Relationships matter in numismatics, the tale of a visit to my local B&M yesterday
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I have what I consider to be a great relationship with my local B&M; that relationship of mutual trust and benefit has been formed over the past 5+ years as I've gone from being an entry level coin collector buying bank boxes of nickels and pennies from the bank and being excited about finding an impaired 1975 proof from a roll to submitting top pop DCAM's purchased in raw proof sets. My B&M dealer has been referenced in many of my posts as a great partner as I've built what has become a top-15 registry set, primarily acquired from raw purchases. He has repeatedly provided me with a legitimate mutually beneficial two way market for my duplicate coins that has allowed me to take a chance on my submissions allowing me to make several of the coins in my current set. That being said, I understand that I'm still a relatively small fish with my annual purchases certainly being exceeded in single coin transactions that he makes on a regular basis, yet I'm never made to feel like I'm wasting his time. I consider him a friend.
Alas, that's only background to the reason for my post.
I stopped by his shop to drop some stuff off minutes before closing time last night. I was no more in the door than he says, "You need to go look at what she's doing back there." Inviting me behind the counter to where another dealer and his wife were going through a wholesale lot they had just acquired. I know the other dealer also who is from out of town from previous show and social interactions provided through my B&M dealer. The wholesale lot was I'm guessing 1,000-1,500 Proof/SMS PCGS & NGC coins from the 1950-1970 era in which I collect.
The coins were headed to a show with them this morning, but they invited me to take a look through them. I ended up spending the next 2 hours flipping through double row slab boxes of coins that were exactly in the sweet spot of my collecting interests. I would like to have purchased 50 coins from the group, but alas I don't have unlimited resources, so focused my purchases on coins that I was unlikely to make through my own submissions. I probably had him price 15-20 coins for me, but I settled on just 9 of them. I presume he was able to make 10-20% on the coins I purchased from him at very reasonable prices. In addition to the coins pictured below, I also bought a 1961 PCGS PR68 DCAM Washington that turned out to be a duplicate of one I forgot I had recently upgraded in my set.
I also came across a high grade coin in an old holder that got me very excited...but I kept my poker face on as I gave it to him asking for a price. He labored over that coin at his laptop for quite awhile before taking it to my B&M dealer and they talked over it for awhile, when I hear them ask, "Is this XYZ Variety?" I laughed...and acknowledged that yes it was indeed that variety in a holder from prior to that variety being designated on the holder. I don't know if the variety would have been noted if I'd not picked it out, admittedly I was being allowed to look through coins that the dealer himself hadn't had a chance to go through. We all had a good chuckle over it as I told them I wasn't going to pay the variety price for it, and we all laughed about the gamesmanship involved that if he didn't identify the variety, I didn't have any obligation to tell him, but when he asked me if it was, I also wasn't going to lie to him. (If you want to PM me to find out which high grade variety it was, I can put you in contact with the dealer.)
That's how you develop...and maintain...a mutually beneficial relationship with your B&M.
Alas, that's only background to the reason for my post.
I stopped by his shop to drop some stuff off minutes before closing time last night. I was no more in the door than he says, "You need to go look at what she's doing back there." Inviting me behind the counter to where another dealer and his wife were going through a wholesale lot they had just acquired. I know the other dealer also who is from out of town from previous show and social interactions provided through my B&M dealer. The wholesale lot was I'm guessing 1,000-1,500 Proof/SMS PCGS & NGC coins from the 1950-1970 era in which I collect.
The coins were headed to a show with them this morning, but they invited me to take a look through them. I ended up spending the next 2 hours flipping through double row slab boxes of coins that were exactly in the sweet spot of my collecting interests. I would like to have purchased 50 coins from the group, but alas I don't have unlimited resources, so focused my purchases on coins that I was unlikely to make through my own submissions. I probably had him price 15-20 coins for me, but I settled on just 9 of them. I presume he was able to make 10-20% on the coins I purchased from him at very reasonable prices. In addition to the coins pictured below, I also bought a 1961 PCGS PR68 DCAM Washington that turned out to be a duplicate of one I forgot I had recently upgraded in my set.
I also came across a high grade coin in an old holder that got me very excited...but I kept my poker face on as I gave it to him asking for a price. He labored over that coin at his laptop for quite awhile before taking it to my B&M dealer and they talked over it for awhile, when I hear them ask, "Is this XYZ Variety?" I laughed...and acknowledged that yes it was indeed that variety in a holder from prior to that variety being designated on the holder. I don't know if the variety would have been noted if I'd not picked it out, admittedly I was being allowed to look through coins that the dealer himself hadn't had a chance to go through. We all had a good chuckle over it as I told them I wasn't going to pay the variety price for it, and we all laughed about the gamesmanship involved that if he didn't identify the variety, I didn't have any obligation to tell him, but when he asked me if it was, I also wasn't going to lie to him. (If you want to PM me to find out which high grade variety it was, I can put you in contact with the dealer.)
