Why coin dealers drink, Part CCCXCII

CaptHenway

Metals spiked today after the European finance ministers cancelled a meeting scheduled for tomorrow. Chaosity ensued.

One of the dealers on my old dealer network had a cute story. Just before the spike, a guy comes into his shop and says he wants to buy 10 Maple Leafs. The dealer looks at his screen and quotes a spot price of $1654.

The guy gets all piffy and says that before he left home spot was $1649, and demands that the dealer sell basis that spot. The dealer tries to explain to the guy that that is not how the game works, and the guy gets mad and leaves.

Five minutes lates the dealer looks at the screen and gold is up about $40.

Within half an hour the guy hustles back in, starts pulling cash out of his pockets and says he's not gonna drive all around town shopping prices, and he will take the $1654 spot price. He then gets all piffy again when the dealer will not honor the price he quoted.

Sometimes the dealers drink in celebration!!!!

LOL!

SoCalBigMark

You may have been a dealer too long...(although that is funny)

AMRC

I had a guy come see me last week with what was a bunch of bullion and 2 very nice coins. An Early $10 Gold piece (1801 if I recall) and a very nice high relief $20 saint (both raw). I had calculated that the whole thing was worth about $75,000 but he was not asking for an offer yet. During the whole visit he is saying that he is not ready to sell, but wanted me to look at the "collection" so that when he is ready I can make him an offer. So I do exactly as I am asked. The next day he calls me and says he sold the whole kit and kaboodle to another coin dealer. When I reminded him that he told me he was not ready to sell, he said, the other dealer enticed him with an all cash deal in the high $60,000 range.

Not sure what the lesson is here, but I sure felt like I needed a drink.

coindeuce

<< <i>I had a guy come see me last week with what was a bunch of bullion and 2 very nice coins. An Early $10 Gold piece (1801 if I recall) and a very nice high relief $20 saint (both raw). I had calculated that the whole thing was worth about $75,000 but he was not asking for an offer yet. During the whole visit he is saying that he is not ready to sell, but wanted me to look at the "collection" so that when he is ready I can make him an offer. So I do exactly as I am asked. The next day he calls me and says he sold the whole kit and kaboodle to another coin dealer. When I reminded him that he told me he was not ready to sell, he said, the other dealer enticed him with an all cash deal in the high $60,000 range.

Not sure what the lesson is here, but I sure felt like I needed a drink. >>



In a case such as mentioned above, where the collection owner claimed to be "not ready" to sell, the simple solution is to offer to provide a written appraisal on a basis of replacement value, with the service provided at a rate of $100-$200 per hour. The owner should be informed both verbally and in writing that the appraisal at replacement value is NOT an offer to buy. If the owner agrees to proceed, you have insured yourself of fair compensation for your service, and a written appraisal at replacement value provides fair warning to other dealers that they won't necessarily be able to outbid you. Your mistake was to simply quote a contemporary value, which the owner leveraged against another dealer who accepted the owner's contention of your "offer". I would not ever offer a verbal opinion of value on a high value collection where the owner appears to be potentially using me. I'd rather alternatively tell them to get out a Redbook and a Grading Guide if they are "just curious". JMHO.

AUandAG

The lesson here: If an owner shows up with the goods and wants an estimate of value he's really saying:

Show me the money and they are yours!



bob

coindeuce

<< <i>The lesson here: If an owner shows up with the goods and wants an estimate of value he's really saying:

Show me the money and they are yours!



bob >>



In just this situation I will diplomatically tell the potential seller that I can pay for their coins, but I can't compensate them for their emotional attachment.

PerryHall

<< <i>I had a guy come see me last week with what was a bunch of bullion and 2 very nice coins. An Early $10 Gold piece (1801 if I recall) and a very nice high relief $20 saint (both raw). I had calculated that the whole thing was worth about $75,000 but he was not asking for an offer yet. During the whole visit he is saying that he is not ready to sell, but wanted me to look at the "collection" so that when he is ready I can make him an offer. So I do exactly as I am asked. The next day he calls me and says he sold the whole kit and kaboodle to another coin dealer. When I reminded him that he told me he was not ready to sell, he said, the other dealer enticed him with an all cash deal in the high $60,000 range.

Not sure what the lesson is here, but I sure felt like I needed a drink. >>



Did you tell him how much you would have paid? If you didn't, you should have.

