Just want to add that if I am attending a show and know the range that a coin is worth, and get quoted a price that's far higher than this, I just say "thank you," and leave. There are some dealers that price their material so high, that attempting to buy a coin is a waste of time.
One joker actually went off on me when I politely asked him whether I could get what amounted to a 9% discount on a low five figure coin. I asked for such a discount, and told him I could pay him with a check on the spot for it. The guy actually acted as if I insulted him. Because of this, I will never buy anything from the guy. Ever.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
My approach is generally to study what coin or coins I am interested and respectfully ask the seller, "how much do you want for these?" Whether the price is marked on the holders or not, I have found this approach to work with nearly any seller. If the price is as marked, they will say so, but I have seen the majority of coin dealers offer a price less than a marked price, especially when concerning multiple coins. At that point I generally choose to pay or tell them it doesn't work for me, politely. Sometimes, the dealer will by word or body language indicate they have interest in further discussing or might have another option. If so, I will work through to see what happens. A pleasant discussion may ensue and eventually lead to a purchase.
I find this approach works well for me and I sometimes get some pretty decent price drops and buy the coins I am interested in. It is non-insultiing and non confrontational and generally leaves the door open to future transactions. I try hard not to be a cheapskate.
To Bill's point you want to avoid being known as a chisler. No one likes a chisler. Once you are branded as one it's tough sledding from there.
MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>#1. Know what the market value of the item is.
#2. Decide what it is worth to you.
#3. Ask what they need for it.
#4. Use the counteroffer option sparingly, and don't make dumb counteroffers like one half of advise numbers 1 and 2. Usually if you are not within 10% of the asking price, it's best to forget it.
#5. I buy a lot of stuff at shows, but I rarely make counteroffers.
#6. Avoid getting the "cheapskate" reputation at all costs. >>
The last time I broke my own rules was at a Bay State show in Boston back in the 1980s. There was this disreputable looking dealer who had a half cent I wanted at the show. The coin was worth about $50, retail. I asked the price, and he said $100.
"What do you want to pay?" he asked.
"My offer would be an insult," I replied.
"Insult me!" he answered.
I said $50, and he took it.
I probably should have offered $45.
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 ... ?
I usually try and pay cash for any purchase in person, and I simply ask them: "What's the best you can do on this with a cash deal?" If it's a number I am comfortable with, I buy it. If not, I politely thank them for their time and move on.
Need a Barber Half with ANACS photo certificate. If you have one for sale please PM me. Current Ebay auctions
I'll offer what I think a coin is worth----If the dealer thinks it's an insulting offer; it is usually because his price is too obnoxiously high.
It's tough to figure out what a dealer has actually paid for an item. Usually, it is MANY times less that what you really think that it is but not always.
SOME dealers will honestly tell you, so I guess that you just have to be able to read them and/or trust them---the latter is the more challenging part!
Being a repeat customer may help you SOMEWHAT.
My last two dealer transactions were both satisfying to me. One of them----I KNEW 100% what the dealer had paid for the coin and he only made a 10% profit on me. The other---I thought the price was REAL fair just based on the quality of the coin and on previous auction/price records.
It really pays to do your homework.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
<< <i>#1. Know what the market value of the item is.
#2. Decide what it is worth to you.
#3. Ask what they need for it.
#4. Use the counteroffer option sparingly, and don't make dumb counteroffers like one half of advise numbers 1 and 2. Usually if you are not within 10% of the asking price, it's best to forget it.
#5. I buy a lot of stuff at shows, but I rarely make counteroffers.
#6. Avoid getting the "cheapskate" reputation at all costs. >>
I would agree with this except that I would phrase #3 as "what is your best price" not "what do you need". And say it without hesitation or uncertainty. Worst case is you get a "that is my best price" and then you pass or play. Often even if you pass they may come back and say "are we close" re-opening the door to negotiate.
John Maben
Pegasus Coin and Jewelry (Brick and Mortar)
ANA LM, PNG, APMD, FUN, Etc
800-381-2646
For me, it depends on the coin and the dealer. Here are my steps if I don't already know the dealer:
1. I always decide, in advance, how much I want to pay for a coin by researching other sales. 2. If the dealer is asking much more, I will simply ask how the price was determined, and I will listen. I judge the dealer by what he says. 3. I will then explain why I think the coin should be priced less, and I will give my price, which may be significantly lower than the dealer's price. 4. The dealer will then give me a price that is not quite meeting me half-way. Even though I've never before met the guy, he will then claim that I'm getting the price that he would give to other dealers, (or alternatively the price that he actually paid). He will also tell me that the coin is wonderful and I'm getting it at wholesale. 5. I politely thank the dealer, hand him his coin, and walk away.
