Where do dealers get there coins

Georgems65 · January 28, 2007 6:52AM

PLease tell me???? Is there a wholesale warehouse lol. I know a dealer that can get me the same 500 coins every month for the same price and grade.

mr1931S · January 28, 2007 7:00AM

The smartest dealers know exactly where to go, on short notice, for all of their rarity needs...

LucyBop · January 28, 2007 7:02AM

why they prey on unsuspecting little old ladies....

ScarsdaleCoin · January 28, 2007 7:05AM

There is a vast network of wholesale dealers that you as a retail customer would not know....they lurk behind the tables and in the deepest hotel rooms of the big shows LOL
there are also many market makers in various sections of the market....at your local level the better coin dealers are the ones who know these connections and then by adding a small margin of profit make the deals to deliver these wonders to you!

sonoranmonsoon · January 28, 2007 7:06AM

They use a really good metal detector.

Coxe · January 28, 2007 7:09AM

A press and a rock tumbler in the back room. And a color laser printer in case a rag picker shows up.

Regulated · January 28, 2007 7:37AM

PLease tell me???? Is there a wholesale warehouse lol. I know a dealer that can get me the same 500 coins every month for the same price and grade.

Widgits are readily available to anyone that knows where to look - companies like Heritage, Rarcoa, Spectrum, etc... publish sell lists for all sorts of generic material. The real trick is finding someone that knows where to find items that aren't readily duplictaed.

sTONER · January 28, 2007 7:42AM

<< If I told you, I'd have to kill you...... >>

,,, i love this girl

PerryHall · January 28, 2007 8:13AM

Many are imported from China via eBay.

RichieURich · January 28, 2007 8:41AM

There are two sources: find them in circulation, or buy them from someone (this excludes metal detecting and stealing them). The "someone" you buy them from can be the U. S. Mint, other dealers, collectors, and/or auctions. There are always plenty of coins available to buy; the key to success as a dealer is knowing which coins to buy, hopefully these coins are ones that someone else wants to buy at more than you paid for them. Another way to buy coins is to take them as trade-ins on coins that you are selling, this is a good way to find coins also. There is no wholesale warehouse that a dealer can call and request, say, 20 1873-CC quarters in various grades. But you can buy bulk lots of silver halves and the like.

storm888 · January 28, 2007 8:45AM

"why they prey on unsuspecting little old ladies.... "

///////////////////////////////

.......and, on unsuspecting big and little old men, too.

seateddime · January 28, 2007 11:58AM

At the shows behind the secret door

WTCG · January 28, 2007 12:03PM

It depends on the type of coin you are looking for. The common coins, such as Morgan Dollars in MS64 or MS65 can be found on short notice by the dozens if not hundreds. The scarcer coins, such as proof gold, or condition rarities, etc. can take much longer to locate.

Not all dealers are created equal when it comes to the quantity of contacts they have for supplying them with material. Some dealers will only buy coins that "walk in" to their store while others will have hundreds of dealers they can call to find that item they are looking for.

segoja · January 28, 2007 12:04PM

Through years of connections and at local shows. We jsut step up and buy a lot of stuff from some dealers, and therefor may get a little better deal.

It's a lot of hard work and travel to make this happen!

StampAlarm · January 28, 2007 12:22PM

Pflugerville, Texas

TheNumish · January 28, 2007 12:22PM

For 2006 I spent more with the US mint then any single dealer. Will probably be the same for 2007.

seemyauction · January 28, 2007 12:38PM

<< PLease tell me???? Is there a wholesale warehouse lol. I know a dealer that can get me the same 500 coins every month for the same price and grade. >>

If you look, you will find what your looking for.........

Al

BAJJERFAN · January 28, 2007 12:40PM

<< such as Morgan Dollars in MS64 or MS65 can be found on short notice by the dozens if not hundreds. The scarcer coins, such as proof gold, or condition >>

How many really nice ms65 Morgans would you expect to find in a 200 coin lot from a wholesaler?

Rodius · January 28, 2007 12:43PM

<< why they prey on unsuspecting little old ladies.... >>

I always suspected thid.