TwoSides2aCoin

Coin dealer was driving to a show talking on cell phone when he sees a State Patrol Car approaching. He hangs up phone, tosses it into wife's lap and says " Put that in your purse". Patrolman pulls coin dealer over and approaches driver's door. He asks Coin Dealer if he was just talking on his cell phone. The dealers says "No officer, not me". Patrolman looks in vehicle and asks woman : "Ma'am, is this your husband ? " She answers politely, "Yes sir". Officer asks, "Was your husband just talking on his cell phone ? ". Woman answers : "Officer, I've been married to this man for thirty years and if there's one thing I learned, it's not to argue with him when he's drunk"

Nunfa0

ricko

I do enjoy these threads... Cheers, RickO

SereneDude

<< <i>

<< <i>I had a guy come see me last week with what was a bunch of bullion and 2 very nice coins. An Early $10 Gold piece (1801 if I recall) and a very nice high relief $20 saint (both raw). I had calculated that the whole thing was worth about $75,000 but he was not asking for an offer yet. During the whole visit he is saying that he is not ready to sell, but wanted me to look at the "collection" so that when he is ready I can make him an offer. So I do exactly as I am asked. The next day he calls me and says he sold the whole kit and kaboodle to another coin dealer. When I reminded him that he told me he was not ready to sell, he said, the other dealer enticed him with an all cash deal in the high $60,000 range.

Not sure what the lesson is here, but I sure felt like I needed a drink. >>



Did you tell him how much you would have paid? If you didn't, you should have. >>


Why? What good would telling him do?

PTVETTER

people come into my shop all the time and want to know what thier coins are worth...

NO matter how much you offer them, they think it worth more!

Then they find out that I made a fair offer, they then are embarresad and sell to some other dealer for less.

We both loose

I'll drink to that!!!!!!

PerryHall

<< <i>

<< <i>

<< <i>I had a guy come see me last week with what was a bunch of bullion and 2 very nice coins. An Early $10 Gold piece (1801 if I recall) and a very nice high relief $20 saint (both raw). I had calculated that the whole thing was worth about $75,000 but he was not asking for an offer yet. During the whole visit he is saying that he is not ready to sell, but wanted me to look at the "collection" so that when he is ready I can make him an offer. So I do exactly as I am asked. The next day he calls me and says he sold the whole kit and kaboodle to another coin dealer. When I reminded him that he told me he was not ready to sell, he said, the other dealer enticed him with an all cash deal in the high $60,000 range.

Not sure what the lesson is here, but I sure felt like I needed a drink. >>



Did you tell him how much you would have paid? If you didn't, you should have. >>


Why? What good would telling him do? >>



Why not tell him? Here's a chance to teach him a lesson for lying when he insisted he wasn't ready to sell. Also, if he has other coins, he may be more likely to sell those coins to you rather than the other dealer once he realizes he could have gotten more money.

CaptHenway

From the dealer net this morning:
.
"Heh heh. Had a wannabe coin dealer in this morning. He was looking at some
PCGS Morgans, spending at least 3-4 minutes on each one. He picks out 5 of
the 16 coins and asks how much. I tell him $1440 and he pulls out the blue
sheet. He looks puzzled and says "the sheet only says $1125!" I say, "But
that is Bluesheet, the price for sight unseen coins. When you scrutenize the
coins like you did, you pay Greysheet! I'll gladly sell you coins for
Bluesheet prices, but you won't get to see
them first." "But I'm a dealer", he says. "Then you should know that!",
I respond. He stormed out. Another satisfied customer that I won't have to
see again!"

droopyd

I'm amused by all the people who think they have a right to pay the "sheet" price (or even a % back of sheet) and not a penny more.

If I wanted to sell for "sheet" I'd just go down to the corner B&M and save the hassle of looking for a buyer, etc.

DRUNNER

Great story . . . . . and I also am able to get my plumber to do the work for just his cost too.

Oh, and Tom . . . . what's a Henway???

Drunner

Greeniejr

This reminds me of the "dealer" who comes into our store with coins that he recently purchased at one of the local shows that he paid through the teeth for. He then complains that I won't offer him a profit when he tries to sell them to us. I note that he is paying strong retail and he gets mad saying that at the shows he goes to you have to pay 20% over grey sheet for coins (Now before I get attacked, this was not PQ material. It was average quality at best and material that typically trades at +-10% of sheet). Really pissed him off when I offered to sell him a higher grade example which was at least equal quality vs. grade to his for less money than he was asking.

Geoman

One of my pet peeves is when I have someone in my store looking at coins, and they ask for my best price. I quote them my price and they get upset, saying that they "can't make a profit on them at those prices." I usually respond by telling them I am not in business to make them a profit.

Baley

In just this situation I will diplomatically tell the potential seller that I can pay for their coins, but I can't compensate them for their emotional attachment.


I like this line a lot

ModernCoin

<< <i>One of my pet peeves is when I have someone in my store looking at coins, and they ask for my best price. I quote them my price and they get upset, saying that they "can't make a profit on them at those prices." I usually respond by telling them I am not in business to make them a profit. >>



Has that actually happened more than once? Sheesshhh, what's wrong with people?

