I've enjoyed reading this thread. It just reminds me of all the threads which claim only a 5-10% markup on coins (markup, not profit). I find, in general, the mark up is about 30%.
<< <i>This thread is full of people that have no concept of retail at all. In a collectibles market, a profit margin must be 2 to 5 times more than what the dealer paid for the item. In some cases more. There is so much overhead in retail that most do not understand. If I sell you a coin for $100, you can bet I did not pay more than $50 for it. The $50 profit helps pay for my table fees, travel costs, taxes, and the list goes on and on. The attitude that some of you feel that because you bought it from me I am obligated to buy it back for more than $50 is ignorant. If you want more than that, go try and sell it on your own. Keep in mind the money you are spending while trying to sell it like auction fees and such. You will quickly realize what the term "cost of doing business" really means. >>
First off, I believe that you mean gross margin and not profit margin in your first sentence. As a rule, usually only a collector will be in a position to equate markup as profit on a 100% basis. Lastly, I don't think anyone is saying that dealers should be obligated to buy back coins that they sell.
I'm sitting here wondering if we're all visualizing the same thing. We all collect different types of coins, so the percent on a buyback should be a function of the type of material and expected sales turn-around time.
If a dealer is offered a coin for purchase at a show that (1.) he knew he could sell almost instantly at the same show...and (2.) he didn't have a better place to park my money, then a dealer would be justified in making only a 10% profit.
If he was offered a coin for purchase at a show that (1.) he knew might sit in inventory for six months...and (2.) he expected to have a better place to park my money within 6 months, then he might only offer 50 cents on the dollar.
As a collector, you'd either need to collect things that were very liquid all the time (an impossible task because they rotate), or you'll need to accept that the kind of material you're purchasing might belong to the slow category (i.e., it doesn't go liquid real often)...and so the trick there is to get your discount up front. The price (percentage) you pay for the material you're chasing (i.e., it's liquidity) should match. If you want liquidity, then you need to collect what is liquid very often...certain coins tend to be "hot" more often than others.
I'd love to sit in on a seminar concerning the business of being a dealer, it has to be a tough business. Here are my thoughts as a mid-thirties new collector..
I don't know the history of collecting, but obviously the business was very different even 20 years ago. I suspect that even at that time there weren't many viable options for collectors to sell coins or to purchase and view coins.
I can sit on my couch and look through numerous dealer and auction sites. I realize I could be 100% wrong, but the only "added value" I perceive from a dealer would be access to coins I couldn't otherwise have access to. My perception from admittedly a limit view is that I can purchase the same coins for a smaller price than from a dealer. Granted there are plenty of examples where this is not true, but for 99% of collectors you can find what you desire (although it may take awhile).
I'd think that a dealer in this day and age would do everything possible to create loyalty. I would see that as the biggest asset a dealer could have.
I can buy and sell from the same venue with a relatively small fee. I know that a dealer needs to buy low and sell high. I'd love to know where a dealer acquires a full stock of inventory.
I have over 500 coins and around 20 came from dealers at shows. Those 20 coins are common coins that I like to give to kids. Indian pennies, V nickels, buffalo nickels, etc.
I have built the rest of the collection on Ebay and purchases from individuals where I feel that the buyer has a much better chance to profit. I have also sold on Ebay and Craigslist.
Most of the coins that I sold were sold at a profit.
Dealers have created demand for the highest grade coins. Is an MS65 $5 Indian worth 19 times as much as an MS62? Which would you have rather bought 10 years ago? You know the answer, the 19 MS62 coins.
I am glad you were satisfied with your trade you and I concluded at Glenn's table. Working with Glenn has opened my eyes as to fair diligence a dealer can possess. Otherwise I might not have volunteered my time to help my friend out at shows.
Glenn saw we were working on our seperate deal and was pleased we both were able to get coins we both wanted. Looks like everyone left with a good feeling with their experience at our table.
