How do you feel about others asking you how much you paid for a coin?

gsaguy · October 1, 2002 11:31AM

As both a dealer and a collector, I'm often asked thequestion, "how much did you pay for it." In most cases I answer with something like, "I paid strong money for it, or, I was able to buy it at a very fair price."

Frankly, I don't like being asked this question because in my opinion it's really no one else's business. Just as when I'm buying a coin, the price the other fellow paid for the piece has NOTHING to do with his asking price and I NEVER ask the owner how much he has in the coin. He's either asking a fair price, or he's not.

Surely, collectors deserve whatever guidance they can get from dealers about how to purchase coins wisely, but asking a dealer his buy price on a specific piece should be avoided. As for the dealers themselves, THEY KNOW BETTER but will do it anyway.

For you collectors out there, I advise that you keep your transactions private unless you have a very close working relationship with a specific dealer that you trust.

Thanks!

GSAGUY

KlectorKid · October 1, 2002 11:35AM

i dont mind i mean its no big deal how much u pay... but i dont have a very expensive collection so those who want to keep the price of there collection secret have a fair reason.

lathmach · October 1, 2002 11:37AM

Doesn't bother me.
I do the same thing the coin dealers do. Lie.

Ray

dorkkarl · October 1, 2002 11:39AM

i personally dislike it greatly, it's like asking "how much do you make at your job?" better than asking "what did you pay for that coin" would be: "did you do better than vf money for that coin"

K S

LanLord · October 1, 2002 11:42AM

I never feel comfortable with that question, I am not talking too many high dollar items in my collection either, but money is a personal issue. It wouldn't be okay to ask someone how much they make at work, or how much they paid for a house ( although this does seem to be done quite a bit) I don't like questions about how much a coin cost. I, however, have been tempted to ask many times just out of curiosity.

rkfish · October 1, 2002 11:49AM

GSA,

I agree totally with you on this......but it seems most dealers I deal with always tell you what they paid for a coin, which is always above greysheet. Personally, I don't want to know what they paid. Just give me a fair price on a nice coin and I'm in!

As for the coins I buy.....it's not anyone's business what I paid, but I may share it with a few people that collect and have an interest in the same series I do, but that's my decision.

Clankeye · October 1, 2002 11:53AM

I recently asked that very question to a board member here about a coin I knew he had purchased. I did so in a PM, and prefaced the question with "You absolutely do not have to answer this, but if you don't mind what did you have to pay for.....blah, blah, blah. If he had responded by telling me to take a flying one at the Moon I would have thought that's his right. He did not. He chose to tell me and I don't think anything was out of line with the request.

In this particular case I really wanted to know. Because it was a coin that does not often come the way it was described and I was just intensely curious as to what the market really might be.

I believe this, with anything that is delicate, there is a right way and a wrong way to approach it. For the most part, I do not want to ask people what they paid for a coin. But, if knowing is important to you, the way you go about asking is everything.

gmarguli · October 1, 2002 11:55AM

I don't care if people ask me. I'll usually tell them the truth or give them a solid estimate (about $800, a little over a thousand).

I personally like hearing what people paid. It helps gauge the market. This is especialy true for toned coins. God only knows where these coins are.

airplanenut · October 1, 2002 11:58AM

I don't mind answering at all- if I was thinking of reselling and divulging the price would possibly keep people from buying thinking that they could find a better deal elsewhere, then I will just say I would rather not share the info.

Jeremy

PS- if it's in my collection, it's fair game for you to be told

LanLord · October 1, 2002 12:00PM

<< <i>I recently asked that very question to a board member here about a coin I knew he had purchased. I did so in a PM, and prefaced the question with "You absolutely do not have to answer this, but if you don't mind what did you have to pay for.....blah, blah, blah. If he had responded by telling me to take a flying one at the Moon I would have thought that's his right. He did not. He chose to tell me and I don't think anything was out of line with the request. In this particular case I really wanted to know. Because it was a coin that does not often come the way it was described and I was just intensely curious as to what the market really might be. I believe this, with anything that is delicate, there is a right way and a wrong way to approach it. For the most part, I do not want to ask people what they paid for a coin. But, if knowing is important to you, the way you go about asking is everything. >>

Clank, I would respond favorably to a request done in the manner you mentioned rather than publicly asking for a price. If I really didn't feel like sharing the amount, I might gently tell you I'd rather not share that information, but otherwise, I think that is more acceptable.

