Home› U.S. Coin Forum

"With certified coins and electronic pricing, even a monkey can be a coin dealer."

MrEurekaMrEureka Posts: 24,194 ✭✭✭✭✭
in U.S. Coin Forum
The quote is from QDB in this week's CW.

Strange that he doesn't say the same of collectors.
Andy Lustig

Doggedly collecting coins of the Central American Republic.

Visit the Society of US Pattern Collectors at USPatterns.com.

Comments

  • JamesMurrayJamesMurray Posts: 4,036 ✭
    In some cases that's a slur on monkeys
  • CoinJunkieCoinJunkie Posts: 8,772 ✭✭✭✭✭


    << <i>Strange that he doesn't say the same of collectors. >>



    What use would a monkey have for a coin collection?

    image
    My Roosevelt Dime Registry Set
  • Bayard1908Bayard1908 Posts: 4,030 ✭✭✭✭
    Monkeys have been coin dealers for as long as I can remember.
  • SonorandesertratSonorandesertrat Posts: 5,695 ✭✭✭✭✭


    << <i>The quote is from QDB in this week's CW.

    Strange that he doesn't say the same of collectors. >>




    I agree---that comment could apply to both buyers and sellers.
    Member: EAC, NBS, C4, CWTS, ANA

    RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'

    CJ: 'No one!' [Ain't no angels in the coin biz]
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    Sure, it's soooo easy.







    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • dbcoindbcoin Posts: 2,200 ✭✭
    Only if they are PNG members
  • SUMORADASUMORADA Posts: 4,797 ✭

    Oh !!! Please.......#1...no I'm not a monkey....#2 pm me sometime and we can talk CBH,SLD's, Colonials or Fugio's.......whatever ! image

    image
    coins on ebay
  • RYKRYK Posts: 35,796 ✭✭✭✭✭


    << <i>The quote is from QDB in this week's CW.

    Strange that he doesn't say the same of collectors. >>


    Monkey see, monkey do.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • SonorandesertratSonorandesertrat Posts: 5,695 ✭✭✭✭✭
    Well, there is a lot of monkey business in the business end of the hobby.
    Member: EAC, NBS, C4, CWTS, ANA

    RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'

    CJ: 'No one!' [Ain't no angels in the coin biz]
  • ctf_error_coinsctf_error_coins Posts: 15,433 ✭✭✭✭✭
    That statement is so untrue about ERROR COIN DEALERS who have to KNOW the MARKET as there are no real price guides and many errors are one-of-a-kind.

  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭
    He's not saying you can be a good dealer. I do see a lot in what he is saying, there are many dealers who only exist because of the stupidity of others. That's actually true in many professions, but I still find it a sad commentary.
    ANA-LM, NBS, EAC
  • RichieURichRichieURich Posts: 8,438 ✭✭✭✭✭
    As a dealer, I would say: Being a coin dealer is more difficult than it looks.

    Plus, there are certified coins that are nice for the grade, and certified coins that aren't. In the market, the nicer ones usually are sold at a premium, and the unattractive ones either sell at a discount or don't sell at all. So while the dealers are acquiring the attractive coins, the monkeys, in theory, are buying the ones that are inexpensive for the grade. When the coins are sold, it's difficult to tell who is going to make money and who isn't.

    And I don't think QDB would want to replace his numismatists on staff with monkeys!

    An authorized PCGS dealer, and a contributor to the Red Book.

  • jsfjsf Posts: 1,889


    << <i>Oh !!! Please.......#1...no I'm not a monkey....#2 pm me sometime and we can talk CBH,SLD's, Colonials or Fugio's.......whatever ! image

    image >>




    WHERE DID YOU GET MY PICTURE? No one was supposed to know I lost my azz in the coin bidness.
  • RYKRYK Posts: 35,796 ✭✭✭✭✭
    As a monkey, I would say: Being a monkey is more difficult than it looks. image

    Plus, there are bananas that are ripe for the grade, and bananas that aren't. In the market, the nicer bananas usually are sold at a premium, and the rotten ones either sell at a discount or don't sell at all. So while the monkeys are acquiring the ripe bananas, the coin dealers/collectors, in theory, are buying the bananas that are inexpensive. When the bananas are sold, it's difficult to tell who is going to eat good bananas and who isn't.

