Coin show dealer pricing

[JIM F.]

Question for dealers. Do you:

1) Put your no-haggle bottom line prices on coins.

2) Put prices with a bit of room on coins.

3) Do not put prices on coins.

3a) When giving verbal prices do you pad your first offer.

 

I presume many dealers have varied their technique and wonder what seems to work best.

 

Interested in gaining insight.

 

Thank You.

 

 

[BillJones]

When I first started as a dealer, I thought that I would mark prices on the coins and stick with that price, but I learned pretty fast that didn't work. Most people expect to get a break on the marked price, and yes, I'll say it, a lot of people don't have a firm idea as to what something is worth. You could mark a coin at 20% below the wholesale price, and some still want to haggle. My policy was to mark a price on the coin that gave me some room to haggle. The strategy often worked.

 

Some dealers don't put any price on their coins at all. One reason for this tactic is that "some pigs are not equal to other pigs." I've seen dealers have one price for one customer and another (higher or lower) price for another customer. I don't care for that, but it's a fact of life.

 

[AnkurJ]

Depends on the coin.

[BROADSTRUCK]

You should attend a few shows and find out for yourself.

[JIM F.]

You should attend a few shows and find out for yourself.

 

OK, well I will respond to sarcasm with sarcasm. If dealers would attend to their customers instead of being pre-occupied eating a sandwich perhaps I could find out.

BTW I like sarcasm.

 

 

[BROADSTRUCK]

OK, well I will respond to sarcasm with sarcasm. If dealers would attend to their customers instead of being pre-occupied eating a sandwich perhaps I could find out.

BTW I like sarcasm.

 

 

Well common courtesy would be to stop back once the dealer is finished eating to inquire about an item your interested in. As face they gotta eat sometime since they spend 9+ hours a day trapped behind their tables at shows on a hard concrete floor.

[JIM F.]

OK, well I will respond to sarcasm with sarcasm. If dealers would attend to their customers instead of being pre-occupied eating a sandwich perhaps I could find out.

BTW I like sarcasm.

 

 

Well common courtesy would be to stop back once the dealer is finished eating to inquire about an item your interested in. As face they gotta eat sometime since they spend 9+ hours a day trapped behind their tables at shows on a hard concrete floor.

 

My strategy is to find the ones with mustard stains on their shirt so I know they are done feeding! Anyway, hopefully others can chime in on a more serious side.

 

 

[Walkerfan]

Buying and selling is a game plain and simple----dealers expect to haggle with buyers, so, of course they usually leave themselves some wiggle room.

 

Price is also dependent upon whether you know the dealer well and are a high volume buyer or not and ALSO upon how 'fresh' or 'stale' the coins might be. The longer they are in inventory----the much better chance you have of getting a better price.

 

Most dealers DO NOT put prices on their coin. They want only interested parties to inquire about them and know the asking price for various reasons---security, changing market, etc. etc.

 

I have bought and sold at plenty of shows and I know these things are true.

[BROADSTRUCK]

You could mark a coin at 20% below the wholesale price, and some still want to haggle.

 

These are the kind of show goers that force dealers to quickly reach for a sandwich!

[agentjim007]

Would you hand over your coins for sale to a dealer in the middle of his pork chop sandwich? How about if he sucked the grease off his fingers first?

[JIM F.]

Would you hand over your coins for sale to a dealer in the middle of his pork chop sandwich? How about if he sucked the grease off his fingers first?

That might add patina quicker than a taco bell napkin!

 

 

[mtnstyne]

Some dealers don't put any price on their coins at all. One reason for this tactic is that "some pigs are not equal to other pigs." I've seen dealers have one price for one customer and another (higher or lower) price for another customer. I don't care for that, but it's a fact of life.

 

This really strikes a nerve with me...and I make a point to scope out dealers when I suspect they are pulling this. At the last show I was at I watched an older gentleman ask the price on a morgan I was interested in while I was at the table next. Then I moved in the opposite direction and circled back around when I figured ample time had passed and sure enough, the price for me to buy the coin was roughly 10% higher. I get this a lot possibly because of my casual dress or maybe because I am not "old" enough to garner any respect.

 

One fortunate thing about being younger (not that I am young at all) is that my memory is better so I know which dealers to avoid the next time.

[James_OldeTowne]

We add a percent to our cost. Of course "cost" is seldom as simple as saying "we paid bid for that", as the price ultimately needs to incorporate the additional costs of being a coin dealer, such as paying salaries, lighting up the shop, and traveling to coin shows. Few customers seem to recognize that these little peripheral costs add into the price of a coin.

[AstroTrain]

I wouldn't call myself a coin dealer by any means...but I did sell spots cards for a long time. I never priced anything higher than $5. At $5 or less people picked them up and paid for them. More than that it was always "You want to know you ask me" and for alot of reasons.

 

1-Some people are A******S. and would tell you a $50.00 sticker should only be $5.00

2-Some people get truned off by seeing a price tag and won't try to haggle.

3-And most important, Once they say "Hey, how much is that?" They opened the line of communication and you can feel them out and make the sale much easier.

 

[CoinPulsive PCM]

I agree with JimBucks on some dealers who seem oblivious at shows. I once asked a dealer if I could take a look at a 1800's Morgan Dollar he had, when I asked how much he wanted for it, he replied "how much do you want to pay?" To which I replied $37.00 (which I think was fair for a common date high AU morgan). He snarled back with "Woah, a little cheap don't you think?!" and he took the coin and put it back in his case.

 

I put a price on most common coins and moderns, but not on silver or any pre-1940 coins. I also use this model when buying anything except silver, type coins, or pre-1940 circulated coins:

 

Lets say a RAW, 1970S PF Quarter is listed for $25.00, I pay $17.00, then price it at $32.00.

