This Just Boils My Blood!

[James_OldeTowne]

At the last big Heritage Auction a Seated Dollar that I considered buying sold for $632.50 with the juice. I would have bought it but I had already spent too much and didn't need to bid on any more coins.

 

Today looking at a online dealers inventory I see the same Seated Dollar with a price tags of $980.00. Guys that's over a 50% markup.

 

I understand that a dealer has to make money but come on man! Over a 50% markup! I am so angry and mad I don't think I will ever bid or buy any coins from this dealer ever again. What do you think?

First of all, please read the WYNTK article I wrote here .

 

You cannot assume that the coin cost the dealer only $632.50.

 

What if he was a live bidder, had to pay for transportation, bought a meal, stayed overnight in a hotel, and had to cover his insurance on top of that? Those factors could easily contribute $200 to the cost of the coins. Then, you suddenly have a coin with a "real" cost of $832, which makes the markup only 18% - and that's if he can't be talked down! I'll bet he'd take an offer of $950, and THEN you are down to a typical markup of 14%.

 

Collectors all to often assume that the "closing bid" is the "cost" of a coin, and that is almost never the case. It's unfair to assume that the dealer's efforts in obtaining coins is FREE and has no additional cost.

[Dcoin]

If I will not make 200% on a product I wouldn't even consider carrying the line. To my knowledge this does not cause my customers blood to boil.

 

Gatta get, when the gettin, is good.

[okbustchaser]

First of all, there is no "fair market value" for any individual coin. A coin is worth whatever someone will pay for it at that particular point in time and place. Its value also has nothing to do with its original cost of acqusition--that was a totally different time and place. So-called "market value" has no relevance to an individual purchase.

 

Once again I find myself repeating that it is logically impossible to overpay for anything that a person merely wants. If the cost of acquistion were more than the item was worth TO HIM then he wouldn't buy it.

 

The fact that you feel a coin is properly valued at X dollars while the owner feels that it should be worth X + 1/2X is irrelevant. The fact that you can point to other similar coins selling for X is also irrelevant to this particular case. The only person who can truely determine the actual value is the person (if any) who ends up purchasing the coin--and then that particular value only exists at that particular time.

 

 

[Hard Times]

Well, I know dealers that mark up 100%, I simply don't deal with them. I know a dealer that marks up 17% on the best coins for the grade you can buy. I deal with him. Once on ebay, I sold a PCGS 1820 large cent for around 80% profit - can't help if the bidders liked the coin what can I say? On the other hand, most ebay listings I have, I am thrilled to break even after paying them and PP their fees. So it is all relative......

 

But yes I agree with the others, if you want a coin in auction, get it or lose it, and don't be surprised by the mark ups when dealers retail it if they beat you at the auction.

[MJ]

OK, MJ, with that story, you really are obligated to POST A PIC!

 

Your wish is my command. ....MJ

 

[James_OldeTowne]

Stupendous!

[$ilverHawk]

Love it!!

[just-john]

asking price and selling price are not the same

[originalisbest]

The dealer is trying to sell the coin for as much as he can get. What's the problem?

 

 

That is the problem. He is trying to sell the coin for as much as he can get not what the coin is worth.

 

I now see that almost all that have responded to this thread thinks there is nothing wrong or unethical with the asking price. I guess it's just me that has a problem and thinks it is not right which is fine. I own 25 PCGS or NGC Seated Dollars and I think I know the reasonable going price for these coins or I would have not made these comment in the first place. I will not make anymore comments on this forum about dealers. Have fun!

 

You don't seem particularly sharp.

[AHFreak]

The dealer is trying to sell the coin for as much as he can get. What's the problem?

 

 

That is the problem. He is trying to sell the coin for as much as he can get not what the coin is worth.

 

I now see that almost all that have responded to this thread thinks there is nothing wrong or unethical with the asking price. I guess it's just me that has a problem and thinks it is not right which is fine. I own 25 PCGS or NGC Seated Dollars and I think I know the reasonable going price for these coins or I would have not made these comment in the first place. I will not make anymore comments on this forum about dealers. Have fun!

 

You don't seem particularly sharp.

 

Well, he does have 25 PCGS or NGC Seated Dollars...... so that's saying some.... welp, actually on second thought.... I agree But hey, we all have our strengths, maybe he is a good protector... protecting all who desire to overpay... or pay too much... or pay more than the seller needed to charge... nevermind.

[AHFreak]

HEY OP...... I was wondering, could you help me to establish the percentage gained on a particular coin I sold last year? I bought a coin raw, off Ebay for $200. I spent 20 bucks grading it (modern) so what, I was into it $220.

 

I then got that coin back from graders, and threw it up on the BAY.... It sold in less than 24 hours for my ask price which was $6750.00...

 

What is the markup on that, and don't forget to factor in those pesky sellers fees. Also, I am not a dealer, so you can talk to me;)

[RWB]

...ah....English Beef Pudding!

[leeg]

I feel your pain but the owner of any coin can sell said coin at whatever price they want to.

 

Of course, we may not like it, just move on to the next one.

[wdrob]

 

...ah....English Beef Pudding!

 

My Mother was from Oxford, England and she use to make the best Shepherd's Pie. She passed away 14 years ago. I haven't had a good one since.

 

Dealers have been asking way too much for them and I am not willing to pay the premium.

 

 

[coinman_23885]

The dealer is trying to sell the coin for as much as he can get. What's the problem?

 

 

That is the problem. He is trying to sell the coin for as much as he can get not what the coin is worth.

 

I now see that almost all that have responded to this thread thinks there is nothing wrong or unethical with the asking price. I guess it's just me that has a problem and thinks it is not right which is fine. I own 25 PCGS or NGC Seated Dollars and I think I know the reasonable going price for these coins or I would have not made these comment in the first place. I will not make anymore comments on this forum about dealers. Have fun!

 

You don't seem particularly sharp.

 

I can't believe that you necrobumped a thread that is almost five years old, just to say something without any substance.

[RWB]

...ah....English Beef Pudding!

 

My Mother was from Oxford, England and she use to make the best Shepherd's Pie. She passed away 14 years ago. I haven't had a good one since.

 

Dealers have been asking way too much for them and I am not willing to pay the premium.

 

 

I agree. The dealers want too much for their inferior Shepard's Pies.

[wheat'swheats]

I am sorry , I just don't understand what the problem is. You can always come down on a price in the negotiations but you can't go up. The main thing is he can ask what he wants, if you don't want to pay that much , don't pay and slide on.

[Mr.Mcknowitall]

The dealer is trying to sell the coin for as much as he can get. What's the problem?

 

 

That is the problem. He is trying to sell the coin for as much as he can get not what the coin is worth.

 

I now see that almost all that have responded to this thread thinks there is nothing wrong or unethical with the asking price. I guess it's just me that has a problem and thinks it is not right which is fine. I own 25 PCGS or NGC Seated Dollars and I think I know the reasonable going price for these coins or I would have not made these comment in the first place. I will not make anymore comments on this forum about dealers. Have fun!

 

You don't seem particularly sharp.

 

I can't believe that you necrobumped a thread that is almost five years old, just to say something without any substance.

 

More likely a situation where the Post date was not noticed. Happens a lot.

As to the substance part, you may be on to something.

[jom]

The dealer is trying to sell the coin for as much as he can get. What's the problem?

 

 

That is the problem. He is trying to sell the coin for as much as he can get not what the coin is worth.

 

I now see that almost all that have responded to this thread thinks there is nothing wrong or unethical with the asking price. I guess it's just me that has a problem and thinks it is not right which is fine. I own 25 PCGS or NGC Seated Dollars and I think I know the reasonable going price for these coins or I would have not made these comment in the first place. I will not make anymore comments on this forum about dealers. Have fun!

 

You don't seem particularly sharp.

 

I can't believe that you necrobumped a thread that is almost five years old, just to say something without any substance.

 

I was going to say the same thing when I saw this last night....kind of odd to dredge up an old thread like that.

 

jom