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Why coin dealers drink--Part CCCCXXXVI

CaptHenwayCaptHenway Posts: 32,630 ✭✭✭✭✭
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. "
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.

Comments

  • BillJonesBillJones Posts: 34,674 ✭✭✭✭✭
    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.
    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
  • Cougar1978Cougar1978 Posts: 8,718 ✭✭✭✭✭
    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.
    Coins & Currency
  • ms70ms70 Posts: 13,956 ✭✭✭✭✭
    Was he driving his own cab?

    Great transactions with oih82w8, JasonGaming, Moose1913.

  • MrEurekaMrEureka Posts: 24,393 ✭✭✭✭✭
    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.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • CaptHenwayCaptHenway Posts: 32,630 ✭✭✭✭✭
    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.

    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.
  • Mission16Mission16 Posts: 1,413 ✭✭✭
    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.
  • MrEurekaMrEureka Posts: 24,393 ✭✭✭✭✭
    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?

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • tcmitssrtcmitssr Posts: 1,570 ✭✭✭
    One of the Uber driver stock dealers, no doubt.
  • CaptHenwayCaptHenway Posts: 32,630 ✭✭✭✭✭
    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!
    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.
  • gonzergonzer Posts: 3,049 ✭✭✭✭✭
    Maybe he was using a KELLY Blue Book and had his stores mixed up.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    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
  • Mission16Mission16 Posts: 1,413 ✭✭✭
    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.
  • Insider2Insider2 Posts: 14,452 ✭✭✭✭✭
    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?







  • JustacommemanJustacommeman Posts: 22,852 ✭✭✭✭✭
    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
    Walker Proof Digital Album
    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......
  • ashelandasheland Posts: 23,624 ✭✭✭✭✭
    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! image
    image
  • PRECIOUSMENTALPRECIOUSMENTAL Posts: 961 ✭✭✭✭
    I share your pain, happens in many lines of work, although we are sharing a theme of coins.

    Thanks for the Drink!
  • keyman64keyman64 Posts: 15,521 ✭✭✭✭✭
    image



    And I was a stock broker at one point in my life. Lol
    "If it's not fun, it's not worth it." - KeyMan64
    Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners. :smile:
  • WildIdeaWildIdea Posts: 1,877 ✭✭✭✭✭
    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.

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