Reputible wholesalers of U.S. coins

[O mint bug]

I have noticed that there seem to be many new collectors posting on this site as the economy seems to be easing and discretionary spending is allowing more people to collect that have wanted to but could not. Three kids in college at once kept me out of the acquisition mode for several years until they got out.

 

Given the number of questions raised about acquisition of coins and the best way to do it is there any reason we cannot post those wholesalers that we have had favorable experiences with? Any conflicts should be disclosed but I feel there are a few that are well known and comments about honest wholesalers would be very helpful.

 

There are enough seasoned collectors in this chat room that could counter any names that they have had a problem with. Those that have developed a good reputation on a national level should be known and their names available to all to see. I think this would allow many collectors to procure more nice coins at a fair price and support those suppliers that are worthy of mention.

 

I suppose this is a question for NGC to address.

 

 

[Kurtdog]

I'm a little confused. Can you name me one such "wholesaler?"

[RWB]

The coin business is not like the liquor business -- there are no established "wholesalers." There are some businesses, such as Silver Town, that supply TV sales shows with common items for retail, but that's about it. Any dealer can act like a wholesaler if they sell to another dealer who then sells to collectors.

[BillJones]

When I was dealer, I ran into a couple firms that claimed that they were wholesalers to the dealer trade. My experience was they didn't have much to offer except some common coins that were not prime material for resale. By in large dealers trade among themselves at shows, and sometimes you can establish a working relationship with some dealers on an on-going basis. BUT to do that you need to deal in some volume and have a presence at the shows has a professional dealer. You can't just ran around at the shows and say you are a dealer when you are not and hope to get wholesale deals.

[e1cnr]

I know of some wholesalers, but have never done business with them. I think it is because they sell with other wholesalers and retailers and pretty much skip the collectors. There must be an extra collector markup/fee charged by retailers as some collectors are not very nice customers (and usually want alot less volume).

 

 

What is your definition of a wholesaler? maybe it is different than mine.

[O mint bug]

Sure

 

 

The wholesale group at U.S. Coins in Houston, TX 713-4646868.

 

Also Doug Winters. He is highly qualified and the two DEs he sold the day he posted went at well below retail prices. An AU 1853 O $20 for $11,500 is a very good price and the coin a good example.

 

Check out his website.

 

[O mint bug]

Someone who supplies coins to the retailers.

[O mint bug]

Agreed I don't have access to many really nice shows Like long Beach or Baltimore to walk around in. I think you hit the nail on the head when you mentioned being a repeat buyer really helps. inventory turnover is a very critical factor, especially with the more expensive coins and a dealer lives and dies by repeat clients. If they had a mission statement it should be delivering a quality product at a consistent price at a competitive price should be it.

[DaveG]

The thing about wholesalers is that they don't sell to collectors, which is why Doug Winter isn't a wholesaler.

 

For example, there are two or three gentlemen who are regular attendees at the two monthly coin shows I go to. They carry briefcases and make a circuit of the room, buying and selling - but none of them has ever taken a table in the 20+ years I've been seeing them.

 

Some of the dealers at shows like Baltimore who leave the empty tables that collectors complain about are wholesalers - they're at the show to buy and sell with other dealers and usually leave after the first day or two of a big show.

 

Over the years I used to go to Baltimore, I stopped at the tables of a couple of these dealers - they would have been happy to sell to me, as long as I could give them a Tax ID number (indicating that I was buying the coins for resale).

 

Now, on the other hand, if you're really asking which dealers handle nice coins, but manage their business on narrower profit margins than some other dealers - well, that you'll have to discover by yourself by a trial-and-error process, I'm afraid.

[Nutmeg Coin]

You could send out emails or make a phone call to a number of show dealers so they will be on the lookout for coins you are interested in. All it takes is a few dealers due to the way that the networks work. Indicate the criteria you are looking for and hopefully the communication will be successful. Some dealers have not done due diligence as to current market value relying on GS not current and comprehensive auction records which would help them price their inventory properly. Personally I like to see win/win situations so that people are properly informed on real values, but some people do not research online which is one of the main ways to establish real value.

[O mint bug]

A wholesaler I like is U.S. coins. They sell to other dealers and retail operations like Monaco. They will also sell to collectors and the one I like offer better coins at a more competitive price, There are wholesalers in coins and just about every other commodity. Cannot comment on the drinking business as I don't do any business with any for of it. OK for some to consume but I just don't care for it. I can tell you there are wholesalers wholesaler operations in this business.

 

I will say that to a client a dealer wants repeat business and buying the

you get that are somewhat are more expensive are more appealing to them. this also will reduce the difference in the spread. I went in to look at a nice coin and they offered it at $1,000 of the PCGS numbers as I buy form then WHENEVER I can afford.

 

Wholesalers do most of their business with other dealers but will sell to collectors. I would put Doug Winters in this category as well. I do not know him well and was told to contact him as he has a very good reputation and sells good coins. The prices he gave me we very competitive and no where near published retail numbers on two tough to locate coins I have been looking for. He also will supply retailers. A wholesaler is the person that gets coins from various sources, including other wholesalers and supplies the guys that want to sell to the retail people, who in turn want to sell to the collector. Just further up in the distribution chain whether it be bee, coins or food. yes there are coin well wholesalers.

[#]

Sorry but my experience with U S Coins in Houston, TX off Katy freeway has been much less than even satisfactory. I've been to their store three times. The first was to sell a GIA certified diamond and we were able to agree on a fair price. The other two times I found coins I was interested in on their eBay store. I drove over 3 hours one way after speaking with them to see if a trade would work. They said; and I still have the emails, that it shouldn't be a problem. When I arrived the person I was emailing greeted me and said he only handles eBay sales then passed me off to another. The coin was much darker than the pic but I still wanted it. They saw I had a few high end GSA's with me that I just picked up from a friend and wanted those in the trade instead of what we had discussed. When I declined the price on the coin went back to their full eBay price which was overpriced. I could have gotten it cheaper on eBay with the eBay bucks and free shipping. The coin was a 5 figure coin and they offered no brake at all even though I said forget the trade in I'll just pay cash. No deal unless I offered them the GSA's. They do have a very impressive inventory; better than any dealer I've ever seen. Mostly extreme high end and top pops that they are very proud of and want well over FMV and no where close to the recent Heritage Auction sales records. I even found two coins they bought from Heritage within the past year and were asking 25% more than they paid, THIS IS NOT A WHOLESALER but any means. The last time I was there I won't even discuss because of the bad taste left in my mouth and it's most definitely the last time I'll attempt to do business with them. They even knew it was a 3 hour drive one way for me. I felt like I was buying a used car but for a lot more money. On a positive note if you're looking for a very special high end coin and don't care what it cost they do have it.

David TX

[#]

I want to add I now only buy from Stacks & Bowers 60-70%, Heritage Auctions most of the remaining balance with an occasional purchase from LegendMorphy or David Lawrence. This year I asked my first two top choices questions about lots. One was a gold certificate and one about a gold coin; BOTH responded that the concerns I had were valid and both said they have seen better examples at a better price. My point: that is the definition of INTEGRITY!

[CoinZip]

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