Why Coin Dealers Drink - Part CDXLI
nencoin
Posts: 1,265 ✭✭✭✭
I got a phone call today from someone with slabbed coins that he wanted to sell. He said he did not want to sell them to a dealer, but instead to a "numismatic person." I explained that we buy and sell coins and that I would be interested in hearing what he had. He repeated that he did not want to sell the coins to me, or anyone else who resells them for a higher price because "he would make less money on them." He then asked me for a numismatic collector that he could contact to sell the coins to. I told him I was sorry but that there was nothing I could do for him.
I guess he didn't like the concept of using a "middleman" to sell his coins, but he was happy to ask said "middleman" for some customers' names so he could contact them directly.
Comments
Sounds like a real knuckle-dragger
Latin American Collection
You can't believe some of the calls I get.
I can see him patting himself on the back for having such great idea! Right up until the point he was sitting alone with his coins again....
I guess he doesn't understand the cost of doing business. Numismatic charities inc., a certified 5013(c) charity. You need to hit the bottle hard tonight or if you can't drink like many I know, get to an AA meeting.
You see this on TV a lot.
Expert - "its worth $2,000."
Dealer - "so how much do you want?"
Seller - "mmmm how about $2,500?"
"A dog breaks your heart only one time and that is when they pass on". Unknown
Dealing (and advertising) in Mint Errors,
you wouldn't believe the 'error' calls I get.
Sample:
Me: 'Your Coin was run over by a train"
They: "Why would the Mint do that?"
or, even more fun, someone calls or emails me saying
that their local dealer, or an organization, or whoever,
told them that I'm an 'expert' in mint error coins. However,
when I tell them that their all copper-quarter is plated,
they reply: "Well, you just don't know what the hell your'e
talking about. Of Course it's real, genuine, and worth a fortune".
I've got dozens more - maybe I'll relate some of them at the ANA
at my table, if anyone needs a laugh. You can't believe what some
people think they have, how the mint made it, and/or I'm wrong.
As I've told many of you who know me, when my friends at a
show see me do this hour after hour, day after day, year after
year, decade after decade,dealing with folks who have found
some type of error in their pocket change, and all that it entails,
and boy, does it entail (!), and they ask me "how do you do it?"
my reply is
"Along time ago, I figured that it's either part of my Job Description,
or part of my Punishment"
Good one, Fred! I do not miss that part of retail.
But......the customer is always right.
It's as good a reason as any to drink I guess.
But, But...
Why couldn't you just give them the White pages phone book?
BHNC #203
When I worked in a shop, I was on the front lines of answering cold calls from the public, in person and on the phone [just like many of you do as well]. After a while, I realized that getting irritated at somebody's "stupidity" was fruitless.
A common occurrence was once the person felt they has "schooled me" on their remarkable treasures, I would help them find other avenues so they could talk with the "real" expert. Some of the most precious moments of the day were when those same folks would return, often humbled, but sometimes enraged, to re-engage in the same conversation only to realize that they heard the truth during their first visit to our shop. People are a never-ending source of wonder.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
You should have given him the number that he called you on and said "Hi, I'm also a numismatic collector. I hear you want to sell some coins".
There is an old adage about people like the OP's caller. "He could squeeze the poop out of a Buffalo nickel."
"Everything is on its way to somewhere. Everything." - George Malley, Phenomenon
http://www.american-legacy-coins.com
Recommend he rent a table at the next local show and he can meet some 'numismatic persons' there....then after factoring in expenses and getting chiseled all day by said persons, may realize selling to a dealer ain't so bad.
Could have given him the numbers to other dealers in town. Maybe they could hook him up with one of those numismatic people.
Don't give him any ideas - I'm just down the road.
Coin Rarities Online
I suggest he try Instagram. Lots of Numismatic People there, I hear.
I guess this is the other end of the normal curve, of people dealing with numismatics.
