Crazy Money..........

DaveW

What do you do if anything if you look at a coin say at a coin show and ask for a price and its moon money the dealer is asking for. I'm not talking 20% over retail I'm talking about crazy money like 200% of retail or more....


What do you do? (If anything)

Nap

Say thank you and walk away

Type2

I say wow and thank you for letting me look at it..

ChangeInHistory

There was a gorgeous toned mercury dime, common date, ms 67 or so, dealer wanted 12, 1300 for it. I want to say it was at the 2012 ana in Philadelphia.

Catbert

Under the assumption that there isn't something unique about the coin - Say thanks for showing me the coin, leave said table, and take note that there are other dealers who aren't crazy in which to buy a nice coin.

tradedollarnut

Depends on the coin. It could be a bargain at more...

BillJones

Pass

There are "moon money" dealers on the show circuit. I don't know how they stay business, but they do.

Bochiman

Usually, I can't suppress a laugh that well....part of I still comes out.
Then I say...."oooookkkkk", hand it back, if I was holding it, "good luck, it's a nice looking coin", and walk away.

I don't try to beat them down...they are entitled to ask what they want, but if they want to be that unrealistic and going for a sucker, then it isn't going to be me.

Overdate

What do you do if a dealer offers you a 1909 VDB cent for Mars money?

Walkerfan

Assuming the coin is not unique----I'd resist the urge to tell dealer that he is insane for asking that type of money, despite what it is really worth (I did this once and I saw smoke coming from dealer's ears LOLOLOL) and say....'bubye' and proceed to run and not walk away.

mercurydimeguy

Maybe I'm wired differently but curiosity would cause me to ask as follows:

"OK. Thanks, I appreciate it. I'll pass, it is more than I wanted to spend. From a learning perspective, is there something special about this coin that I'm not seeing? I only ask because I thought the coin would be priced at a different price point, but given your price point I have to assume there is something special about the coin that I don't know?"

I would then shut up an smile?

I've had several different types of answers, including a) the dealer believed it was a rare variety, b) the dealer believed it was under graded, c) the dealer is into it for a lot of money, d) the dealer made a mistake (I've had the latter happen a few times...they read their code wrong, and they were not proficient enough numismatists to realize that their quoted priced was 2x more than it should have been).

Anyhow, my 10 cents

SeattleSlammer

If they're gorgeous coins then they may be worth it.
If not, walk.

CoinJunkie

It depends entirely on whether it's a coin I absolutely need/want for my collection, or just one I'd
love to own if the price is right. In the latter case, I'd just hand it back and say something like: "nice
coin but a bit out of my budget". In the former, I might try to negotiate if I thought there was any
hope of closing the price gap to what I thought was reasonable.

lava

Education is free. Why not ask the reasoning behind the price. Maybe there is some quirky feature that makes it rare, or maybe you just look gullible. Maybe the price was a mistake.

MidLifeCrisis

Usually I'd say thanks anyway and walk away. But it depends on the coin and the dealer.

Sonorandesertrat

Define 'retail.' If the coin in question has very unusual attributes (e.g., wonderful toning, fabulous strike for an issue that is usually weakly struck, proof-like surfaces, etc.), then it could easily be worth the money.
In the early copper world, it is not unusual for a 'choice' coin to sell at 2x or 3x what an 'average' coin would bring.

kiyote

A guy I work with pays that kind of money. He showed me a 1941 PF67+ CAC Mercury dime he spend $3500 on. Man, was it gorgeous though. A coin is worth what someone (even just one) person will pay, I guess.

TONEDDOLLARS

<< <i>A guy I work with pays that kind of money. He showed me a 1941 PF67+ CAC Mercury dime he spend $3500 on. Man, was it gorgeous though. A coin is worth what someone (even just one) person will pay, I guess. >>



Spot on. I have paid moon money twice this month for coins I just ad to have. I have never seen better examples, and I wanted them.

291fifth

Just walk away and don't bother wasting your time with that seller again. Sellers come and go and are of little importance in the grand scheme of things.

Walkerfan

<< <i>

<< <i>A guy I work with pays that kind of money. He showed me a 1941 PF67+ CAC Mercury dime he spend $3500 on. Man, was it gorgeous though. A coin is worth what someone (even just one) person will pay, I guess. >>



Spot on. I have paid moon money twice this month for coins I just ad to have. I have never seen better examples, and I wanted them. >>



In a situation such as this whereas the coin is 'special' and not just a widget........I HAVE paid moon money and beyond and I don't regret it.

BaronVonBaugh

Most of the BINs on ebay seem to fall into the category of retail x2 or more.