This process is guaranteed to always have the identical results when a dealer has over-priced his coin, and I don't know the dealer.
In general, I don't haggle with buyers. I quote them my best price (I operate on a narrow spread) and if they wont pay that then let them get lost. For the most part I don't care for hagglers. Many of them are too ignorant or lazy to price coins in the first place and make erroneous assumptions about how dealers price coins.
If I know someone is a haggler (past experience) I will quote them a considerably higher price than my best price and let them talk me down to it.
I know of one guy I see at shows who will ask a price "what is your best price between bid and ask." I think he makes himself look stupid with this tactic. After a terse exchange with him on one occasion I told him to stay away from my table. Another time he plopped down in front of my cases and started talking on a cell phone like he is in a phone lobby. I made him leave.
I haggle the medical way - demand I get it for nothing or sue them.
"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, Cardinal.
Ask me for my best price and you'll get it. Ask again or if I can do any better, and you'll get the same price. Ask a third time and the coin just got a little more expensive. Charmy said it best: Respectfully.
I would say, take a big pair of white gloves and with a quick and firm motion bring them accross the face of the seller and say "that price is an insult to me. I will pay you (insert your price) for it". You know it probably would not work (and you might end up in the hospital) but it would be fun to watch.
Gold and silver are valuable but wisdom is priceless.
It depends on what you are buying, if it's top shelf stuff don't expect much of a discount, and don't say "I'll give you whatever" for a piece, "What can you do on that one" is a much better method. A coin show is not a flea market.
<< <i>People should remember that all shows, coins, guns, knives, etc are basically item specific flea markets. I go to all of those and have been for well over 60 years. I never, ever pay what a seller is asking for anything. I'm well aware that all sellers have already raised all prices to account for everyone haggling. It is all sort of like buying a house. You ask how much and they say whatever they hope it will sell for but full well know it just ain't so. Then you counter offer and that is refused and then the seller counter offers and on and on until everyone thinks they got the better deal. One dealer I know at coin shows told me all his coins are over inflated by as much as 25%. At all shows as soon as someone says WHAT. He tells them for you I'll knock off 15%. If they still don't bite, he then says OK, how about 20% off. Many potential customers of his gets him down to 25% off. Right back to what he really wanted anyway. At all coin shows if I can't get a dealer down to what I want, I just walk away. No arguments, No further discussions, And when I see them at other shows, I still do that walking away. >>
I buy and sell old Mustang parts, and have done so for 30+ years. A little different than coins, but some ideas.
If someone asks me my best price, and I give it, the negociations are over, and then he counter offers, my price goes up. He has insulted me, called me a liar, so now he is paying for my time.
I often offer strange amounts. For example, an item is not priced, and the seller says "make an offer", If I say $300, he will say $400, planning on meeting around $360. Instead I say $287. That catches most people off guard. If your offer is in the $100 range, the counter will be in the same range. If the offer is in $50 increments, so is the counter offer. When your offer is down to the $1 right off the bat, it causes pause for thought, and cuts down on the $100 swing counter.
Try the Bazaar in Turnsia, it beats Istambul.
Carry large bills in differenent pockets. I know what pocket has less than $200, which is $200 to $400, etc. If you are haggling over $20 on a $300 item, don't flash $1000 cash and expect sympathy.
To the responder who ALWAYS pays less, I will sometimes pay the asking price, and for a real special event, pay more. Yes, my knowledge is worth something, but if a person who looks like they could use a bit of a break (clothes, what they are eating, little kids, etc.) has a $500 item and asks $20 for it, hey, make their day and give them more than they are asking for it. At minimum, don't beat them down anymore.
Don't take the item and EVER put it out of their sight while negociating. Too much swapping going on.
Package your deals. If you are looking for 5 coins, give a dealer a chance to sell all 5 to you.
I have never once haggled on price. I ask straight up what the price is, knowing what I will spend before I ask. If I am comfortable with the price given, I buy. If it is more than my figure, I say no thank you and move on. I assume the dealer is giving me his best price. He will either get my business or won't.
If you want the best price, feel free to ask for it. If you just enjoy the art of haggling, make an offer.
But, don't try to do the first, followed by the 2nd!
