Coins on approval

Wondo · January 21, 2004 1:03PM

A follow up thread to my earlier one of a deal unconsumated. What are the best methods of getting coins on approval? How does it affect the price? How ticked off do dealers get when the customer rejects the coin? Any dealers not do this and why? Inquiring minds want to knw.

Thanks.

RYK · January 21, 2004 1:07PM

Once you establish a relationship with a dealer, getting coins on approval is rarely a problem. Usually, in my circumstances, the money part of the approval process is not the issue. Neither party cares whether the money lands with the dealer first or the coin with me because there is mutual trust. Both parties are interested, however, that the customer (me) is satisfied with the coin in hand.

atarian · January 21, 2004 1:16PM

i would like this as an option cause i have a hard tiem trusting dealers. but sooner or later im gonna have to . yet i dont know why dealers have to act like horse's rear when it comes to customers.

rkfish · January 21, 2004 1:18PM

We send coins out on approval every day......you must first establish a relationship with the dealer(s) or provide references of major dealers you get coins from on approval. If after a phone call or two, and your references check out, off goes the coin. Our only request is you make a decision with 24 hours or let us know if you need longer.......

Getting coins on approval doesn't affect the price imo....

and I don't know about ALL dealers but most (us included) would not want you to keep a coin you were not happy with.....and a nice gesture on your part would to be pay for the shipping cost of the dealer even though it's not expected.

coinlieutenant · January 21, 2004 1:23PM

What Robert said...

stman · January 21, 2004 1:34PM

It must be my charming personality

I've had dealers offer to send me coins on approval without even knowing who I am. Not just board member dealers either. Yes they send them to me once in a while as well. Kind of shocked me because I'm not one of the "Popular" guys around. And once in a while I speak my mind (what is left) and have a good argument with someone on here.... including dealers if necessary.

But don't let that fool you... they've done it enough times and long enough to know if someone is a good egg or not, and can tell if someone will do good business. I still think it's my charming personality though.

I will give you a tip though.... agree on a price before a coin is sent to you on approval.... meaning if they say their best price to you.... don't think once it's in your hand you're gonna get them down on price. You will more than likely upset them. I'd rather upset them in other ways but not while doing business.

Edit to answer a question you had concerning rejecting coins.... ask as many questions that you can think of to avoid returns. Yes once in a while you're gonna have to return something. But I try to avoid it by asking questions and let the dealer know what my likes and dislikes are. Then again.... once in a while some will through you a dog to see if you're awake.... send it back immediately!!!!

coingame2000 · January 21, 2004 1:37PM

Steve (stman) is a good egg -- I know this for a fact.

Mike

coinlieutenant · January 21, 2004 1:42PM

stman,

If you have deFalco vouching for you , we all know for sure that you're a dirtbag...

stman · January 21, 2004 1:42PM

Thanks Mike... So I guess with you it isn't my charming personality. Oh well, I tried.

Fairlaneman · January 21, 2004 1:54PM

I do not know what the deal is but a couple of dealers just about insist that coins must be viewed before they take the money with me.

Which in my opinion is pretty cool and much appreciated.

Ken

gsaguy · January 21, 2004 2:03PM

I've been on both sides of the transaction many times so perhaps I can help. One of the first things you need to determine though is if you want to establish a long term buying relationship with a dealer or if you're only looking for that ONE coin.

I routinely ship coins on approval to forum members and will often ship them to new customers that phone me. Just kind of depends on how the phone conversation goes.

As for the issue of rejects and how the dealer will react, that one is hard to call........depends on the dealer. I'm typically very easy going and want my customers to have a good buying experience. When a dealer first does business with a client, he should give the customer some leeway as the two get to know one another.

In other words, I've worked with dealers who 'learned my eye'. Once that happened, they'd send me a group of coins and I'd buy 80 or 90% of them because they knew exactly what I was looking for and the right price range.

What will finally get under a dealer's skin are the following:

1) Taking too long to contact the dealer after you've received the coins to let him know what you're going to do. A quick 'no thanks', in some cases, is better than taking an eternity to say yes.

