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I would like some feedback on a dealer/collector question

halfcentmanhalfcentman Posts: 1,498 ✭✭✭
in U.S. Coin Forum
Ladies and Gentlemen:

PLEASE OFFER YOUR OPINION TO THE FOLLOWING STATEMENT:

Do you believe that there is OFTEN an inversely proportional relationship between the amount of time a dealer has to spend with a customer, and the amount of money they spend?

Now, we are not talking about "fatcat" buyers here. I am talking about your middle-of-the-road collectors who spend about at most $500 and under on their items.

Your thoughts,

Greg

Comments

  • NebuchadnezzarTheGreatNebuchadnezzarTheGreat Posts: 219 ✭✭
    Customers that spend a lot of money with me ($10k+) typically take less time than someone buying a $500 or less coin...strange isn't it?
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    I would say it really depends on the buyer (and of course, the patience of the dealer). I have seen some buyers take over an hour to finally make their decision, others close the deal within 3 to 5 minutes. Your question 'seems' to infer, from the term 'inversely' that the less expensive the coin, the more time a dealer must spend. Certainly buyers with limited funds will agonize over expenditures ($50 for a quarter??)... sometimes it is painful for those on a limited budget. Those with more disposable funds are 'likely', though not necessarily, to quibble less. I think it may be more a matter of personality in many cases, than funds. JMHO. Cheers, RickO
  • CoinlearnerCoinlearner Posts: 2,467 ✭✭✭✭
    image....Since I am one (MOSTLY) of those "small time" collectors I often ask alota questions,repeat same questions,make 2-3 trips to the seller for same item before I decide to buy. When I sell, yes many buyers of "inexpensive" coins do the same thing. Try to remember, today's middle of road customers, will be repeat and/or higher end buyers in the future,if I'm able to create a business/trust relationship with buyer.
  • RYKRYK Posts: 35,796 ✭✭✭✭✭
    I have purchased expensive coins with a one line email and inexpensive coins with much deliberation and cogitation...and vice versa. As a dealer, you are probably the most annoyed with the $50 sale that requires inordinate effort to yield you a $5 profit, and that is what you remember the most.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • SeaEagleCoinsSeaEagleCoins Posts: 3,262 ✭
    I do remember once occurance that stands out in my mind...

    Back when I still dealt in copper, I had an EACer stop by my table... he had a dog-eared Sheldon book with all kinds of book marks in it... and he spotted a copper piece and asked to see it... maybe a $35-40 coin... he got all excited and sat down at the end of my table... pulled out his loupes (as in more than one) and opened up his reference ... 30 minutes later, he was still examining this coin while referring to the Sheldon book...

    Meanwhile, I had at least 4 or 5 other customers walk up and ask to see coins in the $200-$2000 range and each made a decision within a few minutes and purchased at least one coin each...

    After another 15 minutes or so, the EACer decided that his "find" was not exactly the variety he was looking for but would buy it if i could knock something off the price... no, he did not eat up alot of my time... just took a little space at my table for a spell... still found it oddly humorous...


    One other little story... the day I KNEW I needed to get rid of my "economy" coins (ie Under $20 each with many at $2-5) ... a guy sat down at my table and went thru every single coin in the box... it was not that busy so I did not mind too much when 1 houl later he was still going thru the box and had yet to find anything to please him. I asked if he was looking for varieties (I have no problem with that... one of the more pleasant aspects of this hobby) ... he said no... anyway, I started to get some other "potential" customers and he continued his "search" for who knows what... finally, he picks out a coin... had a $5 price on it... and asked me "I like this one... but what is that small spot by the rim?" ... I glanced at it quickly and shot back (not my usual style) "it's a spot" ... he quickly put the coin down and walked away... I felt bad for being curt with him but had run out of patience with him... and the 'economy" box... sold the whole box to another dealer at the next show... a case of too much for too little...
    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
  • coinguy1coinguy1 Posts: 13,484 ✭✭✭
    <<Do you believe that there is OFTEN an inversely proportional relationship between the amount of time a dealer has to spend with a customer, and the amount of money they spend?>>

    My answer to the question, as posed, is yes. And I say that, despite the fact that I am usually patient with potential or current clients, regardless of how much time they take, and/or however small the size of the transaction.