John Brush President of David Lawrence Rare Coins www.davidlawrence.com email: John@davidlawrence.com 2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
The best way is to add a stupid game into the equation like on the reality shows. So once you get that price down you then offer to flip the actual coin, heads you give them that price, tails you get an additional discount. You can vary this with dice and other stupid games also.
Successful coin BST transactions with Gerard and segoja.
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.
I am no good at haggling. I ask a price, if I like it I buy. If not I just pass. I feel like I gets looks sometimes like no counter? If he asks what I was thinking for price I tell them. I often just say your price is inline for the market but higher than I can go for the piece.
#1 Get Rich... good business idea/lottery/parents/gov contract #2 Go to show, or shop #3 Pay full retail.
Ok, so now you don't have to learn how to haggle, the dealer will LOVE you, and say things like, "my best customer". The girls at the show will be impressed.... (wait, not too many of those, scratch that one) You will feel like..... da' man.
Ceo you crack me up. Thanks guys for all of the information. In the end I value coins more than money, so I wouldn't want to jeopardize any long term availability.
Comments
One joker actually went off on me when I politely asked him whether I could get what amounted to a 9% discount on a low five figure coin. I asked for such a discount, and told him I could pay him with a check on the spot for it. The guy actually acted as if I insulted him. Because of this, I will never buy anything from the guy. Ever.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>Humor helps. >>
That's always worked for me. In fact,I'm sure some dealers are still laughing years later!
I find this approach works well for me and I sometimes get some pretty decent price drops and buy the coins I am interested in. It is non-insultiing and non confrontational and generally leaves the door open to future transactions. I try hard not to be a cheapskate.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>#1. Know what the market value of the item is.
#2. Decide what it is worth to you.
#3. Ask what they need for it.
#4. Use the counteroffer option sparingly, and don't make dumb counteroffers like one half of advise numbers 1 and 2. Usually if you are not within 10% of the asking price, it's best to forget it.
#5. I buy a lot of stuff at shows, but I rarely make counteroffers.
#6. Avoid getting the "cheapskate" reputation at all costs. >>
The last time I broke my own rules was at a Bay State show in Boston back in the 1980s. There was this disreputable looking dealer who had a half cent I wanted at the show. The coin was worth about $50, retail. I asked the price, and he said $100.
"What do you want to pay?" he asked.
"My offer would be an insult," I replied.
"Insult me!" he answered.
I said $50, and he took it.
I probably should have offered $45.
I don't haggle, I ask for best price and that's it
Many members on this forum that now it cannot fit in my signature. Please ask for entire list.
It's tough to figure out what a dealer has actually paid for an item. Usually, it is MANY times less that what you really think that it is but not always.
SOME dealers will honestly tell you, so I guess that you just have to be able to read them and/or trust them---the latter is the more challenging part!
Being a repeat customer may help you SOMEWHAT.
My last two dealer transactions were both satisfying to me. One of them----I KNEW 100% what the dealer had paid for the coin and he only made a 10% profit on me. The other---I thought the price was REAL fair just based on the quality of the coin and on previous auction/price records.
It really pays to do your homework.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
<< <i>#1. Know what the market value of the item is.
#2. Decide what it is worth to you.
#3. Ask what they need for it.
#4. Use the counteroffer option sparingly, and don't make dumb counteroffers like one half of advise numbers 1 and 2. Usually if you are not within 10% of the asking price, it's best to forget it.
#5. I buy a lot of stuff at shows, but I rarely make counteroffers.
#6. Avoid getting the "cheapskate" reputation at all costs. >>
I would agree with this except that I would phrase #3 as "what is your best price" not "what do you need". And say it without hesitation or uncertainty. Worst case is you get a "that is my best price" and then you pass or play. Often even if you pass they may come back and say "are we close" re-opening the door to negotiate.
John Maben
Pegasus Coin and Jewelry (Brick and Mortar)
ANA LM, PNG, APMD, FUN, Etc
800-381-2646
``https://ebay.us/m/KxolR5
1. I always decide, in advance, how much I want to pay for a coin by researching other sales.
2. If the dealer is asking much more, I will simply ask how the price was determined, and I will listen. I judge the dealer by what he says.
3. I will then explain why I think the coin should be priced less, and I will give my price, which may be significantly lower than the dealer's price.
4. The dealer will then give me a price that is not quite meeting me half-way. Even though I've never before met the guy, he will then claim that I'm getting the price that he would give to other dealers, (or alternatively the price that he actually paid). He will also tell me that the coin is wonderful and I'm getting it at wholesale.
