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Do most coin shops do this??
Darkwaverave
Posts: 111 ✭✭
I wondered if it was common practice for coin shops to have prices on everything in their shop but not honor any of them.
I was at a coin shop in Utah and spent over an hour looking at coins and writing some of the prices down for future use. There was a half dime I liked that was priced at $2800 that I though would be neat for my typeset. It was in an NGC holder and graded at XF40. It had some large adjustment marks on the reverse and looked like it had been cleaned in the past. I figured it to be really VF at the most, but figured it would fit well in my set. Anyway I told the guy who had to unlock the case for me that I would buy this coin and needed to do some research on the others I had written down.
We walked up the register and the person in front of me was purchasing a raw Morgan dollar and had his money out, (I think it was priced at $14 on the flip) the guy at the register says that will be $16. The guy buying the Morgan looked at him funny and said “But the price says $14?” The store worker said no it has gone up in price and he had out his greysheet. The buyer said “No thanks, I will pass.” and left looking miffed. I thought well that stinks for him and was getting out my credit card and the guy opens the greysheet and says that will be $6000 for my coin marked $2800! I said “Sorry I thought the price was $2800 and you didn’t say any different the whole time I was looking at it and talking to you about it.”
He said they don’t go by the prices they have marked on any of the holders raw or certified as coin prices change. He said they used to not have any prices a long time ago, but found that the customers wanted to see price tags on coins. He said every coin is checked by greysheet or latest auction prices before sold. I told him that that made sense with bullion as it fluctuates so much, but it is very unsettling to spend time and look at coins and think they are in your budget only to be denied after you made up your mind. He shrugged and I left, while I tossed out the list of coins I was interested in.
I only go to a couple of other coin shops and they don’t do that. The shops that I like which have never done that are All About Coins, and Rust Rare Coins. In fact Rust Rare Coins in Salt Lake City honors all of their prices and I have even bought common silver halves and dollars for them below melt and they just smile and say “Just don’t sell this back to me today at a higher price then you just bought it for.” Maybe I am just a collector that has too high of expectation and I apologize if that is the case. “Rant Off”
I was at a coin shop in Utah and spent over an hour looking at coins and writing some of the prices down for future use. There was a half dime I liked that was priced at $2800 that I though would be neat for my typeset. It was in an NGC holder and graded at XF40. It had some large adjustment marks on the reverse and looked like it had been cleaned in the past. I figured it to be really VF at the most, but figured it would fit well in my set. Anyway I told the guy who had to unlock the case for me that I would buy this coin and needed to do some research on the others I had written down.
We walked up the register and the person in front of me was purchasing a raw Morgan dollar and had his money out, (I think it was priced at $14 on the flip) the guy at the register says that will be $16. The guy buying the Morgan looked at him funny and said “But the price says $14?” The store worker said no it has gone up in price and he had out his greysheet. The buyer said “No thanks, I will pass.” and left looking miffed. I thought well that stinks for him and was getting out my credit card and the guy opens the greysheet and says that will be $6000 for my coin marked $2800! I said “Sorry I thought the price was $2800 and you didn’t say any different the whole time I was looking at it and talking to you about it.”
He said they don’t go by the prices they have marked on any of the holders raw or certified as coin prices change. He said they used to not have any prices a long time ago, but found that the customers wanted to see price tags on coins. He said every coin is checked by greysheet or latest auction prices before sold. I told him that that made sense with bullion as it fluctuates so much, but it is very unsettling to spend time and look at coins and think they are in your budget only to be denied after you made up your mind. He shrugged and I left, while I tossed out the list of coins I was interested in.
I only go to a couple of other coin shops and they don’t do that. The shops that I like which have never done that are All About Coins, and Rust Rare Coins. In fact Rust Rare Coins in Salt Lake City honors all of their prices and I have even bought common silver halves and dollars for them below melt and they just smile and say “Just don’t sell this back to me today at a higher price then you just bought it for.” Maybe I am just a collector that has too high of expectation and I apologize if that is the case. “Rant Off”
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Although, how many of us assume that we will pay LESS than the price marked on the holder? I always figure I can talk them down on the price.
US and British coin collector, and creator of The Ultimate Chuck E. Cheese's and Showbiz Pizza Place Token & Ticket Guide
<< <i>Do most coin shops do this?? >>
Do most coin shops try to rip you off..??....NO....!!!!Plain and simple....
The Beatles
There are lots of coin dealers out there - just ignore the ones you don't like and do business with the ones you do like.
Check out the Southern Gold Society
Please let me know the name of the store so that I never waste any time there.
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
That was 20 years ago, and I have not never bought anything from them, even though they were located just a couple of blocks from my office.