2) Saying you're going to do one thing, and then doing the exact opposite. I HAD one customer who would routinely change his mind after telling me he wanted to purchase certain pieces (he had them in hand). Cash flow is the lifeblood of the coin industry. It's not too cool to tell a dealer you're going to buy a piece, and then a week later tell him you've changed your mind. He may have already spent those funds on another deal. Sure, emergencies happen, but don't make a habit of it.

3) Go to great pains to explain to a dealer what you're looking for, and what price range you'd like to be in. Good communication helps all deals go more smoothly. If he sends you what you're looking for and at the right price, try to do the deal. Otherwise, he'll begin to think you're not serious or perhaps too picky and eventually will stop sending you material. If he's been close, but not close enough, a nice gesture is to sometimes send him something to cover shipping even if you don't do the deal. It's not required, but goes a long way towards establishing a good relationship.

4) Try to avoid cherry picking a new dealer. Here again, are you trying to establish a long term relationship or only looking for a 'one off' deal? If a dealer sends you a decent group of coins, and technically, all of them can work for you, it's much better to try to do the entire deal than to pick off one or two pieces and return the remainder. Of course, this works both ways. Don't let a dealer routinely send you borderline coins and expect you to pay strong money.

Anyway, those are few of my thoughts. I realize that many here consider dealers as lower life forms, and many dealers earn that reputation. But as in most business transactions, treat the other guy like you'd like to be treated and things are likely to work out well.

GSAGUY

Tonelover · January 21, 2004 2:06PM

<< <i>Steve (stman) is a good egg -- I know this for a fact. >>

Did he just get paid or something? If so, I like him a lot too.

puff · January 21, 2004 2:30PM

Since I can't make it to shows any longer the only way I can buy coins is through dealers that I have dealt with for several years, and the only way I will buy a coin is on approval and I have never been turned down, and I'm probably one of the pickiest collectors around, other than maybe that grouchy old stman!

stman · January 21, 2004 3:08PM

<< <i>Did he just get paid or something? If so, I like him a lot too. >>

Atta boy... I knew you would come around in time.

stman · January 21, 2004 4:29PM

Thanks Baseball, I think

Believe me when I tell you the few dealers that are able to dump a tarnished coin on me.... I make them work for it.

Also some people need to understand that getting coins on approval is usually a retail type deal. Price is always a concern.... but for me it's about quality first.

291fifth · January 21, 2004 9:18PM

Once a dealer has confidence in a client they will often send coins on approval. Needless to say, in today's scammer-filled market, dealers need to be careful.

In my experience coins sent on approval tend to be pricey. Then again, there are no bargains in coins.

Pushkin · January 21, 2004 11:29PM

Coins being sent on approval is one of the finest features of numismatics. A lot of dealer bashing goes on, but not as much recognition as there should be for dealers who will trust clients with thousands of dollars of coins on approval. I have pretty much limited the majority of my major coin purchases to four or five dealers who will send me coins on approval. Even if the coins are a little more expensive than they might be from non-approval sources, I'm willing to pay that extra to see the coins in the privacy of my home and to have a few days to decide. The one thing I hate about shows are the crowds and pressures to make quick decisions. I can look at a coin through my stereo microscope, compare it with others, and just get the feel of the coin when it is sent on approval. As a general rule, I will often reimburse the dealer for shipping, even though they never ask, if I return a coin, because they have trusted me and shown me the courtesy of allowing me to make a decision about a major purchase in a friendly environment.

The gentlemen and ladies who offer coins on approval are one reason that the hobby flourishes, IMO.

Julian · January 22, 2004 1:19AM

I would much rather send something on approval, rather than having to refund money. All I need, if the customer is unknown to me, is a couple of dealer or commercial references. I have never had anything go wrong with one of these, but I do always check out the references.
IMO, most reputable dealers will be happy to do this. One caveat is not to request an approval just before a major show. I am happy to send coins out, if they are just going to be sitting in the vault, but if there is a major show, I would hate to miss out on a definite sale, while waiting for an approval sale to be consumated.

Coins on approval

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