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Sometimes it does hurt to ask for a "Best Price"
AMRC
Posts: 4,280 ✭✭✭✭✭
At the coin show yesterday a customer was at my table when he eyed a Norfolk PCGS MS67+ CAC monster I had in my case for $525. Remember, I do upfront net pricing with the prices clearly marked on the front of the slab. I also have little signs saying I do net pricing. He asks to see the coin, and was clearly pleased with what he saw. Rightly so because it was nice.
Background: I bought the coin some months ago in a 67 holder and upgraded it and got it CAC'ed. Also, this is a person I have never done business with before.
And of course he leads with the inevitable, most unoriginal, dumbest opening line you would want to use with a dealer and says "what is your best price" (see my previous thread about how asking a dealer to bid against themselves is not the best in coin dealing etiquette). I explain as nicely as I can that the price he sees is my best price and he is welcome to counter. He of course does not register a word of what I said and says again "what is your best price?" to which I replied, would you like me to check if the coin is priced correctly? He said "yes" so off I went to Heritage to see what I could see. Turns out one very similar to mine recently sold for $646! I then realized that I had not updated the price after it came back with the "+." So I thanked him very much for making me check, peeled off the sticker and replaced with one for $625 right in front of him. He turned white, and I did all I could to suppress my smug smile.
He finally bought the coin for a settled upon $600.
Fire away!!!!!!
Background: I bought the coin some months ago in a 67 holder and upgraded it and got it CAC'ed. Also, this is a person I have never done business with before.
And of course he leads with the inevitable, most unoriginal, dumbest opening line you would want to use with a dealer and says "what is your best price" (see my previous thread about how asking a dealer to bid against themselves is not the best in coin dealing etiquette). I explain as nicely as I can that the price he sees is my best price and he is welcome to counter. He of course does not register a word of what I said and says again "what is your best price?" to which I replied, would you like me to check if the coin is priced correctly? He said "yes" so off I went to Heritage to see what I could see. Turns out one very similar to mine recently sold for $646! I then realized that I had not updated the price after it came back with the "+." So I thanked him very much for making me check, peeled off the sticker and replaced with one for $625 right in front of him. He turned white, and I did all I could to suppress my smug smile.
He finally bought the coin for a settled upon $600.
Fire away!!!!!!
0
Comments
The guy won because he paid less than where you priced the coin once you realized your error.
If you're trying to make the case that asking for best price is moronic, I'd say this story doesn't
make that case conclusively.
YMMV.
Seated Dollar Collection
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
<< <i>That is a funny story, although I don't think I would ever sell my pride for $75 bucks, I am most surprised that he still purchased the coin under those facts. >>
I would have walked away from that deal, but then I would have made a firm offer instead of pestering the dealer for a "best price" in the first place.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
In honor of the memory of Cpl. Michael E. Thompson
Sorry I missed that Norfolk 67+ CAC at the show yesterday... I recently sold an NGC MS67+ CAC Norfolk for a bit more so now I would mind having another
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
<< <i>While potentially funny or rewarding in the moment, it sounds like a lose-lose situation to me. >>
That was my thinking as well.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Seems like it was a win-win.
- You got more that you had planned to sell it for.
- He got a really nice coin at less than the Heritage price.
A dealer at a show once tried to "train" me to "always ask, what's your best price?"
Like it was some universal code. So I asked him on a coin and he lowered his price.
But I don't do that in general. Instead, I ask if the price marked is the selling price.
(Vs. if they are out of date).
As 98% of the dealer universe negotiates, right or wrong, I think the OP who will be continuously posting these type of stories.
Latin American Collection
If so, how does that go with your saying that "he is welcome to counter"? Doesn't it mean that the sticker price is not final after all?
Nonetheless, since you seem to enjoy being a maverick, have fun with it!
This is where you lost me. ??
<< <i>I explain as nicely as I can that the price he sees is my best price and he is welcome to counter.
This is where you lost me. ?? >>
Lost me too. If it's your best price, what's the point of countering unless you expect him to offer a higher price. Since 99% of dealers price their coins with room for negotiation I always ask for their best price and then I play or pass. You're the first dealer I've ever heard of that gets upset over such an inquiry.
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
It seems like some coin dealers "blame sons for the sins of the father." Assuming the worst/most cynical motivating factor...
Honey will always catch you more flies than vinegar
SO, here is a tale from the shop from 2 days ago.
Had a dude in the shop asking for a roll of eagles. He asks , "What's your best price ?". I said, "Always the same, too high for you ". He asks : "How much ? ". I told him the "daily price" The numbers change, but the formula doesn't with bullion. He bought them. ( lost $4 per coin on 20 or $80 , due to the crappy market we are in)
On his way out I said, "You hurt my butt". I wonder if he will come back to hurt my butt again.
Got milk ?
