Determining coin prices

[true_grade]

Curious, how do any of you determine what to pay for a coin?

 

Do you pay the dealer's asking price? Dealer's price minus (?)%? Use Redbook?

How about Greysheet? A magazine? Use eBay? Surf a Website? Watch/attend auctions? Or whatever?

 

Or does it not make difference just so long as you want (like) the merchandise being offered?

 

I myself have usually based my buying/selling on Greysheet.

 

[Peace_Fan]

I usually use the greysheet, Heritage's auction archives, and Coin World trends. Then I check the PCGS site and laugh at their 2X prices.

[Hoot]

I reflect on Greysheet but mostly realize that it's out of touch and out of date - too low. Trends is far more up to date and better for coins that are pre-1938 than post. Still, it's the best printed guide around. I check Heritage value index and auction results, Teletrade auction results, and often check out big dealers' sites in order to determine the current ask. All of these things combined give me a good general sense, but in the end, one has to determine if the coin is at the grade presented, and where it stands in that grade. Then the eye appeal factor either makes or breaks a final price.

 

I never let a dealer "talk up" a coin. If they try, I walk. Some dealers also hedge on grades or try to tell you that a coin "is really" XX grade. Horsecrap.

 

Hoot

[TomB]

In the niche of the market that I primarily inhabit, that of very nicely toned coins, the Greysheet, and every other guide, does not mean a lot. I pay what the coin is worth to me and hope than when/if I decide to sell that it will be similarly desired by someone else. So far, that has worked beautifully.

[Julian]

I am a coin dealer. I normally price coins for retail about 25% more than what I can theoretically replace it for. Collectors, depending on how much they want the coin and how well it fits in to their collection, have differring thoughts. The most difficult coins that have taken a long time to look at will be the least negotiated on. The commoner coins lend themselves to more negotiation.

 

The bottom line is pay what you are comfortable paying. The more experience that you have, the less difficult it will be.

[michael]

ttt

[michael]

all great replies especially so by julian and tomb

 

reread over and over again

 

sincerely michael

[EVillageProwler]

Value is an interesting concept...

 

I generally take all of the abovementioned suggestions, tweak it with any additional knowledge that I may have about that specific specimen (e.g., how PQ is that piece?) and also look up a few different dealers' FPLs for that coin or for similar coins.

 

EVP

 

[MichaelG-migration]

I also use Heritage Values because they provide more price breakdowns for XF and AU coins than CDN. However, my experience has been that their prices are low for most Morgan Dollars. It's kinda ludicrous for Heritage to ask 25% more for a coin than their value index would indicate is a "fair price". It seems to me that prices for nice Morgan's are going up faster than the Coin Universe Price reports - a little under 6% in the last year. Is this true for other coins as well? Carson City dollars have gone up 30 to 40%, including the common ones.