Etiquette for Sellers at Shows

[Chippewa]

Question for the veterans and dealers.

 

I have no problem with buying (and no doubt often overpaying) but am even more of a novice when it comes to maximizing value on sales.

 

I am thinning the herd and will be looking to sell some nice coins at FUN with four and five digit values, most acquired long ago. When I show coins to a dealer and ask for quoted prices, the first thing that usually happens is they ask "What do you want for it?" The answer is sometimes that I do not know.

 

In your experience, what is the best method. Get multiple dealers to give prices? If so, how do you do this without hurting relationships? Consign? If so, how do you set the consignment price? Is selling to dealers likely to get a better result than putting coins through auction?

 

Thanks and Merry Christmas.

[braddick]

It is a seller's obligation to have a value placed on their own coin when offering it to a buyer.

That is proper etiquette.

 

There are plenty of resources to assist the seller beforehand. To do otherwise is lazy at best.

[DirtyGoldMan]

I agree with Pat. Have a realistic number in mind. If you are close to the dealer's number, he or she might counter. If they say they are not interested, they are either truly not interested or your number is not close to what they had in mind. Target dealers who specialize, or at least stock, what you are selling (ie. do not try to sell rare gold to the buffalo nickel guy).

 

If you are not sure how to value your coins, do not have good relationships with a handful of dealers, and or are not good at this sort of thing, the auction route may be bet of you.

 

 

[Chippewa]

OK, here is an example. A 1799 gold eagle that was purchased in 2000. The last one of any grade sold in a major auction in that die type was in 2006 at a lower grade for about double the price I paid in 2000. The current PCGS price guide has a price about double the 2006 price. I am not lazy but what do I do with that information? Offer a PCGS price guide price minus some discount?

[MarkFeld]

I agree with the other posters, who have suggested that a seller should have a price in mind to quote, and not ask for offers. Especially at a show. If you care to hear it, I could explain my reasons why I feel that way.

 

If your goal is to obtain fair prices for your coins, it should not really matter when you bought them or what your paid for them.

 

If you wish to let me know the specifics regarding your 1799 Eagle, either via a private message or within this thread, I would be happy to try to help you arrive at a current ballpark value estimate. And ditto for looking at your coin(s) for you, in person at the FUN show. I could also provide you with consignment options, including a better major auction house commission rate than you would likely receive, on your own.

 

If you do not know who I am, feel free to check me out - I will not be insulted.

[Coindude]

If you have something that rare, then it belongs in an auction. This is the kind of coin that someone would purchase from you at a discount to put in auction so that they could maximize their profit at your expense.

 

If you want to consign I would suggest contacting either Mark Feld, a member here or James Early US. I think that you'll find that both will come highly recommended and are extremely trustworthy. PM either or both and see if they can help you out.

 

 

[Keigwin]

I probably would not try to sell 4-5 digit coins to dealers unless I was willing to accept less than they would bring at auction.

 

Consignment is another good option.

Lance.

[Chippewa]

Thanks, Mark. We have met before, but you would have no reason to remember me. I will look you up at FUN. I appreciate the offer.

[MarkFeld]

Thanks, Mark. We have met before, but you would have no reason to remember me. I will look you up at FUN. I appreciate the offer.

 

My table is supposedly #522. Please feel free to stop by.

[RWB]

Coins sell at shows by negotiation. You will only win by negotiating from a position of strength. The seller must be aware of what they have and the minimum they will accept.

[Raisethis2]

I think if you go to a show and use the suggestions above AFTER having priced coins at about 10 to 15% below Grey Sheet bid you should be sparking interest. Just remember, it's not your job to pay the Dealers expenses and mortgage. 10% off bid is a very fair offer unless a coin is flat out common.

 

 

[MarkFeld]

I think if you go to a show and use the suggestions above AFTER having priced coins at about 10 to 15% below Grey Sheet bid you should be sparking interest. Just remember, it's not your job to pay the Dealers expenses and mortgage. 10% off bid is a very fair offer unless a coin is flat out common.