5. I politely thank the dealer, hand him his coin, and walk away.
This process is guaranteed to always have the identical results when a dealer has over-priced his coin, and I don't know the dealer.
If I know someone is a haggler (past experience) I will quote them a considerably higher price than my best price and let them talk me down to it.
I know of one guy I see at shows who will ask a price "what is your best price between bid and ask." I think he makes himself look stupid with this tactic. After a terse exchange with him on one occasion I told him to stay away from my table. Another time he plopped down in front of my cases and started talking on a cell phone like he is in a phone lobby. I made him leave.
The I ask: 'so, what is the non-tourist' price'?
I either accept or nicely say, I have to think about it
Which usually means, I'll pass.
BHNC #203
<< <i>I haggle the medical way - demand I get it for nothing or sue them.
I just in jest threatened a dealer friend of mine at lunch for a greater discount with a condiment bottle...
Failed terribly as there was no fear of getting squirted with with mustard
<< <i>
<< <i>I haggle the medical way - demand I get it for nothing or sue them.
I just in jest threatened a dealer friend of mine at lunch for a greater discount with a condiment bottle...
Failed terribly as there was no fear of getting squirted with with mustard
Jade Rare Coin eBay Listings
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.<< <i>People should remember that all shows, coins, guns, knives, etc are basically item specific flea markets. I go to all of those and have been for well over 60 years. I never, ever pay what a seller is asking for anything. I'm well aware that all sellers have already raised all prices to account for everyone haggling. It is all sort of like buying a house. You ask how much and they say whatever they hope it will sell for but full well know it just ain't so. Then you counter offer and that is refused and then the seller counter offers and on and on until everyone thinks they got the better deal.
One dealer I know at coin shows told me all his coins are over inflated by as much as 25%. At all shows as soon as someone says WHAT. He tells them for you I'll knock off 15%. If they still don't bite, he then says OK, how about 20% off. Many potential customers of his gets him down to 25% off. Right back to what he really wanted anyway.
At all coin shows if I can't get a dealer down to what I want, I just walk away. No arguments, No further discussions, And when I see them at other shows, I still do that walking away. >>
They must love to see you coming, and going
If someone asks me my best price, and I give it, the negociations are over, and then he counter offers, my price goes up. He has insulted me, called me a liar, so now he is paying for my time.
I often offer strange amounts. For example, an item is not priced, and the seller says "make an offer", If I say $300, he will say $400, planning on meeting around $360. Instead I say $287. That catches most people off guard. If your offer is in the $100 range, the counter will be in the same range. If the offer is in $50 increments, so is the counter offer. When your offer is down to the $1 right off the bat, it causes pause for thought, and cuts down on the $100 swing counter.
Try the Bazaar in Turnsia, it beats Istambul.
Carry large bills in differenent pockets. I know what pocket has less than $200, which is $200 to $400, etc. If you are haggling over $20 on a $300 item, don't flash $1000 cash and expect sympathy.
To the responder who ALWAYS pays less, I will sometimes pay the asking price, and for a real special event, pay more. Yes, my knowledge is worth something, but if a person who looks like they could use a bit of a break (clothes, what they are eating, little kids, etc.) has a $500 item and asks $20 for it, hey, make their day and give them more than they are asking for it. At minimum, don't beat them down anymore.
Don't take the item and EVER put it out of their sight while negociating. Too much swapping going on.
Package your deals. If you are looking for 5 coins, give a dealer a chance to sell all 5 to you.
If I am comfortable with the price given, I buy. If it is more than my figure, I say no thank you and move on.
I assume the dealer is giving me his best price. He will either get my business or won't.
But, don't try to do the first, followed by the 2nd!
President of David Lawrence Rare Coins www.davidlawrence.com
email: John@davidlawrence.com
2022 ANA Dealer of the Year, Past Chair of NCBA (formerly ICTA), PNG Treasurer, Instructor at Witter Coin University, former Instructor/YN Chaperone ANA Summer Seminar, Coin World Most Influential, Curator of the D.L. Hansen Collection
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.
#1 Get Rich... good business idea/lottery/parents/gov contract
#2 Go to show, or shop
#3 Pay full retail.
Ok, so now you don't have to learn how to haggle, the dealer will LOVE you, and say things like, "my best customer".
The girls at the show will be impressed.... (wait, not too many of those, scratch that one)
You will feel like..... da' man.
Problem solved
Next
http://www.coinshop.com
<< <i>I haggle the medical way - demand I get it for nothing or sue them.
How about - Here's my $5 copay. I have coin insurance for the rest.