IrishMike · October 1, 2002 12:02PM

I spend my entire day asking people what their income is, what they owe, how much in their 401K etc etc. Do I care if someone asks me how much I paid for a coin, nope. Do I always tell them the truth, hmmm, not going to answer that one.

braddick · October 1, 2002 1:21PM

I'm slightly embarrassed to answer it on some of the monster Rainbow stuff I buy and downright ashamed on the low grade!

My pat answer is: "too much".

Dog97 · October 1, 2002 1:21PM

It don't bother me.
Unless we're working a deal and you are trying to use that as a bargaining tool. That's kinda rude.

oldcameoproofsguy · October 1, 2002 1:59PM

I usually have no problem telling people what I paid for my coins. I figure that I'll have these coins for many years so what I paid for them today shouldn't have to be a really big secret.

kyleknap · October 1, 2002 2:36PM

If it's a piece in my collection, I usually wont answer, to save myself the ten minutes of "Kyle your out of your mind you should have bought the bright white one from me at 1/10 the price...."

If it's a piece for sale, I am always happy to let a potential buyer know, and I encourage them to check with the person I bought it from to confirm, so they can be confident I'm not pulling a fast one.

Kyle

goyankeez · October 1, 2002 2:49PM

I don't mind if the person is truly interested in the market of the coin. Or if he is considering collecting the series and wants to find out what they go for.

But I do mind, if a person is going to make some comment like, "that's a waste of money" or "you paid X for THAT".

I guess it depends on who the interested party is.

DesertLizard · October 1, 2002 2:56PM

Let's face it EVERYONE wants to know HOW MUCH!!

As a buyer we do not want to over pay. And we did we dont want to tell others for fear they will think we are an idiot. I am willing to bet most of us lie when talking to non collector friends about how much a coin is worth. I used to tell friend if they asked and they would say "What?!! Are you nuts?". Then when they would blow $80,000 for a BMW, MBZ, etc., I would say the same, it's all relative.

As a seller I tell the prospective buyer how I paid. I know how much it's worth and if the buyer does not want to pay then fine, someone else will!

Either way, you can always go to any number of website and fing the info., like at Heritage.

boston · October 1, 2002 2:56PM

I have never asked a seller "what they paid for it". If I want it, I'll pay the agreed price. It is wrong to ask, unless you already paid for it and accepted. Then it is still wrong!
Then just swallow if it wasn't what you wanted to hear. If the seller didn't volunter the information, don't ask again, and be respectful. Just be happy with the purchase.

stman · October 1, 2002 2:59PM

If it's someone I have communication with I have no problem at all.
But like others have said, if they are asking just to knock it then it's not their concern.

BTW Gsaguy, any update on your half of the half? This saga is interesting to me. And it doesn't seem like the Jack I know to do something like this. Of coarse I'm on the other side of the counter.

Stman

MastaHanky · October 1, 2002 3:06PM

I never ask the question of a dealer, but I have no problems asking it of a collector. I always say it in a way that they know they don't have to answer, like "If you don't mind me asking, what'd did you pay for that?" If they're uncomfortable with answering, they'll usually give a "too much!" answer.

I don't mind people asking me what I pay for material at all. I did once have a dealer ask me, which I thought was a bit odd, but I had no problems telling him, since I had no intention on selling the coin.

OK, well, one time, I was at my local dealer, and he commented really loudly on how much I had paid for my 09S-VDB (which, of course, we all know is stupidly expensive). There was a way cute girl in the shop at the time, and she gave me a weird look when she heard the price. That kind of pissed me off...how am I supposed to hook up with somebody when that happens?!?!

lincolnSence · October 1, 2002 4:35PM

life is to short. If they ask, I tell. The trick is to not let them know you bought it.

izzy452 · October 1, 2002 10:01PM

I dont tell anyone what I paid for a coin,because a coin is worth what you feel its worth.

Walt

DeepCoin · October 1, 2002 10:29PM

I think much of the answer to this question is based upon relationships. Among the Merc collectors we often talk about new acquistions. Generally someone will say where they bought the coin. Given many of us keep close track of the market, we often already know what was paid.

