blast for you and your cousin Mike! Glad to hear that you didn't spend all
    of your money at the theater with your buddies! Saved some for coins is a good thing!!
    Did you end up at Stacks? Just curious.
    Now that you have some coins of just about all the 20th century will you be focusing on one particular series?
    Thanks for the update and let us know how it goes in Philly!

    bobimage
    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • BBNBBN Posts: 3,761 ✭✭✭
    good haul, good dealer. Sounds like a sweet day overall!!!image

    Positive BST Transactions (buyers and sellers): wondercoin, blu62vette, BAJJERFAN, privatecoin, blu62vette, AlanLastufka, privatecoin

    #1 1951 Bowman Los Angeles Rams Team Set
    #2 1980 Topps Los Angeles Rams Team Set
    #8 (and climbing) 1972 Topps Los Angeles Rams Team Set


  • << <i>Sounds like the trip to the city was a blast for you and your cousin Mike! Glad to hear that you didn't spend all
    of your money at the theater with your buddies! Saved some for coins is a good thing!!
    Did you end up at Stacks? Just curious.
    Now that you have some coins of just about all the 20th century will you be focusing on one particular series?
    Thanks for the update and let us know how it goes in Philly!

    bobimage >>



    This wasn't my trip to NY. My cousin took me to a shop here in PA about an hour or so away. I don't have a local shop.

    I would like to fill more holes in my Liberty nickel set since I have more than half of them. I may also try the Peace dollar set since it is small and there are many affordable dates in circulated condition. I will have to get a Dansco folder for them. I think I will also go after the small wartime Jefferson nickel set.

    My parents probably will not take me to the Mint until the end of June or July but that is ok. I need time to save up for the gift shop. My trip to NY and Stacks will probably be around that time too so hopefully I can find some kind of part time job to make some money. My parents are running out of little jobs to give me.
  • mcarney1173mcarney1173 Posts: 899 ✭✭✭✭✭
    very cool story. Where in PA do u live
  • I am about an hour north of Hershey.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Great report on your visit to the coin shop. And, I would say, you met a very nice proprietor. Good luck, Cheers, RickO
  • AhrensdadAhrensdad Posts: 2,583 ✭✭✭
    Sounds like you had a good time. That was very nice of you cousin to take you. Great report and good questions. Here is my attempt to help clarify. Others, please chime in.

    Bid/ask: Bid is in theory the wholesale buy price of a coin while ask is the wholesale sell price. For common material a price around ask seems fair. Not much more that.

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  • TwoSides2aCoinTwoSides2aCoin Posts: 43,796 ✭✭✭✭✭
    A dealer who has the coin ASKs for his price. A dealer trying to buy it BIDS his price. The differences are about ten percent irrespective of the grade. You will see that throughout the sheet. It's called "the spread". It's why the margin of profit is so thin. We're allowing collectors to use the dealer pricing structures. This causes coins being sold to be worth even less than grey sheet when going to the dealer to sell. So with this in mind, don't be surprised if some dealers offer to buy way back of grey sheet when you go to sell your coins. That's where "wiggle room" and "negotiations" take place. Sometimes, you can throw them prices out altogether. Most dealers don't like using them for retail customers and I'm surprised your dealer did, but you see the benefit of a good dealer , as well. He was more than fair to you. He was outright charitable.
  • YogiBerraFanYogiBerraFan Posts: 2,390 ✭✭
    That was a great post and thanks for sharing. It sounds like you have great plans for the summer.


  • << <i>A dealer who has the coin ASKs for his price. A dealer trying to buy it BIDS his price. The differences are about ten percent irrespective of the grade. You will see that throughout the sheet. It's called "the spread". It's why the margin of profit is so thin. We're allowing collectors to use the dealer pricing structures. This causes coins being sold to be worth even less than grey sheet when going to the dealer to sell. So with this in mind, don't be surprised if some dealers offer to buy way back of grey sheet when you go to sell your coins. That's where "wiggle room" and "negotiations" take place. Sometimes, you can throw them prices out altogether. Most dealers don't like using them for retail customers and I'm surprised your dealer did, but you see the benefit of a good dealer , as well. He was more than fair to you. He was outright charitable. >>



    When I was talking to the dealer I told him I read here. He then told me that I must know better than to go by Red Book prices. When I asked about a coin with a CAC sticker he showed me an article on the cover of grey sheet that talked about them. He said I could have it. Then he also gave me two more issues because he said that one did not cover all of the different coin series. It was a great first experience and I hope to go back soon.
  • Thanks for the info guys!
  • lkeigwinlkeigwin Posts: 16,885 ✭✭✭✭✭
    Hi Mike,
    Nice to see you are slowly growing your collection. Even nicer to see your interest in learning. Knowledge is way more valuable than a few cool coins. Save your money to spend it wisely.

    No harm in asking questions here, first. Whatever is in the coin shop will be there a day or two later.

    It sounds you showed the shop owner courtesy and respect. Treat all dealers that way and you will go far.
    Lance.
  • pakasmompakasmom Posts: 1,920
    Mike, there are always so many threads about "the rotten dealers," - I'd like to ask you to please "out" this guy!

    He sounds like a kind and helpful man, and he should get a little free publicity... image

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