 

 

Depending on the coins, pricing them at 10-15% below Gray Sheet might be way too cheap. Or it might be too much. The point is, that in many or most cases, published prices should not be relied upon blindly.

[Chippewa]

I appreciate the good suggestions. I will accept the suggestion to get some professional help, especially since these coins have not been graded since the 1990s and in some cases the jumps to one grade up (or even to +) or one grade down are huge.

[crypto79-migration]

I appreciate the good suggestions. I will accept the suggestion to get some professional help, especially since these coins have not been graded since the 1990s and in some cases the jumps to one grade up (or even to +) or one grade down are huge.

 

This the way you should be thinking to maximize your return. A trusted dealers guiding you on a few things is the way to go. Things to consider.

 

-Is the series Hot?

(if so the margins on high 4-5 figure coins tend to be higher to account for the capital being locked up until sale at the dealer level. If the coin is hot and fresh auctions are often a good bet, let dealers and collectors fight for it.)

 

Is there any upgrade potential? If so does it off set the value add of an older and or collectable holder. Remember fresh coins look less fresh and more "maximized" in newer holders.

 

Is there any problems? it changes who may be the best buyer.

 

Good luck on a healthy return

[physics-fan3.14]

Having Mark advise you is going to be your best bet. He is a paragon of honesty and integrity - if he tells you something, you can usually take it to the bank.

[TomB]

Thinly or infrequently traded material is always more difficult when it comes to establishing a value for sale. This material does not always lend itself well to being walked around on the bourse floor with the request of real-time quotes. While I completely agree that it is in the seller's best interests to have a price in mind and that it is good form to do so, I also realize that this type of material puts one in a spot.

 

Similarly, consigning to trusted dealers can be a wonderful strategy, but keep in mind that not all dealers handle all types of coins and that your consignment might do better being spread between a few dealers who specialize in certain areas instead of all going to a single person. You will have no issues with respect to knowledge, security or trust if you deal with Mark and there are others that can help you, too.

[mkman123]

save yourself time and ask TomB or Feld first at the shows. They are very fair from what I hear

 

Then try bst since its free then consign

[RWB]

Rule #1 - Do not drop mustard on a dealer's cases.

[Coindude]

In Texas the first rule I'd ”do not drop chili on dealer cases”!

[newprepper]

Rule #1 - Do not drop mustard on a dealer's cases.

 

I thought they reserved the shirts and ties for mustard

[James_OldeTowne]

Question for the veterans and dealers.

 

I have no problem with buying (and no doubt often overpaying) but am even more of a novice when it comes to maximizing value on sales.

 

I am thinning the herd and will be looking to sell some nice coins at FUN with four and five digit values, most acquired long ago. When I show coins to a dealer and ask for quoted prices, the first thing that usually happens is they ask "What do you want for it?" The answer is sometimes that I do not know.

 

In your experience, what is the best method. Get multiple dealers to give prices? If so, how do you do this without hurting relationships? Consign? If so, how do you set the consignment price? Is selling to dealers likely to get a better result than putting coins through auction?

 

Thanks and Merry Christmas.

Before reading other responses, I'll throw out my 2-cents worth. Whichever party is likely to have better knowledge as to something's reasonable price ought to go ahead an price it.

 

USUALLY, one hopes that will be the dealer, and from a question of etiquette, I will always try to throw out a price on something brought in for appraisal. Sometimes, I honestly don't know how to price something, and in isolated instances, it is not a breach of etiquette to ask what a seller needs for something, as he may simply possess superior knowledge.

 

However, if a seller brings in a nice certified collection of Morgan dollars and a dealer keeps asking "how much do you need for it" on every coin, then I think that is a breach of etiquette. It sounds like the dealer is fishing around and hoping for low quotes to jump on.

 

I'm glad you correctly referenced this as a question of "etiquette" rather than "ethics" as some folks might have!

 

Now, I'll read some other responses .