wannabees-ALL COIN DEALERS ARE SCAMMERS only some are "professional"

hootchiegirl · August 6, 2006 3:12AM

scammers and some are not as good or not as successful, these are wannabes....Got a dealer near me that cleans EVERTHING". go into his shop and you get buzzed from the acetone, jewel luster and ms70 almost should have a hazmat sticker on the place.and other more professional coin dealers buy from him.go figure

mcheath · August 6, 2006 3:15AM

this may be the most absurd/entertaining alt id ive seen yet.

jayboxx · August 6, 2006 3:16AM

ALL COIN DEALERS ARE SCAMMERS

Wow, guess you won't be buying anything from a lot of people here then.

ER · August 6, 2006 3:17AM

I'm surprised the avatar is still around.

sweetwilliet · August 6, 2006 3:55AM

I have a serious question for all out there. What is considered an appropriate profit, percentage wise, for a dealer? When are you considered ripping someone off, at what percentage profit?

jayboxx · August 6, 2006 3:58AM

I have a serious question for all out there. What is considered an appropriate profit, percentage wise, for a dealer? When are you considered ripping someone off, at what percentage profit?

I don't know that it is a question of percentage. What if a dealer bought a coin 20 years ago and it has appreciated 300% since, should they limit their gain due to a percentage limit? I have knowingly paid nearly double for what a coin cost a dealer, and had no problem doing it as I am very confident they could have sold it for significantly more at an auction.

Russ · August 6, 2006 3:59AM

<< this may be the most absurd/entertaining alt id ive seen yet. >>

Absurd, yes. But, there have been far more entertaining ones over in the open forum.

Russ, NCNE

Russ · August 6, 2006 4:01AM

<< What is considered an appropriate profit, percentage wise, for a dealer? >>

When I buy a coin from a dealer, I don't give a rat's ass how much profit he's making. The only thing I consider is what I'm willing to pay.

Russ, NCNE

sweetwilliet · August 6, 2006 4:04AM

If a dealer makes a 1000% profit but sells at fair market value, that is appropriate, for example if the coin had been held for many years.
If a dealer buys a coin at $100, sells to a newbie at $200, but market value around $200, fine.
If a dealer buys a coin ay $100, sells to a newbie at $400, but market value around $200, probably not fine.

sweetwilliet · August 6, 2006 4:06AM

When I buy a coin from a dealer, I don't give a rat's ass how much profit he's making. The only thing I consider is what I'm willing to pay.

You know coins, and won't get ripped. How much of an ethical obligation does the dealer have to charge an appropriate price? Any at all? Man, this thread is wandering.

darktone · August 6, 2006 4:10AM

seen a guy at a jewelery store give a teenager $50 for a one ounce gold maple leaf yesterday........... seen coin dealers do even worse stuff over the years. The guy at the jewelry store offered it to me for $500 a few minutes later....... would have made me a quick $100 but I said no.

goose3 · August 6, 2006 4:11AM

Is it that cold in here?

relayer · August 6, 2006 4:38AM

Kaelasdad · August 6, 2006 5:05AM

LOL--you guys arent intimidated by the opposite sex are you?????

The appropriate price for a coin is what you are willing to sell it for, and what someone is willing to buy it for. Its a different type of commodity than as is a can of soda or a candy bar.

And im pleased a hootchiegirl would join the club, kind of smells like ben gay in here most of the time.

Whizzard · August 6, 2006 5:14AM

Codder, is that you?

ScarsdaleCoin · August 6, 2006 5:25AM

sorry but there are a few good guys out there.....

but I do like your avatar!

Russ · August 6, 2006 5:26AM

<< LOL--you guys arent intimidated by the opposite sex are you????? >>

You actually think this is some chick?

Russ, NCNE

FoundingFather · August 6, 2006 5:36AM

Good point!

Kaelasdad · August 6, 2006 5:39AM

LOL Russ--I guess Im saying what does it matter? Too many folks are targeting the avatar and not the topic anyway.

My question would be when the quote is "professional" does that mean that only some are professional scammers or some are simply professional yet not scammers?

I tend to believe that you are what you are, and when dealing with people, keep yours eyes and ears open, you will pick up clues as to who lives to scam and who doesnt.

I bet each of us could name 5 individuals we would lump into the scammer list, but we could also name 5 who we would trust explicitly in a coin purchase.

Russ

DennisH · August 6, 2006 5:40AM

"When I buy a coin from a dealer, I don't give a rat's ass how much profit he's making. The only thing I consider is what I'm willing to pay."

Absolutely right. I hope he makes a nice profit, because I want him to stick around and sell me more coins in the future.

hiyosilver · August 6, 2006 5:46AM

<<When I buy a coin from a dealer, I don't give a rat's ass how much profit he's making. The only thing I consider is what I'm willing to pay.">>

<<Absolutely right. I hope he makes a nice profit, because I want him to stick around and sell me more coins in the future. >>

After the last few coins I've bought from the local shop......I'm thinking I should kick down a couple bucks.

Hey!! I said THINKING about it.

Leiana · August 6, 2006 5:58AM

I'm a girl...

But I disagree with the notion that all coin dealers are scammers.

-Amanda

mrearlygold · August 6, 2006 6:06AM

coinkat · August 6, 2006 6:09AM

interesting thread... even for those that tooned in late

TheKidCollector1991 · August 6, 2006 6:13AM

Lol.

Totally Unnecessary emoticon, Tom.

Depends what the dealers trying to do.

if he is trying to take advantage of a wee person like me or Amanda or the other wee ones here, then I would rather take my coin bite it several times and drill it in the last digit of the date so that the dealer would be cursing himself to find out the date. and before giving it to him, put it in some conc. Lemon juice.