Just for the heck of it I brought in a popular solid $1200 Greysheet bid item for an offer sever years later. The owner seemed to to too busy back in his office to deal with me face-to-face, but had a clerk bring it back to hime (the walls were glass, so I could observe the process. He had the clerk bring it back to me with a $400 offer. I told her I was hoping to get "a little more" and walked out.
I certainly don't begrudge a B&M coin dealer for making a fair living, but life is too short to deal with frozen iceholes like this.
Russ, NCNE
I would just like to add that I know it's not us (Allgood Coin, Saint George, UT)
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
I know that, in Washington State, grocery stores get tested a lot....I believe department stores as well. They get dinged if the price is too high, or too low, but can really be in trouble if the pricing is too high.
It may just be for stores that are computerized with their checkouts, I'm not sure.....I don't own/run/work in a store. I am just a corporate cog.
That all said, my local B&M that I go to at times has marked prices but usually charges me less than what is marked. Particularly if I pay with cash or check (ie....no CC charge).
I wouldn't, in a B&M, accept, or do business with, a store that prices and doesn't honor....particularly non-bullion as you have stated.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
-Paul
Just to mention another relative story here - I help a dealer out once in a while behind his table and he has some coins out that he does "up the price" from what is listed. However, how he does it is leave those coins upside down in his case, and if someone asks for that particular coin, he explains in advance that these are newer purchases, and he hasn't had time to price them accordingly, so the price on the holder isn't the actualy price he is asking. Then he turns over the coin and takes it out to show the customer. And usually, he prices it between 10-20% higher than listed, not $1,000's of dollars more like your story of the half dime.
<< <i>I know that, in Washington State, grocery stores get tested a lot....I believe department stores as well. They get dinged if the price is too high, or too low, but can really be in trouble if the pricing is too high. >>
At the Safeway in my 'hood if it's on sale and it rings up at full price, it's free. I wish I could figure out some way to determine ahead of time which sku's are entered wrong.
Russ, NCNE
<< <i>
<< <i>I know that, in Washington State, grocery stores get tested a lot....I believe department stores as well. They get dinged if the price is too high, or too low, but can really be in trouble if the pricing is too high. >>
At the Safeway in my 'hood if it's on sale and it rings up at full price, it's free. I wish I could figure out some way to determine ahead of time which sku's are entered wrong.
Russ, NCNE >>
At any store in your "'hood", I would be scared of even walking around in that area, much less eating the food there
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
They believe they have a right to keep prices in line with fluctuations and so few collectors buy coins there the inventory gets quite stale. That combination is a 'perfect storm' for price increases in a booming market, so they just look them up and re-price them. I think the last time I was in there was 2003 (?).
But frankly, it is an improvement over a few years ago when only the privileged few even got to go downstairs to see the inventory! Now you can be escorted to the lair and see the pieces, and enjoy the re-pricing surprise!
To the OPster . . . i'd just take my business elsewhere. You are very correct on Rust, and when you go back tell them Drunner said 'hi'.
Drunner
The half dime was a 1795 in a NGC XF40 slab. Even one of the co-workers there looked at it and said “How did NGC even slab this?” I just told them I figured it was a VF and that the $2800 price seemed ok. The worker that sold it to me said the owner must have felt it was an XF coin and if it was really a VF they would have cracked it out and sold it raw. I told him the owner must have also thought it was a $2800 coin as that it the price he put on it. I then asked him “You guys will cracked out coins that are overgraded by major TGP’s and sell them at lower grades?” he said yes. I am sorry, I think there is no way they would send out some Morgans to be certified and have them come back as MS65’s but crack them out and sell them raw if they feel they are 63’s.
I too also think that there is usually wiggle room in price for any coin, (usually less). But more then 100% difference is out of touch.
Hello Allgood Coin, I think I bought a coin from you on Friday at the coin show in Sandy. It was a 1909 VDB MS66 RD in an NGC slab for $175. It was marked $200 thank you for the deal and working with me, I am very happy with your service.
Edit for spelling
I am not able or willing to change the prices on all of the coins that I have on display. It just is not possible.
No one has seemed offended, but I do try to point out the sign or tell customers about my policy prior to their examination of anything.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
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<< <i>That's false advertising if you ask me. Call him on it and have them investigated. You might get it for the marked price. >>
Sounds like an Attorney needs to visit that shop & if they try that again...... take em' to court !!
Or Judge Judy
<< <i>I have a coin store in MD and have a sign in several places in my store the effect that the marked prices are old and are not binding.
I am not able or willing to change the prices on all of the coins that I have on display. It just is not possible.
No one has seemed offended, but I do try to point out the sign or tell customers about my policy prior to their examination of anything. >>
I'll bet you don't have anything that jumps from $2800 in the display case to $6000 at the register.
Russ, NCNE
offer the coin for VF money. Unfortunately, when the final bill came, they charged you another arm and a leg.
