Strange night at the local coin club last night.

[Conder101]

I couldn't believe the prices at our local coin club auction last night. Before the auction began the closing spot prices for gold and silver were announced and the melt value of the various coins, dime, quarter, half, and dollar. Then the auction began.......and people sat on their hands. Silver dollars couldn't get bids over ten or eleven dollars, walking liberty halves even nicer ones and early ones such as the 17 D and 17 S obv were only getting bids of around $7 each. A 21 S walker couldn't get a bid over $7 either. A dollar and a quarter face in Canadian silver sold for $3. But the real oddity was a 1/10 oz gold panda that sold with no reserve.

 

The auctioneer was having trouble getting anyone to start the bidding. Finally it opened, for two dollars. Then he had problems getting a bid of $3! Finally it started taking a few steps upwards, then it stalled again. So to try and get it going again the auctioneer bid on it himself, for $50. That got it moving again for a bit but then it wound down and stopped and he couldn't get any more bids, and it hammered down for a final bid of. . . . . $75.

 

I've never seen something like this at the meeting, silver and gold coins not even bringing melt value, and tough coins in popular series only being bid to just over melt value. If it was one or two pieces I could accept it as a fluke, but when everything is being bid super cheap like that it makes me wonder if someone knows something. Maybe not conscientiously but it is a little unnerving.

[Dcoin]

Sever shortage of disposable income?

[kryptonitecomics]

Please send me the address of your local meeting

[jman425]

I'm showing up with a wad of cash at those prices !

 

Central Indiana, huh ?

[DC Dawg]

We didn't do so well last night, either. But our problem was the weather. The mid-Atlantic was hit with a ice storm that my 45-minute drive from my office to the meeting location was 2 hours and 45 minutes! The weather and traffic tie-ups caused the State of Maryland to hold open the polls an extra 90 minutes last night.

 

But I did score a nice uncirculated set--which I will image soon.

 

Scott

[jtryka]

We had a similar night, but again weather played a role as there were less than a dozen members at the meeting. I did get 2 barber halves for $11.50 though, so I can't complain too much. Of course, the way we run our auctions, there are no reserves, but if you put a lot in the auction, you can bid on it yourself up to whatever you want, so the person could just end up buying it back themselves. I also picked up a date set of 18 Mexican 1-peso coins from 1920-45, a 1915 silver French 2-franc, 2 silver Swiss 2-francs (1957 and 1961) and a nickel Swiss 2-franc for $130, so not a bad night at the coin club for me.

[BillJones]

It's been my experience that most coin club auctions are populated by people who won't bid much of anything unless something they really want the item for their collection. The mentality is that they have only so many hobby dollars to spend, and they don't want to tie the money up into illiquid assets. Even though the prices might look like they are such that one could walk into a small show or even a coin shop and turn the stuff over for an instant profit, that still involves an effort.

 

Many people are also not comfortable with trying to sell stuff face to face. They are hesitant haggle, and they don't like the confrontations even if they are mild. Just look at the number of car dealers who advertise "no haggle prices." It's like trying to make a deal on a car is like going the dentist or maybe worse. Most people work for a paycheck, and they are not comfortable with getting involved with sales and negociations.

[PerryHall]

The coin clubs that I belong to consists mostly of older retired collectors on fixed income who are more interested in selling off their coins that buying coins. Perhaps it's the venue why people are having trouble selling coins.

[Oldtrader3]

I have noticed when I used to attend shows in Santa Rosa that most members were not very knowledgeable about any series but what they collected. One meeting, they had an AU, 1890-CC Morgan that was a very solid coin and no one would bid on it. Finally, the teen next to me asked me about it and I told him it was a very good buy (about $10-12) so he bought it.

 

Going to a car dealership IS worse than going to the dentist even with an abcess!

[Conder101]

I might accept that on some of the coins but what really got me was the Panda. Having to struggle to get ANY bids on a no reserve 1/10 oz of gold even after being told what the spot close was? And I might mention we are located only about 20 miles from Silvertowne and many of the members go there regularly. I'm sure they would gladly let anyone flip it for spot. We also have several members who are part time dealers (A couple of full time dealers as well but they weren't there that evening.) and they weren't chasing it either.

[jman425]

I love car dealerships, flea markets and coin shows. I like to negotiate and strike bargains.