    And I don't think QDB would want to replace his simians on staff with coin dealers!

    image
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • SwampboySwampboy Posts: 12,948 ✭✭✭✭✭
    My WAG is QDB was just stirring the pot.
    I bet he had a good chuckle sending that article in.

    The entertainment can never be overdressed....except in burlesque

  • scottgardenerscottgardener Posts: 1,205 ✭
    First, does that monkey know how to run a business? There are things like quarterly statements, 941 payments, and the like. And next, could a monkey abate inventory, arrange for travel, or operate a shop? Before even going into knowledge about coins, there are other factors that have to be considered.


    Now, could a monkey with a business degree run a coin shop? Probably. But, he or she would lose a lot in missed opportunities by failing to recognize which coins are higher or lower end, or which ones have been doctoredand are turning in the holder. Also important are things like proper storage and handling, lest all of the simian numismatist's copper turns funny and spotty from moisture.
    Improperly Cleaned, Our passion for numismatics is Genuine! Now featuring correct spelling.
  • BillJonesBillJones Posts: 33,856 ✭✭✭✭✭
    WRONG!

    Monkeys don't know much about eye appeal so far as I can tell. The few dealers who acted like monkeys and bought coins based upon the grades that appeared on the slabs didn’t say in business for very long. That’s an indicator that their profits were something less than peanuts. image

    Coins are not like pork bellies, zinc or orange juice. Every piece is different, especially when you get away from the most modern material, and you need to best know what most collectors like, or you will soon be looking for a new way to earn a living.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • mrearlygoldmrearlygold Posts: 17,858 ✭✭✭
    Monkey's can examine coins using their feet.

    Can anyone here do that?

    Coin's for sale/trade.


    Tom Pilitowski
    US Rare Coin Investments
    800-624-1870

  • SUMORADASUMORADA Posts: 4,797 ✭
    Monkey's can examine coins using their feet. Can anyone here do that?

    image
    coins on ebay
  • CertifiedGoldCoinsCertifiedGoldCoins Posts: 1,644 ✭✭✭
    Dave must be trying to insult the mentality that has made such a success of the TPGs, and not dealers per se. No doubt the holder/label is the last thing he looks at himself, as any intelligent dealer or collector should.
    Good deals with: goldman86 mkman123 Wingsrule wondercoin segoja Tccuga OKCC LindeDad and others.

    my early American coins & currency: -- http://yankeedoodlecoins.com/
  • shorecollshorecoll Posts: 5,445 ✭✭✭✭✭
    I have met a few dealers in my life, that somehow manage to stay in business, that I'm surprised are smart enough to remember to breathe. They don't "do well" by board standards but they seem to manage to survive. I don't deal with them, but whenever I see them, I just feel sorry for their customers. These are the low-end equivalents of the telemarketers and I think they burn a big percentage of their customers and these are the people that eventually show up at the good dealers with their "prizes"...the good dealers then get tarred as crooks for telling them the truth.
    ANA-LM, NBS, EAC
  • notwilightnotwilight Posts: 12,864 ✭✭✭
    I wonder if QDB realizes that he has just pointed out 90% of the new challenge facing coin dealers--electronic buyers want to buy, and sell, at the same published electronic price. --Jerry
  • ambro51ambro51 Posts: 13,771 ✭✭✭✭✭
    I dunno...maybe old age? another odd thing was his advice in the "Numismatic Sun" on artificial toning and suggesting a freshly cut oak board.

    Maybe though he is thinking of a dealer who offers quality first???image
  • LakesammmanLakesammman Posts: 17,360 ✭✭✭✭✭
    Hmmmmm...the same might be true of running a successful auction house?? image
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose.
  • BigEBigE Posts: 6,949 ✭✭✭
    A lot of people go ape sh-t over coins here------------------------BigE
    I'm glad I am a Tree
  • ConnecticoinConnecticoin Posts: 12,781 ✭✭✭✭✭
    Hmm, I would think that comment was tounge-and-cheek coming from QDB. On the other hand, he did not say "sucessful coin dealer".
    *For Sale on BST* *For Sale on Ebay*
  • yellowkidyellowkid Posts: 5,486 ✭
    When all of the "price guides" started coming out, I heard much the same about antique dealing. It was far from the truth in that case, and I suspect the same here.
  • PerryHallPerryHall Posts: 45,956 ✭✭✭✭✭


    << <i>Hmm, I would think that comment was tounge-and-cheek coming from QDB. >>



    I sure hope you're right. As a coin dealer, I'm sure QDB knows how wrong this statement is.

