Options
Local dealer FIO
jdimmick
Posts: 9,973 ✭✭✭✭✭
One of my customers came in today, told me that the other dealer across town just bought two PCGS MS-63 Libs for 1300.00 each, and were pretty nice, so I closed up early and went over to see if I could get em. Needed some for a few customers. Dealer has them priced at 2799. and 2999. I figured I could get em for about 2k each. Nope ! dealer tells me he's into them a little high and needs 4900.00 for the pair.
So much for that, but what bugs me the most is how people dont shop stuff around, with this deal he also bought 200 face of 90% for 12x face. Yes, Im bugged. You try and pay fair, but dont get nothing good, dealers like this get all the good stuff and literally steal the stuff. Few months ago, another dealer here buys a Charlotte gold $5 for less than melt. worth easily 2k.
Had enough of it, Thats why i am calling it quits! last day dec 31.
So much for that, but what bugs me the most is how people dont shop stuff around, with this deal he also bought 200 face of 90% for 12x face. Yes, Im bugged. You try and pay fair, but dont get nothing good, dealers like this get all the good stuff and literally steal the stuff. Few months ago, another dealer here buys a Charlotte gold $5 for less than melt. worth easily 2k.
Had enough of it, Thats why i am calling it quits! last day dec 31.
0
Comments
I've learned that dealing with the general public to any capacity is like beating your head against the wall repeatedly expecting it to feel good.
I'm in healthcare......and it's even worse.
Good luck on your retirement from the B&M business.
Too many positive BST transactions with too many members to list.
bad news. only way i know of to avoid things like this is to leave this earth.
i've yet to find anywhere behavior like this do not occur.
not that i am saying i disagree or agree with what happened.
.
pay the bills and save a little.
Sounds like the other guy advertises such that he gets the business, whether by
word of mouth or print or airways.
He's developed a reputation amongst the public so that they would feel comfortable
entering his establishment for the first time. What goes on in the shop must be a
positive experience for the customer to sell.
His buying habits must be consistent and his spiel believable to the sellers.
bob
Having other dealers/customers buying up items at low ball prices that you would have paid fairly for... Or making a solid/fair offer and having the owner tell you off as if you had just low balled them?
I just had #2 happen.. Guy had a smattering of junk silver (about $70 melt), $50 face value in modern 1970s-80s notes/coinage/other assorted junk worth face value. Only collectible thing in there was one silver dollar worth about $35 retail. I offered $120 for the lot and was told no and that if he "found any crack heads in desperate need of money [he'd] send them my way"... I advised him to shop it around and see what others would pay.
I don't have time for sour grapes.
RIP Mom- 1932-2012
I have had to deal with this a number of times since I opened up.
Maybe I am just too bullheaded to call it quites. I'm going to hang in there and keep up the fight.
Its an up hill battle but I will remain in the fight.
I would rather make a good deal for both parties than a great deal for just one of us
so what if the public doesn't see things your way you have to understand the common mindset of people if they think they are getting good deals
then they will spread the name around,what happened is you tried to play fair that never works with most people cause they think you are ripping
them off so they go somewhere else where they think they will get good deals
1997-Present
link or not to link is the question, no buyers, little traffic, excuses from people for not clicking and the amount of hate this forum has for me are the issues
still some money left for you to make a buck
Don't quit.
I give away money. I collect money.
I don’t love money . I do love the Lord God.
-TEJ
<< <i>Yes, I'm bugged. You try and pay fair, but dont get nothing good, dealers like this get all the good stuff and literally steal the stuff. >>
Do you advertise?
Are you in a location where people can find you?
"Paying fair" is great, but it is not going to help you if prospective sellers do not know that.
Coin Rarities Online
No they do not advertise at all period and never have since I have been open, except yellow pages.(our add is actually larger) we on the other hand do, large full page adds in paper on occasions, not all the time but frequent, cost is extremely high.
The one thing that they have going for them is they have been around since 1980 in same spot, closer to central part of town, but more importantly, right off base. They capitalize on GI's needing to sell in a hurry for a quick buck at lunch , or even general public convience. They cant make it to my part of town on thier lunch hour , etc. We do not stay open later in the evening due to safety concerns. Its not the area I (my shop) am in, its the whole damn city. In fact , thier area is worse, drug and gang capital central, but convienent during day time hours.
Like I said, hate to wine and complain, cant get all the business and honeslty dont want it all, just really bothered me today, same as trying to compete when the motel buyers were coming around weekly.
Its just as others have mentioned , try to pay fair, and some people question you to death and even walk out, others can bend em over and they smile and sell.
I had already had the closure in the works due to several reasons: #1 safety in this town, #2 location although convienent, not centralized in town as mentioned above, #3 we have turned into a scrap buying place, no active coin collectors period, only selling silver bullion and small denom gold for the past 18 months. #4 help you can trust is getting far and few between, my main guys wife has cancer so he's out, the other is getting old, and sleeps all the time. Good trusting help is harder to find than you would think!
actually , this is whats going to transpire:
Effective Jan 1 2013, the store front location will be sold to another person who is going to open the shop with some coins, but mainly be a gold/scrap buying location. I will be backing the store financially, and work on an appointment type basis with customers that have better coins and or larger quantity of gold coins. We dont get that many good items here so waiting around days at a time for something good to walk in will no longer be a problem. I have already leased the space next door to the current shop to use for appoinments and appraisals.
I will be enhancing the web site to be able to list and sell coins from it, instead of it being mainly an addvertising site as it is now. Also, not being at the store all day, i will have time to travel around too some of the shops in the regional area to do some business. Also do a few more shows. Also, I will be hosting occasional buying /appraising events in town.
next, I am in the works on getting one of the local flea market dealers (who have done decent)to open up a full time shop incl bullion buying on the opposing side of town and back them up as well. this will give me time to jump back and forth if needed.
Lastly, as I mentioned this town is really unsafe, so it limits the time i am accesible to potential robbery/crime. Ill have a lot of free time to go and do what i want.
Also am considering buying a house in another state in which my son wants to attend college where out of state tuition is HIGH, so living their instead will reduce the ocst significantly.
jim
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
It's because people can't see the forest through the trees. ( There are two trees blocking the view of my shop from the street
I almost got Rick Snow in, once. When Tom found out about a few dealers who have come in already, he said, "I haven't seen him for years and years". I said, " YOU can have him... I will send him your way "
Dealers are in the business of dealing. It's best to work with dealers , not against them. This is true also in contracting where I may return next summer, but don't let it burn you out. Let it strengthen your resolve to meet the challenges before you. It's a grind but just bear with it. Buy on eBay and sell with thinner margins to your loyal customers. Re-invent yourself. You are the only one who can change. And by golly, CHANGE is what coin dealers deal with. Deal with it.
Tom lost 1.8 million in a heist over a decade ago. I asked him if he planned on ever quitting. He said, "Joe, as long as a guy has fun, he should have fun, and I'm having fun". Tom is a specialist in Early American Copper.
Thanks for reading. I do hope you find just a bit of comfort or encouragement in my writings . Hang tough.
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
If I ever open a shop I will certainly research the location.
For a large selection of U.S. Coins & Currency, visit The Reeded Edge's online webstore at the link below.
The Reeded Edge