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Why Coin Dealers Drink--Part CCCXCVII
CaptHenway
Posts: 34,292 ✭✭✭✭✭
From the coin dealer network:
"I'm afraid it's going to be one of those days,,,
First customer sold me some arrowheads, then bought
A few items.....asked if I had a cheap older $2 note.
Showed him a few red seals with torn corners and told him
$2 each...face value,...he asked if he could buy one
For a dollar....."
"I'm afraid it's going to be one of those days,,,
First customer sold me some arrowheads, then bought
A few items.....asked if I had a cheap older $2 note.
Showed him a few red seals with torn corners and told him
$2 each...face value,...he asked if he could buy one
For a dollar....."
Professional Numismatist, Retired. 55 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Winner of the PNG's 2026 Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.
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Incredibly, you could see this coming.
Jade Rare Coin eBay Listings
Steve
<< <i>From the coin dealer network:
"I'm afraid it's going to be one of those days,,,
First customer sold me some arrowheads, then bought
A few items.....asked if I had a cheap older $2 note.
Showed him a few red seals with torn corners and told him
$2 each...face value,...he asked if he could buy one
For a dollar....." >>
The customer must have been crazy to think he could buy it at dealer cost.
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
<< <i>The customer must have been crazy to think he could buy it at dealer cost.
Ouch!!!
Practice makes perfect & nobody is perfect. So, practice being nobody and be perfect !
<< <i>
+1
Lafayette Grading Set
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Steve
<< <i>
<< <i>The customer must have been crazy to think he could buy it at dealer cost.
Ouch!!! >>
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
<< <i>
<< <i>From the coin dealer network:
"I'm afraid it's going to be one of those days,,,
First customer sold me some arrowheads, then bought
A few items.....asked if I had a cheap older $2 note.
Showed him a few red seals with torn corners and told him
$2 each...face value,...he asked if he could buy one
For a dollar....." >>
The customer must have been crazy to think he could buy it at dealer cost.
"Hello. Look- you need cash now, and I can give you $780 today for your coin. You can go to any pawn shop and they won't give you any more. The problem today is that economic times are so hard, no one is paying any numismatic premium for any coin, unless they're worth tens of thousands of dollars. So take my offer for spot gold- it's the best one you'll find."
I replied, asking him if he could sell me his 1942/1 dime for spot price. Haven't heard back from him since.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
<< <i>Here's a story from about a month ago... I was selling an 1899 Gold Eagle (with AU details, nice luster) online. A "buyer" contacted me and offered me a little less than spot for it. I'm fine with beginning a negotiation with my position really high and the buyer's position really low, so we can negotiate toward the "fair" price. Anyway, in his offer, though, he wrote:
"Hello. Look- you need cash now, and I can give you $780 today for your coin. You can go to any pawn shop and they won't give you any more. The problem today is that economic times are so hard, no one is paying any numismatic premium for any coin, unless they're worth tens of thousands of dollars. So take my offer for spot gold- it's the best one you'll find."
I replied, asking him if he could sell me his 1942/1 dime for spot price. Haven't heard back from him since. >>
Unless I'm missing something, circulated 1899 eagles generally sell for slightly more than spot on eBay - so a spot offer with no commissions to pay is not THAT outrageous.
<< <i>Unless I'm missing something, circulated 1899 eagles generally sell for slightly more than spot on eBay - so a spot offer with no commissions to pay is not THAT outrageous. >>
You are. I was referring to his statement about coins not having numismatic value because we're in difficult "financial" times. I found it a little ridiculous, but perhaps that's just me... As for the coin, I sold it to a Chicago-based dealer for $150 over spot.
Interests:
Pre-Jump Grade Project
Toned Commemoratives
The dealer had a customer that had been coming in frantically buying up all of his Confederate States notes. He thought it was a little odd, but figured the guy was trying to quickly build a collection. A few weeks later the guy comes back calling the dealer a fraud and demanding his money back. He brought along a letter from his bank that was asking him to please stop trying to deposit the notes as they are no longer legal tender- LOL!
I've got a few of my own, though I'm not a professional coin dealer.
I'm assembling a dossier of silly guest questions, since my "real job" is in a resort hotel.
Like the lady who asked me if her phone charges would be on the bill when she checked out at 6:00 AM.
I said yes, any charges made before the 3:00 AM audit would be, and most phone charges would automatically go in there.
Then she said, "what about my cell phone calls?"
It was early in the morning. I figured she'd just woke up, so gave her the benefit of the doubt.
So I asked her to repeat that last question.
She did.
Collector since 1976. On the CU forums here since 2001.
<< <i>I've been digging through some old Numismatic Scrapbook magazines from the 1950's lately. The one I was looking through last night had a letter written by a dealer, and it reminded me of the OP's story.