Thanks again, it was my pleasure having met you.
Mike Hayes ~~~~~~~~~~~~ Coin collecting is not a hobby, it's an obsession !
Buybacks - a few horror stories. Some buybacks I have witnessed:
1. Guy offers National Advertiser in NN a PCGS 67DC 1956 Half he bought from Teletrade awhile back as he saw these were priced rather aggressively and might make some money as he had bought his at a fraction what the dealer was offering them for at the show - Dealer says "sorry no interest, we are phasing these out." A guy who had bought a couple from that dealer awhile back who was at the table at the same time got the same comment.
2. Guy offers large Currency Dealer who adverses in BNR a note sold to him mailorder as Gem CU. Dealer takes a look, laughing "Gem CU, who graded this? See those blood spots on the back - only CU, learn how to grade." The seller was offered 40% of what he paid plus the dealer graded it CU60 buying it back instead of Gem CU 65 when he sold it. Frankly, I am surprised the dealer even bought it back at all; many would have said no interest. At this time, TPG's for currency were around 18 months away. He was a guy in my coin club and unfortunately did not exercise the return priveledge. Again collectors need to take responsibility in their buying decisions.
3. Guy bought 1881-S Dollar PCGS MS 65 around 1986-89 or so paying 800-1000 when these were high to a national dealer he bought it from back then at a show. He offered it to the dealer telling him how much he paid. The dealer, hearing how much he paid laughed "well you sure sat on it a long time", offered him $100, relatively fair offer considering CDN Bid is only $135 nowadays. Collector learned lesson? Prices are subject to change due to market conditions. I have to wonder if this collector was simply asleep during the major price drops on generics or what? This is tragic, as once people are burned like this (market drop) they simply won't go back to coins.
Yes buybacks can be shocking, however collectors need to take responsibility in understanding the dynamics of how the rare coin industry is structured. It is a hobby related retail business. This means there can be considerable distance between buy / sell and keystone markups are not uncommon. At the very least it probably takes a minimal margin of 30% for a dealer to survive in the business, sometimes considerably more considering all the costs of staying open / attending shows.
OK. I am primarily a collector. I sell/take good stuff. When I do the one or two shows I do per year, dealers are lined up and I don't even get my PCGS boxes out of my airline bag before they descend on my like sharks at a feeding frenzy . . .
Just left a show (Florence, OR), where it happened. Sold some nice (irreplaceable) stuff to some good guys (mainly dealers, then a couple of collectors). I spent $260 on a ticket from SLC, $120 on the table, $55 on gas to the dealer buddy I travelled with, $75 on meals for three days, and another $25 or so on Diet Rockstars, snacks, and tips. OK . . . I am into the show $535 for the weekend.
Now . . . when I get back to my schoolteachers buddies this week as we go back to high school, they will ask . ."So, how did you do at Florence?" I will tell them I did "ok" (even though I had a sum total of $4 sales on Sunday).
Realize . . . I have to pay for my trip, out of my $3100 total sales. I DID NOT make $3100 !!!!!! I SOLD $3100, but my normal profit is about 10% or so (hence why the dealers try to shred my a$$). Even if I made a full 10% on my total volume, I would need to sell $5350 gross !!! So, the trip was fun. I saw a dealer buddy, but it was a VACATION, where I sold some irreplaceable coins, and LOST money overall.
Oh . .and several of those coins will end up in a Heritage sale. I won't ever see coins like that in my lifetime, and soon I will be like every other schmuck dealer out there with binder after binder of schlock. Most of my stuff can't be replaced, at ANY cost.
So . . I sympathize with the full-time guys! Lots of expenses -- very few 'hits'.