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
On the net pricing thing: I list my coins at right about what they are selling for at Heritage. If I have room, even a few % below. That way, I don't have to "look-up" what I paid for them and or sweat the competition, or have on my mind much concern about it sitting in inventory (assuming it is a nice coin). Patience is everything. I am not a "churner" I am very fortunate that I do not have to be.
On the "What is your best price thing." What seems to work for me is.....
Buyer: Nice coin in the case, may I see it.
Dealer: Sure.
Buyer (if there is no net pricing): What are you asking for it.
Dealer: $X,XXX
Buyer: Would you consider $X,XXY
Dealer: either "Yes" or "No I can't do that but I can do $X,XXZ"
Buyer: Yes, or No, or another counter.
My whole point is that you can dicker all day long and there is nothing wrong with it, but your opening salvo should not be asking the dealer to bid against his own price. Sure dealers may be used to it, and it may be the way a lot of people "do things" but it is logically ridiculous. It goes, My Price, Your Price, My Price, Your Price, etc. NOT My Price, My Price, Your Price.
Let me have it!
l
It's not having what you want, it's wanting what you've got.
<< <i>I've always given the customer I was dealing with a last chance to buy it at my original asking price before raising my price though. >>
THIS is honorable, and is one dealer I would respect and buy from again and again.
IMO the OP has been in the business too long and has forgotten -- or never knew -- what it is like to be a collector. Any dealer that brags (especially publicly!) about getting one over on a collector, and gets satisfaction (a smug smile) from playing "gotcha" with them, should probably stop polluting the environment and just retire. The hobby is better off without you.
ANA LM
USAF Retired — 34 years of active military service! 🇺🇸
<< <i>I did not understand the conversation completely, and, the on-the-fly repricing aside, the exchange seemed somewhat awkward. You are certainly free to use any pricing/negotiating scheme that you choose but insisting on using one that is inconsistent with what is commonly done, in order to satisfy your pet peeve, will almost certainly cost you business over the long term, IMO. That is, until the rest of the coin show circuit adapts to your way of thinking. Ask the folks at the car manufacturer, Saturn, how long that took.
>>
I also agree with your logic and personally would have walked away from the deal.
Dan
Oh, and I always get a kick out of the dealers that try and dictate (train) us low-life collectors how to conduct ourselves.
have you any grey poupon ?
https://acoinshop.com/ —-> https://ebay.us/m/KxolR5
Steve
<< <i>Ah, the type of "dealer" that likes to come out in public and feels a need to basically say how great he is, how great his coins, are and how STUPID his potential customers are. Just the type I will always avoid. I'm sure I'm the only one so you have nothing to worry about.
Oh, and I always get a kick out of the dealers that try and dictate (train) us low-life collectors how to conduct ourselves.
Good points. But I have to disagree with one thing, I don't think you are a low-life. Maybe a little quick to jump to conclusions, but not a low-life. I am sure you are a great guy.
<< <i>Ah, the type of "dealer" that likes to come out in public and feels a need to basically say how great he is, how great his coins, are and how STUPID his potential customers are. Just the type I will always avoid. I'm sure I'm the only one so you have nothing to worry about.
Oh, and I always get a kick out of the dealers that try and dictate (train) us low-life collectors how to conduct ourselves.
stman, Nah as a knowledgeable collector can have a lot of fun when running across an A Moron Rare Coins type dealer on the brouse floor.
There's a LOT of great dealers in this hobby, but you'll meet a few that you glance at and wonder if not for selling coins would they be qualified to answer the phone and properly say "America runs on Dunkin donuts how may I help you?"
<< <i>
<< <i>Ah, the type of "dealer" that likes to come out in public and feels a need to basically say how great he is, how great his coins, are and how STUPID his potential customers are. Just the type I will always avoid. I'm sure I'm the only one so you have nothing to worry about.
Oh, and I always get a kick out of the dealers that try and dictate (train) us low-life collectors how to conduct ourselves.
stman, Nah as a knowledgeable collector can have a lot of fun when running across an A Moron Rare Coins type dealer on the brouse floor.
There's a LOT of great dealers in this hobby, but you'll meet a few that you glance at and wonder if not for selling coins would they be qualified to answer the phone and properly say "America runs on Dunkin donuts how may I help you?" >>
Very witty. Well done. And to think I was just getting the hang of "Would you like fries with that," now the whole donut thing, I will never catch up!
If not in money it does in relationships (which IMHO is more important)
<< <i>I'm surprised that deal made it to completion. >>
I would of walked in a second the arrogance of the seller alone would make it a no deal.
there are far more dealers and coins then buyers.
<< <i>
<< <i>I'm surprised that deal made it to completion. >>
I would of walked in a second the arrogance of the seller alone would make it a no deal.
there are far more dealers and coins the buyers. >>
But as a collector I will take a lot of abuse for a beautiful coin.
