Selling coins at coin shows
Millertime
Posts: 2,048 ✭✭
Keep in mind that bartering is not my strong point, whether buying or selling. I prefer to be given a price and if I like it I'm fine with that.
What's the proper etiquette for this? Should I expect a dealer to give me an actual offer or will they more likely ask what I want for it? Is it acceptable to take an offer from one dealer and then move on to the next dealer(s) to get his price and then go back to whomever offered the most? Do you play dealers against each other by telling a dealer what the previous dealer offered?
Thanks,
Millertime
What's the proper etiquette for this? Should I expect a dealer to give me an actual offer or will they more likely ask what I want for it? Is it acceptable to take an offer from one dealer and then move on to the next dealer(s) to get his price and then go back to whomever offered the most? Do you play dealers against each other by telling a dealer what the previous dealer offered?
Thanks,
Millertime
0
Comments
Dealers play many games before they actually go to sell coins too. In many cases they don't know "what all the money is" either. So they may dangle the coin in front of other dealers and retail customers to get an idea of what others think it's worth...while conveniently never committing nor sticking to a price. If they feel they have to hold a coin back for months until they finally realize what the highest offer is, that's what they'll do. If you're one of the early lookers, you're just a member of the " research support" team who never ends up with the coin. But a collector who dares do such a thing to a dealer has bad etiquette.
Try to get the dealer to quote the price even if you have a good idea as to value. You'll get a good idea if that dealer is worth doing business with again or they're just wasting your time seeing you as nothing more than a feeding opportunity.
You can try shopping a coin among multiple dealers but many won't give you a price if they know you're apt to shop it. And why not, considering if the next dealer beats that price by $5, they're out of the running. Once a price is quoted and you walk, many won't want the coin if you return since you just found out they were the highest bidder of anyone at the show.
All the games you have mentioned are played, on both sides. It still comes down to having a thick skin and getting fair market value for your coin in the end. "Etiquette" for collectors who are selling is a distant second to getting your price. This is not your profession so don't worry about it as such. I can say that in my early years of trying to sell as a collector, I got handed the shaft in many different ways...and of course the offending dealers always said it was my fault. Isn't it always the customer's fault? This is a primary reason why it is important for collectors to test the waters by attempting at times to sell early on in their careers. How else can you know if your local shop is giving you a fair shake or is only interested in selling at max retail levels, but never buying anything back at competitive levels. How else to know if you're buying habits are good or bad?
Whatever you can think of as a collector as poor selling etiquette, no matter how outlandish, has already been thought of and practiced by many in the dealer community. So don't worry about it.
roadrunner
You should have a price in mind, because the dealer will always ask what you
want for the coin. The price should be on the high end of the range of what you'll
accept since you'll want to be able to leave room to negotiate down. If you start
too high, many dealers won't even counter-offer. If they do counter, and you
walk to solicit better offers, that will usually be a deal breaker. In other words,
if you come back, the previous offer will probably be replaced by a (much) lower
one.
Based on the above, it's best to know in advance which dealers pay strong for
whatever it is you are selling. I like to offer coins to dealers whom I like and have
done business with previously, and if they don't want the coin they may know
someone who does.
Every dealer (without exception) asked me what my price was first. I was honest in saying that I knew the PCGS guide online said it's worth $1800, but that I didn't know what it's real market value was. Seemed to be a good approach as it was a higher grade that wasn't in the Greysheet. Of the dealers that were interested, I received several offers in the $650-$1000 range, a few offers of just over $1000 and ultimately the offer I took of $1500 towards trade on another coin. If I just came out and said I wanted $1300 I figure I would have lost $200 right there. The offers and the attitudes of the dealrs told me alot about the dealers, was a good experience overall.
Other times I've sold, many dealers just look to their Greysheet and quote their price when I don't give them my price. I don't take that too seriously when I notice that everything at their table is way over sheet prices
good luck
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
merse
Some of my absolute worst experiences at coin shows have been trying to sell quality material to unfamiliar, out-of-state dealers. I would size up their cases to see if they dealt in similar material (large cents.) I knew my coins were better than the vast majority of what they were offering. I asked if they were interested in buying and they would say they'll take a look. They would take the coins out of the envelopes and jeweler's tissue, refuse to hold it by the edges and thumb it with their greasy paws, and one guy even dropped a coin on his glass case. Then they would make some absolutely insulting lowball offer and say they weren't as nice as the coins he had. I would be absolutely fuming inside and just wanting to slug him in the gut. Then it puts you in a rotten mood for a while.