[BillJones]

I've been to a dealership whose sales staff treated me with disrespect. They offered me low ball numbers for a trade and went through a scene with another salesman who claimed the car that interested us was promised to someone else. (A high pressure tactic.) I got them to sweeten their deal on the trade for the fun of it.

 

Then my wife (who was really disgusted with them) and I went to our car and left. The salesman was chasing us down in parking lot as we drove off. Their conduct is the reason why we do not own a Toyota Avalon today. We drive a Honda Accord and a Buick Park Avenue. Both of those dealers were about honest you could expect from the automobile industry.

[ant]

i went to go buy a cadilac to replace the rearended deville of mine. i found what i wanted and told the sales man my bank is a block away ill be right back "start the paper work". well when i returned 15 minutes later (on foot left my car at lot) they were selling it to some1 else. there exuse" they had money NOW" !

[DC Dawg]

Then my wife (who was really disgusted with them) and I went to our car and left. The salesman was chasing us down in parking lot as we drove off.

Whenever you negotiate, regardless of the item, you have to be willing to say "no" and to walk away. I have walked out on car dealers who try to use various tactics--including telling me "intelligent people buy this car" or leave me sitting at the sales droid's desk "waiting" for an answer. My wait limit is 5 minutes then I walk.

 

One time in Baltimore I negotiated for a coin. I know what I wanted and about what I wanted to pay plus-or-minus 5-percent. So I walked. When I was making a second round of the floor, the dealer stopped me and asked if I still wanted the coin and offered me what I asked for. I didn't like the way he asked, so I dropped the price by 5-percent. I guess it was not a good day because he accepted my price.

 

Negotiating is not for the faint at heart. You have to remember that it is business and not personal, be respectful, and remember that the person you are negotiating with has to make a living, too. Except for car dealers... there is so much hidden from the customer that you just have to go for it and get the best deal possible--especially since dealers NEVER pay "invoice price" for their cars.

 

Scott

[CHABSENTIA]

I had a situation several years ago. I did a lot of research including a price from a guy that used to be a Car Salesman. The New Car was offered at a discount from MSRP. I got a real low ball offer on my trade in. The Salesman couldn't make the deal so he went and got the Finance Manager who tried his own snake ol presentation.

 

He told me that he would give me the my Trade in Price on my Car but would have to sell the New car to me at MSRP . I knew ther was a $1500.00 rebate on the New Car and asked him if it was a Manufacturer Rebate or a Dealers rebate and he told me it was a Manufacturers' rebate which I already knew anyway.

 

 

I then told him that I would accept the Trade in Price and the MSRP price and we would knock the $1500.00 Manufacturers rebate off and it was a deal.The guy paused and was very insulting and told me I probably couldn't afford the Financing anyway.I was prepared to put at least $11,000.00 toward it without the trade in Price.

 

It was a GM car. I have never purchased another GM automobile.

[Conder101]

It was a GM car. I have never purchased another GM automobile.

Why punish GM because of a bad local salesman? If I tried to rip you off on a silver eagle would that cause you to swear off buying US mint products?

[BillJones]

Sometimes the attitude of the salesmen or the whole marketing department of the car company turns you off. Back in the 1970s the Olds Cutless Supreme was a very popular car. When I went in to negociate for one, the sales people won't deal at all. They wanted to sell me a Cutless Salon (a cheaper model), which had a fastback design that I found ugly. So I walked and ended up buying a Pontiac Lemans. It was still a GM car, but the Olds attitude was a turn-off.

 

When I got more money and traded, I looked at the Buicks. I neven even considered the big Oldsmobile because I had no loyalty to them. Now the Oldsmobile brand is in heaven. Maybe others came to feel the same way. Or perhaps after making some nice looking cars in the '70s, the Oldsmobile turned into "a box on wheels" for a while in the late '80s. They sort of became something even more boring than "your father's Oldsmobile."

[CHABSENTIA]

Actually I knew the GM of the KIA Dealer whuch was also owned by the same Dealership. I was talking to him about it and he told me that he would take me around to all their outlets and make sure that this didn't happen again.

 

I put it off for a few months and then took him up on it. We had gone to a few places and he mentioned that Nobody could give me a better deal. I told him that the General consensus was that..................

 

He told me that there were a few that had some recalls but had me look at a KIA Optima which at the time was their Luxury Car. It has all the bells and whistles even though I didn't ask for them. I got a really good deal.

 

It s not that I was turned off GM soley from the experience. Had I would have been treated well I would have bought the GM vehicle.