CaptHenway

<< <i>

<< <i>One of my pet peeves is when I have someone in my store looking at coins, and they ask for my best price. I quote them my price and they get upset, saying that they "can't make a profit on them at those prices." I usually respond by telling them I am not in business to make them a profit. >>



Has that actually happened more than once? Sheesshhh, what's wrong with people? >>



I have heard that line many times from vest pocket dealers who want to buy all your premium quality coins at below Bid so they can flip them.

stealer

<< <i>

<< <i>

<< <i>One of my pet peeves is when I have someone in my store looking at coins, and they ask for my best price. I quote them my price and they get upset, saying that they "can't make a profit on them at those prices." I usually respond by telling them I am not in business to make them a profit. >>



Has that actually happened more than once? Sheesshhh, what's wrong with people? >>



I have heard that line many times from vest pocket dealers who want to buy all your premium quality coins at below Bid so they can flip them. >>


Part of the vest pocket dealing game is finding coins for less than bid.
Or nice coins for bid that will sell for a premium.

CaptHenway

<< <i>

<< <i>

<< <i>

<< <i>One of my pet peeves is when I have someone in my store looking at coins, and they ask for my best price. I quote them my price and they get upset, saying that they "can't make a profit on them at those prices." I usually respond by telling them I am not in business to make them a profit. >>



Has that actually happened more than once? Sheesshhh, what's wrong with people? >>



I have heard that line many times from vest pocket dealers who want to buy all your premium quality coins at below Bid so they can flip them. >>


Part of the vest pocket dealing game is finding coins for less than bid.
Or nice coins for bid that will sell for a premium. >>



Yes, but they are not allowed to whine and snivel when people price their coins correctly and refuse to cut prices just so that the schmuck can make the profit on it.

stealer

<< <i>

<< <i>

<< <i>

<< <i>

<< <i>One of my pet peeves is when I have someone in my store looking at coins, and they ask for my best price. I quote them my price and they get upset, saying that they "can't make a profit on them at those prices." I usually respond by telling them I am not in business to make them a profit. >>



Has that actually happened more than once? Sheesshhh, what's wrong with people? >>



I have heard that line many times from vest pocket dealers who want to buy all your premium quality coins at below Bid so they can flip them. >>


Part of the vest pocket dealing game is finding coins for less than bid.
Or nice coins for bid that will sell for a premium. >>



Yes, but they are not allowed to whine and snivel when people price their coins correctly and refuse to cut prices just so that the schmuck can make the profit on it. >>


Oh, no, I'm not trying to justify what they're doing. I'm reprimanding them for, like you said, whining and sniveling

droopyd

<< <i>One of my pet peeves is when I have someone in my store looking at coins, and they ask for my best price. I quote them my price and they get upset, saying that they "can't make a profit on them at those prices." I usually respond by telling them I am not in business to make them a profit. >>

halfcentman

I do not mind bargain box guys and gals, as long as they know how to have some etiquette and follow some basic guidelines that are simply nothing more than common sense.

However, these customers are most notorious for what I like call the "double dip." They want a discount on each $2-5 coin they pick out, and expect it. However, this is counteracted easily by telling them that they will receive an x% on all of the material AFTER they pick out their stuff.

ricko

I do not see any harm in asking for a better price, that is simple negotiating. However, becoming irate, or complaining because "I cannot make a profit at that price." is ludicrous. Select the coin(s) you like, ask the price, and either buy or pass.... no need for histrionics. Cheers, RickO

MidLifeCrisis

<< <i>I do not see any harm in asking for a better price, that is simple negotiating. However, becoming irate, or complaining because "I cannot make a profit at that price." is ludicrous. Select the coin(s) you like, ask the price, and either buy or pass.... no need for histrionics. Cheers, RickO >>


... but I had to look up histrionics.

Greeniejr

<< <i>I do not see any harm in asking for a better price, that is simple negotiating. However, becoming irate, or complaining because "I cannot make a profit at that price." is ludicrous. Select the coin(s) you like, ask the price, and either buy or pass.... no need for histrionics. Cheers, RickO >>



The funny thing is that more often than not, the reason that real dealers get the best prices is because they follow a certain etiquette. Part of that is not whining about the price. You either pass, play or make a counter. Whining is the best way to get onto my not a real dealer list.