If you don't know any good dealers, just eBay them. Selling to a bunch of zeroes and ones will be a more pleasant experience!
Most people I know hate the "make me an offer" scenario, and often times won't even show interest in the coin if that's what you're going to do.
Great advice from all. Roadrunner exceptionally good reading.
<< <i>Most people I know hate the "make me an offer" scenario, and often times won't even show interest in the coin if that's what you're going to do. >>
An honest dealer who knows the market will make an honest offer or say he's not interested at this time and point you to a dealer who might be interested. The small part time dealers or dealers not sure of the value will try to low ball you so they don't get hurt. The dishonest dealers will just try to rip you off.
I'm good at bartering. I take it you mean bargianing? Bartering is trading albeit same idea. Setting a set price is my problem because I'm worried it'll be too high or too low and smoebody will get insulted.
<<<What's the proper etiquette for this? Should I expect a dealer to give me an actual offer or will they more likely ask what I want for it?>>>
On common generic readily available stuff the dealer will a set price he buys at, will tell you, and you can either take it or leave it because he can get 81-S MS64 Morgs for a dime a dozen and yours is nothing special no matter how great you think it is.
On better stuff that he may have a slight interest in he may ask how much you want for it.
On good stuff that he has a market for and can make lots of easy profit, he'll be all over you begging you to sell it to him.
Keep in mind that whatever you're selling, you're selling it because you don't like it or want it anymore and most collectors & dealers feel the same way about you coin too.
<<<Is it acceptable to take an offer from one dealer and then move on to the next dealer(s) to get his price and then go back to whomever offered the most?>>>
It's all in your presentation;
"Mr Dealer, I'm thinking about selling this coin and checking around, about what might I expect you to give me for it if you wanted to buy it?" In such case my above remarks are applicable.
vs
Going down a row of dealers asking "Hey you, what will you pay me for this coin?"
The best time to waste a dealers valuable time, btw, is when he's not extremely busy with cash paying buyers lining up at his table.
<<<Do you play dealers against each other by telling a dealer what the previous dealer offered?>>>
Dealers are shrewd and know all the games and there is no benefit to you. If I was a dealer and you told me Dealer X offered you more $$$ then I'd tell you to go sell it to Dealer X.
Same thing if you told me the PCGS Price said it was worth XXX, I'd tell you to go sell it to the PCGS Price Guide then.
As far as low ball offers, don't take it personally, just respectfully decline it. I don't like to offend or alienate anybody because in the future that same person may have the potiential to put some $$$ in my pocket.
illini420 seys: ...ultimately the offer I took of $1500 towards trade on another coin. If I just came out and said I wanted $1300 I figure I would have lost $200 right there.
Man, that's the story of my life!! Whether in stocks, coins, bikes or anything I was selling, every time I held out for a few dollars more I ended up losing the deal. After a while I started realizing I was NOT MAKING more deals than I WAS making. I quit worrying about "what ifs" and "could have beens" and decided ANY profit is good profit. There will always be another deal to make tomorrow.
Millertime
Complete Dime Set
Experience the World through Numismatics...it's more than you can imagine.
<< <i>...It is usually best to try to sell to dealers who have similar items in their case. You will likely get the best price from dealers who are interested in handling whatever you are selling. Many dealers - particularly those with "I buy everything" type signs at their tables - will lowball you if it is coin that they don't really want. They will just flip it the right dealer for a quick buck. Look for the dealer with similar stuff, who probably has customers for your coin - maybe even on wantlist. They are the ones who will be looking to sell it at retail so they can offer the best price. Other will look to sell it wholesale, so obviously they can't pay as much (or may not even know the true value of an uncommon coin). Good luck. >>
This is good advice and has worked for me. A coin show is probably one of the worst places to sell coins unless you have something special and find a dealer familiar with the type who knows the real market potential. Then you are likely to get a decent price if they like what they see in hand.
<< <i>This is good advice and has worked for me. A coin show is probably one of the worst places to sell coins unless you have something special and find a dealer familiar with the type who knows the real market potential. Then you are likely to get a decent price if they like what they see in hand. >>
I think a coin show is a great place to sell coins. Lots of potential buyers in one place
and no transaction fees for eBay, PayPal, etc.
<< <i>
<< <i>This is good advice and has worked for me. A coin show is probably one of the worst places to sell coins unless you have something special and find a dealer familiar with the type who knows the real market potential. Then you are likely to get a decent price if they like what they see in hand. >>
I think a coin show is a great place to sell coins. Lots of potential buyers in one place
and no transaction fees for eBay, PayPal, etc. >>
IMHO, it depends on what you are selling. Some coins will do much better on Ebay.
