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It is not negotiating tactics that are important--it is knowledge!
TahoeDale
Posts: 1,785 ✭✭✭
I have seen several posts recently, setting out possible scenerios for buying at shows, or from dealers wherever they are.
Not one of them is as important as the knowledge and experience gained from the years of collecting a specific series, in whatever grades please you.
Or relying on someone who has that knowledge and experience, until you are confident in your own judgement. This applies to low priced coins, and expensive ones.
The only negotiating I have had, with expert dealers is as follows:
An NGC slabbed coin is priced right, if it were in the next lower grade in a PC slab. Example- 1807 50/20 in NGC 65, priced at 22K.
I offered to pay the asking price if the dealer could get it into a PC 64 holder. He says--no problem, and the next day I pay him the 22K
for the PC 64. If he fails, no worries. He still has it to sell in the NGC slab.
Where there is difficulty with this scenerio--he prices it closer to PC 65 money-- i just pass This latter situation is more common
than the former.
Not one of them is as important as the knowledge and experience gained from the years of collecting a specific series, in whatever grades please you.
Or relying on someone who has that knowledge and experience, until you are confident in your own judgement. This applies to low priced coins, and expensive ones.
The only negotiating I have had, with expert dealers is as follows:
An NGC slabbed coin is priced right, if it were in the next lower grade in a PC slab. Example- 1807 50/20 in NGC 65, priced at 22K.
I offered to pay the asking price if the dealer could get it into a PC 64 holder. He says--no problem, and the next day I pay him the 22K
for the PC 64. If he fails, no worries. He still has it to sell in the NGC slab.
Where there is difficulty with this scenerio--he prices it closer to PC 65 money-- i just pass This latter situation is more common
than the former.
TahoeDale
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I offered to pay the asking price if the dealer could get it into a PC 64 holder. He says--no problem, and the next day I pay him the 22K
for the PC 64.
After the coin downgraded, a good negotiator would have had the sense to renege on the original offer and then offer less.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I've never had particulary good neg. skills so I know I've routinely paid more than I should/could have.
Discerning the important from the impressive is a lifework and the picture just keeps getting larger and smaller...at the same time!
Eric
I am going to tell Kevin what you said!!! And that I would never do that, but you might.
K
My 1866 Philly Mint Set
<< <i>One can have great knowledge in any particular area. But without good negotiating skills, even they will consistently pay 5-15% more than they should/could have. >>
If one has a reputation of always trying to squeeze the last 5-15% out of a deal, I'd imagine there are likely to be deals they were never offered in the first place. Is possibly not getting offered coins that one would like to buy worth that 5-15%?
<< <i>An NGC slabbed coin is priced right, if it were in the next lower grade in a PC slab. Example- 1807 50/20 in NGC 65, priced at 22K.
I offered to pay the asking price if the dealer could get it into a PC 64 holder. He says--no problem, and the next day I pay him the 22K
for the PC 64. If he fails, no worries. He still has it to sell in the NGC slab. >>
And if it comes back as a PCGS 65 or higher? You should probably say "if it gets into PCGS at 64 or better."
Lance.
Lance.
<< <i>
<< <i>An NGC slabbed coin is priced right, if it were in the next lower grade in a PC slab. Example- 1807 50/20 in NGC 65, priced at 22K.
I offered to pay the asking price if the dealer could get it into a PC 64 holder. He says--no problem, and the next day I pay him the 22K
for the PC 64. If he fails, no worries. He still has it to sell in the NGC slab. >>
And if it comes back as a PCGS 65 or higher? You should probably say "if it gets into PCGS at 64 or better."
Lance. >>
No downside if it doesn't grade as you want, but all the upside if it does better? A good deal if you can get it.
<< <i>
<< <i>One can have great knowledge in any particular area. But without good negotiating skills, even they will consistently pay 5-15% more than they should/could have. >>
If one has a reputation of always trying to squeeze the last 5-15% out of a deal, I'd imagine there are likely to be deals they were never offered in the first place. Is possibly not getting offered coins that one would like to buy worth that 5-15%? >>
This has nothing to do with stretching. What I've typically done was paid the asking price with no counter offer if I felt it was "fair" up front. In dealing with other people over the
past 30 years when selling coins I know for a fact that the vast majority of buyers don't accept the first ask price unless they are ripping up. So I've left 5-15% on the table quite often.
I recall buying my first large deal of the last decade with a leading retailer not once negotiating the price on a single coin out of over 30 pieces total and about $130K total. In fact, the
only coin I tried to get cheaper was an NGC MS66 pop top 1851 seated half at $31K. They wouldn't budge an inch. I offered $25K. So no deal. 3 years later, 6 auctions/6 buybacks,
a downgrade to PCGS MS65....they finally sold it for $15-$16K to someone else. I wanted nothing to do with that coin after they severely overexposed it. Sometimes the counteroffer
is a very fair offer. And this case I would have eventually taken a bath on that coin had they accepted. I don't counter offer unless I know the price isn't fair to begin with. In this case
the seller was trying to match the price the pop 1 PCGS MS66 has sold for. The 2 coins were not comparable. The vast majority of coins out in the market place aren't worth stretching
5-15% for. It's a myth about "fresh" this "fresh" that. Very few coins are so unusual or hard to get that it really only applies to the top 5-10% of all collectors. There's always another
good coin around the corner. When I had 3 major dealers finding me coins in the raw days of the 1980's I never had to stretch to buy good coins. Most of my best coins were bought
for much less than I was would have been willing to pay. But today's a different era where everything is top 5% for the grade and potentially upgradeable and stickerable.
I can remember that I paid the asking price on every rare to ultra rare coin I have purchased. The fact the coin(s) were available blew my mind, and were being offered to little ol me.
If you develop a reputation, for knowing what coins are valued at, and the market at the time, and can grade reasonably well, you either pay or pass. But if you are not playing at that level,
due to budget or lack of experience, then negotiate away.
<< <i>When David Akers was selling three coins from his personal seated dollars, my instruction to Laura was "get them cheaper if you can, but do not leave his table without those coins". In the end, we paid his price because of our knowlege that the opportunity meant more than a few dollars saved. >>
Eric
Practice makes perfect & nobody is perfect. So, practice being nobody and be perfect !
<< <i>When David Akers was selling three coins from his personal seated dollars, my instruction to Laura was "get them cheaper if you can, but do not leave his table without those coins". In the end, we paid his price because of our knowlege that the opportunity meant more than a few dollars saved. >>
With many of the pieces I "need" I find myself in the same position.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces