A question for coin dealers (and one for buyers)

[Just Bob]

A few weeks ago, I attended a small coin show on the coast. I was mostly looking for Mississippi tokens, but the only four that I found were ones that I already had. I came across a dealer who had several cases of Civil War, Hard times, U.S, Merchant, and Conder tokens, but none of the 2x2s had prices on them. I don't really like to keep asking "how much is this one? how much is that one?" , so I moved on. I realize that each dealer has his or her own way of doing things, and their own reasons for doing them that way, but, had I seen something that I liked at a price that I felt comfortable with, I might have made a purchase.

 

My question for dealers : do you put prices on your coins, etc. at shows, and why, or why not?

 

And for customers: do you prefer to see the price, or would you rather ask?

[bochiman]

As a customer (potential), I am similar to what you stated....I may ask the price of one or two, to get a gauge on it, but if they are all unmarked, I will quickly move on.

 

Sorry if it's too much work for the dealer, but if that is the case, it's too much work for me too and I am sure another dealer will make it easier for me to give him my money.

[michael]

when i see coins for sale i like to see listed prices so i know where i got to start

 

if coins are not priced i move on or i usually ask to see one item and then i pay what i want to givefor the coin and the seller usuallytells me "oh no this is more" and i tell them "oh i assumed if you are selling something you price it if not then i assumed that you are letting me price the item" as i assume that if the coin is not priced it is certainly not for free or it is a display??

 

then i give the coin back and move on

 

also if you have no negoiating room in a coin then when you put a price on it put the word NET next to the price listed

[World Colonial]

Given how little material there is for me to buy at shows I have attended because I collect world coins, it probably does not matter. But I would prefer to see a listed price. In my experience it is not uncommon for dealers to not include a price at shows.

[gmarguli]

There are several reasons why dealers do this, but I believe mostly it is done so they can price the coins higher for people they know are strong buyers or suckers and that they don't have to keep changing prices with the market.

[Schatzy]

do you prefer to see the price? Yes

 

 

or would you rather ask? No

 

 

I right with you Just Bob and I hate having to ask how much is this one. I can see not putting prices on high dollar coins but when I am just looking for coins to fill albums. Why wouldn't you put the price on coins that are less than $10. I once asked a dealer how much a 1983-P Lincoln and he says $0.35. I couldn't believe that the dealer wouldn't just write the price on the 2x2's.

[James_OldeTowne]

I started out not pricing my coins, but that lasted probably less than a year. From my experience, the fact is simply that people prefer to see prices on coins, including myself. It is just a time saving mechanism.

 

In recent years, I've realized that I won't shop for a car on a lot where the cars have no prices. I do much of my browsing on Sundays to avoid pesky sales people, but if there are no prices, then how am I to know if I'm even in the right ballpark?

 

So experience taught me to put prices on.

 

One reason dealers don't list prices (and this was one of my reasons early on) is that some coins change prices fairly often, and you would have to keep putting on a new price tag to keep up. My strategy for dealing with that eventually came down to just pricing the coins at a reasonable profit and leaving them there, no matter what. That has caused me to occasionally sell coins under bid, if they happen to be in a series that catches fire. I once got cleaned out of all my lower grade bust dimes because I had them in a folder that seldom made it to shows, and one day, when it finally did, it was after bid prices had jumped about 30%. Those dimes practically flew out of inventory.

[jgrinz]

( As a buyer ) I need prices on the items to facilitate a deal in my head and to compare to other dealers having the same product. NO Prices is a waste of my time and yours.

( As a Seller ) Have something on the item otherwise see above ..

 

 

[BillJones]

I always priced all of my coins and tokens. It gives the potential buyer a starting point and also avoids wasting time for buyers who have some significantly lower prices in mind. I also set my prices with some room to come down. There are buyers, who usually don’t know the market, who always expect a discount. You could be 10% below wholesale and there would buyers who walked away because you didn’t cut the price.

 

Tokens present some different problems. First all states that have a sales tax charge it for token sales. That means that the dealer must either add it to the invoice or more often include it in the price. Some buyers think they are entitled to have the dealer evade sales tax. For that reason I always had to include it, except with those collectors who knew the score.

 

Tokens also have a lower turnover than coins. For that reason sometimes pricing them can involve adjusting for the market. Re-pricing is a tedious process. Perhaps that the reason why the dealer you saw did not make his material.