TKC!

But I probably won't do that.

mrearlygold · August 6, 2006 6:16AM

<< Lol.

Totally Unnecessary emoticon, Tom.

Twas directed at someone else Kid

TheKidCollector1991 · August 6, 2006 6:21AM

I wonder who....

Conder101 · August 6, 2006 2:35PM

<< What is considered an appropriate profit, percentage wise, for a dealer? >>

The question has no answer. You can't expect a dealer to take the same profit from every coin because some coins will sell quickly and one percentage is appropriate, but another will sit in inventory for a long time tying up his money. For those a higher percrentage will be needed. So the percentage for every coin is different and has to be considered for every purchase.

Myqqy · August 6, 2006 6:35PM

Is it that cold in here?

Derek2100 · September 4, 2006 9:56AM

Mostly I shoot for the "keystone" markup used by most retail concerns - 100%. Otherwise as a minmum my target profit is 40%. I know of course there a lot of idiots on this board who do not understand this but from what I can see they simply are ignorant of the fact that 10 cents on the dollar is not going to cut it in the coin business.

UncleWiggly · September 4, 2006 10:07AM

<< Is it that cold in here?

>>

Frozen food section for sure.

Jerry

TwoSides2aCoin · September 4, 2006 10:08AM

all plumbers have a crack, but that don't mean they smoke it !

this thread has very strange connotations.

segoja · September 4, 2006 10:31AM

It's about a dealers overall profit margin, not the margin on a single coin.

If I cherry pick a 67 Cameo Half and make a 68 DCAM, should I limit myself on a percentage???

How about the coins in the deal that I overpaid for to get the one that had a good shot at 68 DCAM???

No one guarantees me a profit on those.

Russ nailed it, sell for what the market will bear (or with this thread bare!!!) If you like the copin and the price buy it, if you don't, pass.

It's a fee market economy and should stay that way.

ABC123 · September 4, 2006 11:32AM

Bingo---You figured it out ! Everybody IS different !

roadrunner · September 4, 2006 11:45AM

I draw the line on when a dealer buys a key coin such as a 1794 dollar and pays 30c to 50c on the dollar. I've seen this done so many times the past few years it makes my head spin. Coins in the realm of $5K to $50K being bought for 50% or less.

It would be akin to buying a 1909-0 $5 in MS63 at 50% of bid.
And that's assuming the lowest grade it will come back as. When it comes back even higher that's additional gravy.

The irony of the situation is not being able to have a chance to buy any of these coins at any level.......even well above retail. What level they were bought at IS irrelevant, not being able to buy anything is sort of relevant.

roadrunner

RichieURich · September 4, 2006 12:50PM

I bought a coin from a part-time dealer for $600. When it arrived he hadn't taken it out of the original holder that showed he had paid $11. No problem, $600 was the current market value. And when I bought a higher grade one, I made a profit on the first one (though not as high a percentage)!

So, in short, basically I agree with Russ.

Derek2100 · September 4, 2006 9:25PM

Maybe you should stick to Sacs Hootchiegirl.

96eagle · September 4, 2006 9:34PM

I was in a local shop, when an older man came in with 10 $20 Saints, all common dates. He left with $2000 dollars, ouch. What a deal, nearly 10 ounces of gold for 2 grand.

96eagle

MORGANHUNTER2 · September 4, 2006 10:31PM

Mostly I shoot for the "keystone" markup used by most retail concerns - 100%. Otherwise as a minmum my target profit is 40%. I know of course there a lot of idiots on this board who do not understand this but from what I can see they simply are ignorant of the fact that 10 cents on the dollar is not going to cut it in the coin business.

-------------------------
The only conditional requirement for being in the coin business is making money!

Derek >>

Who is this moron?

Another troll?

notwilight · September 4, 2006 10:51PM

<< seen a guy at a jewelery store give a teenager $50 for a one ounce gold maple leaf yesterday........... seen coin dealers do even worse stuff over the years. The guy at the jewelry store offered it to me for $500 a few minutes later....... would have made me a quick $100 but I said no. >>

Sorry but I wouldn't have let that happen. I'm sure I wouldn't have been welcome back but that would be ok with me. --Jerry

Rodius · September 4, 2006 11:05PM

Profit for the coin dealers? I own a dairy bar and lucheonette. I buy a burger for .50 and sell it for $2.10. It seems like a nice profit, but consider the gas to cook it, the waitress to serve it, the electricity to see, the mortgage, the insurance, the napkins, the ketchup, the relish, and so forth. I am sure it the same for the coin dealer minus the condiments. We are all in business to make a living and there is a huge cost to run a business. For those of you who work for corporate america, take a look at one of there P&L statements. I am sure you will be suprised at what little profit is really produced.

I am sure we all want to provide great service and a great product, but there are costs involved. We are NOT not for Profit organizations. We are just like all of you, making a living with some money left over to buys a few coins.

Derek2100 · September 5, 2006 2:00PM

Morganhunter2 - hey hate to pop your bubble sport but there is no Santa Claus in Numismatics. Oh btw as far as me being a moron I think thats a title more becoming to a piece of PVC like u.

wannabees-ALL COIN DEALERS ARE SCAMMERS only some are "professional"

Comments

Leave a Comment

wannabees-ALL COIN DEALERS ARE SCAMMERS only some are &quot;professional&quot;

Comments

Leave a Comment

wannabees-ALL COIN DEALERS ARE SCAMMERS only some are "professional"