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Was the shop employee low balling me or am I just ridiculous?
BCK1909
Posts: 4 ✭
I went to a coin store a little further away from me today to sell 3 of my 2021 peace dollars, all in original mint packaging. To make a long story short, the guy offered me spot and that spot was the highest he could go. I simply said no thank you and left. I know silver is down as of late, but come on.
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I think that offer easily qualifies as “low balling”.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
The guy was a fool or trying to rip you off.🙄
He should have offered you at least $50 each and up to $75 in my opinion.
They are selling for over $160 on Ebay but dealers can't pay you full price. They have to make money on the resale😉
Yes - check eBay sold listings for current pricing. Shop should have offered you at 60-70% of eBay sold pricing as they are an easy sell on eBay even if they are hard to sell iin the shop.
i know dealers that lowball things because they don't want them but people get so emotional when they get no offer. so either offend them with nothing or make them feel like you gave them something AND still offend them.
if they could get those bought for 75-115 and flip on the bay for 160, that is pretty stupid to let them walk out the door when they seem to be selling like hotcakes. unless the top end of 160 is for high-end graded.
even raw if bought at 75 and selling for 125 isn't too bad so long as they're selling fairly quickly.
@LanceNewmanOCC
These are raw with OGP selling for over $160 😎
some coin shops are like that .... did you check the prices on what they were selling?
That would have been a rip to buy them at that price, not a great way to earn business.
Please avoid that coin shop, and check with a few others before you sell.
Had the same kind of experience with a shop I went to this past weekend. One example, guy offered me $110 for my 1896 PCGS MS 66 Morgan. Nice problem free coin. Now I know they aren’t a super rare coin but I thought that was a pretty low offer. I was a little taken aback. Although, the owner of the shop wasn’t there, his assistant was running the show that day. Not to hijack this thread but does that play a factor in the types of offers you can get for your coins? Because I can understand from a business standpoint being on the safe side spending someone else’s money. Thanks
Also, guy didn’t seem to knowledgeable about the numismatic aspect of the shop and had to keep checking everything twice.
This is an interesting situation.
Would people here prefer a low offer or no offer?
I don't know. I wouldn't be really offended either way. If they lowball I just assume they don't want my business. Or don't know what I have.
https://www.the4thcoin.com
https://www.ebay.com/str/thefourthcoin
Yes, it sounds like he was trying hard not to overpay.
I had an assistant quote me low prices, but he also explicitly told me I should come back when the owner is back in the shop.
I took his advice, and the owner was very knowledgable and paid quite well - better than the other shop I tried.
Try the BST Forum here. Ask a little below retail and should get a buyer.
Worry is the interest you pay on a debt you may not owe.
I know a local guy who offered spot on 2021 Morgans. He really just didn't know that they sold for $100+
There is a coin shop you don't need to visit again.
@BCK1909 ... Welcome aboard. Definitely lowball, and good decision to walk away. Personally, I would rather no offer than a lowball.... First one is a business decision, I can respect that. Second is an insult... I walk. Cheers, RickO
Know their value and your lowest acceptable price before selling/going to a dealer. Price guides are irrelevant, only sold prices matter and you can easily find them online.
Good luck with your sales.
When I had my own dealership and was asked for offers on coins, if I didn't feel that I could/would be willing to make a fair offer, I'd pass. And I often tried to give the seller an idea regarding what he should be able to get for the coin from a competitive buyer, elsewhere.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Dealers often bid according to their needs. Perhaps that shop was over-stocked on the item and no explanation was given because you were a stranger. By the same token, it isn't unusual for a dealer to offer strong for an item he's looking for to fill an order, but we never here complaints or compliments about those.
I would be curious to know why @BCK1909 chose to go to "a coin store a little further away" then ones close which I infer are his regular stops??
Thats sheister low
It might be low but the dealer is treating these modern coins as bullion - which I can understand. The margin he will make is the numismatic premium - which for these coins has become less and less over time. Just the reality of the situation.
And in this case, the numismatic premium is many multiples of the bullion value, meaning the dealer had no reasonable justification for such an offer.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Welcome aboard! And yes... as others have concurred, that was a lowball offer IMHO.
We can quibble about the "numismatic premium" on these coins and it could certainly dissipate over time, but currently these sell for several times the spot price of silver and move pretty quick if they're reasonably priced...
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
But, in fairness, some people just don't know. And, if busy, they may not ask. It's a true story:
Local guy I know is largely a gold shop. He buys and sells some coins but not really big on coins. Guy came in with 12 or 15 of the 2021 Morgans. He didn't know, so he offered him spot and the guy walked. When he asked me and I told him I would have paid $100 each, he was really mad at himself. I told him he could have called me BEFORE making the offer, but...
So, I don't know if it is a "reasonable justification" but it is a non-criminal explanation.
So you think it is reasonable to make a $100 profit on a $20 purchase?
Put them on the BST, will get a better price than that for sure.
Paper money eventually returns to its intrinsic value. Zero. Voltaire. Ebay coinbowlllc
I don't think that's an adequate excuse - opinions might differ.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
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i do but that is because someone else put a price on their item(s) and i choose to pay or not or i bought it at auction and it simply didn't get bid up.
i thought the cost from the mint was near that price to begin with.
a fast buck at someone elses expense does not cool what so ever. i know a dealer like that as well
There are only a few things that may potentially walk in that I might not know current pricing on, but If that were to happen, I would make a call to find out before I insulted somebody. Such as Ancients, (I have little knowledge in this area) I will usually call and or check with a dealer friend or advice them to try another shop. I also have about three gold/jewelry dealers in several areas around the state that will call me on us coins to check value if somebody came in to sell them in their location.