One of the two most reputable dealers/auctioneers of certain items on this planet sold what should have been a major and unique item to a collector from the East. However, the collector had money but not so much in other areas and bought a fake (totally avoidable with a phone call but whatever). Not knowing this was a fake, he then trekked with this heavy item across another country to bring it where it supposedly originated for provenance etc. The experts at that place gently informed him that the item was engraved with the wrong date by many years, was of the wrong composition and so on. They also had the original item there as well. So, Mr. Collector takes the heavy item back across one country and across back to the well known and highly respected dealer for a return. With receipt in hand he hears - " I don't know who you are, I never saw or sold that item, leave my store." I see this in this area of my interest with frequency that should be unbelievable.
Like bids from walls - does this happen at the larger coin auctions? I am talking items $10,000 to $100,000.
Different areas have different oddities or reactions. In autographs, some folks get flipped way the out if a previously authenticated item gets returned after a resubmit as a forgery from the same company (or another). In coins we can get a 98 then a MS64 then a 62 and then a 63+ and no one has much of a heart attack.
In 1981 or 1982, I decided to quit collecting coins and wanted to sell my modest collection. I had two high grade Mercury dimes that I wanted to sell and was only getting predatory offers from dealers. After a while, it occurred to me that I should offer the coins to the dealer where I bought them.
I sent a letter to the dealer describing the coins. I received a reply by mail with a firm offer for the coins. I was offered a small profit on one coin and a small loss on the other. I don't recall if it was a net gain or net loss overall as it was very close to breakeven. This offer was dramatically better than any other offer I had received. I shipped the coins and promptly received a check. I was delighted, especially considering that the overall coin market was down at the time.
The dealer was David Hall.
I returned to collecting coins in 2006, and was pleased to learn that David Hall was still around. In addition to giving me a fair offer 30+ years ago, the creation of PCGS ended the typical dealer tactic of describing a coin as Gem BU during the sale and claiming the coin was cleaned or AU when the coin was offered back to the same dealer.
Now, I put duplicates from my collection on eBay. I wouldn't bother with the offers most dealers want to make.
OK. I am primarily a collector. I sell/take good stuff. When I do the one or two shows I do per year, dealers are lined up and I don't even get my PCGS boxes out of my airline bag before they descend on my like sharks at a feeding frenzy . . .
Just left a show (Florence, OR), where it happened. Sold some nice (irreplaceable) stuff to some good guys (mainly dealers, then a couple of collectors). I spent $260 on a ticket from SLC, $120 on the table, $55 on gas to the dealer buddy I travelled with, $75 on meals for three days, and another $25 or so on Diet Rockstars, snacks, and tips. OK . . . I am into the show $535 for the weekend.
Now . . . when I get back to my schoolteachers buddies this week as we go back to high school, they will ask . ."So, how did you do at Florence?" I will tell them I did "ok" (even though I had a sum total of $4 sales on Sunday).
Realize . . . I have to pay for my trip, out of my $3100 total sales. I DID NOT make $3100 !!!!!! I SOLD $3100, but my normal profit is about 10% or so (hence why the dealers try to shred my a$$). Even if I made a full 10% on my total volume, I would need to sell $5350 gross !!! So, the trip was fun. I saw a dealer buddy, but it was a VACATION, where I sold some irreplaceable coins, and LOST money overall.
Oh . .and several of those coins will end up in a Heritage sale. I won't ever see coins like that in my lifetime, and soon I will be like every other schmuck dealer out there with binder after binder of schlock. Most of my stuff can't be replaced, at ANY cost.
So . . I sympathize with the full-time guys! Lots of expenses -- very few 'hits'.
Drunner >>
Did you sleep in an alley next to the show or under your table?
With receipt in hand he hears - " I don't know who you are, I never saw or sold that item, leave my store." I see this in this area of my interest with frequency that should be unbelievable.
Eric >>
One of the risks of paying with cash if that's what he did.
I see the points being made and the perspectives. I would say the variables are great as to what the specific coin is and what the history is with the dealer. 70% Is quite fair in my view assuming the item is static in value. Perhaps the coin and series are cold and not moving and has declined in value and demand , many series have cooled off this is a significant factor to consider. I would not expect a dealer to take or share the loss.