<< <i>I explain as nicely as I can that the price he sees is my best price and he is welcome to counter.
This is where you lost me. ?? >>
What it means in plain English is that he the dealer is not going to voluntarily give a lower price than the one marked. However if you the buyer ask you may get a lower price.
Arnie Margolis, publisher of Error Trends Coin Magazine,
(who passed away about two years ago) would have fun
when he would set up at a coin show, and got asked that
question.
If someone asked him how much a particular coin was,
he'd quote them, for example, "$50".
When he was asked "What's the Best Price?", he would
then reply:
"$65 - you didn't say the best price for who, so that's
the best price for me -$15 more than I really want for it"
It might not sound funny in print, but the customer always
smiled, and the conversation was continued.
A dealer attending a show should be prepared---know what he needs to get for an item (i.e., what he needs to make his targeted profit), what has languished in inventory and needs to be wholesaled out, and have his items priced to sell (with some wiggle room). Show dealers who don't have a good feeling for what THEIR coins should be priced at are not worth dealing with. The coin in question may have been underpriced somewhat, but I suspect not relative to what the dealer paid for it. Will the collector who bought it after the price was upped return later and give the dealer more business? Sometimes squeezing every cent out on a sale is not smart.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
<< <i>On the whole dealer/relationship thing: We buy and sell coins. Some customers appreciate honesty and want to build a relationship, other's only care about the "best deal." I treat both accordingly.
On the net pricing thing: I list my coins at right about what they are selling for at Heritage. If I have room, even a few % below. That way, I don't have to "look-up" what I paid for them and or sweat the competition, or have on my mind much concern about it sitting in inventory (assuming it is a nice coin). Patience is everything. I am not a "churner" I am very fortunate that I do not have to be.
On the "What is your best price thing." What seems to work for me is.....
Buyer: Nice coin in the case, may I see it.
Dealer: Sure.
Buyer (if there is no net pricing): What are you asking for it.
Dealer: $X,XXX
Buyer: Would you consider $X,XXY
Dealer: either "Yes" or "No I can't do that but I can do $X,XXZ"
Buyer: Yes, or No, or another counter.
My whole point is that you can dicker all day long and there is nothing wrong with it, but your opening salvo should not be asking the dealer to bid against his own price. Sure dealers may be used to it, and it may be the way a lot of people "do things" but it is logically ridiculous. It goes, My Price, Your Price, My Price, Your Price, etc. NOT My Price, My Price, Your Price.
Let me have it! >>
A sign on your table indicating that you coins are marked at your best price might save some confusion.
<< <i>When I look up heritage completed listings, I find five or six closed auctions. Most are at least two or more years old and slipping away from being relevant. When I click on the photos to see why they brought what they did, I realize they're all different and this again diminishes the value of information. Unless I'm looking at the very same coin that sold there, it wouldn't be using it as my only pricing reference. Mine as well just let heritage sell your coins for you then. >>
I spect if there are several examples listed, most dealers will base their offering price on the coin that hammered for the least.
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......
I do think the story is funny though, but then again I do like watching train wrecks - it is fun!
On rather or not I would have bought the coin in the OP's first thread post senario....it all depends on how bad I wanted the coin and if it was a variety or just a regular coin. A regular coin can be found somewhere else, but some varieties may never be seen again.
2. Being an arrogant plick to customers probably isn't the greatest way to go about your business, especially then advertising it here. Word gets arround.
1/2 Cents
U.S. Revenue Stamps
<< <i>At the coin show yesterday a customer was at my table when he eyed a Norfolk PCGS MS67+ CAC monster I had in my case for $525. Remember, I do upfront net pricing with the prices clearly marked on the front of the slab. I also have little signs saying I do net pricing. He asks to see the coin, and was clearly pleased with what he saw. Rightly so because it was nice.
Background: I bought the coin some months ago in a 67 holder and upgraded it and got it CAC'ed. Also, this is a person I have never done business with before.
And of course he leads with the inevitable, most unoriginal, dumbest opening line you would want to use with a dealer and says "what is your best price" (see my previous thread about how asking a dealer to bid against themselves is not the best in coin dealing etiquette). I explain as nicely as I can that the price he sees is my best price and he is welcome to counter. He of course does not register a word of what I said and says again "what is your best price?" to which I replied, would you like me to check if the coin is priced correctly? He said "yes" so off I went to Heritage to see what I could see. Turns out one very similar to mine recently sold for $646! I then realized that I had not updated the price after it came back with the "+." So I thanked him very much for making me check, peeled off the sticker and replaced with one for $625 right in front of him. He turned white, and I did all I could to suppress my smug smile.
He finally bought the coin for a settled upon $600.
Fire away!!!!!! >>
Beautiful!!!!!!