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Question for experienced coin dealers
GoldenEyeNumismatics
Posts: 13,187 ✭✭✭
This type of story is common------
someone comes to your case, examines a coin, and is quoted a price of, say $1000. They respond that that price is way too high, and that it shouldn't be a dime more than $500. You, the dealer, say "nonsense! I'd buy them all day long at that price, if I could! Buy as many as you can for $500 and you can sell them do me for $600."
Have you ever had such a circumstance where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in?
someone comes to your case, examines a coin, and is quoted a price of, say $1000. They respond that that price is way too high, and that it shouldn't be a dime more than $500. You, the dealer, say "nonsense! I'd buy them all day long at that price, if I could! Buy as many as you can for $500 and you can sell them do me for $600."
Have you ever had such a circumstance where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in?
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i haven't seen the back end actually happen but i've said the front end to probably half a dozen+ people and i was quite serious. i do admit, half of those were to people that thought they would find a 69-s ddo in change or an off-metal lincoln copper.
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I have had them pull out a blue, grey, or green sheet and try to buy from that. When they quote those prices, I simply ask them if they have one they will sell me at that (assuming its something I might be interested in). They never have. An old time dealer I used to set up with had a good response too "maybe you should send them (cdn) a check."
As far as being fearful of someone unloading a bunch of stuff on me, I have to laugh. First of all, even if they bring a bucket full, I will only buy what I want or need. Beyond paying them for the material I purchase, I don't owe them anything (especially if they were trying to trash out my pricing lol). I am not the bank on it and have no desire to be. If he is foolish enough to believe that (after trashing my pricing) well the joke is on him then.
In setting up at shows, I have encountered all kinds of BS on the bourse from collectors and dealers. For the most part its self serving propoganda because they want to get the best of you. I may even enjoy it, but I could care less about it or who it comes from. I am at the show to buy and sell at my price and hopefully come out ahead.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>This type of story is common------
someone comes to your case, examines a coin, and is quoted a price of, say $1000. They respond that that price is way too high, and that it shouldn't be a dime more than $500. You, the dealer, say "nonsense! I'd buy them all day long at that price, if I could! Buy as many as you can for $500 and you can sell them do me for $600."
Have you ever had such a circumstance where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in? >>
If that happens the coin quoted at $1000 is indeed overpriced!
I give away money. I collect money.
I don’t love money . I do love the Lord God.
<< <i>If that happens the coin quoted at $1000 is indeed overpriced! >>
Just because a prospective buyer thinks $500 is a reasonable price is not proof that it is actually so. The coin in question could very well be accurately priced at $1000 and the buyer is just uninformed about the curent market.
I would have to disagree with that conclusion as a blanket statement. Within the last year the Greysheet listed the 1839-O Reeded Edge half dollar at $650 in EF40 and $1,000 in AU50 while less than two years ago the coin was listed at $575 in EF40 and $850 in AU50. Those values are no way, no how related to the reality of the market, yet "Greysheet Buyers" bandy about those numbers as if they were gospel.
In honor of the memory of Cpl. Michael E. Thompson
If you don't read the whole post, your response isn't likely to make much sense!
Check out the Southern Gold Society
<< <i>
<< <i>If that happens the coin quoted at $1000 is indeed overpriced! >>
Just because a prospective buyer thinks $500 is a reasonable price is not proof that it is actually so. The coin in question could very well be accurately priced at $1000 and the buyer is just uninformed about the curent market. >>
I think you misunderstood what he meant. I believe BidAsk meant that the customer came back with the coins and wanted to sell them for $600. And I think bidask is right in most situations. If Coin A is priced at $1,000 and the customer can come back to your table with a bunch to sell after the scenario in the OP, then the coin is probably overpriced IMO. This is barring Coin A being exceptional in some way (variety, color, eye appeal, etc.) from the ones brought back to the table.
However, I still feel that you have no real obligation to buy them from him.
Choice Numismatics www.ChoiceCoin.com
CN eBay
All of my collection is in a safe deposit box!
If someone amasses said number of coins and offers them to you for $600....then your coin priced at $1000 is indeed quoted to high..
I give away money. I collect money.
I don’t love money . I do love the Lord God.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>The OP said : "......where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in? ">>
If someone amasses said number of coins and offers them to you for $600....then your coin priced at $1000 is indeed quoted to high..
The OP didn't say anything about when the customer amassed the coins. He could have bought them ten years ago, for all anyone knows.
<< <i>The OP said : "......where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in? ">>
If someone amasses said number of coins and offers them to you for $600....then your coin priced at $1000 is indeed quoted to high..
You would be correct in that scenario. I had thought you were directing your statement to the first part of the post and not the last part of the post. My bad.