<< <i>My only advice for selling at coin shows would be to offer your coins to trusted dealers with whom you have a good relationship. The transactions will always be pleasant, and as long as the price is in the neighborhood, you'll be happy.
Some of my absolute worst experiences at coin shows have been trying to sell quality material to unfamiliar, out-of-state dealers. I would size up their cases to see if they dealt in similar material (large cents.) I knew my coins were better than the vast majority of what they were offering. I asked if they were interested in buying and they would say they'll take a look. They would take the coins out of the envelopes and jeweler's tissue, refuse to hold it by the edges and thumb it with their greasy paws, and one guy even dropped a coin on his glass case. Then they would make some absolutely insulting lowball offer and say they weren't as nice as the coins he had. I would be absolutely fuming inside and just wanting to slug him in the gut. Then it puts you in a rotten mood for a while.
If you don't know any good dealers, just eBay them. Selling to a bunch of zeroes and ones will be a more pleasant experience! >>
I agree with pretty much everything you said.
However, some points to consider.
eBay is a gamble. I've spent a lot of time searching their "completed auctions" for prices actually bid for certain coins.
There is a wide range which depends on how the coin is presented, seller feedback, previous experience with him/her,
time of day & day of week of closing, time of year, etc. These, of course, are just my opinions but that range is there.
A quality auction house will get you a "fair" price. However, that price is reduced by the seller paying a commission as well
as bidders taking their commissions into account when they bid, thus lowering their bids.
Then you have the time element of submission, later the sale, later the payment. It adds up to a lot of time.
I'd try eBay with an opening bid/buy it now that would satisfy your expectations. I've bought coins that way
through them. I think "make an offer" might be added to the auction. I've bought a few that way too.
If you don't sell it that way, then shop around if you have the time and buyers available.
GOOD LUCK!!
JET
I collect all 20th century series except gold including those series that ended there.
NGC registry V-Nickel proof #6!!!!
working on proof shield nickels # 8 with a bullet!!!!
RIP "BEAR"
you should always have a realistic idea of a coin's value that has no relation to how much you paid for it. when asked "How much do you want" i always answer in a way that allows the dealer to bargain with me. a firm price may be quicker, but it almost always results in no-sale.
Is it acceptable to take an offer from one dealer and then move on to the next dealer(s) to get his price and then go back to whomever offered the most?
it's done all the time and it's one of the quickest ways to alienate dealers. more often than not sellers only get one chance at our table; if they reject an offer and shop around they usually aren't offered anything a second time.
Do you play dealers against each other by telling a dealer what the previous dealer offered?
most dealers know each other at the small and medium sized shows, quite often at the larger shows, also. dealers talk among themselves. pitting them against each other eventually gets you a bad reputation and makes it more difficult to sell to all but the lowest offering buyers. i also think the tactic is a bit sleazy.
the simplest thing that works for me is that i always try to be certain i really want to sell a coin. then i just get a price in mind and let go of any emotional attachment. if i get close to my price the coin is gone.
<< <i>I had a indian head cent in pcgs ms66. I offered it to a national dealer and he said he would pay 10 back of greysheet bid. He picked up his trusty greysheet and rattled off a price. I said i would like to see his greysheet since mine only goes to ms65. BTW he quoted 10 back of 63 >>
Who was this national dealer? Crooks like this should be exposed.
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
While it's true that no dealer wants to stick his or her neck out first to make an offer so that the next guy can beat it by $5, there are times it works. At some of the smaller shows or B&M shops I am always surprised at how little some people get for their coins, esp worthwhile coins worth over $1000 each. There are competitive dealers at shows who would be happy to quote a price if they knew their offer was not going to be "shopped" around so that some unknowledgeable dealer can beat it by $5. I guess it's part of human nature. The fairer you try to be to a seller, it seems the more likely they will sell elsewhere. And the more you try to rip off an unknowledgeable seller, the more likely you'll get the deal. I've just never understood this part of human nature.
roadrunner
I have a few $300-$500 coins that I plan on taking to the next show. I have a decent idea of the prices in the guides and a rough idea of market pricing. I know what I would like to have for the coin, what is acceptable and an absolute minimum.