The dealer had a customer that had been coming in frantically buying up all of his Confederate States notes. He thought it was a little odd, but figured the guy was trying to quickly build a collection. A few weeks later the guy comes back calling the dealer a fraud and demanding his money back. He brought along a letter from his bank that was asking him to please stop trying to deposit the notes as they are no longer legal tender- LOL! >>
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
RING! RING!
ME: Hello.
HIM: I wanna buy a big gold coin. You got a big gold coin?
ME: I have 1 ounce American Eagle, Canadian Maple Leaf or South African Krugerrand.
HIM: What is the biggest gold coin you sell?
ME: When I have them, the Mexican 50 Pesos, which is about 1.2 ounces of gold.
HIM: You got any of those?
ME: NO sir, right now just the coins I described initially.
HIM: How much gold do they have?
ME:
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>Couple days ago at the shop:
RING! RING!
ME: Hello.
HIM: I wanna buy a big gold coin. You got a big gold coin?
ME: I have 1 ounce American Eagle, Canadian Maple Leaf or South African Krugerrand.
HIM: What is the biggest gold coin you sell?
ME: When I have them, the Mexican 50 Pesos, which is about 1.2 ounces of gold.
HIM: You got any of those?
ME: NO sir, right now just the coins I described initially.
HIM: How much gold do they have?
ME:
If they aren't coin or PM buyers maybe they didn't know they contained 1 Troy ounce of gold.
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
Oh, I sensed you would jump on the defensive position. I purposely left out the part about how this is a regular who knows the drill. I posted it because I thought it was funny regardless of the who/what/when/where/why and how. And I wanted to see how long it would take for you to jump, since you didn't read the transcript carefully.
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
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
<< <i>PerryHall, why do you automatically take the side against the dealer, regardless of who is right or wrong? >>
Not true. There are many fine dealers out there including many that post here but a person would have to be naive to think every B&M dealer is honest and doesn't take advantage of the proverbial widow selling her late husbands coin collection. I've been collecting since the mid 1960's and I've been in too many coin shops when someone brings in a nice rare coin and the dealer made a low ball offer. I've had dealers tell me that a coin I have is fake (in one case it was a MS Saint) when I knew fully well that it wasn't and they then try to buy it from me. After awhile it's hard not to be cynical. As a former coin dealer I'm sure you knew more that a few unsavory coin dealers.
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
<< <i>There are many fine dealers out there including many that post here but a person would have to be naive to think every B&M dealer is honest and doesn't take advantage of the proverbial widow selling her late husbands coin collection. >>
Strawman. Nobody here that I can recall has *ever* claimed that every B&M dealer is honest. And I noticed you didn't mention anything about collectors taking advantage of the proverbial widow, did you? Why not? Do you think it doesn't happen?
<< <i>
<< <i>There are many fine dealers out there including many that post here but a person would have to be naive to think every B&M dealer is honest and doesn't take advantage of the proverbial widow selling her late husbands coin collection. >>
Strawman. Nobody here that I can recall has *ever* claimed that every B&M dealer is honest. And I noticed you didn't mention anything about collectors taking advantage of the proverbial widow, did you? Why not? Do you think it doesn't happen? >>
Obviously collectors shouldn't take advantage of others selling their coins by making low ball offers to those who are unknowledgeable. I'm sure it happens but in the vast majority of cases people who are selling their late husband's collection or their deceased father's collection don't know someone that collects coins so they find the nearest coin shop in the phone book. Dealers can talk to someone selling a collection for a few minutes and figure out if they know anything about coins. Many times they use this information when they make their offer.
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
Perhaps 10 or 12 years ago, when my selling vintage color imagery was in its infancy, I sent out a batch of scans watermarked with "SCAM" not "SCAN" -
Eric
<< <i>Dealers can talk to someone selling a collection for a few minutes and figure out if they know anything about coins. >>
People who don't know anything about the coins they're trying to sell can talk to as many dealers as they like in order to become more well informed, too, don't you think?
<< <i>
<< <i>Dealers can talk to someone selling a collection for a few minutes and figure out if they know anything about coins. >>
People who don't know anything about the coins they're trying to sell can talk to as many dealers as they like in order to become more well informed, too, don't you think? >>
BINGO! Now play nice, all. This is supposed to be a lighter side thread. Evvabuddy chillax!
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
<< <i>Invariably when I have gone to a hotel buyer or pawn shop they will play games, examining US eagles for weight, make a phone call to their buyer, etc., to make a determination as to value, even though they are one of the easiest objects on planet Earth to put a number on with spot price known; heck gold eagles even have a few dollars of silver in them. >>
If you know they always do this but still go to them, it sounds like you're playing games, too.