Sorry to hear about this bad fortune.
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<< <i>Sounds like an Attorney needs to visit that shop & if they try that again...... take em' to court !! >>
Just what the world needs- more frivolous lawsuits. Sometimes, I think people are just looking for a reason to get upset. If you don't like how a dealer runs his store, nothing says you have to shop there- you can just take your business elsewhere.
Here's a tip... before you get too involved in looking at anyone's coins, ask him if the prices marked are current. Saves everybody a lot of grief.
You're welcome.
Russ, NCNE >>
I very well could have, Russ. I believe that Monarch just needs to post his policy or let people know.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i>I wonder if B&M coin shops might be subject to the same law as grocery and other stores....regarding marked/priced items and it being illegal to charge more at checkout?
I know that, in Washington State, grocery stores get tested a lot....I believe department stores as well. They get dinged if the price is too high, or too low, but can really be in trouble if the pricing is too high.
It may just be for stores that are computerized with their checkouts, I'm not sure.....I don't own/run/work in a store. I am just a corporate cog.
That all said, my local B&M that I go to at times has marked prices but usually charges me less than what is marked. Particularly if I pay with cash or check (ie....no CC charge).
I wouldn't, in a B&M, accept, or do business with, a store that prices and doesn't honor....particularly non-bullion as you have stated. >>
I used to work at Stop & Shop in high school, and one of my jobs on Saturday was to change the prices on the items that were going on sale on Sunday morning and going off sale. Now Longacre is pretty old, so I had to use those label guns and change each price (i.e., put a new sticker over the old sticker). I had to do it for the prepackaged hot dog case, and the frozen meat case.
As I was dutifully changing the prices, some guy comes up to me and launches into a tirade about how what I was doing was illegal. He said it was OK to lower the price, but I could not raise the price on the stickers. Being a young and timid high schooler, I was immediately crushed, thinking that I was going to the Big House. I told my boss (the meat department manager), and somehow it got straightened out. I still did the sticker routine, so I suppose the customer might have been wrong.
Didn't wanna get me no trade
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Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Steve
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I just can't figure out why Monarch or anyone else would bother to write prices on the coins to begin with.
Wouldn't it be easier to save a step and just tell the customer you have to look it up?
They have a big sign at the desk upstairs (all the good coins are downstairs but you enter upstairs) that says what their pricing policy is, and that the price marked is not necessarily the actual price.
I have had a number of coins purchased for less than the marked price and one or two for more.
It mearly means the coin has been in their inventory for a while. That may be a hint that others have looked it over and didn't want it.
As far as the other coin going from $2800 to $6000, yeah, that's just absurd.
It all depends upon the item as the weather or not this was a fair deal. It sounds like you will looking at a coin from the 1794 to 1805 era. In that case the coins are very scarce (I know because I have collected them by Red Book variety for over 30 years), and VERY hard to find in attractive condition.
I'll give you another peice of advice. If you wish to negociate for the best prices, offer CASH ON THE BARREL. Credit card companies take 3% or more of the gross which drives up the cost to the seller. 3% of $3,000 is $90. That might not sound like much, but it would buy nice dinner for you and the wife.
<< <i>I had a dealer in Maryland do this to me a couple of times in his shop (and it wasn't Julian). This dealer wasn't very polite about it, either. The guy was just paranoid that I was cherry-picking him, because I spent quite some time looking over his coins with a loupe, so he raised the prices for spite. I don't need his coins that badly, so I gave them back and said "you can keep those," and walked out. No more of my money will go into his register. >>
Who was the dealer so we can avoid him?
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>
Now Longacre is pretty old, so I had to use those label guns and change each price (i.e., put a new sticker over the old sticker). I had to do it for the prepackaged hot dog case, and the frozen meat case.
<< <i>
That explains why longacre is sticker happy, he is reliving his youth somehow.....
No...most do not do this...as a matter of fact...this is the first I'd heard of anything so blatant...
One time I was in a local shop looking for a few Washies to fill out a set...the shop owner, a friend, pulled out a few notebooks for me to look at...even had to literally dust them off as they had not been gone thru in quite a while...
At the time the junk silver rate was around 7-8 times face...and he had many of these quarters marked at $1- $1.50...
I told him that if I didn't like him I'd buy the whole bunch of them...he looked at the prices and quickly pulled back the books...time to reprice...
I did end up finding the coins I needed and did pay fair market...he wasn't trying to pull a fast one...he had just not kept up with the price of silver...
Does not sound like the case with this Utah shop...either they are lazy or FOS or both...
<< <i>He said they used to not have any prices a long time ago, but found that the customers wanted to see price tags on coins. >>
Changing the price at the register seems to contradict the spirit of this statement. I'd avoid this shop entirely.