 

The experience opened up a different avenue and I evaluated other Cars. I have been extremely happy since .

 

 

Sort of like a similar situation in T.V. With the Writers strike etc and not wanting to watch reruns of Programs that I normally view I have watched other programs that I do not normally view and watched others that may be reuns but that I have never seen. As a result , I have now eliminated some of the previous programs and have substituted the others.

 

 

 

This can happen anytime and anywhere and is just an example of how the attitudes of some Sales people can result in different opportunities even for established Customers.

 

In answer to your question. i would not stop buying Coins. I would just purchase them from a different Dealer. If I need an 1893 O Morgan Dollar then I will have to get the specific coin from a Coin outlet .I can only go to a different dealer.

 

 

In the case of the same situation with an Automobile there are other diverse choices that perform the same function and consequently a less captive

audience.

 

 

 

 

 

 

 

[CHABSENTIA]

Just too many bad experiences in different situations. I have has several instances where I was paying Cash and the Salesman doesn;t want to talk to you. They can make much more Money by Financing it. I even had one situation where I wanted to go a little more and only Finance $3000.00. I found out that many Banks will not Finance for less tahn $5000.00

 

Even if they will talk to you about it they want to break out all these ready comparisons about how much you can save by Financing the Automobile and putting the Cash in an Account and how you would be ahead after 5 years etc.

 

The problem is that none of them take into account such things as Inflation of the Currency and depreciation of the asset which in this case is the Car.Also there is not guarantee that the Buyer will put the Cash into an account.

 

 

The situation has not only become one of Greed over Customer Loyalty and excellent treatment of the Customer but a situation where they are now telling you how to Manage your Finances etc.

[EZ_E]

Back in the 1970s the Olds Cutless Supreme was a very popular car.

 

My first car was a '74 Olds Cutless Supreme. (thumbs u

[ant]

im prety young (28) but my first car was also a 4 door cut supreme that was my moms when i was adopted. great car to beat up!

[chinook]

Back in the 1970s the Olds Cutless Supreme was a very popular car.

 

My first car was a '74 Olds Cutless Supreme. (thumbs u

 

Mine was a 74 AMC Ambassador.

[EZ_E]

Back in the 1970s the Olds Cutless Supreme was a very popular car.

 

My first car was a '74 Olds Cutless Supreme. (thumbs u

 

Mine was a 74 AMC Ambassador.

 

I totaled mine peeling out on ice.

[BillJones]

Back in the 1970s the Olds Cutless Supreme was a very popular car.

 

My first car was a '74 Olds Cutless Supreme. (thumbs u

 

Mine was a 74 AMC Ambassador.

 

Mine was a 1968 AMC Javilin. It was actually a decent car and better buy the the Ford Mustang IMO. The back seat was more comfortable. The car was red with black vinyl roof with 4 on the floor.

[physics-fan3.14]

My first car was a 1990 Chevy Corsica that lasted a lot longer than I expected. It kept running up until my apartment complex towed it for being too ugly, and the towing company repossessed it because I didn't come claim it in time. I am now planning on buying a Honda Accord in the next couple of weeks.

[jtryka]

My first car was a 1966 Chrysler Newport, and no, I am not that old, the car was old enough to drink when I got it in 1987!

[rons]

How about a 1958 Triumph TR-10?? Now that was a car NOT but it was dirt cheap ;-)

[DC Dawg]

1970 Pontiac Catalina. It was green and we called it The Green Bomb.

My parents bought the car new in 1969. It became mine when I turned 16 in 1976.

 

That car was advertised as "the Year of the Wide Track." It was a few inches wider than other cars. Giving that car, with a wide, front bench seat, to a 16 year old male in high school... well... use your imagination as to what I did with that car!!

 

Scott

[just-john]

First car 1937 Buick Limited locking steering wheel hidden antenna under running boards

dual side mount's on front fenders straight 8 with 3 speed .Next 1940 Plymouth coupe

[jom]

First car: Hand-me-down 68 Buick Skylark (actually called a "California GS").

Second car:used 1972 Barracuda (the stock "family car" model...unfortunately).

 

I've never actually bought a new American car. New purchases: 81 Toyota Tercel 125,000 miles then sold, 89 Toyota Celica 238,000 miles then GIVEN away, 01 Audi TT 40,000 and sold, now an 04 Honda Civic Hybrid 70,000 miles. I think I've done pretty well....none of these cars were even remotely "lemons"..all well built with little problems.

 

jom