Do you look at how much value a dealer produces for you, or do you just look at the coins themselves
Longacre
Posts: 16,717 ✭✭✭
I was summoned to The Man's corner office yesterday afternoon. Fearing that I might be canned on the spot, I started sweating bullets. To my delight, The Man handed me a big proverbial box of money and said, "Longacre, you produce a lot more value for this place than I can possibly give you with this box of money. But that's a good position to be in." Uncertain of how to respond, I simply stepped backwards out of his office, while offering repeated low bows as I crossed the threshold into the hallway, and scurried back to my office.
In the coin context, I never looked at coin dealers from the perspective of the "value proposition" and what they bring to a transaction. Thinking about it some more, I find that I tend to select coin dealers from the point of view of not merely the coins that they offer, but from the fact that the amount of value that I get from the relationship, their contacts, and their insights, far outweighs the price of the coins.
Do you view your preferred dealers the same way, or do you view them just as a means to obtain coins? For the dealers, do you do enough to remind your clients that you add far more value to transactions than the mere price that is on the coin? Should prices reflect this value that is not so obvious to all collectors?
In the coin context, I never looked at coin dealers from the perspective of the "value proposition" and what they bring to a transaction. Thinking about it some more, I find that I tend to select coin dealers from the point of view of not merely the coins that they offer, but from the fact that the amount of value that I get from the relationship, their contacts, and their insights, far outweighs the price of the coins.
Do you view your preferred dealers the same way, or do you view them just as a means to obtain coins? For the dealers, do you do enough to remind your clients that you add far more value to transactions than the mere price that is on the coin? Should prices reflect this value that is not so obvious to all collectors?
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)
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Comments
The first time a dealer told me "that's not for you" when I inquired about a coin really opened my eyes to dealer "value-added". I had never imagined a situation where a dealer would steer me away from a coin.
While I don't buy many coins, I certainly prefer to work with dealers who are friendly, willing to share knowledge and insights, and are courteous to everyone. Not that price is irrelevant, but I haven't found a good price and the above attributes are mutually exclusive either.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
I’ve bought expensive coins from dealers I do not like, but that’s the exception, not the rule. Most of the time dealers who have not treated me well in the past don’t see much of me in the future.
Now that may not add much value, because I tend to look for average coins at average prices. I tend to shun the high end, superb for the grade coins that are priced accordingly, that many others seem to covet. Why? Because I am an average grader, and can not fairly determine if a coin is indeed superb for the grade. I'm doing well if I get the grade correct. The illusion of the finer distinctions of top 10% or top 20% for the grade, are for the most part beyond my skills.