How quickly do dealer-to-dealer newps make it to their cases for retail sales at a show?
Longacre
Posts: 16,717 ✭✭✭
Whenever I go to a show, I tend to look at a dealer's case, and then rarely do I go back to that same dealer and look at his material again (unless, of course, it is one of my preferred dealers, or it is Stack's, and I just want to gawk at QDB 
)
However, I think I am short changing myself because a dealer's inventory probably does not remain static throughout the day. Does anyone know how quickly dealer-to-dealer sales (or dealer purchases from collectors) make it into the dealer's case for resale? For example, if I pass by a dealer's table at 10 AM, and I know he is an active buyer, would it make sense to stop by again at around noon to see what new stuff he has in the case? Or is this something that I would need to ask for because newps take some time to get processed into their accounting system, repriced, and then restocked?
) However, I think I am short changing myself because a dealer's inventory probably does not remain static throughout the day. Does anyone know how quickly dealer-to-dealer sales (or dealer purchases from collectors) make it into the dealer's case for resale? For example, if I pass by a dealer's table at 10 AM, and I know he is an active buyer, would it make sense to stop by again at around noon to see what new stuff he has in the case? Or is this something that I would need to ask for because newps take some time to get processed into their accounting system, repriced, and then restocked?
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)
0
Comments
Ryan
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
It's always worth asking dealers if they have any newps, fresh grading, or "give ups". It's hard to over-emphasize the mystique surrounding fresh coins.
877-DISRPTK
kinda like "this sale will self destruct in 5 seconds"
K S
<< <i>This raises the question of whether a coin club might be well served to set up a table at major shows where non dealer sellers and buyers could exchange coins directly without going through dealer markups. Something like a bid board or consignment arrangement. >>
You seem to be suggesting that non-dealers price coins differently than dealers. If this is true, it probably isn't true in the way you suggest.
For our part, we price coins for what we think the market will bear, not what we think (or wish) they are worth. As non-dealers probably don't need to do the huge volumes that we do, my guess is that we're less aggressive on our prices than a non-dealer would be, especially when you consider pride-of-ownership issues.
Consignment makes much more sense to me; find a dealer you trust to maximize your price realized at a fair consignment rate, and then let them do their job.
877-DISRPTK
Most dealers arn't like a store that can't do anything if their computor is broke down.
I once offered a fellow collector a nice key date PCGS MS64RB US/ Philippines one centavo at a good price to get it sold . He did not like it. So I sold it to a dealer right away. An hour later my collector friend came to me to tell me that he saw a nice one in a dealers case and he was thinking about buying that one , at more money. It was the same coin I just sold. When I told him that, he got a shocked look on his face. Go figure?
Look in the corners of cases, some dealers pile up their newps there, not having worked them up yet. Maybe you can talk him into selling you some.
Krueger
There was one time I made a purchase while a collector was looking thru my cases...as soon as the seller left this person asks if he could buy the coin... now he had heard the whole transaction... I shrugged and said I would sell it for a 10% markup...he agreed...
A few times I have purchased real nice coins and had a regular customer walk up and ask what I'm lookin at... i showed them the beauty I was admiring and they refuse to give it back
I will usually get the newp right out into the case... unless i need to research the coin. Once, I made the mistake, along with the seller, of using a Coinworld to estimate a price on a coin not listed in the sheet and in a series I am not very familiar with. We agreed, I bought it and then I sold it at the same show. Found out later that the guy I got it from and me...we each left over $1000 on the table... hard lesson learned.
<< <i>I submit that it depends upon the mark up he wishes to put on the material and whether he believes there would be an awkward moment should you come back to the table an hour later and see your 500 dollar coin priced at 1150. Or more to the point if be would care to have you bring him more coins in the future. If telling you at the point of purchase this retails for 680, there may be a trust issue. Just one scenario. >>
When we make offers on coins, we often supply (for each coin) wholesale bid, our offer, and the price we would quote on the coin. With this information, the seller can see exactly how our offers compare to wholesale levels and they can even see our markup. It can get pretty ugly on sight-unseen deals where we have to hedge, but we feel the transparency is generally pretty compelling. I can remember a few times when, after receiving our bids, a potential seller turned into a buyer -- "Are they really that cheap? How many do you have? I'll take all of them!"
877-DISRPTK
In Portland there were coins coming and going the whole time. As mentioned by someone earlier in the thread most are newps but there were a couple of walk throughs that worked out too!
Website-Americana Rare Coin Inc