I have no problem with sharing information with friends. However, when a complete stranger asks the question, then it becomes a different matter.

One other thing I find interesting, there are often threads "How did I do on this coin", so some people want to self disclose. I guess my answer to this question is "it depends on the situation".

tjkillian · October 1, 2002 10:36PM

Mostly folks don't ask, but when they do, I tell the truth. Most non-collectors just sit there in awe at how much a coin costs. Generally, a collector will know its approximate value just by looking at the coin.

Tom

nwcs · October 1, 2002 10:38PM

It doesn't bother me to tell others how much I paid for a coin. Or how much I sell one (the few times I have). But if they ask me my annual income, that's another matter.

Twowood · October 1, 2002 11:38PM

I can't imagine any serious collector asking such a question. It's as bad as asking to borrow my toothbrush!

Trime · October 2, 2002 12:06AM

No problem or me at all.

baccaruda · October 2, 2002 12:53AM

what you paid has absolutely no bearing on it's value. it's water under the bridge.

shirohniichan · October 2, 2002 12:53AM

It all depends on the context. If someone wants to buy a coin from me and asks what I paid, I wonder if I should would respond, "If I won it in a poker game would you expect it for free?"

I don't mind so much if the coin is particularly rare or unusual (so that there aren't any reliable price guides available), but otherwise I don't think it's anyone's business but my own.

RLinn · October 2, 2002 1:19AM

If I bought it 20 years ago, I don't mind telling. If I bought it 20 minutes ago, I may be more reluctant. Now if I could just find a nice way of telling my wife its none of her business what I paid.

gemtone65 · October 2, 2002 3:09AM

Whether looking at a coin with the intent to purchase or simply to admire, I would say it is generally in bad taste to inquire ininvited about the owner's purchase price. You probably would not do so if you were contemplating purchasing a more traditional retail item, nor would you do so if you liked a particular antique at a friend's house. I would think the same notion would apply to rare coins.

In the case of a potential sale, information about the owner's cost is advatageous to the buyer in negotiations. So, the buyer is in effect asking the seller to make himself worse off at the expense of the buyer. This puts the seller in the awkward postion of either 1) revealing damaging information, 2) finding some excuse not to reveal it, or 3) fabricating an answer. So, I would say anyone who puts someone else in such a position is not acting in good faith, and certainly not in good taste.

That said, there are occasions when the seller may open the door to such discussions, in which case exploring the acquisition cost may not be considered inappropriate. For example, suppose the seller says: " I really paid a good price for this piece, so I can pass the savings on to you." Assuming you're gullible enough to believe this, I don't see anything terribly wrong with following up by asking:" And, about how much would that price be?" This response hoists the seller on his on pitard, yet allows him some wiggle room with his interpretation of the word "about."

Because of the strategic implications, asking acquisition cost information from a dealer is worse than from, say, a friend. But, even in that case, before asking a specific such question, it would be be advisable to open the discussion more carefully, say with a preliminary question such as; " How would you feel about discussing acquisition prices of you coins"

Ann Landers

grip · October 2, 2002 3:35AM

I would be happy to tell you if it's going to help you purchase a coin.Like Clank and Greg said it's how you ask and your motive.Al

beartracks42 · October 2, 2002 8:01AM

I would probably tell any of my collector friends what I paid for a coin, but not a stranger or dealer. I have never had a dealer ask and I have never asked a dealer what he paid...not in good taste. Bottom line is, I only am obligated to tell my wife...if she asks.

Catbert · August 24, 2022 3:35PM

Alert - 20 year old thread, but relevant still. Resurrecting due to a current related thread about non-collectors asking about the value of grandma's coins.

On the rare occasion I show my collection to others (usually a non-collector), my response is that I don't think that is important, but what is important is....(and then describe the coin's attributes and history). Isn't that what collecting is all about?

3stars · August 24, 2022 3:54PM

I find it annoying when dealers ask you what you paid for a coin when selling to them. It's completely irrelevant, make your offer or pass and move on.

MasonG · August 24, 2022 3:56PM

Some people think knowing what someone else paid is important. Otherwise, what's up with the posts about sellers overpricing coins they just bought at auction, when the commenter knows what he paid?

