@TwoSides2aCoin said:
Bushy eyebrows. Hair growing out of ears and nose. Balding, fat. Big magnifier hanging around neck. Smells of donuts and coffee. Low grumbling emanates from deep within his throat when he grunts and growls. Scary looking, with pointed and sharp teeth. He typically hides under bridges, waiting to eat pets and young children, after dark.
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With me being a dealer hiding under bridges, I think you nailed it.
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"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin
A good dealer needs to be able to tell customers that, yes, the market is 'down', but it's a great time to add items to one's collection. Keep digging (er, patiently making purchases). A shovel is free with the first purchase.
Member: EAC, NBS, C4, CWTS, ANA
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
Adding to my comments from almost seven years ago…
Someone who has a history of trust and a good reputation who makes a sustainable living dealing in Coins. Not just some shady dude who set up at shows regularly.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
A dealer is someone who buys and sells to make a profit. Period.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Wasn't condemning the practice, just clarifying the statement above. I've bought & sold for a measly profit and no where near a dealer status. I know if I go into a B&M to sell, know what I'm getting and I see dealer prices on EBAY for stuff I'm interested in and have the CDN. The inter-market dealer bid/ask spread is around 10%, but dealing with collectors its around 30+%, just the facts. Of course they have to make a profit.
@coastaljerseyguy said:
Wasn't condemning the practice, just clarifying the statement above. I've bought & sold for a measly profit and no where near a dealer status. I know if I go into a B&M to sell, know what I'm getting and I see dealer prices on EBAY for stuff I'm interested in and have the CDN. The inter-market dealer bid/ask spread is around 10%, but dealing with collectors its around 30+%, just the facts. Of course they have to make a profit.
30% maybe for inexpensive Morgans and the like, but margins are normally much thinner than that as you go up in price. CDN (greysheet) is normally 20% back of CPG (target retail), so the ideal spread is 20%. Obviously, not every coin can be sold for full CPG so often times dealers have to pay back of bid to make that same margin. 20% is a perfect world though, the dealers I'm close with that work many shows try to stay in 15% realm, but no lower than 10%. When I flip expensive coins, I'm happy to take 5% but obviously I don't have a store or employees to pay.
It takes the same amount of work to sell a $20,000 coin that it does for a $200 coin, which is why the margins need to be better sub $1000. No one wants to spend the time and money to stock a $200 coin that they're only gonna make $20 on.
30% maybe for inexpensive Morgans and the like, but margins are normally much thinner than that as you go up in price. CDN (greysheet) is normally 20% back of CPG (target retail), so the ideal spread is 20%. Obviously, not every coin can be sold for full CPG so often times dealers have to pay back of bid to make that same margin. 20% is a perfect world though, the dealers I'm close with that work many shows try to stay in 15% realm, but no lower than 10%. When I flip expensive coins, I'm happy to take 5% but obviously I don't have a store or employees to pay.
It takes the same amount of work to sell a $20,000 coin that it does for a $200 coin, which is why the margins need to be better sub $1000. No one wants to spend the time and money to stock a $200 coin that they're only gonna make $20 on.
Or put a CAC sticker on that $20,000 coin and then sell it for 20%, 40% or 60% or more. No?
Comments
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With me being a dealer hiding under bridges, I think you nailed it.
.
.
"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin
A good dealer needs to be able to tell customers that, yes, the market is 'down', but it's a great time to add items to one's collection. Keep digging (er, patiently making purchases). A shovel is free with the first purchase.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
And the mustard stains. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
If only they'd put the dates on the threads or the comments on the threads...oh, wait....
Adding to my comments from almost seven years ago…
Someone who has a history of trust and a good reputation who makes a sustainable living dealing in Coins. Not just some shady dude who set up at shows regularly.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
A dealer is someone who buys and sells to make a profit. Period.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Slight tweak, someone who buys from a collector at CDN<20% and sells to a collector at CDN + 20%.
@coastaljerseyguy , what do you do for work and do you work for free?
Wasn't condemning the practice, just clarifying the statement above. I've bought & sold for a measly profit and no where near a dealer status. I know if I go into a B&M to sell, know what I'm getting and I see dealer prices on EBAY for stuff I'm interested in and have the CDN. The inter-market dealer bid/ask spread is around 10%, but dealing with collectors its around 30+%, just the facts. Of course they have to make a profit.
30% maybe for inexpensive Morgans and the like, but margins are normally much thinner than that as you go up in price. CDN (greysheet) is normally 20% back of CPG (target retail), so the ideal spread is 20%. Obviously, not every coin can be sold for full CPG so often times dealers have to pay back of bid to make that same margin. 20% is a perfect world though, the dealers I'm close with that work many shows try to stay in 15% realm, but no lower than 10%. When I flip expensive coins, I'm happy to take 5% but obviously I don't have a store or employees to pay.
It takes the same amount of work to sell a $20,000 coin that it does for a $200 coin, which is why the margins need to be better sub $1000. No one wants to spend the time and money to stock a $200 coin that they're only gonna make $20 on.
Founder- Peak Rarities
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Old thread alert.... but that said....Personally, all I care about is a nice inventory of coins and a pleasant transaction.
I am a newer collector (started April 2020), and I primarily focus on U.S. Half Cents and Type Coins. Early copper is my favorite.
Or put a CAC sticker on that $20,000 coin and then sell it for 20%, 40% or 60% or more. No?
Simply put, a “dealer” is a person or company engaged in the business of buying and selling.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.