Is the perceived stature of a dealer determined by the coins that they normally deal in?
Longacre
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I will try to explain this one. In all professions, there are different "levels" of people within that profession. For example, (and I don't know anything about the medical profession), I assume that if someone says they are a neuro surgeon, that gives them a little more "stature" than if they are say, a general practicioner. The same sort of thing exists in the legal world.
In the numismatic world, is the perceived stature of coin dealers determined by the coins that they deal in? For example, if someone specializes in circulated Morgan dollars, is there a perception among other dealers that the circulated Morgan dealer is at a lower level than a dealer who specializes in upper tier rarities (such as gold or high end/low pop commemoratives)? Or does is perception of the dealer by other dealers determined not by the coins that they deal in, but by past history, ethics, fair pricing, etc.?
Also, does anyone know if dealers tend to only "hang out" with other dealers at their same level? The only example I can think of is in the military. I assume that officers don't go to dinner or out on shore leave with lower level enlisted guys.
In the numismatic world, is the perceived stature of coin dealers determined by the coins that they deal in? For example, if someone specializes in circulated Morgan dollars, is there a perception among other dealers that the circulated Morgan dealer is at a lower level than a dealer who specializes in upper tier rarities (such as gold or high end/low pop commemoratives)? Or does is perception of the dealer by other dealers determined not by the coins that they deal in, but by past history, ethics, fair pricing, etc.?
Also, does anyone know if dealers tend to only "hang out" with other dealers at their same level? The only example I can think of is in the military. I assume that officers don't go to dinner or out on shore leave with lower level enlisted guys.
Always took candy from strangers
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
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<< <i>For example, if someone specializes in circulated Morgan dollars, is there a perception among other dealers that the circulated Morgan dealer is at a lower level than a dealer who specializes in upper tier rarities >>
Of course.
Russ, NCNE
'Nuff said.
It's my coin on consignment.
Is the perceived stature of a dealer determined by the coins that they normally deal in?
NO!!!
but the above ANSWER makes the assumption that it is someone who is an advanced collector/numismatist or at least a market savvy collector and specializes/studies what he collects
<< <i>There are a lot of dealers that I admire and respect that deal in supposedly "low end" material. Often, a dealer's stock is the result of a positive bank statement, rather than any knowledge or virtue on his or her part. >>
Great answer, David. I agree with you and PerryHall exactly.
Specializing in 1854 and 1855 large FE patterns
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For the group of core collectors in that community: not as much
Don't make fun of that coin. It was in the same family for 100 years.
Russ, NCNE
Too often I've seen stature determined by the thickness of the stack of $100 bills stood upon.
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One dealer who attends over 40 shows or more per year is known for buying anything that is legal tender in the U.S., regardless of its grade or price. He is known for buying deals ranging anywhere from $2 to millions. Many of his coins are raw. The vast majority of dealers like him immensely.
One dealer who attends over 30 shows or more per year is regarded as the "bottomfeeder" of the slabs world. He will buy anything in a slab. Most of his coins are "widget" coins or coins that are lower end for their assigned grades. This dealer is almost universally beloved by the dealers who do business with him, and he does business with many dealers.
One dealer is arguably the largest Morgan Dollars dealer in the country. He does not deal with the public, and most collectors of Morgan Dollars have never heard of him. He buys Morgans of any grade, whether they are damaged and circulated or certified MS68. Almost all of his inventory would fall in the "widget" category. He has a dynamic sense of humor and coin companies of all sizes will sell Morgans to him cheaper than they would to any other dealer.
One company is commonly preceived by the public as only carrying top pop coins, yet they are often the highest buyers of common date Walker halves in MS64.
One dealer who attends many shows is known for spending upwards of seven figures on purchases at major conventions. However, he is often jeered by other dealers for his (lack of) grading skills, and has a personality that many people would consider unpleasant and very annoying. He is the butt of many bourse floor jokes.
Granted, the dealers mentioned above have massive bankrolls. Although they command excellent respect and status among dealers, their typical inventories aren't made of coins people would consider upper tier rarities.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
I will try to explain this one. In all professions, there are different "levels" of people within that profession. For example, (and I don't know anything about the medical profession), I assume that if someone says they are a neuro surgeon, that gives them a little more "stature" than if they are say, a general practicioner. The same sort of thing exists in the legal world.
In the numismatic world, is the perceived stature of PCGS Forum Members determined by the coins that they deal in? For example, if someone specializes in circulated Morgan dollars, is there a perception among other PCGS Forum Members that the circulated Morgan PCGS Forum Members is at a lower level than a PCGS Forum Members who specializes in upper tier rarities (such as gold or high end/low pop commemoratives)? Or does is perception of the PCGS Forum Members by other PCGS Forum Members determined not by the coins that they deal in, but by past history, ethics, fair pricing, etc.?
Also, does anyone know if PCGS Forum Members tend to only "hang out" with other PCGS Forum Members at their same level? The only example I can think of is in the military. I assume that officers don't go to dinner or out on shore leave with lower level enlisted guys.
.....................and a dealer in expensive coins who uses her "clout" to rag on dealers who sell "widgets" can also lose some credibility.
As you said, as this is true in other fields so is it true here.
How about the perceived stature of a member of the PCGS boards and is it determined by the coins they purchase.
most just disregard that as advertising hype?
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How about the perceived stature of a member of the PCGS boards and is it determined by the coins they purchase
that's a resounding yes from what i see posted here.
You said that some dealers attend over 40 coin shows per year? That's a lot of coin shows. Are the dealers that were cited dealers who normally deal with the public, or with just dealers?
It shouldn't. The dealers ethics, pricing, knowledge, and general approach to the hobby should be the determining factors. I think new and 'occasional' collectors fall into the trap of mistaking really high-end, truely rare coin dealers as having the most credability. The more experienced collectors can filter through the hype and identify those who deserve stature and 'props'.
Having said that, you can't tell for sure about someone until you get to know them. The guy with the $10,000 coins may be clueless and the guy who happens to be selling circulated Morgans may have spent a lifetime dealing with the coins and can help steer you in the right direction.