As far as I'm concerned the first dealer to get his price above acceptable (which nets me a small profit) then that's good enough for me. If I can't get the price where I want it I'll politely thank the dealer for his time and move on. I guess I'll see how it goes this week,
Millertime
Complete Dime Set
Good luck selling your coins. One other thing that can be useful is to try and
find out what dealers are charging for similar coins around the bourse,
and that will help you figure what they might be willing to pay. Some
dealers work on very small margins, others less so.
<< <i>Most dealers will try to get a price out of you stating that it's your coin, you price it. That's fine if you know the market that day and where your coin falls within the realm of all others with the same assigned grade (if slabbed). If you don't know all the details, you'll either undersell the coin, or go begging with it because you are way out of the ballpark. I can think of any number of times when I had gone to sell a grouping of coins only to realize I had underpriced a number of them (those sold instantly), while I was left with the ones I had overpriced. Selling the whole deal intact would have made sense considering they were usually similar coins in similar grades.
Dealers play many games before they actually go to sell coins too. In many cases they don't know "what all the money is" either. So they may dangle the coin in front of other dealers and retail customers to get an idea of what others think it's worth...while conveniently never committing nor sticking to a price. If they feel they have to hold a coin back for months until they finally realize what the highest offer is, that's what they'll do. If you're one of the early lookers, you're just a member of the " research support" team who never ends up with the coin. But a collector who dares do such a thing to a dealer has bad etiquette.
Try to get the dealer to quote the price even if you have a good idea as to value. You'll get a good idea if that dealer is worth doing business with again or they're just wasting your time seeing you as nothing more than a feeding opportunity.
You can try shopping a coin among multiple dealers but many won't give you a price if they know you're apt to shop it. And why not, considering if the next dealer beats that price by $5, they're out of the running. Once a price is quoted and you walk, many won't want the coin if you return since you just found out they were the highest bidder of anyone at the show.
All the games you have mentioned are played, on both sides. It still comes down to having a thick skin and getting fair market value for your coin in the end. "Etiquette" for collectors who are selling is a distant second to getting your price. This is not your profession so don't worry about it as such. I can say that in my early years of trying to sell as a collector, I got handed the shaft in many different ways...and of course the offending dealers always said it was my fault. Isn't it always the customer's fault? This is a primary reason why it is important for collectors to test the waters by attempting at times to sell early on in their careers. How else can you know if your local shop is giving you a fair shake or is only interested in selling at max retail levels, but never buying anything back at competitive levels. How else to know if you're buying habits are good or bad?
Whatever you can think of as a collector as poor selling etiquette, no matter how outlandish, has already been thought of and practiced by many in the dealer community. So don't worry about it.
roadrunner >>
Nice post
The fairer you try to be to a seller, it seems the more likely they will sell elsewhere. And the more you try to rip off an unknowledgeable seller, the more likely you'll get the deal. I've just never understood this part of human nature.
Boy, isn't that the truth. From time to time thru out the years I'll run an ad to buy collections in the local paper. Sometimes I run myself ragged to the far side of town for a small collection that the seller won't budge below high retail, leaving no margin for me at all. My most reasonalbe offer goes no where. Other times I offer one third of Graysheet and have no problems.
In my city we have a company out of Florida that comes twice a year with full page ads looking to buy all coins/jewelry/antique watches etc etc. I'd been curious what the operation looked like and decided to finally check it out after all these years this last week. I took in 6 raw coins from Barber Halves to SLQ's, all with significant numistatic value in the $100-1000 range. First words out of his mouth was "since these coins aren't uncirculated they only have melt value". He offered 4x face. Even though I knew what to expect, my heart still skipped a beat and felt right then and there why so many people sell to them. It's like Uuggh, I can't believe I fooled myself for so long thinking they had value, I'll just sale now and try to forget this bad experience and move on. Versus, if it would've been a fair offer - I'd figure, Wow, I really have something here that he's interested in, that means others will have an interest so I'll shop around.
BTW, I gave my wife crap about how cheap she was. I took my wedding band off my finger in the parking lot - Weighted 6.5 grams. I was offered $30. Honey!!! where did you buy my wedding band ?
If you know your coin and match it up to the 'right' dealer---then just help the transaction along a little and give the dealer a hint of what it takes to make a deal. It's a yah or nah deal at that point.
You will not help your dealing ability by playing cagey. People who buy and sell for a living have usually seen every move you could possibly hope to throw at them.
jmo
Thank you. I tire easily of all the "big time operator" types that come into our store or up to our table with the "You aren't gonna screw ME buddy because I know what I have" attitude, and invariably those who exhibit said attitude the most, have the crappiest stuff.
RIP Mom- 1932-2012