No really; it takes a lot of leg work, persitance, financial means, and some smarts mixed with luck. I have a friend that is a very successful dealer in coins; people in need selling, dealing with other dealers wanting to unload stuff they don't want, and timing. He places ads for purchasing coins in the local papers and gets great results.

And education; you gotta know what you're looking for.

Fletcher · January 28, 2007 12:46PM

They all own laundromats and CoinStar machines

WTCG · January 28, 2007 1:06PM

<< 

<< such as Morgan Dollars in MS64 or MS65 can be found on short notice by the dozens if not hundreds. The scarcer coins, such as proof gold, or condition >>

How many really nice ms65 Morgans would you expect to find in a 200 coin lot from a wholesaler? >>

If the coin lot had not been previously "picked through", then you can expect the normal grading curve. Probably about 10% would be weak for the grade, 80% would be graded properly, and the remaining 10% would have a probability of making it to the next higher grade.

It also depends on your definition of "really nice". What is really nice? A coin graded properly, or a coin that is definitely undergraded?

BAJJERFAN · January 28, 2007 1:32PM

<< What is really nice? A coin graded properly, or a coin that is definitely undergraded? >>

Well really nice would be middle to high end for the grade, no stains, spots or ugly toning spots, no dull lusterless surfaces. I guess it would not be all the tired worn out stuff that gets dragged from show to show to show.

The reverse on this one takes it out of the "really nice" category for me.

Type2 · January 28, 2007 1:41PM

I am with you the U.S Mint, Where can you get coins at cost with 5.95 shipping or from a bank at face $$$$$$$$$$$$$

FloridaBill · January 28, 2007 1:45PM

<< For 2006 I spent more with the US mint then any single dealer. Will probably be the same for 2007. >>

WOW, that's quite a bold statement....

Does the US Mint actually make available the amount purchased by xxxx,xxxx,xxxx.....

FloridaBill

BAJJERFAN · January 28, 2007 1:50PM

<< Does the US Mint actually make available the amount purchased by xxxx,xxxx,xxxx..... >>

No, you just sum up the prices posted for all the stuff they sell.

JimDepot · January 28, 2007 5:58PM

<< 

<< For 2006 I spent more with the US mint then any single dealer. Will probably be the same for 2007. >>

WOW, that's quite a bold statement....

Does the US Mint actually make available the amount purchased by xxxx,xxxx,xxxx.....

FloridaBill >>

He probably ment that he spent more at the mint than he spent at any 1 dealer.

Goldeagle1981 · January 29, 2007 5:57AM

Dealers spend most of their time in coin shows not in selling their stuff to the public but rather in buying and selling to other coin dealers. That is basically how they make their money. They trade with each other based on the grey sheet which shows prices of the most popular U.S. coins. They also buy from collectors and from the public in: coin show, their coin shop, newspaper buy ad, estate. Of course, they buy in large bulk from the U.S. Mint. Interestingly enough, I know some BIG ebay dealers actually bid on coins that are under value from other eaby dealers and then resell them on ebay again.

VTCoins · January 29, 2007 6:02AM

<< If I told you, I'd have to kill you...... >>

That is exactly what I was going to say!

Baley · January 29, 2007 6:29AM

If THEY'RE good, the dealers get THEIR coins right THERE at the shop location.

quattrocoins · January 29, 2007 6:38AM

<< Where do dealers get there coins >>

The misuse of "there", "their", and "they're" bugs the hell out of me!

Please edit you're title.

quattrocoins · January 29, 2007 6:41AM

<< If THEY'RE good, the dealers get THEIR coins right THERE at the shop location. >>

'zactly!

What can I say?

I'm a slow typer!

BECOKA · January 29, 2007 7:21AM

Why eBay of course.

If it is rare then dealers have to bid on them at auction. Most likely the final owner of these rare coins has never attended an auction so the dealer just tacks on 10-30% over auction price and calls it a day. Of course this requires a network of buyers as well.

JJM · January 29, 2007 7:36AM

some things go best left un-answered.....

pbfloyd · January 29, 2007 8:00AM

They used to pay 80% of greysheet to customers who brought in coins to their shop. If they spied a keydate they just kept their mouth's shut and smiled as they payed you. It's all changing but you won't get them to admit it!

Where do dealers get there coins

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