Yukoncornelius1

Typical behavior, one thing you have to expect in a coin shop is people wanting to act like they're on a used car lot and try to shave whatever they can off the purchase price. Most dealers save the discounts for good repeat customers who have purchased alot of merchadise over the years from them.

astrorat

<< <i>I do not see any harm in asking for a better price, that is simple negotiating. However, becoming irate, or complaining because "I cannot make a profit at that price." is ludicrous. Select the coin(s) you like, ask the price, and either buy or pass.... no need for histrionics. Cheers, RickO >>

Truer words could not be spoken.

yellowkid

A number of years ago I made a house call to look at a collection of Edgar Rice Burroughs first editions that a fellow had inherited. I felt I was just providing a free appraisal so I asked him if he would sell them today to me if the price was right, he still equivocated so I left telling him to call me when he was ready to sell. A few months later I ran into him, he had put the set out to auction and made, about 5k I think. He was dumbfounded when I told him he let them go for about half of what i would have paid.
Most people are looking for a free appraisal. I stopped making offers about the 50 th time my offer was beaten by the next dealer by a chump change amount. After that I would tell them to call me when they have their best offer. There are exceptions of course, but if they weren't ready to sell, I wasn't ready to make an offer.

Mission16

I used to have the same issues with table dealers at a show I'd help my Dad at. The same few would scamper around the floor during set-up and try to buy all the good stuff so they could mark it up and put it on their table. One particulary annoying guy got shut down by me once: I asked him why I would want to sell to him and make 5% when I would sell it to the general public and make 20%. I got a look like a cokker spaniel doing long division.

Walkerguy21D

Good points being made. As a known (within my circles) as a part time dealer, I feel I generally get 'best pricing' right up front. Some work and some don't. I don't whine if it's too high, and likewise when offered a gift, I don't counter to wring out the last dollar. If we can both make some $ on the transaction, everyone wins.

CaptHenway

<< <i>I used to have the same issues with table dealers at a show I'd help my Dad at. The same few would scamper around the floor during set-up and try to buy all the good stuff so they could mark it up and put it on their table. One particulary annoying guy got shut down by me once: I asked him why I would want to sell to him and make 5% when I would sell it to the general public and make 20%. I got a look like a cokker spaniel doing long division. >>



Amen, brother! Amen!!!!

scotty1419

<< <i> I asked him why I would want to sell to him and make 5% when I would sell it to the general public and make 20%. . >>



So why do I always hear all the heavy traffic at shows is wholesale or before the show opens? lol

littlebear

<< <i>I do not see any harm in asking for a better price, that is simple negotiating. However, becoming irate, or complaining because "I cannot make a profit at that price." is ludicrous. Select the coin(s) you like, ask the price, and either buy or pass.... no need for histrionics. Cheers, RickO >>



Okay, Ricko, I am impressed with the magniloquence of your posting.


Larry L.

Mission16

<< <i>

<< <i> I asked him why I would want to sell to him and make 5% when I would sell it to the general public and make 20%. . >>



So why do I always hear all the heavy traffic at shows is wholesale or before the show opens? lol >>



You are right, but because we were small, I was more interested in profit margin than gross dollars.

Don't get me wrong, I was on of the first to sell my bulk stuff to the wholesale guy next to us.

coinlieutenant

That is all very rich. Great story.

pontiacinf

funny and long but I stress "funny"

But seriously the way things are nowdays, does anyone really need an excuse to drink?

secondrepublic

I love these threads. Hilarious.

nencoin

Calls like this are cause for drink:

"I have a rare coin I found in my change. It's a (insert a 2001 Sacagawea GOLD coin, a 1979 Kennedy half dollar, etc.). What is it worth?"

"I'm afraid it's just worth face value."

"What's face value?"

Really? I get this question asked way too often.

FredWeinberg

You should always tell the
caller what you mean by

"Face Value"

Tell them to Slam the coin
very hard into their forehead;
if the indent is the depth of a
quarter, the "Face Value" of
the coin is a quarter; if the
depth of the indentation is
enough for a dollar coin to
fit into your forehead, it's a dollar.

CaptHenway

I used to tell people "It's spending money," and they would ask what that meant.

yellowjacket

I had a caller who had a "1957 half dollar" and wanted to know how much it is worth. I told him we would pay around $9. He objected because he had seen one on the internet for $480. I asked if this was a BIN offer or what. He sounded confused at this point. Maybe he was looking at a PCGS MS67 FBL. But who knows?

Garrow

nencoin

Just got the latest message via eBay from someone regarding an 1880-O Scarface Morgan we have for sale at several thousand dollars:

You lunny tune this coin has a scratch on the face. Are you in a mental institution

<sigh>

coindeuce

<< <i>Just got the latest message via eBay from someone regarding an 1880-O Scarface Morgan we have for sale at several thousand dollars:

You lunny tune this coin has a scratch on the face. Are you in a mental institution

<sigh> >>



Gotta be quicker on your feet. Shudda replied:
"this is called Scarface because Al Pacino carried this in his pocket while making the movie!"