  • PonyExpress8PonyExpress8 Posts: 1,670 ✭✭✭
    It's all over the map and I can't make a generalization as such. But I do get as much pleasure out of selling a $10 coin to a young person as a $1,000 coin to a more advanced collector. I suppose I should be more efficient with my time but I also enjoy the individuals I meet as well, at least most of them. image
    The End of the Line in the West.

    Website-Americana Rare Coin Inc
  • PerryHallPerryHall Posts: 45,993 ✭✭✭✭✭


    << <i>It's all over the map and I can't make a generalization as such. But I do get as much pleasure out of selling a $10 coin to a young person as a $1,000 coin to a more advanced collector. I suppose I should be more efficient with my time but I also enjoy the individuals I meet as well, at least most of them. image >>



    Great response. In a few years that young person may be buying $1000 coins from you.

    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

  • mingotmingot Posts: 1,805 ✭✭✭


    << <i>It's all over the map and I can't make a generalization as such. But I do get as much pleasure out of selling a $10 coin to a young person as a $1,000 coin to a more advanced collector. I suppose I should be more efficient with my time but I also enjoy the individuals I meet as well, at least most of them. image >>



    Please keep in mind that not everyone who starts out is a young kid. That 40 year old guy might be a new collector, too.
    Sell me a coin or three!
  • PonyExpress8PonyExpress8 Posts: 1,670 ✭✭✭
    Mingot, very true and I enjoy that as well.

    In fact one of the best things about numismatics is the constant learning one can do.

    There is always something more you can do to learn more in a series, a new discovery to be made.

    Even as a dealer one of my favorite activities is studying something new I haven't explored before.

    And passing on what one has learned feeds the teacher streak in me! image

    Thanks for the kind comment Perry.
    The End of the Line in the West.

    Website-Americana Rare Coin Inc
  • BlindedByEgoBlindedByEgo Posts: 10,754 ✭✭✭✭✭


    << <i>

    << <i>It's all over the map and I can't make a generalization as such. But I do get as much pleasure out of selling a $10 coin to a young person as a $1,000 coin to a more advanced collector. I suppose I should be more efficient with my time but I also enjoy the individuals I meet as well, at least most of them. image >>



    Great response. In a few years that young person may be buying $1000 coins from you. >>



    Or not image

    As to the original question, my answer is yes - and the behaviour is common to all areas of commerce, not just coins.

    Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1

  • RedTigerRedTiger Posts: 5,608 ✭
    In any retail environment (or tech support, or customer service) a few customers take up about half the time and energy. That's maybe 5% of customers which may be difficult, demanding, mind-changing, or mistake prone, and they aren't always the novices, they aren't always those buying the lower cost items (or higher cost for that matter). I think that in large part, it is just personality-type that makes for the difficult customers, not the size of wallet, not the experience or lack of experience in the person.

    Investment blog: gold, stocks and more
  • shasta7shasta7 Posts: 121
    I think your question or statement will be very diverse...

    I think people need to look at it with common sense... Coin dealers are in business to make money so I would think
    someone spending alot of money will get the eye of the dealer quicker... BUT if I were in the dealers shoes I would try
    to spend as much time with all my clients... regardless what they spend. Whoever is there first gets taken care first...
    If the person is wanting to take their time to make a decision then I tell them exactly this... please take your time & let
    me take care of these other customers & will be back to answer any of your questions...

    This is a two-way street & both sides must give & take... if the client is the only one there I will talk to them as much
    as they want... because even if they only buy a coin for a few dollars they may over time come back to buy other coins.
    So all in all... I would treat ALL clients with the same respect & give each as much time as I could...

    I personally do NOT like a pushy dealer... or like when the dealer doesn't seem to care to want to talk to me... I think
    the dealers who show their clients they care & really are on the same level as the people wanting to buy their coins
    will be very successful in business... I run into many who make me feel like I only mean a paycheck to them... I normally
    avoid or will not deal with dealers such as this...

    Lastly, one of the best things a dealer can do is to help the younger collectors or less knowledgable person... the rewards for
    helping these people will be worth gold in the long run!!

    That is my 2 CENTS!!

    shasta7
    Those who are collecting SILVER... will be wealthy shortly!!

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