An ANA Story- Why you need to shop around
Veep
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One of my missions at the ANA show was to find a certified 1916-D dime certified as About Good for a friend. I found somewhere between 15-20 of them in that grade.
The first one I saw was details graded due to a long scratch in the reverse. The dealer was asking $575 for it. I passed as the scratch was really bad and the price was firm. The next few were in the $900 to $1,200 range. Then one dealer had two for which he was asking $700 each. Both were straight graded but one looked cleaned to me. I offered slightly less than the asking price for the uncleaned one but it wasn’t accepted.
Continuing through the bourse, there were several more coins ranging from $895 to $1,295. Realizing there wasn’t going to be a better deal, I returned to the $700 dealer and wound-up paying his asking price, satisfied that I had done all I could to get the right coin at the best price.
It was surprising to see the disparity in pricing and I don’t begrudge anybody pricing their coins as they see fit. As the consumer, if you care about spending wisely, it pays to be patient and informed.
Comments
IMO, too many people are wedded to the idea that price guides are gospel.
You did good, you weighed your options. Your decision made sense to me. Peace Roy
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Nice work!
This is slightly different but I saw two toned Morgans-both common dates in the same grade slabbed by NGC-with almost identical toning (colors and pattern). One dealer had his priced at over 3 times the other's....I bought the lower priced one.
There are reasons to pay in excess to Grey Sheet for a coin, I understand that, but there are 2 rules of thumb that have to go with that reasoning. Will you (or your heirs) be buried in the coin and would that same Dealer be willing to pay you extra if the shoe were on the other foot?
In your example, an eye appealing tough date collector coin like your 16 D dime is plentiful enough that much over bid shouldn't be necessary. I think you're ok at $700.
Your friend might want to read this thread:
https://forums.collectors.com/discussion/1075017/crackout-gone-horribly-wrong
I realize that there are people who are concerned about what they can sell a coin for before they've even bought it, but that's not me. I'll buy something because I like it and I'm okay with what I'm paying. What I might be able to get (or not) for the coin somewhere down the line doesn't enter into it.
I can’t believe how expensive this coin is a AG. The vast majority of survivors seem to be that grade.
As a dealer I filled a want list for customer with an NGC graded piece which had all of the vertical lines on the ax for less than $2,000. It think it was graded EF-40. AG graded pieces were about $400 at the time.
Id like an EF40 for mine if you have more
Here's an AG3 I found for reference. The PCGS Price Guide price is $1,000.
https://www.pcgs.com/cert/44247971
Good to know that prices are going up for coins.
When looking for specific coins, it is fundamental that searching the bourse or the net, will provide comparative data and opportunities. Then make the appropriate decision. Sometimes, a special coin will just 'appear' - on the web, in a shop, or at a show... just the right look, grade and price - Snap that one up immediately.
Cheers, RickO
That strategy works when you are shopping for a commodity. When it’s a tough piece or a special coin, I would leave the table without doing my best to buy the coin.
Latin American Collection
That much money for an AG of a coin that is popular but really not scarce or rare? (15-20 of them available at this one show!) Is this a good thing to be putting hard earned money into?
Collect what you like! OP never said it was an investment.
It looks like many AG coins have sold for $750-800 in 2022, so at $700, you got a decent deal for your friend.
And yes, it ALWAYS pays to shop around, and know the market. And as @ricko said, when you see the right coin at a fair price, pull the trigger!
Coins are a hobby. Enjoy what you collect. Always look in multiple places. Every coin has a slightly different look. I happily pay more for the best looking coin in a grade. I pass if it’s clearly a dealer on Pluto but expect to pay up for quality.
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Great system when you are shopping for a fairly common coin (you said 15-20 were available). As Boosibri stated when it's a coin you're not likely to see again you stay and give it your best shot.
When there is that many to choose from it seems that there should also be differences in the quality which would be primarily on surface condition at that grade - cleaning, nicks etc. I would want to 1, find the best ones for surface quality, and 2, have a CAC sticker certifying that one of the best graders in the world consider it quality for the grade given the cost of these from $700 to $1300. 2 would also insure I can get value if selling it later rather than having folks try to low ball it from me. So I might take the lowest cost one or I might take the highest cost one to achieve my goal of getting the best one.
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700 seems like a good price. I paid $780 after bp 3 months ago for the same grade. Glad you were able to shop around
It's crazy how much they've gone up in price. A few years ago they were available for $400-$500. I don't see how AG coins can really be that much different to warrant such a huge price spread from one dealer to the next, they're all well worn.
I guess if dealers are able to get that price from folks that might have more money than time and don’t feel like going from booth to booth then more power to them. It reminds me of the two gas stations closest to our airport. The one on the same side of the divided 4 lane road as the rental car return is 50 cents per gallon higher and is always more crowded because people don’t want to spend the time making a u turn to go to the other station and then circle back to return their rental.
I remember buying an AG for $450 a few years ago and expected to pick one up this week for $500. The bourse quickly snapped me out of that idea.
I agree with the comments about it not being a rare coin in that grade and as I was spending another’s money, I could not have gone over $700 in good conscience.
On the other hand, I recall buying an AU53 at a CSNS show in Milwaukee for $3,650 and sold it at a Heritage auction three years later for $10k.
Everything has gone up. Bread, milk, chicken, eggs, gas, etc. Its not just 1916-d's in AG.
Now inflation aside, coins in general have seen increases across the board since the Pandemic. The keys will always follow the upward trend in the hobby (even if they are relatively plentiful.)
I dont think it is very surprising that it costs $700 for a problem free 1916-d in AG now. Look around.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
If you're putting a date/mint set together, you kinda need one.
I'm guessing that the virus caused an increase in collecting which cased an increase in demand.
that is how most online shops and real world places do biz always trying to get people to buy from them by offering lower prices on items then the next person or store not uncommon to see
Coins for sale at link below
https://photos.app.goo.gl/3e3W49RWjqCMwAMJA
Wow, the price of these 16-d’s seems to be all over the place and going up. I’m glad Mrs_Spud bought hers when she did. She has an AG3 and a VG8, both of which she bought over 10 years ago and we thought they were overpriced at around $400 for the AG and about $1200 for the VG. I had not been paying attention, but both are going for around double that, give or take, based on what I read in this thread and from just now looking at the price guides
Mr_Spud
I decided to look thru some old dime books and forgot about this one.
This seems to confirm that the 1916-D is not as rare as some believe... the search is what is required to find what is right.
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