Some dealers do a job on themselves with their pricing policy.

[BillJones]

A dealer at the last FUN show had a type coin priced at $3,600 which was 100% of the Trends price. The Gray Sheet bid/ask prices were $1,800 / $2,040. It was a type coin and for whatever reason the bid on that date was lower than all the other dates. Having some experience with the series (Silver Three Cent Pieces), I found that odd because I thought that another date was more common.

 

At any rate I asked him for a price, but he wouldn’t give me one. He said I had to make an offer. That night at my hotel room I found that the highest auction price paid had been $2,990, but there had been numerous sales in the $2,400 to $2,500 range. I figured $3,000 was the most I’d pay which was 20% less than he had marked. The coin was also in a holder than needed to be replaced because it was scratched. That was one more thing against the coin.

 

At any rate I spent the rest of the rest of show buying coins from the dealers who would give me prices. At the end of the show I thought about going back to this guy, but I said to myself, “To hell with it! If he won’t give me a price, I’ll just pass.” I knew from when I was dealer that this guy was a hard case who rarely discounted anything.

 

So he lost a potential sale.

 

What do you guys think?

 

[jerseycat10]

Sounds like the guy was nervous about leaving money on the table, above and beyond his normal profit margin.

 

As such, I question his ethics.

[DunderChief-migration]

He may have had the coin on consignment and was obligated to the owner for that price. I would do the same thing you did and just walk away.

[BillJones]

He may have had the coin on consignment and was obligated to the owner for that price. I would do the same thing you did and just walk away.

 

I had one dealer who declined my counter offer because he had the coin on consignment. After looking at the quality and rarity of the piece, I decided that it was worth it any way, so I paid his price. Here's the coin, an 1860-D half eagle in MS-62. This was my "big find" of the show. Being open about the situation works for me; playing games doesn't.

 

[Walkerfan]

I would have made him the offer. You two weren't that far apart.

[BillJones]

I would have made him the offer. You two weren't that far apart.

 

Somehow I think that a dealer who hangs out his shingle as a "professional" should know what he wants for his merchandise. Three grand would have been the most I would have paid.

[coinman_23885]

A dealer at the last FUN show had a type coin priced at $3,600 which was 100% of the Trends price. The Gray Sheet bid/ask prices were $1,800 / $2,040. It was a type coin and for whatever reason the bid on that date was lower than all the other dates. Having some experience with the series (Silver Three Cent Pieces), I found that odd because I thought that another date was more common.

 

At any rate I asked him for a price, but he wouldn’t give me one. He said I had to make an offer. That night at my hotel room I found that the highest auction price paid had been $2,990, but there had been numerous sales in the $2,400 to $2,500 range. I figured $3,000 was the most I’d pay which was 20% less than he had marked. The coin was also in a holder than needed to be replaced because it was scratched. That was one more thing against the coin.

 

At any rate I spent the rest of the rest of show buying coins from the dealers who would give me prices. At the end of the show I thought about going back to this guy, but I said to myself, “To hell with it! If he won’t give me a price, I’ll just pass.” I knew from when I was dealer that this guy was a hard case who rarely discounted anything.

 

So he lost a potential sale.

 

What do you guys think?

 

If the highest price previously obtained at auction was 20% lower than his asking price, I would have walked away too unless the coin was irreplaceable. There is no point of wasting your time with someone who is unlikely to make a reasonable compromise.

[physics-fan3.14]

I always prefer to ask the dealer for his best price, and then I take it or leave it. I don't like playing games. If he can't give me a reasonable price, then I don't buy it.

[coinman_23885]

Sounds like the guy was nervous about leaving money on the table, above and beyond his normal profit margin.

 

As such, I question his ethics.

 

I see this as an annoyance, but I don't see this as an ethical issue as long as he is not misrepresenting the coin. You can ask whatever you want for your stuff; however, no one is going to deal/negotiate with you if you are unrealistic. I would definitely walk.