That's how you develop...and maintain...a mutually beneficial relationship with your B&M.
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Comments
Were there many SMS's or singles?
ttt
<< <i>That's funny. I had no idea you were a newbie five years ago. You've always come across as very knowledgeable.
Were there many SMS's or singles? >>
It's a valuable skill to be able to hide one's ignorance!
All were graded, I'd guess 15-20% were SMS coins...vast majority were non-cameo which is of course where my focus lies...so they didn't make it any farther out of the boxes than to check the grades. I'm sure there were varieties in there that I didn't have time to look for, as I was focused on my own set. I'd have loved to have had a full day or two to examine the group for varieties and crack-out candidates.
what a great insightful read here as i felt like i was right over your shoulder
i hope you kept eyes out for colorful sms as they can fetch above cameo rates of return
one thing is for sure
it does pay to establish with a good B&M...example written here
happy stuff and thanks for sharing
did he offer you one free coin if you make this thread
Well, they still didn't care then, but somebody told them to make better proofs.
<< <i>did he offer you one free coin if you make this thread
Funny tidbit is he had told me when I started searching that if I bought 10, he'd give me 10% off. It turned out to be a 4 figure purchase with my 9 coins...and I joked with him whether I needed to add a $5 widget to get my 10% discount. He begrudgingly said I'd probably be able to avoid that, but he admitted that when offering the 10% he had hoped I'd be picking out some of the $10 widgets rather than the higher end ones I took.
You'll note that I outed neither my B&M nor the other dealer in the thread.
I had something very similar happen to me yesterday. I was at a dealer's location looking at some coins for for inventory and out popped a coin I have needed in my Registry set for years (it had it all, the look, the grade and the green bean). Happy enough with just that, he tossed over a box of about 40 Fractional Gold coins he just bought that were all in OGH, and within that was a Round Period 2 Fractional Dollar that I have needed for one of my other sets! Again, the right grade, type, and look!
2 in one sitting. I thought I was in Oz.
<< <i>It's a valuable skill to be able to hide one's ignorance!
All were graded, I'd guess 15-20% were SMS coins...vast majority were non-cameo which is of course where my focus lies...so they didn't make it any farther out of the boxes than to check the grades. I'm sure there were varieties in there that I didn't have time to look for, as I was focused on my own set. I'd have loved to have had a full day or two to examine the group for varieties and crack-out candidates. >>
Yeah, the hard part is saying something and not sounding a fool.
I love looking at SMS coins. I believe a few of these are actually proof but can't
find a way to prove it yet. The "proofs" are much better struck than normal coins
and have a different texture. They just stand out. Of course a few different methods
were employed in the manufacture of the SMS's so it's not unusual to find coins that look
different.
I too wish there was a dealer near me that I could befriend.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
<< <i>There was a PCGS SP 65 DCAM 1967 half in the group. I was tempted but left it behind. >>
The "proofiest" SMS I've seen aren't Cameo. They're from basined dies but there was no sandblasting.
I like the Cameo a lot because they are very PL. They can be mistaken for proofs but there's no reason to believe they were struck twice to be actual proofs. Anyone wanting a complete set of modern "proofs" will have little choice but to collect the Cameos for the SMS years.
<< <i>
<< <i>It's a valuable skill to be able to hide one's ignorance!
All were graded, I'd guess 15-20% were SMS coins...vast majority were non-cameo which is of course where my focus lies...so they didn't make it any farther out of the boxes than to check the grades. I'm sure there were varieties in there that I didn't have time to look for, as I was focused on my own set. I'd have loved to have had a full day or two to examine the group for varieties and crack-out candidates. >>
Yeah, the hard part is saying something and not sounding a fool.
I love looking at SMS coins. I believe a few of these are actually proof but can't
find a way to prove it yet. The "proofs" are much better struck than normal coins
and have a different texture. They just stand out. Of course a few different methods
were employed in the manufacture of the SMS's so it's not unusual to find coins that look
different. >>
i concur with above ^^^
some of these coins were stamped off of dies that had "additional finish die surface prep work done"
some are of satin finish
some are of proof cameo finish
but this issue is too old and like too old a dead horse for me to be beating it
i recently got a set in that had a great shot at cameo quarter right
in that same set
was the most amazing satin kennedy i've run across
i'm not one to send in a non cameo...but this one is going in