291fifth

<< <i>

<< <i>

<< <i>A guy I work with pays that kind of money. He showed me a 1941 PF67+ CAC Mercury dime he spend $3500 on. Man, was it gorgeous though. A coin is worth what someone (even just one) person will pay, I guess. >>



Spot on. I have paid moon money twice this month for coins I just ad to have. I have never seen better examples, and I wanted them. >>



In a situation such as this whereas the coin is 'special' and not just a widget........I HAVE paid moon money and beyond and I don't regret it. >>



Just hope that it is "special" to more than just yourself when it comes time to sell.

DMWJR

Why not just tell him what you would pay? If he says no, you haven't lost a thing and move on.

MGLICKER

Lots of coins at shows. It is an easy walk when a dealer is asking super high money.

tradedollarnut

I would gladly pay double in the following situation:

An MS64RB classic large cent that is 80% red is worth multiples of any price guide.

bidask

<< <i>What do you do if anything if you look at a coin say at a coin show and ask for a price and its moon money the dealer is asking for. I'm not talking 20% over retail I'm talking about crazy money like 200% of retail or more....


What do you do? (If anything) >>

if it is a MOON coin in a classic series I collect then I would consider the 200% retail price offered.

ms70

Say in a loud voice, "YOU'RE DRUNK!" and walk away.

19Lyds

<< <i>What do you do if anything if you look at a coin say at a coin show and ask for a price and its moon money the dealer is asking for. I'm not talking 20% over retail I'm talking about crazy money like 200% of retail or more....


What do you do? (If anything) >>

Say Thanks and Walk Away.

bob48

I just pay 2X+ retail for a 1941-D Mercury dime in a PCGS Rattler holder.
Funny thing was; I paid this because it was the last coin needed to complete the short set in rattlers with and without full bands. 1940-1945 with micro’s’
A 41-D MS rattler has not showed up for sale in over 8 years (that I have been watching) so I could not pass on it and I needed to win the coin almost at any price.
(45P w/FB I don't know if it exists in a rattler)
These can all be seen in my rattler set in the registry set

RJP Registry Sets

Walkerfan

<< <i>

<< <i>

<< <i>

<< <i>A guy I work with pays that kind of money. He showed me a 1941 PF67+ CAC Mercury dime he spend $3500 on. Man, was it gorgeous though. A coin is worth what someone (even just one) person will pay, I guess. >>



Spot on. I have paid moon money twice this month for coins I just ad to have. I have never seen better examples, and I wanted them. >>



In a situation such as this whereas the coin is 'special' and not just a widget........I HAVE paid moon money and beyond and I don't regret it. >>



Just hope that it is "special" to more than just yourself when it comes time to sell. >>



True enough. I guess that I am more comfortable paying higher prices, in an auction setting, b/c then I know that at least one other person (the under-bidder) thought that it was worth almost as much as what I paid. Also, if I over paid for a few pieces----I don't mind, b/c I factor in all of the other coins that I got for a good, LOW price, too. Then on a whole-----I am ahead of the game in a 'net' sense. I guess there is some psychology to coin collecting.

DollarAfterDollar

I very rarely buy anything at shows because the Dealers around here all think their stuff is special. It's over priced - to put it kindly. I would never fear a Dealer because I grilled him about an overpriced coin where an explanation is necessary. If there's nothing special or rare about it he should be made to understand that he's asking far too much. If people just hand it back, say thanks and walk away he's left with the impression that he's maybe "in the ballpark".

He needs to know the Buyers at the show aren't as stupid as he thinks.

sparky64

<< <i>What do you do if anything if you look at a coin say at a coin show and ask for a price and its moon money the dealer is asking for. I'm not talking 20% over retail I'm talking about crazy money like 200% of retail or more....


What do you do? (If anything) >>


Did this happen to you?

If so, what did you do or say?

bidask

<< <i>

<< <i>What do you do if anything if you look at a coin say at a coin show and ask for a price and its moon money the dealer is asking for. I'm not talking 20% over retail I'm talking about crazy money like 200% of retail or more....


What do you do? (If anything) >>


Did this happen to you?

If so, what did you do or say? >>

Yes Dave, what did you say or do?

AMRC

You do nothing except move on. But are you sure? Have you checked auction records? Is the coin CAC'ed? What is the eye appeal level? It is very hard to compare apples to apples and if you are using the Grey Sheet or the PCGS price guide as your primary sources of information you may continue to have these experiences.

DaveW

<< <i>

<< <i>

<< <i>What do you do if anything if you look at a coin say at a coin show and ask for a price and its moon money the dealer is asking for. I'm not talking 20% over retail I'm talking about crazy money like 200% of retail or more....


