Where do your dealers get their coins?
Gazes
Posts: 2,315 ✭✭✭✭✭
When I look at dealers inventories it becomes clear to me that they acquire coins through different methods: auctions (large auctions, lessor known auctions), other dealers, private treaty, purchase of whole collections, etc. Over the years, my favorite dealers tend to be the ones where I can't figure out where the coin came from (yes---sometimes I ask). I think to ability to get coins through private sale from non dealers is a major plus for a dealer and probably helps inventory move quickly. I am also sure it is the hardest way to stock inventory since it probably takes years of contacts and experience to get to that point.
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Comments
You summed that up nicely...all of the above.
Personal Collection
Many coins gravitate to specialty dealers.
Estate sales
100% Positive BST transactions
Tooth Fairy?
1.) walk-in regular customers.
2.) other dealers.
3.) coin shows.
4.) walk-in non-regular customers.
5.) auction.
What @keets said.
BST transactions: dbldie55, jayPem, 78saen, UltraHighRelief, nibanny, liefgold, FallGuy, lkeigwin, mbogoman, Sandman70gt, keets, joeykoins, ianrussell (@GC), EagleEye, ThePennyLady, GRANDAM, Ilikecolor, Gluggo, okiedude, Voyageur, LJenkins11, fastfreddie, ms70, pursuitofliberty, ZoidMeister,Coin Finder, GotTheBug, edwardjulio, Coinnmore, Nickpatton, Namvet69,...
I'm sure they trade with other dealers but I see them buying from other collectors at the shows all the time, including me. I sell and trade often.
Digging on Saddle Ridge.
I just make em ......
Much the same as car dealers....
No coin shops in my area so I cannot ask anyone....Cheers, RickO
My favorite shop has been in business a long time, father/son combo. The best new stuff they get in is from the Fathers longtime old customers who are now coming in and selling off their collections. They are just recycling old sales in way, with new prices.
Wanna buy a coin shop ? Call now !
``https://ebay.us/m/KxolR5
Little old ladies
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
There are not enough estste sales, coin shows, garage sales, attic finds, passt away grand parents, bourses, and who knows what to come up with the vast numbers of coins sold by some Online-Dealers at any given day."
and, oh yes, elderly people like "little old ladies" or proceeds of thefts, like Break ins..
So, where does a great number of these coins come from??? think about it, please.
Here is factual and non guessing source, not mentioned above in the posts, of where some “shady dealers” with an endless supply of coins in any grade get their stuff from. Note: I said some shady dealers, not all and not YOU. I am not accusing anyone specific. Just the crowd who knows that it applies to them.
Did you ever receive these colorful flyers in your mailbox or see huge color ads in your local newspaper?
these flyers inform you that on....such and such a date they and their experts will be at such and such a hotel / motel for 2 days only where you will have the opportunity to sell all your valuables and get top prices. From guns to jewelry and from cards to paintings, from watches to coins. It further indicates that they are THE experts in all these items and are very qualified to appraise such items for you, for a small fee if you do not wish to sell the items. Said fee will be donated to the local food bank. Appraisals are verbal only. No receipts.
There are several groups of that type of shysters operating across the continent.
Elderly people or others in need of some cash will sell their prized possessions to them because they would otherwise be very embarrassed to ask their kids or relatives for help. These shysters will happily pay peanuts for the goods.
I made have a voice recording when posing as a prospective seller of 10 Canadian gold and silver coins valued a minimum and for a fast sale at $ approximately 11,000. 7 of the coins were NGC certified. Their offer???? Sit down please!!! 375 Dollars.
“Because two 50 cent pieces (1890 in F and 1888 in F, both key dates) were dirty and that is not desirable (actually toned). They were apparently worth considerably less when dirty than the others. When humbly questioned about the low offer the excuse was that the “plastic enclosures” had to be removed to actually examine the coins to see if it they are authentic. And for that they had to send the items to a specialist back east at great cost. Of course I declined to sell, packed the slabs together and handed the chick and crook team my home printed card which said:
Coincollector since 1967. Member of the RCNA, ANA and 2 coin clubs.
I am sure you all have come across Ebay-sellers with several hundreds thousand feedbacks, all in coins and some even slabbed in their basement. Some outfit in FL comes to mind here. Another one, not slabbed, in Canada. Think about it.
These exploiting shysters operate just barely on the side of legal, as verbal contracts are very often enforceable. And the elderly are concerned about “being found out” by their family that they had to sell their jewelry or other valuables to exist. So they accept what’s being offered. There is nothing the Police can do. I had numerous documented discussions with them. As long as both parties are in command of their mind, a buy/sell agreement exists and the matter is a civil matter, not criminal.
I have numerous other but similar stories in a file about an inch thick about groups like this. Usually they come to smaller towns 2-3 times a year and set up in a hotel.
If by any chance some or (unlikely) all of you have never seen one of these flyers, I can copy one and post it. Just let me know.