I know that I probably will get haggled down somewhere around $25.00, and I take into account the collectors who might haggle to $19.00. Some coins I don't mind only making $2.00 on, but there is nothing wrong with saying "sorry, I can't go that low."

If the coin is a RAW 1800's Large Cent in AU, I use my price code on the back of the 2x2 so I know what I have in it, but I don't put a sale price on the 2x2. When someone inquires about the coin, I take out the Redbook or CDN.

 

-Dave

 

 

[MJ]

There are plenty off dealers and collectors out there. I have successfully learned to avoid both. Same as in all walks of life.

 

MJ

[AnkurJ]

So since I sell on a website and set up at a monthly show, I should probably give a more detailed answer.

 

I have two types of inventory usually. Those coins that are mine, and those that are on consignment. Currently the consigned coins on my site belong to a friend who has set the prices. There is a little bit in each coin for me as a comission.

 

For coins I own, I have a 5 to 10% mark up on cost. I may add a little bit so there is haggle room. Everyone wants a deal, so its understandable. In cases of stale inventory, I will sell the coin at a few bucks over cost or at cost. I do not mark the prices on the front of my slabs, but on the back. Serious people ask to see the coin, and ask for a price.

 

One thing I make sure to do is smile at every customer and ask them how they are doing, and if they would like to see anything. Additionally, I always have raw buffalo nickels or indian head censt to give away to kids who come to the table. Its better than candy, and its a coin show after all right?

 

AJ

[TomB]

At shows I generally have two prices listed on a coin. They are both listed on the same sticker placed on the back of the slab. The higher price is a "collector" or "public" price that may be reduced during discussion. The lower price is a dealer-to-dealer "net" price that is a much firmer floor. On coins that I have picked up at the show there is a single price based upon what I paid for the coin.

[copper toning]

I personally prefer to see a price on a coin. In my case I like toned coins. They do not have to be monsters by any means sometime I like unusual toning. Some dealers do not ask much if any premium others ask the moon for toning which should not command any premium.

 

This can sometimes lead to sticker shock. After a couple of coins you know if you are in the right place.

 

I have only been to one major show and I did feel like having to ask for a price on so many coins really slowed me down.

[Raisethis2]

I've never hosted a table but I go to shows frequently. I tend to only buy from Dealers I've done business with previously and it seems their usual practice is to provide a price after I've reviewed a coin and asked for it's price. Usually this quote is accompanied by "I can sell that to you for" ........

 

When coins are priced on the 2x2, the price is usually 10 to 15% higher than their oral offer. I've never been quoted 2 different prices but I've had plenty of times where a Dealer asks me.........."what was my price" since they honestly don't often remember an hour later what they quoted earlier.

 

I tend to like Dealers who like AnkurJ offer to show you what you're interested in but don't push the issue and ask "what are you interested in" or otherwise give the public the 3rd degree. My standard answer is "whatever catches my eye", and that's mostly true.

 

. Too often Dealers open their cases 1000 times to make a single sale. They get weary and show it. I rarely ask to see things I know I don't have an interest in or cannot afford because I understand this. Lot's of people don't.

 

 

[FishyOne]

This thread turned into a good read! Thanks!

[mkman123]

There are also dealers that seem to want to know all details of your life, job, car you drove etc before they sell you something, I had that happen tlat a local show.....very weird and if I even go to a show, I avoid that dealer.

[BROADSTRUCK]

There are also dealers that seem to want to know all details of your life, job, car you drove etc before they sell you something, I had that happen tlat a local show.....very weird and if I even go to a show, I avoid that dealer.

 

mkman123, If you had played that right and agreed to a dinner date you might have received a pretty big discount?

[WhiteTornado]

mkman123, If you had played that right and agreed to a dinner date you might have received a pretty big discount?

 

[HCumberdale]

I have never hosted a table either, but I do have a small base of dealers I routinely sell bulk dreck to. Generally speaking, I mark modern, foreign, and tokens at full retail and then negotiate from there. Most dealers I've sold this type of material to leave the coins in my holder and then mark their own price.

 

With better material I don't write prices but I will offer to a dealer at the price I am looking for maybe with 10% added to the top. If I know the dealer fairly well, I will just give the price I am looking to get.

 

With material I don't know well, I will try to get the buyer to throw out a price first. Usually I have basically nothing invested in this type of material anyway, so I am ok not getting every last cent out of it.

[michael]

nothing wrong with a dinner date....................

 

and usually chance favors most new relationships

 

i have seen many get togethers at shows as many dealers are open to new possibilities

[JIM F.]

nothing wrong with a dinner date....................

 

and usually chance favors most new relationships

 

i have seen many get togethers at shows as many dealers are open to new possibilities

 

Now now, I didn't intent for my post to turn this into a dating thread!

 

[CoinZip]

I have been on both sides of the table. When I'm behind the table I try to treat everyone the same way I would want to be treated if I were in front of the table.

 

When someone stops to look in a case, if they don't start the conversation I do. How are you today?

 

Sometimes it gets tricky when you are by yourself and there are 4 or 5 people that want your attention, I usually say Hi, I'll be glad to help you as soon as I'm finished with my customer.

 

As far as pricing goes, I mark my price on an item and the price stays the same until its sold. There have been some people ask over the years, "Are your prices firm or do you discount?" I always smile and say we have a little wiggle room, what do you have in mind?

 

 

 

 

 

 

[moneyhoney]

Well, have it your way...but I am not up to that type of coin dealing...good to go to shows and see friends at the next table to you...but it stops there...got to be careful guys..