Options
Word to the wiseguys: when in the midst of cherrypicking, it's probably best to not get greedy
coinpictures
Posts: 5,345 ✭✭✭
Had this happen today at a stamp show, but I've seen it countless times at coin dealers and coin shows. If you know you're getting a rip, just shut up and pay the asking price without question. Don't give the dealer any reason to question or closely examine the merchandise. Otherwise the only person who is going to get hosed is YOURSELF!
Seriously, some people are their own worst enemies.
Today at our local stamp show there was a dealer who had not been there before. About 5 minutes into examining his inventory in my area of specialization I knew there were serious deals to be had - he hadn't repriced his inventory in several years, in some cases, not since 2001 or so.
Some other collectors noticed it too. A pair of guys sitting a few chairs down from me were hushedly (but animated) talking about some of the prices on the material. They go to finalize the deal. If the material was similar to what I was looking at, the MARKED prices were well below current WHOLESALE, let alone retail, in other words lots of room to flip. The dealer gave them a final price about 10% below the marked prices (fairly standard for shows, although occasionally you'll get a dealer who discounts 25-50% down, but that's with marked prices at retail).
Instead of being smart and taking the deal, these morons decide to counteroffer, and worse, LOWBALL the dealer. I see him starting to frown a bit, but he plays along and goes through the stack, looking a little closer, and counteroffers with another 5% off.
STILL not good enough. They try dickering more.
Finally, he says "well I want to look some of these up; I bet many of the prices are out of date." At which point the two guys start stammering and the smiles just slide off their faces.
He gets about 5 pieces into their stack and says "No, I've decided I'm not going to sell these. They need to be repriced."
They had to walk away without buying anything.
Idiots.
Meanwhile, I'm keeping my head down and my mouth shut. I figured "Great. Now he's going to go through my stack with a fine-toothed comb."
No. He offers me a final price of 10% below the marked prices, which I happily accept.
I came back a couple of hours later to go through his material again, in case I missed anything the first time through (and I had indeed missed a few pieces), and we got to talking. He said "I know a lot of my prices are out of date. I don't have the time to reprice everything every year; I'd be spending all my time repricing rather than working on adding new material to inventory. I try to redo the higher-priced material every few years in most areas. Some of this material I bought 25-30 years ago, so if I sell it at close to the marked price I'm making money. And people I sell to are getting a deal, which keeps them coming back. Those guys just pissed me the hell off."
Can't argue with the man.
So I walked away with some screaming deals, and those guys walked away with a dumbass lesson.
Seriously, some people are their own worst enemies.
Today at our local stamp show there was a dealer who had not been there before. About 5 minutes into examining his inventory in my area of specialization I knew there were serious deals to be had - he hadn't repriced his inventory in several years, in some cases, not since 2001 or so.
Some other collectors noticed it too. A pair of guys sitting a few chairs down from me were hushedly (but animated) talking about some of the prices on the material. They go to finalize the deal. If the material was similar to what I was looking at, the MARKED prices were well below current WHOLESALE, let alone retail, in other words lots of room to flip. The dealer gave them a final price about 10% below the marked prices (fairly standard for shows, although occasionally you'll get a dealer who discounts 25-50% down, but that's with marked prices at retail).
Instead of being smart and taking the deal, these morons decide to counteroffer, and worse, LOWBALL the dealer. I see him starting to frown a bit, but he plays along and goes through the stack, looking a little closer, and counteroffers with another 5% off.
STILL not good enough. They try dickering more.
Finally, he says "well I want to look some of these up; I bet many of the prices are out of date." At which point the two guys start stammering and the smiles just slide off their faces.
He gets about 5 pieces into their stack and says "No, I've decided I'm not going to sell these. They need to be repriced."
They had to walk away without buying anything.
Idiots.
Meanwhile, I'm keeping my head down and my mouth shut. I figured "Great. Now he's going to go through my stack with a fine-toothed comb."
No. He offers me a final price of 10% below the marked prices, which I happily accept.
I came back a couple of hours later to go through his material again, in case I missed anything the first time through (and I had indeed missed a few pieces), and we got to talking. He said "I know a lot of my prices are out of date. I don't have the time to reprice everything every year; I'd be spending all my time repricing rather than working on adding new material to inventory. I try to redo the higher-priced material every few years in most areas. Some of this material I bought 25-30 years ago, so if I sell it at close to the marked price I'm making money. And people I sell to are getting a deal, which keeps them coming back. Those guys just pissed me the hell off."
Can't argue with the man.
So I walked away with some screaming deals, and those guys walked away with a dumbass lesson.
0
Comments
I did that today at the dealer on my 34B I looked and he said $25. then he saw it was a 34B not a 34A SC and my friend said he heard my stomach just sink like a rock. He came back with its a 35. note and ill split the difference and sell to you for 30 if you want it. and i just agreed. When you get a good deal dont bite the hand that feeds you. Thats why I think some of the bigger names dont mind working with me on payment deals. cause I really dont haggle when I know its gonna be paid over time. Already they are probably gonna possibly loose a direct payment so why add to it.
roadrunner
Don't be surprised if you see a Poll started before days end....
there is a coin dealer in my area that does things very much the same way. He is always less than everyone else at the shows and his table is always two or more deep with customers.
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
<< <i>If you know you're getting a rip, just shut up and pay the asking price without question. >>
And NEVER whip out your cell phone to take a pic while still in the shop.
Russ, NCNE
<< <i>
<< <i>If you know you're getting a rip, just shut up and pay the asking price without question. >>
And NEVER whip out your cell phone to take a pic while still in the shop.
Russ, NCNE >>
Who done dat??
<< <i>
<< <i>If you know you're getting a rip, just shut up and pay the asking price without question. >>
And NEVER whip out your cell phone to take a pic while still in the shop.
Russ, NCNE >>
Was waiting for someone to bring that back up
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
<< <i>
<< <i>If you know you're getting a rip, just shut up and pay the asking price without question. >>
And NEVER whip out your cell phone to take a pic while still in the shop.
Russ, NCNE >>
Thanks for the laugh Russ!
Musta been that stupid chicken talking to him!
The name is LEE!