    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

  • StaircoinsStaircoins Posts: 2,566 ✭✭✭

    I am reminded of a bumper sticker from years past.

    To paraphrase ...


    "Please don't tell my mother I'm a coin dealer.
    She thinks I play the piano in a whore house."



    image
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    With certified coins and electronic pricing, even a monkey can be a coin dealer."

    Especially true during time periods like 1978-1980, 1988-1990, 2004-2008 when problems on coins tended to be ignored and things were flipped easily to dealers or collectors as there was always a bigger fool around the next corner. In today's time if you can't fine tune the grade on the coin in the slab then your options are much more limited. Others have gone to CAC inventories to reduce that risk whether for lack of skill, liquidity, value or a combination of them.

    In QDB's hey day the minor variations that we have today were non-existant. It was more important to be a knowledgeable researcher and salesman than it was to be a precise technical grader.

    All I know is that today, the monkeys are having a tough time in the coin market unless they are playing with CAC and + coins while working on small margins via electronic trading. A number of full-sized whales have left the market only to be replaced killer whales and sharks. It's a tougher ocean today.

    roadrunner

    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • DHeathDHeath Posts: 8,472 ✭✭✭
    Wasn't the whole point of the fourth party grading scheme that recently arose to commoditize coins to the degree that they could be bought and sold sight-unseen for strong bids? If you buy that, why can't a monkey be a coin dealer, relatively speaking. What numismatic skills must they possess? Is QDB complaining that skill is no longer valued the way it once was, or is he saying the market has undervalued it?
    Developing theory is what we are meant to do as academic researchers
    and it sets us apart from practitioners and consultants. Gregor
  • ColonialCoinUnionColonialCoinUnion Posts: 10,087 ✭✭✭


    << <i>Hmmmmm...the same might be true of running a successful auction house?? image >>



    Ha!
    Coin Rarities Online
  • OKbustchaserOKbustchaser Posts: 5,477 ✭✭✭✭✭


    << <i>Wasn't the whole point of the fourth party grading scheme that recently arose to commoditize coins to the degree that they could be bought and sold sight-unseen for strong bids? If you buy that, why can't a monkey be a coin dealer, relatively speaking. What numismatic skills must they possess? Is QDB complaining that skill is no longer valued the way it once was, or is he saying the market has undervalued it? >>



    The same is true of the third party grading schemes that arose in the 1980s...and the same questions about both dealers and collectors can still be made today.
    Just because I'm old doesn't mean I don't love to look at a pretty bust.
  • ambro51ambro51 Posts: 13,771 ✭✭✭✭✭
    He may be onto something there. Im pretty sure there is no Federal law requiring a monkey to pay taxes.
  • messydeskmessydesk Posts: 19,879 ✭✭✭✭✭
    Well, that explains all the crap flying around any given bourse.
    John
    Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
  • coinguy1coinguy1 Posts: 13,484 ✭✭✭
    Even without those aids, anyone can BE a coin dealer. But even with them, there is no assurance of reputable dealings, success, knowledge, etc.
  • agentjim007agentjim007 Posts: 6,256 ✭
    With certified coins and electronic pricing, even a monkey can be a coin dealer

    WE ARE
    image
  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭
    BONGO -N- BONGO "Bananas First"

    image
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • LongacreLongacre Posts: 16,717 ✭✭✭


    << <i>In some cases that's a slur on monkeys >>




    I laughed out loud when I read this. image

    [No offense to anyone, but I just thought this comment was funny]
    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)

Leave a Comment

BoldItalicStrikethroughOrdered listUnordered list
Format
SpoilerCodeQuote
Heading 2Heading 1
Emoji
:):D:(;):/:o:s:p:'(:|B):#:*<3o:)>:)
Url
Image
Align leftAlign centerAlign rightToggle HTML viewToggle full pageToggle lights
Drop image/file
Home • U.S. Coin ForumComment As ...