Central States selling report
Wabbit2313
Posts: 7,268 ✭✭✭✭✭
I usually do not sell many coins but found myself owning doubles and triples of some nice dates so took them along for the fun of it. (Morgan and Peace dollars) None of these were common junk.
-If it does not have a CAC sticker on it, forget about selling the coin for anywhere near bid. (I did sell some CAC blast white, high end dollars at bid)
-I had several nicely toned dollars along, with CAC, and the toner guys would not even make an offer.
-Greysheet seems to be losing is luster. Many dealers now pull up action results and offer based on that, which always seems lower than the sheet by the way.
-The worst offer, 33% below bid, was made by the guy selling, (or trying to sell) coins on eBay, for 10 times over bid! 
-A shocker to me, APMEX was the most competitive on some of my coins and I sold them 15! Who would have thought that?
-In hindsight, it was an interesting experiment, and I don't have to list them, ship them, wait for payment, etc. Add in 10%-18% auction fees and suddenly these cash in hand offers were not so bad. Many dealers did tell me they are really at the show to buy coins. Most dealers were very appreciative to have a look. It was a good experience for me.
Comments
I had some of the same experiences.
I also noticed that Apmex is a strong buyer, especially for certain modern world issues (Pandas, Lunars).
The toner guys occasionally will buy, but mostly they want a rip. Since they can't sell their own items at 3x-5x profit, they don't want to buy yours. I was most successful in selling to one of the toner guys at a prior show right after he sold his own toned Ike for around $1,000 (likely 4 to 5x what he paid for it).
I also agree that I'm willing to lower my selling prices at shows to avoid the extra costs of shipping and auction fees. Cash in hand is always best!
I see some B&Ms use Ebay GC and auction results to buy .. for a quick flip?
The grey sheet has lost touch with the real market.
One of the reasons is that anyone can buy a grey sheet, not just dealers.
The real market is on the dealer to dealer sites.
Most toner buyers I run into want ms 65 coins and higher at 1.5 to 2X sheet for exceptionally toned coins.. But great report Wabbit!!!
The lesson is:
If you want to know the true value of your coins you need to be in the market SELLING. It seem to me that many of the "hot" markets touted on this forum are, in fact, just one-way markets. In other words, they want to sell you theirs for a big premium but only buy if they can steal or "make their own."
Thanks for the report.
My take is that for coins that have large populations on the show floor - semi-common to common Morgan dollars, commemoratives, 1933 and later Walkers and Merc dimes, dealers want to be in much less than the bid price on the grey sheet. The exception may be exceptional examples, like pretty toned pieces or upgradeable coins. On the other hand, the low end, overgraded stuff is not going to find buyers unless it is a real bargain.
Naturally, the duplicates you want to sell are not going to be the exceptional pieces, so I think this is the reason for your results.
If the "Real" market is on the dealer-to-dealer sites, then how can it be that the grey sheet picks up those transactions and reports it. I don't see how there could be a divergent hidden market there.
APMEX has deep pockets and is a strong buyer. They have the marketing reach and are using it to their advantage.
Coins shows are for dealers to selectively buy new inventory. I find most dealers are looking for upgrades or bargains. There are those who want to buy solid coins at fair prices, but you have to have solid coins, not your latest upgrade.
EE - Just because these were dups doesn't mean they were low end....does it??
Great report.
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Nice report - thanks for the perspective. Would have loved to be there......
I have been noting that the market for coins is slow. reports like this only tend to bolster that perspective. in a nutshell, dealers need to be careful about what they buy and how much they pay simply because the "market" is moving in the wrong direction. we can each stick our heads in the sand and claim things are OK because the big auctions do good, but show attendance is down and prices are sagging.
it is all good, though, because everything was way, way too high for too long.
RE:
dealers need to be careful about what they buy and how much they pay simply because the "market" is moving in the wrong direction
finally someone gets it. Contrary to the hopes of many here and Market Reports I read...coins are not undervalued. They're still finding their level.
I shopped around a five coin lot on Thursday. Sold 2 widgets at about 10% under bid (which is reasonable and E-Bay competitive) immediately and sold the better 3 to Niles Coin Shop at about 10% back of bid.
I had a second 4 coin lot. I sold 1 common MS 66 (non FB) Merc to a dealer friend for $40. Offered the other 3 (much nicer coins, but still widgets) to a Dealer who got out the dreaded Blue Sheet. I told him my number while he fumbled with it. His number was $85 lower than the number I'd suggested.
In these cases it's obvious no deal will happen. Just move on.
Correct. I should add, they were all PCGS and 15 of the dollars had a CAC sticker. The non stickered coins were what I sold to APMEX.
eBay/PayPal fees are about 10% for me. So selling a 1927 MS65 CAC Peace dollar at bid, which I did, was actually getting 10% over bid taking out eBay/PayPal fees. Or 18%-28% over bid, taking our Heritage fees. Without the CAC sticker as mentioned, not much interest.
Is turning down cash offers for widgets in a declining market ever a bad idea? Think about it.
@Wabbit2313...Interesting report.... I like the 'seller' perspective as well....
@U1chicago.... A $1000 Ike for tarnish??? Dang...and we wonder why we have a proliferation of coin doctors....
ANSWERED!!!! Cheers, RickO
Is turning down cash offers for widgets in a declining market ever a bad idea?
I would answer yes, it is.
if you look at the prices on some key date coins in collector grades over the past several years I am quite certain that they are declining steadily. I have told a few guys I know who want to sell that sort of thing that it might be best to sell now at a loss than later at a bigger loss. the alternative is to wait till prices rise again, but that isn't a viable choice for a 65-70 year old collector.
The last couple of years ,spin meisters tried their best to make gold out of lead to get higher prices ..or low ball prices when buying.
Yes it was a very expensive Ike! In my opinion it was overpriced, but someone liked it enough to purchase. I have paid a large premium for a few toned Ikes, but never more than $200 (which still does seem a bit crazy for an Ike).
Also, I'd say the "doctors" aren't just in it for the color. People like blast white, so there are doctors that will overdip or even whizz coins to give them that extra "shiny" look.
Agreed on the dipping... but whizzing is detectable.... and never have I seen a dipped coin command prices like the tarnished coins. And I am one that likes the blast white coins, so I check them carefully. Cheers, RickO
Very nice report (and follow-up commentary). Thanks!
Sounds like the 'ishopcoinshows4u' guy