Essentially, we have the person who doesn't know very much about the intricacies of numismatics (and why should they?), who know minimally enough that people are ripped off repeatedly by TV infomercials, glowing newspaper adds about recently discovered hoards of coins (requiring armed guards to protect), and (yes) "dealers" who pronounce your grandfather's collection to be worthless beyond face value, only to learn later that they likely made a killing off of one of two of the coins you surrendered for peanuts. For all the people who show up with junk, there truly are those who vastly undersell their antique, their painting, their coin etc. to the "dealer" or who spots an uninformed mark.
It's a rough world out there. Unpleasant, certainly, for the many honorable dealers, but understandable when you consider people regularly get fleeced by the con-men.
Here's a warning parable for coin collectors...
You should have given him your home phone number and told him you know a collector who will be home later in the evening,,,,,
Who needs a reason?
Do tell!
Which made me wonder- when someone like this shows up to your booth at a coin show, do any of you recommend he "go see Joe at booth 103, he specializes in that" just to irritate the heck out of Joe?!
Successful transactions with Schmitz7, Bigbuck1975, chumley, CCHunter, Smittys, Gerard, Tookybandit, MorganMan94, LogPotato, coinlieutenant, GoldCoin98, pcgs69, Kccoin, ajaan, JBN, BLee23,....
He couldn't come into your store because his balls were too big to fit through the door.
Successful transactions with Schmitz7, Bigbuck1975, chumley, CCHunter, Smittys, Gerard, Tookybandit, MorganMan94, LogPotato, coinlieutenant, GoldCoin98, pcgs69, Kccoin, ajaan, JBN, BLee23,....
My response: "What possible reason or benefit would I have to give you the contact information of someone who MIGHT buy your coins when you haven't even given me the chance to make you an offer?"
Customers are a funny group: I work in a home improvement field. I'm always amused when I quote a project and have the lowest bid and the customer tosses this one out: "ABC Co. is offering 5% discount for 4th of July." They always seem confused when I say "No" as I point out my bid was 10% less than the competitor.
First of all, I really enjoy these stories. Second, the coin business is rife with tales of 'treasures found' by non numismatists.... I am not a dealer, however, when I was working, I was a well known collector. Many people would bring me their coins to ask 'What are they worth?' or to show me the amazing investment they got from TV.....Being a long time - and successful - business person, I would use the utmost degree of diplomacy when informing them of the real value of their 'treasures'. Invariably it would result in anger (sometimes overt) and disbelief..... always thought I was trying to cheat them (and this without any offer to buy) out of a fortune. I even showed them in the Redbook (I kept in my office) the value stated there. Only once did an individual come back and apologize after finding out I was correct. Two people never spoke to me again. People are very embarrassed when they find out they have been conned - and anger covers this. Cheers, RickO
Rare is the person who comes back later and apologizes when they are embarrassed---either by the con or by their behavior.
I distribute wine and some liquor for a living. You can just have to imagine the stories I can share about that business. My personal fave was the obviously "under the weather" over-imbibed person inquiring about getting a job for my company. Most of the time my job is actually fun and enjoyable. Unfortunately the 1% of fools like the reformed alchies that go off on religious/morality diatribes make for my future interesting novel.
$1400 buys a lot of alcohol.
My YouTube Channel
ttt
If I were one of your regular customers, I would resent it if you gave my number to a jackass like that.
Fred, I do Instagram and get all of the Instagram PMD questions. Day after day. Just part of the job.
I offer to sell them a list of “qualified” buyers. 😉
A: The year they spend more on their library than their coin collection.
A numismatist is judged more on the content of their library than the content of their cabinet.
Give him the name and a Google voice number tied to one of your employee's cell phone numbers. Offer him even less for being a jack ass.
I love it!
It would be a great job......if I didn't have to deal with people.
My War Nickels https://www.pcgs.com/setregistry/nickels/jefferson-nickels-specialty-sets/jefferson-nickels-fs-basic-war-set-circulation-strikes-1942-1945/publishedset/94452
@nencoin you should have offered to give him a "direct collector" but tell him that you want a 10% commission on the sale since you facilitated it.
One of my customers who sells liquor told me this has been his best year of sales, in 26 years. I hear ya.