Why coin dealers drink--Part CCCCXXXVI

From a dealer in Florida on the dealer-to-dealer network:
"Customer of the week. Had a guy come in, with three piece suit, saying
he was a stock broker with Merrill Lynch, and he dropped a couple of
names of local dealers that give him good deals on stuff like 1931-S
and 1909-s VDB, etc. He wanted to know why he had never heard of me
before. Told him I have had a Coin Shop in Boca for almost 40 years.
He said he was looking for (and had been buying for other local guys)
stuff he wanted to make a lot of money on in the future. Yeh Right.
Showed him a few items, and he brings out a Blue Book, and says my
prices are way to high, and he couldn't make a lot of money on the
stuff in the future. Showed him a nice roll of 1960 Franklins and
gave him a price of $300.00. He says they are only about half of that
in his blue book. Told him that dealer bid was $280.00, but he wanted
to buy stuff way under blue book so he could make a lot of money in
the future. Asked him if he discounted stocks by about 50%, like
he wanted to pay for coins, and he said "OH NO", you will have to
pay the full market price, plus my commission to buy stock. I told
him I only wanted to pay 50% of the market price on stocks so I
could make a lot of money in the future, and then showed him the
door. "
"Customer of the week. Had a guy come in, with three piece suit, saying
he was a stock broker with Merrill Lynch, and he dropped a couple of
names of local dealers that give him good deals on stuff like 1931-S
and 1909-s VDB, etc. He wanted to know why he had never heard of me
before. Told him I have had a Coin Shop in Boca for almost 40 years.
He said he was looking for (and had been buying for other local guys)
stuff he wanted to make a lot of money on in the future. Yeh Right.
Showed him a few items, and he brings out a Blue Book, and says my
prices are way to high, and he couldn't make a lot of money on the
stuff in the future. Showed him a nice roll of 1960 Franklins and
gave him a price of $300.00. He says they are only about half of that
in his blue book. Told him that dealer bid was $280.00, but he wanted
to buy stuff way under blue book so he could make a lot of money in
the future. Asked him if he discounted stocks by about 50%, like
he wanted to pay for coins, and he said "OH NO", you will have to
pay the full market price, plus my commission to buy stock. I told
him I only wanted to pay 50% of the market price on stocks so I
could make a lot of money in the future, and then showed him the
door. "
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
0
Comments
I can remember seeing prices in 1960s vintage Blue Books for Barber coins in Good at face value. When I was kid, I would have loved that!
I had similar experiences with customers when I was dealer. If the guy was really offensive, and didn't want to mess them him anymore, I'd ask him, "Would come into work and do your job if it paid 10 cents and hour?" The answer was always "No" of course.
"Well then why should I only get 10 cents and hour for doing my job?" was my standard answer.
Great transactions with oih82w8, JasonGaming, Moose1913.
names of local dealers that give him good deals on stuff like 1931-S
and 1909-s VDB, etc. "
Probably true. Those coins can often be found on eBay for well under Blue Book.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I've had vest pocket dealers whine that they could not make any money on a choice coin at the price I wanted. I told them that we were a retail store, and that we wanted to make the profit on the item.
This. This is the best answer.
I've had vest pocket dealers whine that they could not make any money on a choice coin at the price I wanted. I told them that we were a retail store, and that we wanted to make the profit on the item.
Tom - Is that your attitude towards all coins, or just the choice ones? And if the latter, why?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I've had vest pocket dealers whine that they could not make any money on a choice coin at the price I wanted. I told them that we were a retail store, and that we wanted to make the profit on the item.
Tom - Is that your attitude towards all coins, or just the choice ones? And if the latter, why?
I am retired now. Cheers!
gun shops.... self styled experts, who demonstrate their ignorance in the first three sentences or less, and go on to make utter fools of themselves. Cheers, RickO
Joes Lumber: "Well, full bundles are 294 pieces, how many do you want?"
Buyer: "oh, 50 pieces"
Some version of this happens every day to me.
I am retired now. Cheers!
I was just getting ready to ask: Are you living in Boca and own a coin store? Or are you retired?
I am retired now. Cheers!
I was just getting ready to ask: Are you living in Boca and own a coin store? Or are you retired?
Tom is my homeboy from Detroit. We don't retire in Boca. He is chilling in the thin air God's Country. Colorado. I'm not there age wise to retire but that seems as good of choice as any other
mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
From a dealer in Florida on the dealer-to-dealer network:
"Customer of the week. Had a guy come in, with three piece suit, saying
he was a stock broker with Merrill Lynch, and he dropped a couple of
names of local dealers that give him good deals on stuff like 1931-S
and 1909-s VDB, etc. He wanted to know why he had never heard of me
before. Told him I have had a Coin Shop in Boca for almost 40 years.
He said he was looking for (and had been buying for other local guys)
stuff he wanted to make a lot of money on in the future. Yeh Right.
Showed him a few items, and he brings out a Blue Book, and says my
prices are way to high, and he couldn't make a lot of money on the
stuff in the future. Showed him a nice roll of 1960 Franklins and
gave him a price of $300.00. He says they are only about half of that
in his blue book. Told him that dealer bid was $280.00, but he wanted
to buy stuff way under blue book so he could make a lot of money in
the future. Asked him if he discounted stocks by about 50%, like
he wanted to pay for coins, and he said "OH NO", you will have to
pay the full market price, plus my commission to buy stock. I told
him I only wanted to pay 50% of the market price on stocks so I
could make a lot of money in the future, and then showed him the
door. "
I LOVE it!
My YouTube Channel
Thanks for the Drink!
And I was a stock broker at one point in my life. Lol
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Tired negotiating tactics set off dealers hair trigger BS detectors and they wall up.