Ever Had a Dealer Let You Set the Price on a Coin?
Coinosaurus
Posts: 9,641 ✭✭✭✭✭
I was at the EAC convention in 2016 admiring a contemporary counterfeit. Dealer says "I have no idea what this is worth, just pay me what it's worth to you." It was worth $20 to me and the deal was done 
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yes and when that happens I usually regret it
So we are all curious, what was it?
An authorized PCGS dealer, and a contributor to the Red Book.
Oh, and to answer your question, I've done that a few times.
An authorized PCGS dealer, and a contributor to the Red Book.
When I offer an arm...he wants a leg.
I've had a few sellers ask me to set the price. I try to be very reasonable and actually find it to be a lot of responsibility depending on the seller.
No, never.............might be nice though
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Now that's the way to conduct business!
(Also means he had -0-in the coin....but hey, after all, his cost isn't relevant as long as you're happy with the deal.
Yes on a couple of occasions, both buying and selling...sometimes it works...other times...not.
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Yes, it happened to me at the Fall ANA in Dallas in 2012. I asked a dealer about a particular item (which was marked at about twice what I thought it was worth). He responded, "What are you willing to pay for it?" I told him the night before in the Heritage auction that I had paid X amount for two slightly better items but would be willing to pay that same amount for his. He just turned his back and wouldn't talk to me.
Member ANA, SPMC, SCNA, FUN, CONECA
usually that means there is "no value" to the coin and the dealer has it at a cost of $0-1 and basically any offer would be net +
I have had a few dealers ask me, "What do you want to pay for it?" and my response has been, "It's your item; you price it."
I have found that this "What do you want to pay?" question is a ploy. If you offer more than the dealer really wants, he's ahead of the game. If you offer less than he wants, he'll refuse the offer and continue to negotiate. My position is, you price it; I decide. A professional dealer should be prepared to quote a price.
It the dealer continues to use the "What do you want pay?" line, I pass. I have purchased very few items from dealers who won't price their coins, and none in recent years.
Well, sort of. I have had offers on eBay accepted, Doe's that count as a yes?
it's crackers to slip a rozzer the dropsy in snide
Yes, Mr. Eureka sent me an 1849-O gold dollar with a blank invoice. He said that I could pay whatever I thought it was worth. It was a great coin, and I probably paid more than he would have asked. It was a brilliant move on his part.
I have had a dealer quote a price and after I said no but thank you, he ask if we were close. Thought that was a nice friendly way of dealing.
Every day of my life. It doesn't always turn into a transaction, but it's an exercise in understanding my counterpart.
I have not had that happen, and having attended many, many shows - and visited shops - I would be truly surprised if such an offer were to be made. I believe the seller should price the product. My bid, in such a case, would likely be embarrassingly low. As a buyer, I insist on the privilege of acceptance or rejection. My money, my rules. Cheers, RickO
Very common experience, probably 15 time this last weekend.
Examples: Price not marked, how much? Prices is 4x what I would pay. I say thanks, and keep moving. His response: How much would you pay for it, and I say, thanks, we are too far apart.
Price not marked, how much, I don't know, what is it worth to you. I say X, he says OK. Deal made.
Price not marked, how much, I don't know, what is it worth to you. I say X, he says, 3X, I say thanks and move on.
Price marked, look at price, and put it back. He says how much, I say .3X, he says .35X, deal made.
Price not marked, he says what is it worth to you, I say X, he says, we're not close, no deal.
It is just normal back and forth. No shouting, no anger, just opinions on what value is, and how strong the desire is to buy or sell.
Yes, and I have made offers and done this as a seller, too, but only when I'm not sure of price and trust the other party.
I agree that the seller should set the price and if the buyer does this, it's usually advantageous to the seller, not the buyer.
Yes, when I was at a CSNS show and asked for a price on a 45-S in 66 and the person behind the table said it was bought buy another employee but had no what they paid for it so he rattled off some CCE numbers and I made an offer that was then accepted.
Andrew Blinkiewicz-Heritage
For the reasons Bill Jones stated I don't want to state the first price. It's their coin, the dealer should start the negotiations. Only exception is two dealers that I almost never dicker with. They both have great coin eyes and price very fairly. I don't want to fall off their A list of clients. On the rare occasion I don't like their price I just state the coin isn't for me.
I do enjoy negotiating, with the understanding it needs to work for both parties .
I've received some low ball offers on eBay - they quickly get on my block list.
Calling Mr. HalfDime..... Didn't I sell you that 1849/6 this way?
Did it once at a local show and I was sorry...
Dealer had an MS67 Columbian NGC marked 8K, asked me what I would pay, I said in a friendly way that I would not pay more than 3000 for the coin and he accepted (!); I later found out these were trading for 2700 in recent Heritage auctions so that taught me to double check current prices in a declining market before buying anything
Commems and Early Type
Many years ago I spotted a half cent at a reginal show that fit in my collection. It was a common date and lightly circulated. I asked the dealer what he wanted.
"$110" was his answer.
I declined.
"What do you want to pay?" he asked.
"You would be embarrassed at my offer," I replied.
"Embarrassed me!" he responded.
"$55" was my response.
He took it.