In honor of the memory of Cpl. Michael E. Thompson
<< <i>
<< <i>The OP said : "......where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in? ">>
If someone amasses said number of coins and offers them to you for $600....then your coin priced at $1000 is indeed quoted to high..
The OP didn't say anything about when the customer amassed the coins. He could have bought them ten years ago, for all anyone knows.
My misunderstanding. I assumed he amassed them on the floor during the show from other dealers/people.
Choice Numismatics www.ChoiceCoin.com
CN eBay
All of my collection is in a safe deposit box!
<< <i>
<< <i>The OP said : "......where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in? ">>
If someone amasses said number of coins and offers them to you for $600....then your coin priced at $1000 is indeed quoted to high..
The OP didn't say anything about when the customer amassed the coins. He could have bought them ten years ago, for all anyone knows.
...."soon came back" Mr. Potatoeheadd......"soon came back" ....
I give away money. I collect money.
I don’t love money . I do love the Lord God.
<< <i>...."soon came back" Mr. Potatoeheadd......"soon came back" .... >>
He couldn't come back soon after with coins he bought ten years ago?
Partner @Gold Hill Coin
<< <i>
<< <i>...."soon came back" Mr. Potatoeheadd......"soon came back" .... >>
He couldn't come back soon after with coins he bought ten years ago? >>
Only if your Eric Newman like......
I give away money. I collect money.
I don’t love money . I do love the Lord God.
<< <i>
<< <i>
<< <i>The OP said : "......where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in? ">>
If someone amasses said number of coins and offers them to you for $600....then your coin priced at $1000 is indeed quoted to high..
The OP didn't say anything about when the customer amassed the coins. He could have bought them ten years ago, for all anyone knows.
...."soon came back" Mr. Potatoeheadd......"soon came back" .... >>
You may as well quit using logic now. Some folks will stretch at any little thing to continue the argument rather than just admit that, within the boundaries the question was posed in, they aren't correct and/or have no leg to stand on.
It's a broken record for a certain person. Most of us understood "soon came back" and the rest of the question, as posed.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
I told him that I can supply him with 100 of the exact same date and grade (and grading service) if he wanted for $100 less per coin. He began to yell at me quite loudly causing the whole show to come to a standstill- and saying that I was just a kid who had no idea what I was talking about- and that he had been doing this for 30 years+.
I attempted to prove my point- even pulling out a slightly rarer date and offering it at my same quoted price.
The yelling continued and I walked away.
Months later I remember walking by his case and seeing the same 09-d $5 in his case...
<< <i>I've been on both sides of that scenario. It'll happen to most dealers at least once and when it does happen it's a great learning tool. It teaches you to better monitor what you say before you say it. >>
I only say this when I really know the market for the item. No one has yet come back with a bunch, or even one, of the coins they claim they should be able to buy for the lower price.
I did once mention to a dealer that his $300 coin was priced too high. He said it was accurately priced. I happened to have one of the same coins, in the same condition, with me, and I offered it to him for $30. He wouldn't buy it, even though it was priced at one tenth of the selling price of his coin. I believe I mentioned if he wouldn't buy one at $30, that obviously he didn't believe that his coin was worth $300.
An authorized PCGS dealer, and a contributor to the Red Book.
<< <i>Thanks, Bochiman- I win my bet!
I'm sure you do. I also win a bet...that you never add anything helpful to a thread or post a thread yourself to help others with numismatics
I wish I would lose my bet.
Now, to the OP....GEN - did you see this or experience it yourself?
Anything like what Joebb21 posted?
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>
<< <i>Thanks, Bochiman- I win my bet!
I'm sure you do. I also win a bet...that you never add anything helpful to a thread or post a thread yourself to help others with numismatics
I wish I would lose my bet.
Now, to the OP....GEN - did you see this or experience it yourself?
Anything like what Joebb21 posted? >>
I've been on both sides of this situation, but never had anyone come back to me actually able to produce the coins.
<< <i>I seldom have had someone tell me a coin is overpriced let alone had the gall to say its worth half. When their BS like that starts, its time for them to leave my table.
I have had them pull out a blue, grey, or green sheet and try to buy from that. When they quote those prices, I simply ask them if they have one they will sell me at that (assuming its something I might be interested in). They never have. An old time dealer I used to set up with had a good response too "maybe you should send them (cdn) a check."
As far as being fearful of someone unloading a bunch of stuff on me, I have to laugh. First of all, even if they bring a bucket full, I will only buy what I want or need. Beyond paying them for the material I purchase, I don't owe them anything (especially if they were trying to trash out my pricing lol). I am not the bank on it and have no desire to be. If he is foolish enough to believe that (after trashing my pricing) well the joke is on him then.