 

[dooly]

thats a tricky one !! guess thats why i like auction "start them low and let them ride"

[Houston Investor]

Unless it is inexpensive material I do not put prices on coins or currency. My current practice is to have a cost code and retail code (Coin World Trends) on the back of the coin holder / slab. The dilemma facing me if I put price on more expensive coinsand currency (> $100) is that I may have room to come down from the initial offering price and I do not want to not have that option. Many coin buyers expect you to come down from the initial offering price - you could have it priced for peanuts and they would still want a discount or else they walk. My theory on these people is they probably have no concept as to the value of the coin so the fact the dealer disounted it below his original asking prices puts them in more of a comfort zone.

 

1. The coin market is volatile - prices change daily. Its a bit of work updating your stickers before a show. I have over 300 slabs not to mention all the junk box material - collector coins plus expensive and inexpensive World and USA Currency. I can barely keep up my spreadsheet on Bid / Market Retail for the big ticket material (smaller ticket material is not itemized). Every new CDN or CWT means price updating in my excel spreadsheet.

2. If I quote someone a price it is highly possible they will make a counter offer. Then the option is do I take the counter offer or make a counter of my own - "I will meet you halfway."

3. There is nothing wrong with a collector looking at coins or asking a price.

4.. If I am at a show where people are asking prices then the people walking in the bourse room have money. If thy are not asking prices signifies to me a lack of money.

5. I do not want other dealers to know my prices (many would undercut me even if they were losing money just to get the business).

6. I would rather a buyer look at the coin first before asking a price.

7. My asking price for a coin relative to Retail / Wholesale shifts with the wind due to market conditions, inventory goals, and cash flow startegy.

 

However, with some of the comments in here I may go back to putting prices on the bigger ticket material. However it probably would not be my best price as I would want to leave room for negotiation or those who would walk if they cant talk you down. Boichiman's comment makes me reconsider not putting visible prices on coins. However, I do not want to put prices at full CWT but more like 90% of CWT. Then I would have to make it clear to the buyer that all prices are "net." This is what the guy does who runs the Hobby Shop where I buy my model rr equipment. I do most of my model rr business at his store due to the selection, etc. I want to give the collector a fair price / discount but I am not in the coin business to win a contest on how low I can give my inventory away for. There are coins I would sell at 10% back of Retail, only at 100% of Retail, and many I would sell at CDN Wholesale Ask. I am not set in concrete on coin pricing.

 

ANSWER ME THIS - Hypothetical Situation: You are a dealer with a 1936 Elgin Half in your inventory graded PCGS MS 66. Coin World Trends (Market Retail) is $600, CDN Bid just rose to $450, and your cost in the coin is $288. What would you put on your price sticker as a price considering that your overhead expenses of being in the business are running 20% of sales? You know that whatever price you put, many will try to talk you down.

 

[Schatzy]

4.. If I am at a show where people are asking prices then the people walking in the bourse room have money. If not then their not asking prices signifies to me a lack of money.

 

I don't even bother asking anymore....most dealers don't like it when you keep asking how much is this one. If I were to walk up to your table and seen no price I would more than likely turn and walk the other way unless something really caught my eye!! Just my

[EZ_E]

The only place Coin World Trends' prices are relevant, IMO, is at Disneyland with Disneyland dollars. It has always appeared to me that CWT prices are more of a Dealer's dream prices than anything. The prices are either very unrealistically low in regards to early type or ridiculously high. That is why I often see coins offered at half the CWT price. And if anyone has any early type coins slabbed in either NGC or PCGS slabs at CWT price then, please, give me first shot!

[Houston Investor]

IMO CWT is the most reliable retail price guide in Numismatics and has been published for almost 50 years. But like any price guide it is not perfect. I would agree it is unrealistic to expect to sell mods in 70 at CWT for many issues and that a lot of 19th century type you will pay all the money or even more.

 

Price guides are a starting point for negotiation. As a businessman I know where I stand as far as the cost of my inventory and what it takes to replace it, cover overhead expense, and achieve a decent ROI. Based on that, my pricing reflects my business plan. At any given show there are people who I will be able to consumate a deal with and those who I can't. I focus my efforts on the positive components - the ones who are serious buyers or sellers willing to make a deal.

 

However, getting back to the subject of the thread - No I do not show prices on certified coins at a show. I simply have a cost and retail code on the back of the slab in addition to inventory data handy either in my laptop or on a printout - Cost / Wholesale Bid / Market Retail. In almost 20 years of setting up at shows, I have found for the most part if the people coming in the door have money, are serious coin buyers, and are interested in a coin, they have no problem asking a price. A show where people asking prices is absent means the people coming in the door don't have any money. Especially if the only ones asking prices are dealers! Rare Coin prices can change on a weekly basis and I can barely find time to update my excel spreadsheet let alone changing price stickers on over 300 slabs.