Buying a coin at a retail level one has to assume a cost in so doing at least 30% out of the gate. The new car I want to sell back to the dealer a year from now has that factor built in as does most other items.
<< <i>They don't want to repurchase even three weeks later in many cases even with a 10-20% restocking fee. >>
How often do collectors try to sell coins back three weeks after buying them, anyway? Maybe those having this problem on a regular basis should think a little bit harder before making an initial purchase, you think?
<< <i>AngelDees, Pinnacle Rarities and Mark Feld always paid 90% or more for buybacks from my own experience. In a couple cases higher. >>
A very prominent dealer, not any of the above, has forever lost me as a customer because of how they have avoided even making a respectable offer when I've discussed a buy back with them. I don't even care to say hello to them when next we meet at a show.
This thread is full of people that have no concept of retail at all. In a collectibles market, a profit margin must be 2 to 5 times more than what the dealer paid for the item. In some cases more. There is so much overhead in retail that most do not understand. If I sell you a coin for $100, you can bet I did not pay more than $50 for it. The $50 profit helps pay for my table fees, travel costs, taxes, and the list goes on and on. The attitude that some of you feel that because you bought it from me I am obligated to buy it back for more than $50 is ignorant. If you want more than that, go try and sell it on your own. Keep in mind the money you are spending while trying to sell it like auction fees and such. You will quickly realize what the term "cost of doing business" really means.
For some coins, the creme de la creme of dealer inventory,100% or more buyback is appropriate.For other coins,in fact,most coins,buy back for as little as 50% is appropriate and reasonable.Buyers need to understand what it is they are buying.
Thank you for this post.You are "right on the money."
I laughed my arse off about the person who would buy a coin and then expect 100% refund when he failed to get more than he paid for it from another dealer. I think a three day return policy for 100% refund (excluding bullion items) is fair.You got to give the guy a chance to have the purchase approved by his boss.Sure,bring it back within three days and I give you back all of the price you paid provided you and your dog don't play coin frisbee with it.
You want to sell the coin back to me after 3 days have elapsed then understand I might offer you as little as half (50%) of what you paid for it.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
If Pawn Stars has taught me nothing else is that there's overhead to a business and they run at a profit so they can eat, so if I buy retail or what I think is fair I'm not shocked they only give wholesale back to me if I have to liquidate bulk. If I'm selling collector to collector I wouldn't expect to get hammered down to wholesale. that being said, the stuff I care about isn't getting sold. hopefully no one will ever have to sell it under duress.
Comments
<< <i>This thread is full of people that have no concept of retail at all. In a collectibles market, a profit margin must be 2 to 5 times more than what the dealer paid for the item. In some cases more. There is so much overhead in retail that most do not understand. If I sell you a coin for $100, you can bet I did not pay more than $50 for it. The $50 profit helps pay for my table fees, travel costs, taxes, and the list goes on and on. The attitude that some of you feel that because you bought it from me I am obligated to buy it back for more than $50 is ignorant. If you want more than that, go try and sell it on your own. Keep in mind the money you are spending while trying to sell it like auction fees and such. You will quickly realize what the term "cost of doing business" really means. >>
First off, I believe that you mean gross margin and not profit margin in your first sentence. As a rule, usually only a collector will be in a position to equate markup as profit on a 100% basis. Lastly, I don't think anyone is saying that dealers should be obligated to buy back coins that they sell.
``https://ebay.us/m/KxolR5
<< <i>One dealer said to me: "WGAF what's said online ? Take your _ _ _ _ outta here". I left and said, "I'm gonna tell on you". >>
thnitch!!!
If a dealer is offered a coin for purchase at a show that (1.) he knew he could sell almost instantly at the same show...and (2.) he didn't have a better place to park my money, then a dealer would be justified in making only a 10% profit.