These were $85 items from the Mint. Granted the prices can rise or fall with these products but offering spot and saying "it was as high as he can go" smacks of extreme laziness at best and extreme scuminess at worst.
10-4,
My Instagram picturesErik
My registry sets
The beauty of freedom is saying : "no thanks, you're not up to date on fair market value, Mister " ( or whatever their chosen pronoun is).
I mean. It could be that he's just not interested in them. Has too many, hasn't been able to sell what he had. No local customers, hates the design, doubts their authenticity, doesn't sell this type of material, or a thousand other reasons.
The beauty about a free market system is that he had no obligation to offer anything. And the OP had just as much right to not accept his offer.
--Severian the Lame
A melt offer on those sounds like a pawn shop-ish lowball offer to me.
That said, anyone thinking a dealer will offer them $150-$160 for these is, to be kind, extremely optimistic. The bandwagon crowd on these have pretty much left the building and moved on to the latest and greatest offerings.
FYI Greysheet bid in OGP is $80. $90 bid in 69, and $150 bid in 70.
The best money on these was the quick flip money, as is usually the case with the majority of Mint offerings anymore.
RIP Mom- 1932-2012
Should have asked if he had any for sale.
It is 2022 after all and an item that really isn’t uncommon. It surprises me that dealers-who are in the business of buying and selling coins-don’t know how to research a common coin. It’s one thing if it’s a variety or oddball item but pretty much any US coin should be easy to figure out these days.
I don't think it's too crazy to get $150 for OGP Peace dollars. I sent in 8 of my CC's through my LCS and sold them 1 of the ones that came back as a 69 for that price to mostly offset the grading fees. CC's and Peace dollars are roughly in the same ballpark with regard to actual sales prices on eBay. I do wish that I had pre-sold a few from my order last year when they were going for triple that in OCS form.
For what it's worth; $85 & $4.95 from the US Mint when silver is below $25 also seems like the free market system can't price anything fairly.
Buying or selling most of them play by their own rules that has apparently worked for them...
I was at a pawn shop the other day that had a couple common NGC MS67 fsb Mercury dimes. They were priced rather high, I made an offer around Greysheet. They said that they paid retail on the coins so couldn't budge. How many pawn shops or regular coin shops pay retail?
If they're paying $150 for Peace I'd consider blowing them out unless you really want to keep them because a) They're as low as $130 in eBay sold listings right now and that's selling to retail buyers... and b) when the 2023 pieces hit I'm fairly certain these '21s will drop. jmho. The CC pieces have the magic mintmark (privy mark) so I think they will hold the most interest long term.
RIP Mom- 1932-2012
thanks for the update that they are on the sheets. i haven't purchased any new ones in a while since i heard they discontinued pdf versions. i'm still successfully buying/selling from my 2017 sheets !!! (not in every single issue mind you but more than you'd think and i even checked over the weekend to include tpg coins AND some cac certified coins. WOW)
That sounds like a polite way to say no thanks I'm waiting to hook a fish.
Your part b is what I'm really curious about seeing but I'm leaning towards your side of thinking at least for the Philly Morgans and Peace. I'm also wondering if production for years past '23 assuming they happen will will continue to produce just those two iterations from the Philly mint or if they will rotate.
How does someone come into possession of the new Morgan and Peace Dollars not knowing they are worth way more than melt, or that the Mint sold them for way more than melt?
I would have told the guy to call me when he buys some, I'll pay spot plus $10.00 for everyone he gets.
Welcome! I think you were correct in being insulted. It's a jungle out there.
$73, if I recall. But maybe it was slightly more
oh my. i just got your notification!
i was just raising a point that the someone having one of these 2021 (2022?) dollars peace or morgan would most likely know they have a big premium to them. (big imo)
thanks for some confirmation about the original price.
As I said, I don't know if it justifies it or not. I'm just saying that there didn't have to be intent to rip someone off. These days, it is pretty easy to do some research. But people don't always want to bother.
I also know a local gold place, different one. That pays $25 for all silver dollars. One time, the lot he bought had a 1921 Peace $ in it. He owed me $30 and he asked if he could just give me a $. I said fine. I LMAO when he sent me the 21 Peace $.
It took me 5 years to get him somewhat competent on cleaned vs uncleaned. But he still doesn't know dates or condition. Sometimes he runs them by me before he buys. Other times, after he buys. But it's just ignorance, justified or not.
tbh, if we/people would take some more emotion out of the situation and think/say things like this, getting towards an effective solution, would come much easier/quicker.
it is why i generally don't blacklist about any seller/buyer. there may be 1-2 things that are absolutely abysmal but then 1-2 other things that allow for a successful business relationship. to buy and sell to most dealers is a challenging thing in my experience and i GENERALLY either do one or the other more depending on whom i'm doing business with and i shape my interactions around this information.
i think about the only exception(s) i can think of is a local pawn shop or two. i've tried on MANY occasions to try and buy something decent but it is either junk (junk to me) or just overpriced enough but i have a LOT of sources and experience buying/selling at various venues edited to add: and i know there really isn't much numismatic material that is truly rare and most can be collected by roll or small bucket if a person makes it their goal and has the money to do so.
i've LOVED the pics people have posted of raw bust/draped/flowing etc type raw just kinda stacked like what it is, pocket change. no flips, slabs etc., just worth a few more zeroes.