Newbie Question: Coin Shows and Greysheet

C0inCollect0r · April 25, 2010 6:25AM

Hi folks,

I know this is an amateur question, but I was just wondering what types of prices are generally realistic to pay at major Coin Shows (of course there is significant variability, but I am just wondering "in general" if Greysheet Bid/Ask is a useful guide, or do dealers generally charge prices that are substantially higher than Greysheet. Also, are prices posted generally "firm" or is it expected that you will haggle with the dealers?

Along similar lines, if anyone can recommend any particular major online or show dealers that sell coins to collectors at least in the vicinity of Greysheet (even Ask), that would be appreciated.

Mercury10c · April 25, 2010 6:40AM

Expect to pay more than greysheet for most coins, and you can haggle with most dealers for most coins.

messydesk · April 25, 2010 6:51AM

Shop around. You won't be able to buy stuff at 10% back of bid, but nor should you be charged 2x ask for an ordinary coin that is accurately priced in the Greysheet. Prices are never firm unless you see a sign that says "All Prices Net" or "Prices Firm." If you don't see such a sign, it never hurts to ask a dealer who has marked something at a certain price what he'll take for it.

illini420 · April 25, 2010 7:18AM

i was at a local show today and on the slabbed coins I asked about most were priced around GS ask... some a little more, some a little below.

COALPORTER · April 25, 2010 7:35AM

Go to big shows. Some dealers may be close to GS on coins they want to move. Real dealers want to move coins, not take them to the next 25 shows. Smaller shows tend to only have "part-timers" who are out of line on prices. DO NOT wip out a GS in front of a dealer, it makes them nervious- it's like showing them up. Some dealers like to think the GS is their domain, not yours. Look at a coin, then go away to look it up. Use the GS as a guide to see if a dealer is fair or a rip-off (this takes some judgement). Avoid dealers that are too far out of line. Be aware that there is a thing called the BlueSheet, which gives prices that are lower than the GS. Some dealers use the Bluesheet to make offers on a coin. AVOID dealers that try to bluesheet you on nice coins. DO NOT put up with this for one second.

RedTiger · April 25, 2010 9:58AM

It depends on what series and which particular coins a collector is interested in. Plenty of coins trade at about sheet price. Plenty trade higher. Some trade lower, especially if the coins are of below average quality for the stated grade. It also depends on the show.

It is best to research actual auction results, and dealer retail asking prices on dealer websites, and compare those real world prices to what the sheet says. If a collector is interested in coins that never seem to trade, and never seem to be for sale, that will tell that collector something. It means get out the wallet, because the dealer with that never available coin can ask for the moon and often get it, if the coin is top notch. Fortunately, most U. S. coins that average coin collectors are interested in, are offered for sale relatively frequently. For these, do the research on the major auction sites (Heritage, Teletrade, Ebay) and also see if you can find them for sale on dealer sites.

ProofCents · April 25, 2010 10:09AM

I wonder if dealers could live with out grey sheet. I went to a coin show this weekend and almost every dealer as soon as you asked for a better price grabed greysheet.

RYK · April 25, 2010 10:13AM

I think generalizations about the appropriateness of Greysheet when buying coins at a show are fraught with perils and pifalls, especially when we have no idea specifically what kinds of coins you are talking about.

I wonder if dealers could live with out grey sheet. I went to a coin show this weekend and almost every dealer as soon as you asked for a better price grabed greysheet.

This is a good example. I can count with one hand the number of times a dealer at a coin show pulled out a Greysheet or Bluesheet with me.

C0inCollect0r · April 25, 2010 10:55AM

Thanks for all of the advice folks - A great help as always.

Regarding types of coins, I would say I am generally talking about relatively common pieces by the standards of this board - say generic gold in the MS62-63 range, MS63-65 common to semi-key Morgans and Peace Dollars, etc.

mrpotatoheadd · April 25, 2010 10:59AM

<< <i>I wonder if dealers could live with out grey sheet. I went to a coin show this weekend and almost every dealer as soon as you asked for a better price grabed greysheet. >>

You don't really expect people to memorize the values of every coin in every series, do you?

Walkerguy21D · April 25, 2010 11:30AM

Given the coins you are looking for (generic gold, common to semi key dollars) I would think the Greysheet would be pretty useful to you. The gold of course will also be a function of the current spot price, so you should have an idea of this as well. I would think most of the common to semikey Morgans could certainly be had for ~Bid/Ask prices....any priced significantly higher better have some spectacular toning

If not walk away. These coins are plentiful and there is no reason to pay strong retail prices for them.

Newbie Question: Coin Shows and Greysheet

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