Why coin dealers drink--Part CCCCXXXVI

CaptHenway

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. "

BillJones

I have not owned a Blue Book in years, but when I did own one, the prices in it were ridiculously low. There were also often only two price columns it, like "Good" and "Fine" so if you had a Flying Eagle Cent in EF, you were out of luck. Another publication called "The Green Book" was even worse. It had only one price for all grades no matter how rare the coins was.

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.

Cougar1978

I simply advise them to go open up a coin shop or send them a check (CDN) when they are quoting some wholesale price especially with know nothing nonsense. I don't care what those types think or about their spiel. Once its obvious they are not a retail buyer its adios for them. A friend of mine runs a Coin Shop - every day there may be about a dozen or so people at opening. His assistant skillfully weeds out the ones who do not have a viable deal either buying or selling. After that there may be 2-3 people left who they will spend time with buying or selling.

ms70

Was he driving his own cab?

MrEureka

he dropped a couple of
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.

CaptHenway

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.

Mission16

Originally posted by: CaptHenway
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.

MrEureka

Originally posted by: CaptHenway
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?

tcmitssr

One of the Uber driver stock dealers, no doubt.

CaptHenway

Originally posted by: MrEureka

Originally posted by: CaptHenway

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!

gonzer

Maybe he was using a KELLY Blue Book and had his stores mixed up.

ricko

The attitude displayed in the OP is not confined to coin shops... I have also seen it in

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

Mission16

It is everywhere: "I can get 2x4's cheaper at Larrys Lumber but yours are better quality. Will you sell yours to me at his price?" and then: "I am going to be buying a HUGE quantity so I'd like a bulk price."
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.

Insider2

Originally posted by: CaptHenway



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?

Justacommeman

Originally posted by: Insider2

Originally posted by: CaptHenway



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

asheland

Originally posted by: CaptHenway
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!

PRECIOUSMENTAL

I share your pain, happens in many lines of work, although we are sharing a theme of coins.

Thanks for the Drink!

keyman64

And I was a stock broker at one point in my life. Lol

WildIdea

More times than not, being polite, good listening, respectful preparation to pay full price rewards me a gracious discount if warranted.

Tired negotiating tactics set off dealers hair trigger BS detectors and they wall up.