What do you do? (If anything) >>


Did this happen to you?

If so, what did you do or say? >>

Yes Dave, what did you say or do? >>




I just asked the dealer "What am I missing here" Then he said nothing. So I gave it back to him and moved on.

Bochiman

<< <i>A guy I work with pays that kind of money. He showed me a 1941 PF67+ CAC Mercury dime he spend $3500 on. Man, was it gorgeous though. A coin is worth what someone (even just one) person will pay, I guess. >>




I hear that a lot and actually disagree. I really believe a coin is worth what it can be sold for, yes, but not just what 1 person will pay.
To me, it's got to have an ability to be sold in order to be "worth" that amount and being a sucker that overpaid just doesn't cut it.

There is a difference between something so unique and so out there (that more than 1 person would want it for the price, or very close to that price) versus someone putting a high price on a coin and 1 person coming up to buy it (usually not knowing better or thinking it is something it isn't).

ricko

I agree with Ron, a coin is 'worth' only what someone will pay. If only one person will pay that, then, it immediately is worth less - the amount it could be sold for on the open market. Yes, some people pay exorbitant prices for certain coins. Their money, their choice. However, if they think it becomes 'worth' that monetary value in their collection, they are mistaken. Cheers, RickO

BillJones

When he was quoted a very high price for something, a dealer I knew used to respond, "I only want to buy one!!"

rays

<< <i>I would gladly pay double in the following situation:

An MS64RB classic large cent that is 80% red is worth multiples of any price guide. >>



I would gladly pay triple the PCGS price guide for a F-VF 1811/0 Classic head large cent.

pmac

I'd ask if he sold any commas. After I bought some, I'd walk away from him and the coin.

roadrunner

If I have the equivalent of that coin or know where there is one that is available, I'll offer that dealer the coin for much less than their asking price. That usually gets a nice response.

Most of the examples cited here are for special circumstances. And often those can be easily justified. What we're really talking about is multiples of price guide for a coin that is just average for grade, in an average holder, and is not incredibly under-priced per the price guides. This is when you shake your head when "moon money" is being requested. I run "moon" money more often on raw coins that have been cleaned or abused. In those situations
it's easy to end up paying 2X or 3X too much when the seller fails to net grade a coin accordingly.

BillJones

<< <i>If I have the equivalent of that coin or know where there is one that is available, I'll offer that dealer the coin for much less than their asking price. That usually gets a nice response.

Most of the examples cited here are for special circumstances. And often those can be easily justified. What we're really talking about is multiples of price guide for a coin that is just average for grade, in an average holder, and is not incredibly under-priced per the price guides. This is when you shake your head when "moon money" is being requested. I run "moon" money more often on raw coins that have been cleaned or abused. In those situations
it's easy to end up paying 2X or 3X too much when the seller fails to net grade a coin accordingly. >>



I have been quoted "moon money" for presidential campaign tokens and medals. The way it usually works with people who don't know that market is that they are either way under the market or, more often, way over the market.

johnny9434

<< <i>Say thank you and walk away >>

been there, done that ( a few times as well )

Sonorandesertrat

I fondly remember a time when a well-known dealer (and now ex-ANA president) quoted me a ridiculous price for an MS67 silver Eisenhower dollar. I laughed reflexively. His response: 'OK, OK, just let me get my money out of it.' His new price was 1/3 of the one quoted a few minutes before. There are times when a particular coin is worth moon money, because the opportunity to buy another as nice will be seldom encountered. This wasn't one of those times.

Elcontador

A number of dealers routinely quote moon money for their coins. I can name names. I don't bother approaching their tables at shows.
I think these prices can be justified for the scarce coins which are truly special, which are collected by maybe a handful of people on this forum.

Otherwise anyone who pays these prices for a coin will be buried in it.

joebb21

I had a similar situation happen to me at Baltimore last week. I picked up a relatively common coin and asked the price and was told over double what they were selling at auction for.
I asked the dealer why the price was so high? he said "I bought this coin 3 years ago from dealer x and I don't want to take a loss".

I placed the coin back in his case and was glad to help him in his coin dealer quest.

ps- I did end up buying a coin from this dealer- also a coin that he purchased back in 2012. This time though, the market was in his favor

crazyhounddog

I give em the big ol HORSE laugh in his face and tell em....NICE TRY!!!

littlebear

<< <i>There are times when a particular coin is worth moon money, because the opportunity to buy another as nice will be seldom encountered. >>



Well-stated, and very true. It all depends upon the coin.


Larry L.

Treashunt

<< <i>Say thank you and walk away >>



agreed.


There is one local dealer who consistantly overgrades, and prices for the year 3000.

I just laugh and now ignore his table