Looking for value at an indoor flea market coin shop
logger7
Posts: 9,072 ✭✭✭✭✭
I looked through a dealer's inventory today, he is mainly a precious metals and jewelry shop but has some certified coins. I was only able to find one item that I considered a good value, a quality GSA Morgan for $185.
He also had (highlights):
An 1890 Morgan $1 MS65 ICG, old green holder. lots of eye appeal. Some small scattered tics and luster breaks, would probably cross to N or P. He said he paid nearly $2K, bought around 10 years ago when bid was higher. Wanted current GS bid. Too much work and risk to get it into an N or P holder.
1879-O Morgan NGC MS65. He said GS was over $3K, he wanted $2300, I checked later and looks like he was mistaken.
1839 Bust 50c, the coin looks like it should grade between AU58 and MS62; nice coppery toning, some chatter, light hairlines that would probably be market acceptable with services, but at what #? He wanted around $1900 for it, I figured $500-$1000 would be the real value depending on how it graded. Not sure if there are significantly valuable GR varieties, chances are probably slim it would qualify.
He had the three better varieties of 1823 Bust 50c varieties, patched, ugly and broken. All were scoured, whizzed or otherwise damaged without great details, he wanted over $300 for each.
He had an 1864 2c piece, had nice color, Unc. but with verdigris, he wanted around $60 for it, probably too much work. Also a somewhat better p mint Barber dime was in one box, that was a likely MS62 for $170, so clearly not a buy.
As a result of higher priced and problem material most of his stuff is semi-permanent inventory.
http://s.quickmeme.com/img/0f/0f782ecebbbc92bf87b5271455183f656beeca2b884bbe5e630382f179e7bd63.jpg
Comments
Yep, sounds like either he's buried in these, or he's starting a museum.
Doesn't take much effort to refill the cases when he sells one every year or two.
Sounds like coins are a byproduct for him.
bob
I have seen these 'semi permanent' coin displays.... highly overpriced and definitely no negotiation... Heck, the starting price is so high to begin with, your bid would have to be 25% to even possibly arrive at a fair price. Cheers, RickO
Sounds like he doesn't really want to sell because he wouldn't know what else to fill up his cases with..."not for profit" and "museum" are also terms that come to mind...
There are a lot of dealers who are going to die with their inventory.
BHNC #203
I hate those types of places.. usually it's someone who overpaid on something hot 20 years ago that's worth less than half of what they paid but want +100% what they paid.
The last one I was at, I was viewing some capped busts (I'm just starting to get into these), and he "figured" it about a vf20, and I "figured" maybe AG/G, no liberty nothing.. broke out a red book and added 20% saying they're under graded or something ridiculous.. I'm walking away and he says do you wanna lose a great coin over 20%.. lol dude that only works if it's close to what i'd pay.
It must be hard to part with some of his favorites which seems to be all.
Then the heirs often have a fire sale...
I am surprised that you were able to find that much interesting stuff at a flea market. Usually the coins offered in flea markets and antique stores are common, low grade and massively over priced.
Very true. But when you do find something, It's possible to get it at a good price. Some flea market sellers don't know how to properly grade their stuff.
A local dealer I have done business with told me that he went to a church flea market to look around. He found a table selling coins and found a VF 1926-S Buffalo Nickel priced at Fine. The coin was VF all day, so he bought it and sold it to someone on his want list at a VF price.
He told me that the customer was ecstatic to get it, as it completed his collection.
Just one example, but I believe a good one.
Knowledge is power.
Pete
Sounds like he has paid too much in the past. I suggest you SELL to him.
Who knows what he really paid or when and does it really matter?
"OFTEN" a ...flea market ... outlet is a dodge for hot (stolen) stuff.
There is little oversight on doing business at a flea market.
Never thought about it like that.................
Pete
I knew a family that was on the run from government oversight. Unschooled their kids, ran vehicles without insurance, no tax filings, lived at flea markets in northern FL and southern GA, especially during the winter.
I once had a dealer who was so reluctant to sell me his 'prized' coin that when he finally did sell it to me, as he handed it to me, he actually kissed the slab and said his 'fond farewell' to it!!
I almost gagged at this, but somehow I managed to reach out and take the coin.
By the way, it was a $200 coin that was really nothing special.
There's some oddballs out there, that's for sure.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
You might have been able to chisel the 79-O down to 2K and had a decent deal if the coin was nice.