If he was offered a coin for purchase at a show that (1.) he knew might sit in inventory for six months...and (2.) he expected to have a better place to park my money within 6 months, then he might only offer 50 cents on the dollar.
As a collector, you'd either need to collect things that were very liquid all the time (an impossible task because they rotate), or you'll need to accept that the kind of material you're purchasing might belong to the slow category (i.e., it doesn't go liquid real often)...and so the trick there is to get your discount up front. The price (percentage) you pay for the material you're chasing (i.e., it's liquidity) should match. If you want liquidity, then you need to collect what is liquid very often...certain coins tend to be "hot" more often than others.
Edit: to the OP...read this: http://makingakillingwithcollectibles.com/2012/08/13/a-painful-lesson-in-liquidity/
Steve
I don't know the history of collecting, but obviously the business was very different even 20 years ago. I suspect that even at that time there weren't many viable options for collectors to sell coins or to purchase and view coins.
I can sit on my couch and look through numerous dealer and auction sites. I realize I could be 100% wrong, but the only "added value" I perceive from a dealer would be access to coins I couldn't otherwise have access to. My perception from admittedly a limit view is that I can purchase the same coins for a smaller price than from a dealer. Granted there are plenty of examples where this is not true, but for 99% of collectors you can find what you desire (although it may take awhile).
I'd think that a dealer in this day and age would do everything possible to create loyalty. I would see that as the biggest asset a dealer could have.
I can buy and sell from the same venue with a relatively small fee. I know that a dealer needs to buy low and sell high. I'd love to know where a dealer acquires a full stock of inventory.
coins that I like to give to kids. Indian pennies, V nickels, buffalo nickels, etc.
I have built the rest of the collection on Ebay and purchases from individuals
where I feel that the buyer has a much better
chance to profit. I have also sold on Ebay and Craigslist.
Most of the coins that I sold were sold at a profit.
Dealers have created demand for the highest grade coins. Is an MS65 $5 Indian worth
19 times as much as an MS62? Which would you have rather bought 10 years ago?
You know the answer, the 19 MS62 coins.
Collector (who should know better): Your prices seem kind of high, how much would you pay for the same coin?
Dealer (who knows collector should know better): About a third of what's marked on the holder
RKP,
I am glad you were satisfied with your trade you and I concluded at Glenn's table.
Working with Glenn has opened my eyes as to fair diligence a dealer can possess.
Otherwise I might not have volunteered my time to help my friend out at shows.
Glenn saw we were working on our seperate deal and was pleased we both were
able to get coins we both wanted. Looks like everyone left with a good feeling with
their experience at our table.
Thanks again, it was my pleasure having met you.
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
New Barber Purchases
1. Guy offers National Advertiser in NN a PCGS 67DC 1956 Half he bought from Teletrade awhile back as he saw these were priced rather aggressively and might make some money as he had bought his at a fraction what the dealer was offering them for at the show - Dealer says "sorry no interest, we are phasing these out." A guy who had bought a couple from that dealer awhile back who was at the table at the same time got the same comment.
2. Guy offers large Currency Dealer who adverses in BNR a note sold to him mailorder as Gem CU. Dealer takes a look, laughing "Gem CU, who graded this? See those blood spots on the back - only CU, learn how to grade." The seller was offered 40% of what he paid plus the dealer graded it CU60 buying it back instead of Gem CU 65 when he sold it. Frankly, I am surprised the dealer even bought it back at all; many would have said no interest. At this time, TPG's for currency were around 18 months away. He was a guy in my coin club and unfortunately did not exercise the return priveledge. Again collectors need to take responsibility in their buying decisions.