PerryHall · August 24, 2022 3:59PM

If a fellow collector that I know well asks, I usually tell them. If a non-collector asks, I'll usually deflect since I don't want them to think I'm crazy. Fortunately, my wife never asks and I don't tell.

1630Boston · August 24, 2022 4:09PM

@gsaguy said:
As both a dealer and a collector, I'm often asked thequestion, "how much did you pay for it." In most cases I answer with something like, "I paid strong money for it, or, I was able to buy it at a very fair price."

Thanks!

GSAGUY

I'm only asked by "NON Collecctors" so I don't tell them
boston

1630Boston · August 24, 2022 4:10PM

@PerryHall said:
I tell my wife that it's none of her business.
Just kidding. If my wife asks, I lie my ass off so she doesn't kill me.

When the mailman [person] asks for a signature...........I tell her it's pierces of metal for the Jeep

BillJones · August 24, 2022 4:21PM

In the vast majority of cases, they won’t get a straight answer. The price you paid has very little to what it’s worth now if you have held the item for a number of years.

lkenefic · August 24, 2022 4:32PM

Wow! Blast from the past!

I don't like it either. I agree with @dorkkarl in that it's like asking someone how much they earn at their job.

I'll typically respond that "I paid strong money ", or "it looks AU to me but I got it for closer to XF money"...

pcgscacgold · August 24, 2022 4:36PM

I usually don't ask, just search the auction archives or dealer sites. Many leave coins up for weeks after sold. Give a ballpark at least.

Walkerlover · August 24, 2022 4:36PM

I don’t mind telling someone what I paid as the coins I buy I intend on keeping permanently in my collection.

jdimmick · August 24, 2022 4:46PM

I get that all the time in the store also, I answer about the same, some things I have to stretch for, and others I got it at a steal. I just ignore it. I dont care what another dealer paid for something, or a collector for that matter, just tell me what your asking, if it works, Ill get it, if not then Ill pass.

bsshog40 · August 24, 2022 5:02PM

I don't mind telling anyone what I paid either. Price, to me, doesn't matter much because the market changes soo much. I also may ask someone, politely, how much they paid for a coin just out of curiosity. Mostly on coins I could never afford but curious of what they are worth.

Fraz · August 24, 2022 5:05PM

I hope that my wife doesn’t sell my coins for what I told her that I paid if I go first.

SanctionII · August 24, 2022 5:20PM

Most of the time I do not say how much I paid for a coin. However an exception is when I cherry pick a coin or a set of coins for modest money (i.e. $20.00) that turns out to be worth quite a bit more.

For example I purchased a 1957 proof set in OGP for (if I recall) $25.00. that contained a proof cent that recently graded PF68CAM.

I do not mind telling others that my cost to purchase the cent (60% of the cost of a pre 1965 proof set is for the half dollar and the remaining 40% of cost is split equally between the four minors) in the proof set is $2.50; and that the now graded cent is currently worth at least $500.00.

People I tell this type of information to give interesting responses. Their responses would likely be different if I told them about coins I bought that I am buried in

PerryHall · August 24, 2022 5:39PM

@pcgscacgold said:
I usually don't ask, just search the auction archives or dealer sites. Many leave coins up for weeks after sold. Give a ballpark at least.

Frequently, dealers sell coins for less that their posted ask price.

TurtleCat · August 24, 2022 5:53PM

@nwcs said:
It doesn't bother me to tell others how much I paid for a coin. Or how much I sell one (the few times I have). But if they ask me my annual income, that's another matter.

Well, I still think what I thought 20 years ago. And I haven’t been asked much now as I was not asked then. I think it helps people understand the market a bit better.

DollarAfterDollar · August 24, 2022 5:56PM

It's all part of the learning/teaching experience. It wouldn't bother me (seriously) but rarely am I asked.

BillJones · August 24, 2022 7:00PM

@PerryHall said:

@pcgscacgold said:
I usually don't ask, just search the auction archives or dealer sites. Many leave coins up for weeks after sold. Give a ballpark at least.

Frequently, dealers sell coins for less that their posted ask price.

I used to build a “pad” in my marked prices so I could come down. Collectors expected it.

I know some would find that cynical, but that’s the way it worked at the shows. Some collectors were angry if you didn’t mark a price. So I marked one.

How do you feel about others asking you how much you paid for a coin?

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