[Hard Times]

I always prefer to ask the dealer for his best price, and then I take it or leave it. I don't like playing games. If he can't give me a reasonable price, then I don't buy it.

 

I am with Jason on this one, if I am interested in a coin, I simply ask 'what is your best price?' I either accept it or move on.

[jom]

IMO, it's the owner's job to quote a price FIRST.

 

jom

[JIM F.]

Not sure what is worse, this type of experience or dealers that have websites with coins priced WAY over market. Then again, emails to dealers that go without response.

 

It seems to me some "dealers" really don't want to sell coins at all but rather show them off.

 

On the other hand, I've had excellent experiences with many dealers and those are the ones that get my return business.

 

 

[Revenant]

When I was putting together the 1932 Year Set, I was looking really hard for a 1932-D quarter in the grade and with the overall look that I wanted. There was 1 dealer that also listed coins on eBay that had a coin that was pretty much perfect for what we wanted. That coin was on eBay for months for about $800 over what it really should have been priced for at the time. One day I just took a shot and called them about it directly since they listed a number and physical address for the store. They came down $700 on the price of the coin, which at that point was close enough to what we wanted it for that we took it.

 

At the end of the day, someone has to give a price first. You just have to look at it as a starting point and go from there.

[shirohniichan]

Not naming a price sounds like the tactics of an old used car lot instead of a coin dealer. Remember the "good ol' days" of the car biz?

 

Customer: "How much is this '68 Dart?"

Lot Lizard: "How much you got?"

[JIM F.]

Like these crooks/guys trying to rip off people on the cable channels, referring to prices in "the catalog" where the coin prices in "the catalog" are about 4x the market value. They never say what "the catalog" actually is.

 

Lately, some of these cable guys hide behind the books they wrote. Disgusting. sell-outs. We know who they are and know the real prices of half dollar proofs.

 

 

 

 

 

 

[PerryHall]

I always prefer to ask the dealer for his best price, and then I take it or leave it. I don't like playing games. If he can't give me a reasonable price, then I don't buy it.

 

I am with Jason on this one, if I am interested in a coin, I simply ask 'what is your best price?' I either accept it or move on.

 

I'm with you guys. Life is too short to play games---especially with a coin dealer. I'll ask for the best price and then I'll play or pass.

[Houston Investor]

While I think a dealer should be able to qoute a price there is nothing wrong in simply laying your money on the table and making an offer.

 

Market Retail on the coin was $3600. We don't know what he would have taken for the coin and the ball seems to have been in your court to make a counter offer as he had already marked a price on the coin. The only sticker I put on a coin is one on the back with the inventory code (cost). I have the market retail value in the computer and generally try to get between cost and retail. How can you be can be sure he would not have taken an offer of say $3000 if you layed the money on the table? There would have been no more compelling arguement than $3000 cash money on the table or for that matter $2800.

 

I think there are some people where he could have said "Well I will take $3000." (a more than fair discount below trends) and they will come back with a much lower counter offer. Perhaps he was afraid of that happening or else determined he was not going to give away a keeper coin. It appears the $3600 was his starting offer or else the coin was simply "priced as marked."

 

A dealer should be able to qoute a price (and leave room for negotiation) or else just say "my best price is......"

 

 

[coinman1794]

I would have made him the offer. You two weren't that far apart.

 

Somehow I think that a dealer who hangs out his shingle as a "professional" should know what he wants for his merchandise. Three grand would have been the most I would have paid.

 

Assuming both of you knew what the coin was worth and were on equal footing (dealer to former dealer), I would have told him what you were willing to pay. Some people just have a different approach to negotiating.

[Raisethis2]

I take it just a tiny step further. Since most attendees at shows are "tire kickers" I just say "I'm very interested in your coin, what's your best price"? I feel I've impressed upon him the fact that I wish to be treated differently than the masses, now show me you're serious too.

 

If after that we're miles apart, he can chase me down.