3. Guy bought 1881-S Dollar PCGS MS 65 around 1986-89 or so paying 800-1000 when these were high to a national dealer he bought it from back then at a show. He offered it to the dealer telling him how much he paid. The dealer, hearing how much he paid laughed "well you sure sat on it a long time", offered him $100, relatively fair offer considering CDN Bid is only $135 nowadays. Collector learned lesson? Prices are subject to change due to market conditions. I have to wonder if this collector was simply asleep during the major price drops on generics or what? This is tragic, as once people are burned like this (market drop) they simply won't go back to coins.
Yes buybacks can be shocking, however collectors need to take responsibility in understanding the dynamics of how the rare coin industry is structured. It is a hobby related retail business. This means there can be considerable distance between buy / sell and keystone markups are not uncommon. At the very least it probably takes a minimal margin of 30% for a dealer to survive in the business, sometimes considerably more considering all the costs of staying open / attending shows.
OK. I am primarily a collector. I sell/take good stuff. When I do the one or two shows I do per year, dealers are lined up and I don't even get my PCGS boxes out of my airline bag before they descend on my like sharks at a feeding frenzy . . .
Just left a show (Florence, OR), where it happened. Sold some nice (irreplaceable) stuff to some good guys (mainly dealers, then a couple of collectors). I spent $260 on a ticket from SLC, $120 on the table, $55 on gas to the dealer buddy I travelled with, $75 on meals for three days, and another $25 or so on Diet Rockstars, snacks, and tips. OK . . . I am into the show $535 for the weekend.
Now . . . when I get back to my schoolteachers buddies this week as we go back to high school, they will ask . ."So, how did you do at Florence?" I will tell them I did "ok" (even though I had a sum total of $4 sales on Sunday).
Realize . . . I have to pay for my trip, out of my $3100 total sales. I DID NOT make $3100 !!!!!! I SOLD $3100, but my normal profit is about 10% or so (hence why the dealers try to shred my a$$). Even if I made a full 10% on my total volume, I would need to sell $5350 gross !!! So, the trip was fun. I saw a dealer buddy, but it was a VACATION, where I sold some irreplaceable coins, and LOST money overall.
Oh . .and several of those coins will end up in a Heritage sale. I won't ever see coins like that in my lifetime, and soon I will be like every other schmuck dealer out there with binder after binder of schlock. Most of my stuff can't be replaced, at ANY cost.
So . . I sympathize with the full-time guys! Lots of expenses -- very few 'hits'.
Drunner
One of the two most reputable dealers/auctioneers of certain items on this planet sold what should have been a major and unique item to a collector from the East. However, the collector had money but not so much in other areas and bought a fake (totally avoidable with a phone call but whatever). Not knowing this was a fake, he then trekked with this heavy item across another country to bring it where it supposedly originated for provenance etc. The experts at that place gently informed him that the item was engraved with the wrong date by many years, was of the wrong composition and so on. They also had the original item there as well. So, Mr. Collector takes the heavy item back across one country and across back to the well known and highly respected dealer for a return. With receipt in hand he hears - " I don't know who you are, I never saw or sold that item, leave my store." I see this in this area of my interest with frequency that should be unbelievable.
Like bids from walls - does this happen at the larger coin auctions? I am talking items $10,000 to $100,000.
Different areas have different oddities or reactions. In autographs, some folks get flipped way the out if a previously authenticated item gets returned after a resubmit as a forgery from the same company (or another). In coins we can get a 98 then a MS64 then a 62 and then a 63+ and no one has much of a heart attack.
Eric
I sent a letter to the dealer describing the coins. I received a reply by mail with a firm offer for the coins. I was offered a small profit on one coin and a small loss on the other. I don't recall if it was a net gain or net loss overall as it was very close to breakeven. This offer was dramatically better than any other offer I had received. I shipped the coins and promptly received a check. I was delighted, especially considering that the overall coin market was down at the time.
The dealer was David Hall.
I returned to collecting coins in 2006, and was pleased to learn that David Hall was still around. In addition to giving me a fair offer 30+ years ago, the creation of PCGS ended the typical dealer tactic of describing a coin as Gem BU during the sale and claiming the coin was cleaned or AU when the coin was offered back to the same dealer.
