<< <i>I think that dealers that do not mark prices on their coins may lose a lot of business. First of all, I cannot tell if you are even in the ballpark if you don't put prices on them. Just suppose that I ask for a price on one coin and I think it is moon money. You lost me as a customer right there, even if the rest of your coins are all priced below greysheet. I do not want to waste my time asking for any more prices because I now think that you way overprice all your coins. Most of the times I just pass by the dealers with unpriced coins now. >>
<< <i>I think that dealers that do not mark prices on their coins may lose a lot of business. First of all, I cannot tell if you are even in the ballpark if you don't put prices on them. Just suppose that I ask for a price on one coin and I think it is moon money. You lost me as a customer right there, even if the rest of your coins are all priced below greysheet. I do not want to waste my time asking for any more prices because I now think that you way overprice all your coins. Most of the times I just pass by the dealers with unpriced coins now.
<< <i>
This! >>
Couldn't agree more. The LCS here where I live is notorious for this practice. I was in there a couple of weeks ago and found a couple of really nicely toned morgan dollars. In the past I have had pretty decent luck with picking them up fairly reasonable. I asked the price on the first one, "Oh that's not for sale, someone put it in the wrong place". Ok, so i see the 2nd coin and ask the price, he takes the coin, walks half way around the counter and stops. "This one is not for sale either, it's just for display". I quickly left and refuse to go back. Definitely not a way to do business.
I have no issue letting the market dictate value. If I paid a dollar too much, it's my fault. And I have a lot of faults. Savvy is as savvy does. ( this is my personal experience)
When I setup at shows (or eBay/website), I personally have no problem with how anyone chooses to go about making an offer on my coins. They can ask for a specific number, ask for a best price, or even try to haggle with me on a coin. If we somehow reach a number that both of us are happy with then that's what matters to me. In fact, I wish more people would make offers if they have a different number in mind, sometimes it might work. I have not yet been offended by how anyone has asked for prices, or tried to price my coins for me, on my coins, and I have had some pretty crazy encounters. For instance, a guy carrying a Coin World at a major show once asked me a price on a PCGS VF 25 1916 D Mercury Dime. Well I have him a number back of auction records (maybe $3500) and he starts saying that Coin World says $4,000 and that's the top of the market, I couldn't pay you more than $2,000 for that coin. Oh well.
<< <i>I have no issue letting the market dictate value. If I paid a dollar too much, it's my fault. And I have a lot of faults. Savvy is as savvy does. ( this is my personal experience) >>
I do this myself to some degree as I am not going to sit on merchandise, sometimes you got to raise the price to make it move, lower the price or try a different venue. Sometimes raising the price will work.
Mark NGC registry V-Nickel proof #6!!!! working on proof shield nickels # 8 with a bullet!!!!
<< <i>when buying a coin I research the coin first, seeing how many were made, what the coin is made of , number minted and the auction prices for such coins, then based off that I figure a price then make the offer >>
In doing this you are leaving out the most important statistic: how many survive. . I really doesn't matter if a coin has a "low mintage" if a large % survive. And in the same way a sizable mintage with a tiny survival rate could lead to a very desirable coin.
In my experiences, when I've asked for best price from a dealer, I've almost never gotten one. Most leave something in reserve...and often a substantial amount. On the flip side, when I've been asked what my best price is, most come back with a lower number as a counter-offer. So I don't put a lot of faith (or savviness) in the "best price" gambit. I recall one dealer I used to work with where most of their inventory was priced at anywhere from 50-300% over market. It was imperative that you asked for a better price because nothing as marked made any sense.
<< <i>when buying a coin I research the coin first, seeing how many were made, what the coin is made of , number minted and the auction prices for such coins, then based off that I figure a price then make the offer >>
In doing this you are leaving out the most important statistic: how many survive. . I really doesn't matter if a coin has a "low mintage" if a large % survive. And in the same way a sizable mintage with a tiny survival rate could lead to a very desirable coin.
In my experiences, when I've asked for best price from a dealer, I've almost never gotten one. Most leave something in reserve...and often a substantial amount. On the flip side, when I've been asked what my best price is, most come back with a lower number low as a counter-offer. So I don't put a lot of faith (or savviness) in the "best price" gambit. I recall one dealer I used to work with where most of their inventory was priced at anywhere from 50-300% over market. It was imperative that you asked for a better price because nothing as marked made any sense. >>
Not only is survival another key indicator, but almost nothing has been said about "eye appeal" a nice choice coin is not on the "Guides."
MLAeBayNumismatics: "The greatest hobby in the world!"
<< <i>How is a dealer "giving his best price" supposed to negotiate with anyone if he always "gives his best price". I never understood the people that start with the "give me your best price" line. It is like saying everyone else is a schmuck and has to deal but I am special, I am wonderful, I, and only I should get the privilege of going directly to your "best price". Why? I guess because, "I am serious!". Or, "I have cash!" (BFD)! Get a life. >>
price depends whether dealer really wants the coin ,....or just fishing to buy a coin on the cheap like 40-50 % back of bid
1) a lot of dealers don't put prices on their coins because of security reasons. This is especially true on higher priced issues. Why advertise to a thief, please rob me before, during or after a show. Why educate thiefs.
2) to the OP ----collectors that don't know your pricing structure shouldn't offend you by asking for your best price. How are they to know that your prices are marked to sell? Maybe just put up a small sign saying " prices are as marked" or what Legend often does on line, " we have this coin listed at our best price".
3) dealers I work with know to give me their best price first. I do not counter nor do they counter if I pass. It would be unbecoming in my opinion to do so on either side. Lot's of times coins I get sent on approval are marked lower on the invoice therefore letting me know that this is what it's going to take to get the deal done.
MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
I would never ask for 'best price' on an unmarked item. To me that is tacky. I have no idea what this dealer is looking to get from the coin. I don't know if I'm even in the same ballpark mentally.
For an unmarked item, I would ask the dealer what his asking price is, and if it's more than but close to what I'd like to pay, then make a counter offer.
For a marked item that is more than, but close to what I'd like to pay, I might ask for a 'best price'.
Comments
<< <i>I think that dealers that do not mark prices on their coins may lose a lot of business. First of all, I cannot tell if you are even in the ballpark if you don't put prices on them. Just suppose that I ask for a price on one coin and I think it is moon money. You lost me as a customer right there, even if the rest of your coins are all priced below greysheet. I do not want to waste my time asking for any more prices because I now think that you way overprice all your coins. Most of the times I just pass by the dealers with unpriced coins now. >>
This!
<< <i>
<< <i>I think that dealers that do not mark prices on their coins may lose a lot of business. First of all, I cannot tell if you are even in the ballpark if you don't put prices on them. Just suppose that I ask for a price on one coin and I think it is moon money. You lost me as a customer right there, even if the rest of your coins are all priced below greysheet. I do not want to waste my time asking for any more prices because I now think that you way overprice all your coins. Most of the times I just pass by the dealers with unpriced coins now.
<< <i>
This! >>
Couldn't agree more. The LCS here where I live is notorious for this practice. I was in there a couple of weeks ago and found a couple of really nicely toned morgan dollars. In the past I have had pretty decent luck with picking them up fairly reasonable. I asked the price on the first one, "Oh that's not for sale, someone put it in the wrong place". Ok, so i see the 2nd coin and ask the price, he takes the coin, walks half way around the counter and stops. "This one is not for sale either, it's just for display". I quickly left and refuse to go back.
Definitely not a way to do business.
Savvy is as savvy does. ( this is my personal experience)
``https://ebay.us/m/KxolR5
For instance, a guy carrying a Coin World at a major show once asked me a price on a PCGS VF 25 1916 D Mercury Dime. Well I have him a number back of auction records (maybe $3500) and he starts saying that Coin World says $4,000 and that's the top of the market, I couldn't pay you more than $2,000 for that coin. Oh well.
Choice Numismatics www.ChoiceCoin.com
CN eBay
All of my collection is in a safe deposit box!
<< <i>I have no issue letting the market dictate value. If I paid a dollar too much, it's my fault. And I have a lot of faults.
Savvy is as savvy does. ( this is my personal experience) >>
I do this myself to some degree as I am not going to sit on merchandise, sometimes you got to raise the price to make it move, lower the price or try a different venue. Sometimes raising the price will work.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
<< <i>when buying a coin I research the coin first, seeing how many were made, what the coin is made of , number minted and the auction prices for such coins, then based off that I figure a price
then make the offer >>
In doing this you are leaving out the most important statistic: how many survive. . I really doesn't matter if a coin has a "low mintage" if a large % survive. And in the same way a sizable mintage with a tiny survival rate could lead to a very desirable coin.
In my experiences, when I've asked for best price from a dealer, I've almost never gotten one. Most leave something in reserve...and often a substantial amount. On the flip side, when I've been asked what my best price is, most come back with a lower number as a counter-offer. So I don't put a lot of faith (or savviness) in the "best price" gambit. I recall one dealer I used to work with where most of their inventory was priced at anywhere from 50-300% over market. It was imperative that you asked for a better price because nothing as marked made any sense.
<< <i>
<< <i>when buying a coin I research the coin first, seeing how many were made, what the coin is made of , number minted and the auction prices for such coins, then based off that I figure a price
then make the offer >>
In doing this you are leaving out the most important statistic: how many survive. . I really doesn't matter if a coin has a "low mintage" if a large % survive. And in the same way a sizable mintage with a tiny survival rate could lead to a very desirable coin.
In my experiences, when I've asked for best price from a dealer, I've almost never gotten one. Most leave something in reserve...and often a substantial amount. On the flip side, when I've been asked what my best price is, most come back with a lower number low as a counter-offer. So I don't put a lot of faith (or savviness) in the "best price" gambit. I recall one dealer I used to work with where most of their inventory was priced at anywhere from 50-300% over market. It was imperative that you asked for a better price because nothing as marked made any sense. >>
Not only is survival another key indicator, but almost nothing has been said about "eye appeal" a nice choice coin is not on the "Guides."
<< <i>How is a dealer "giving his best price" supposed to negotiate with anyone if he always "gives his best price". I never understood the people that start with the "give me your best price" line. It is like saying everyone else is a schmuck and has to deal but I am special, I am wonderful, I, and only I should get the privilege of going directly to your "best price". Why? I guess because, "I am serious!". Or, "I have cash!" (BFD)! Get a life. >>
price depends whether dealer really wants the coin ,....or just fishing to buy a coin on the cheap like 40-50 % back of bid
2) to the OP ----collectors that don't know your pricing structure shouldn't offend you by asking for your best price. How are they to know that your prices are marked to sell? Maybe just put up a small sign saying " prices are as marked" or what Legend often does on line, " we have this coin listed at our best price".
3) dealers I work with know to give me their best price first. I do not counter nor do they counter if I pass. It would be unbecoming in my opinion to do so on either side. Lot's of times coins I get sent on approval are marked lower on the invoice therefore letting me know that this is what it's going to take to get the deal done.
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
For an unmarked item, I would ask the dealer what his asking price is, and if it's more than but close to what I'd like to pay, then make a counter offer.
For a marked item that is more than, but close to what I'd like to pay, I might ask for a 'best price'.