Dealers: Do you sell the wheat or the chaff?
unclebob
Posts: 433 ✭✭✭
You buy a collection or album of Morgans....
Do you cherry pick the coins and wholesale the remainder to another dealer/ebay?
Do you grade/sell the cherry picks and recoup the investment more quickly?
Leaving you with the remainder to dispose of over time?
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Comments
I'm no dealer but I've purchased plenty of albums. The formula for me has been to figure out where the value is, get that stuff in slabs (& stickers), and sell the rest as generic Morgans.
It's not hard to dispose of generic silver. The price point necessary to make it go away is figured out in the buy price to start with.
It depends on the deal......if you're not careful or get lazy you can end up with a lot of chaff.......and no wheat.
If you are fortunate enough to get a fresh deal, you have to decide a) whether to flip to the vultures who come circling immediately (they can smell a fresh deal) or b) work it yourself and tie up more time/money possibly for a bigger return.
So for me, it's usually this question: How much can I make flipping it to reinvest and turn my money over? or do I try to be the "max-out" guy?
KInd of hard to generalize, but it depends on the coins and the deal.
When I get a large lot, I always sell from the bottom up. That is, I sell all the low priced coins and keep all the nice eye appealing coins for inventory.
At the end of the day, I end up with a few nice coins for inventory. By selling all the low end stuff, my cost goes down for the nice ones I keep.
Any albums... or sets, I have purchased, I still have...just as purchased. Obviously, I am not a dealer.
That being said, if I were to sell, I would piecemeal the set.... slab the good stuff and display the rest... Cheers, RickO
Ive bought several full morgan dollar album sets. Ive never not made a offer on the whole book. Most of these sets do get broken up, rarely will you have a customer wanting a full set over the counter. I typically piece the sets out as I need to coins to fill inventory or if a customer needs that date in that grade, bam. I have bins of circ morgans by grade and cull morgans by grade out front for customers to search through, one of the better sellers.