Now, I put duplicates from my collection on eBay. I wouldn't bother with the offers most dealers want to make.
<< <i>Margins. Hmmmm.. . . .
OK. I am primarily a collector. I sell/take good stuff. When I do the one or two shows I do per year, dealers are lined up and I don't even get my PCGS boxes out of my airline bag before they descend on my like sharks at a feeding frenzy . . .
Just left a show (Florence, OR), where it happened. Sold some nice (irreplaceable) stuff to some good guys (mainly dealers, then a couple of collectors). I spent $260 on a ticket from SLC, $120 on the table, $55 on gas to the dealer buddy I travelled with, $75 on meals for three days, and another $25 or so on Diet Rockstars, snacks, and tips. OK . . . I am into the show $535 for the weekend.
Now . . . when I get back to my schoolteachers buddies this week as we go back to high school, they will ask . ."So, how did you do at Florence?" I will tell them I did "ok" (even though I had a sum total of $4 sales on Sunday).
Realize . . . I have to pay for my trip, out of my $3100 total sales. I DID NOT make $3100 !!!!!! I SOLD $3100, but my normal profit is about 10% or so (hence why the dealers try to shred my a$$). Even if I made a full 10% on my total volume, I would need to sell $5350 gross !!! So, the trip was fun. I saw a dealer buddy, but it was a VACATION, where I sold some irreplaceable coins, and LOST money overall.
Oh . .and several of those coins will end up in a Heritage sale. I won't ever see coins like that in my lifetime, and soon I will be like every other schmuck dealer out there with binder after binder of schlock. Most of my stuff can't be replaced, at ANY cost.
So . . I sympathize with the full-time guys! Lots of expenses -- very few 'hits'.
Drunner >>
Did you sleep in an alley next to the show or under your table?
<< <i>Buy Back Stories.
With receipt in hand he hears - " I don't know who you are, I never saw or sold that item, leave my store." I see this in this area of my interest with frequency that should be unbelievable.
Eric >>
One of the risks of paying with cash if that's what he did.
``https://ebay.us/m/KxolR5
He gave me an incredible written TWO YEAR full money back guarantee at the time.
It was a lovely coin and later received a CAC green sticker.
I never thought about returning it.
Buying a coin at a retail level one has to assume a cost in so doing at least 30% out of the gate. The new car I want to sell back to the dealer a year from now has that factor built in as does most other items.
<< <i>They don't want to repurchase even three weeks later in many cases even with a 10-20% restocking fee. >>
How often do collectors try to sell coins back three weeks after buying them, anyway? Maybe those having this problem on a regular basis should think a little bit harder before making an initial purchase, you think?
<< <i>AngelDees, Pinnacle Rarities and Mark Feld always paid 90% or more for buybacks from my own experience. In a couple cases higher. >>
A very prominent dealer, not any of the above, has forever lost me as a customer because of how they have avoided even making a respectable offer when I've discussed a buy back with them. I don't even care to say hello to them when next we meet at a show.
Eric
For some coins, the creme de la creme of dealer inventory,100% or more buyback is appropriate.For other coins,in fact,most coins,buy back for as little as 50% is appropriate and reasonable.Buyers need to understand what it is they are buying.
Thank you for this post.You are "right on the money."
I laughed my arse off about the person who would buy a coin and then expect 100% refund when he failed to get more than he paid for it from another dealer.
I think a three day return policy for 100% refund (excluding bullion items) is fair.You got to give the guy a chance to have the purchase approved by his boss.Sure,bring it back within three days and I give you back all of the price you paid provided you and your dog don't play coin frisbee with it.
You want to sell the coin back to me after 3 days have elapsed then understand I might offer you as little as half (50%) of what you paid for it.
Whoever is careless with the truth in small matters cannot be trusted with important matters.