In setting up at shows, I have encountered all kinds of BS on the bourse from collectors and dealers. For the most part its self serving propoganda because they want to get the best of you. I may even enjoy it, but I could care less about it or who it comes from. I am at the show to buy and sell at my price and hopefully come out ahead. >>
Excellent response. I always ask for the dealer's best price and then either play or pass. If the price marked on the coin is too far beyond reality, I won't even bother to waste my time asking for the dealers best price.
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
I suppose it's still possible that neither valued the piece accurately...
How did this story end?
<< <i>I've been on both sides of this situation, but never had anyone come back to me actually able to produce the coins. >>
...until this incident you mean?....this happened to you?
Frankly, if I think someone's price is way too high, I politely say 'no thank you', or 'I think I'll pass'.....and I expect the same courtesy in
return.
I would also venture that if indeed he came back with an example at a much lower price, the original dealer would find some fault with it,
or point out how his coin is superior, rather than pay up.
As an aside, while working at a dealer's table a few years ago, a somewhat loud, elderly woman was shopping the floor for a 31S cent she needed. I pulled a nice XF example for her, and dealer priced it slightly under Bid, around $100. She balked at the price, I told her the price was very fair for that coin, she announced (to everyone in the vicinity) that she was a capitalist, and that meant she would only buy the coin that was priced the lowest (?). I wished her well and she left. She returned about an hour later, to brag to us the she indeed found another 31S at a much lower price, only $65.....At that point my dealer friend got irate, and demanded to see it - and then handed it to me....it was indeed a 31S in VF or so, with someone's initials boldly carved into it! I said 'the coin has initials on it'.....to which she replied, 'so, it was priced better than your coin!'.....
someone comes to your case, examines a coin, and is quoted a price of, say $1000. They respond that that price is way too high, and that it shouldn't be a dime more than $500. You, the dealer, say "nonsense! I'd buy them all day long at that price, if I could! Buy as many as you can for $500 and you can sell them do me for $600." Have you ever had such a circumstance where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in?
I would avoid the "taunting game" altogether.Somebody tells me my $1000 coin shouldn't be a dime more than $500.I probably tell them,"You're right,not worth a dime more than $500 to you but it's my coin until you give me $1100 for it."
Avoid the taunting game that some buyers will try to draw you into.Most of these buyers (potential buyers,that is) who play games like this are just young pups who learned how to scrub behind their ears just within the last few years. Don't tell the pup that though.Keep this thought to yourself.
Invite him to bring his momma to the show so that she can see the coin,and approve or disapprove,before you sell it to him for $1100.If you like his momma,give 9.09% discount,making the coin $1000 to him + tax (if any).
Cordial invitations are much better than taunts.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
<< <i>I would avoid the "taunting game" altogether.Somebody tells me my $1000 coin shouldn't be a dime more than $500.I probably tell them,"You're right,not worth a dime more than $500 to you but it's my coin until you give me $1100 for it."
Avoid the taunting game that some buyers will try to draw you into.Most of these buyers (potential buyers,that is) who play games like this are just young pups who learned how to scrub behind their ears just within the last few years. Don't tell the pup that though.Keep this thought to yourself.
Invite him to bring his momma to the show so that she can see the coin,and approve or disapprove,before you sell it to him for $1100.If you like his momma,give 9.09% discount,making the coin $1000 to him + tax (if any).
Cordial invitations are much better than taunts. >>
You seem to contradict yourself here.
If one can BE CORDIAL,at least most of the time,it's surprising how good that can be for commerce.
Whoever is careless with the truth in small matters cannot be trusted with important matters.
If asked for a number I prefer to quote my best price.
If someone questions it, I ought to be able to cite recent comps or other justification for my ask.
If they can find a comparable item for less elsewhere, I would encourage them to go buy it.
Coin Rarities Online
<< <i>The OP said : "......where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in? ">>
If someone amasses said number of coins and offers them to you for $600....then your coin priced at $1000 is indeed quoted to high..
I don't understand how a dude cashing out at a given show on any given day can be considered a market maker.
If you added "... to him." to that sentence I'd buy it.
"Inspiration exists, but it has to find you working" Pablo Picasso
Hoard the keys.
<< <i>This type of story is common------
someone comes to your case, examines a coin, and is quoted a price of, say $1000. They respond that that price is way too high, and that it shouldn't be a dime more than $500. You, the dealer, say "nonsense! I'd buy them all day long at that price, if I could! Buy as many as you can for $500 and you can sell them do me for $600."
Have you ever had such a circumstance where that customer soon came back, had indeed amassed a number of said coins for $500, and expected to cash in? >>
For me, yes to the first part, no to the second. As a rule, most "customers" who throw around half-price offers aren't worth wasting time on.
RIP Mom- 1932-2012