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Rare Coin Wholesalers
willy
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Question are they actual sellers of coins or is it a high end collector that just likes to list his coins. I get there weekly email with there inventory list and nothing ever seems to sell. Lots of high priced coins, not sure if they are wholesalers to other dealers if so they must discount a lot from there list prices. Just strange that the inventory that I follow never seems to change.
The website and email list contain some really nice high end coins.
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They're a major dealer that does wholesale and retail business.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
I wish I was cool enough to be a former owner of the King of Siam proof set
They charge top dollar for top end coins.
Definitely a niche market that takes time to find the right buyers.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
There is a difference between top dollar and grossly overpriced. I'd wager that the public facing prices have nothing to do with what their coins actually sell for, if the company even wants them to sell.
Coin Photography
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End Systemic Elitism - It Takes All of Us
ANA LM, LSCC, EAC, FUN
Almost all companies do this.
They leave 'wiggle room' to haggle and negotiate.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Buying a coin for $60k, putting it in new plastic at the same grade, and then listing it for $460k is not "wiggle room".
Coin Photography
I've been an active buyer for a number of years, never purchased anything from them. Whoever their clientele is, it's not guys like me.
I was interested in a number of higher end coins for my Type set but the pricing they have them at was so high that I never even called them. Maybe that was a mistake on my part. Found what I needed later with better quality at cheaper prices in Auctions.
My guess is that many of their coins are owned by their investment funds. Therefore there is no pressure to sell. The coins may sit there for years. I don’t believe they do shows any more, but they are active participants in auctions.
I came into some extra money. I thought that I might try to buy a Chain AMERI. Cent or perhaps upgrade the Chain Cent I have. I learned pretty fast that was not going to happen despite the fact that I had 6 figure sum to spend.
Rare Coin Wholesalers has a piece that was once the plate coin for EF a past edition of the ANA Grading Guide. It’s now graded higher. I was able to trace the last time the coin was sold, which was not that long ago. Their asking price was almost double the price realized. Usually when the difference is that much, I get the message that we are too far apart to negotiate, rightly or wrongly.
Maybe they should change their name to Rare Coin Retailers.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I have acquird a couple over the years from Mark ... I make an offer and some times it works , sometimes I notch up as they come down but many other times it was just a nice chat and we say good bye till the next time. They have large inventory and apparently they are not cash strap and willing to hold on to get the very best price, even if it 50% more than there cost.
OMG ... My Mother was Right about Everything!
I wake up with a Good Attitude Every Day. Then … Idiots Happen!
They’ve got this listed on the Bay for 1.7 Million, and if I had Elon money I’d probably just Buy It Now the same way I buy an eye appealing $400 Morgan widget ‘just for fun.’
It moved
Going by the true rarity of an 1862 $20 Proof gold piece in that grade, $1.7 million does not sound ridiculous. But you have to be THAT collector.
You'd think for that price they'd get a fresh CAC sticker.
😆
Coin grade - PR 65+ DCAM
Stickergrade - G6
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I was thinking more "Details - Tilted" personally.
Coin Photography
I am not sure where you are seeing prices you mention. If on eBay, some sellers use that platform for advertising. They do not expect many sales from there, but to get many more highly interested leads.
If you are interested in buying a coin over $XXXXX on eBay, you should search to find out about their company and if they have a website or other contact info on the web. By giving them a call, you almost always can get a better price or terms than what is shown on eBay as a sale would no longer need to give eBay their cut.
At certain shows setup there is a wholesaler who has a shop selling slabbed material at bid or bid plus 5pct. I always try pick up a few b4 public admitted. That way if sales horrible I had at least a decent buying show.
Wrong thread.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
There are times you can look at a coin, and then the price and say:
"there's a whole bunch of other stuff I would rather have".
Wasn't it RCW who donated two garbage bags full of old PCGS
and NGC labels to the ANA so the two TPGs could adjust their
POP reports. At the time they were worth 50 cents a piece.
They at one time also owned the LEGEND 1794 dollar if I'm
not mistaken.
Sounds like they are crack-out artists who maximize the grades of the slabbed coins that they sell. Not sure if that's a good thing for the customers who buy their maxed-out slabbed coins.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
If maxed-out means accurate, what's wrong with accurate grades?
Customers of course like under-graded coins (or more accurately, under-priced coins) but there's nothing wrong with getting coins into the holders they deserve.
Who's to say that the coins that they're cracking out weren't already accurately graded? Taking A level coins and resubmitting them until they get the next higher grade as C level coins results in a lot of maxed-out coins. Two garbage bags full of slab labels has to be an incredible number of crack-outs.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I'm persuaded they buy at or below wholesale. It's just good business.
it's a funny ironic name
Crackouts are just an inherent segment of this industry though. It’s not exactly a cake walk to make a living in coins, for some dealers grading and upgrades might be their primary revenue stream. Others like myself will occasionally crack something but in my area of focus, grade is of lesser focus than other characteristics. At the end of the day, none of us want to leave money on the table so I can’t hold anyone in contempt for utilizing their skills. Now when a dealer is doctoring all the coins before they resubmit, that’s what chaps my arse.
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@PerryHall didn't say overgraded coins. He said "maxed-out slabs" which implies that they are graded at the highest grade the coins legitimately qualify for. Playing the crackout game in the hopes of achieving an "over-grade" is a losing proposition.
I just wonder who sells to them? Because a coin company that sells coins at wholesale prices has to acquire the far below wholesale.
@ProofCollection I never said anything about over graded coins or "maxed out slabs". I wrote about the cracked out inserts from PCGS and NGC. I also wrote about the 1794 LEGEND dollar.> @Tibor said:
Gee. I thought they were a museum.
In what I collect (early gold), they seem to buy the holder and not the coin. They then list at very high prices and the inventory has a long average life. Doesn’t feel like a good business model and isn’t one that caters to astute, passionate collectors. Just my view.
One can track several of their pieces back to Stacks or Heriatge Auctions... they seem to pick up pieces they believe have more potential and they list it at or above that value. They have a huge inventory ... I think they also treat it as their personnal collection
OMG ... My Mother was Right about Everything!
I wake up with a Good Attitude Every Day. Then … Idiots Happen!
They appear to appeal to high net worth investors. Do they have a buyback policy?
Actually, I think they have some type of arrangement for or something. Some of the coins on their inventory are simultaneously in HA buy it now listings, perhaps HA consigns their stock to be listed on RCW website?
In any event, I, for one, appreciate the way they approach their pricing. I haven't gotten to do any business with them, but when I have a coin in my inventory that they also have in their inventory at the same time, it makes it look like I'm having a fire sale 😁.
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Again, many of their coins are owned by their investment funds. Check their website for investment funds. My question in a previous thread was how do they value their funds. Are they audited?
Sorry I fixed it.
Steve Contursi is well-known in the dealer community. The “whispers” I used to hear about his company were:
1. They generally bought expensive and rare coins at auction, and they were willing to pay up for them.
2. No one seemed to know where their funding came from, speculation was billionaire(s) who wished to remain anonymous.
3. They set up a table at Long Beach, with their extremely nice coins displayed for sale at what I would describe as very high prices, usually with a strong markup to what they brought at public auction. Whether they sold any at their asking prices I don’t know. Their business model did not seem concerned with actually selling coins.