Interesting coin shop that marks prices up after picking coins out of the box.

[truthteller]

I frequent a certain coin shop about once every two months. The store is full retail, but I enjoy perusing their inventory for "special" coins that meet my needs. I've been stopping by for about 3 years. On the last three occasions, the owner has shown me a couple of boxes of coins. I proceed to take the coins out and ask for a loupe for closer inspection. As I am looking at the coins, the owner says that he can't sell me them at the assigned prices and proceeds to mark up each coin 20%. Now, I understand that this dealer has purchased most, if not all, of the coins OTC and the profit is good, but I question the etiquette and business practice. I don't whine about it, since it's not my store. There is only one other dealer who would mark up coins in front of me, but that was after I passed on the coin, not before. Needless to say, I passed on all "marked up" coins. I still stop by, but only to cherrypick, which sometimes can be quite profitable.

 

 

 

 

TRUTH

[DaveG]

The only time I've had that happen to me, the prices on the 2x2s were very attractive - until the dealer said that that was the price he paid and that he couldn't sell to me at the marked price!

[MarkFeld]

Truth, have you asked the dealer what his "assigned" prices represent and why he's raising them for/to you? Also, why not ask him to quote prices for each coin in the box BEFORE you indicate to him which ones you want to have a better look at and might have interest in?

[BillJones]

Getting spur of the moment price quotes happens all the time at shows. Sometimes the coins have the price paid marked on them and you get a quote. It's up to you to play or pass.

 

To me the bottom line is, "What is this coin worth to me?" either to resell (I gatta pay less) or to collect (then I pay more.).

 

The way the market has been the last few years, you can mark prices on something one month and a couple months later you have reprice it all. And yes you should not be concerned about what a dealer has paid because sometimes he takes a hit when the market falls. It's the market value of the piece that counts.

[truthteller]

Truth, have you asked the dealer what his "assigned" prices represent and why he's raising them for/to you? Also, why not ask him to quote prices for each coin in the box BEFORE you indicate to him which ones you want to have a better look at and might have interest in?

 

 

Hi Mark,

 

The assigned prices represent "retail". Or prices in the retail price guide. It is a full retail shop, no discounting, not for dealers, not for anyone. I understand the policy and ask for no discounts. The dealer tells me the market is up and needs to reprice the inventory, but my gut feeling is that the coins I pick out are priced too cheaply and must be reevaluated. They have a fair inventory of raw, some decent slabs now and then, and do a fair amount of ebay traffic, so I am not really "first shot" on anything nor expect that. One thing I must admit, the drive home is very pretty since I see some of California's most beautiful coastline.

 

 

TRUTH

[thebeav]

I've never thought that prices on a '2x2' were very meaningful. If I buy a coin from you, it may have something written on the 2x2 already. I don't pay any attention and throw the coin into a box. I mean, after all, it's worth what it's worth. I had a customer going through a box not too long ago. In it was a VF seated dollar that had nine dollars and seventy five cents written on the 2x2. This customer asked me if I was firm on my prices. I said, "what prices?" He proceeds to show me the seated dollar.

Sometimes a coin can sit in some box for years and years. Who knows what may be written on an evenlope or flip ?

 

Paul

[MarkFeld]

I've never thought that prices on a '2x2' were very meaningful. If I buy a coin from you, it may have something written on the 2x2 already. I don't pay any attention and throw the coin into a box. I mean, after all, it's worth what it's worth. I had a customer going through a box not too long ago. In it was a VF seated dollar that had nine dollars and seventy five cents written on the 2x2. This customer asked me if I was firm on my prices. I said, "what prices?" He proceeds to show me the seated dollar.

Sometimes a coin can sit in some box for years and years. Who knows what may be written on an evenlope or flip ?

 

Paul

Paul, that sounds like a different situation from what Truth is describing. In his case, it appears that the dealer has already set current retail asking prices, which he then marks up further for items in which Truth expresses possible interest. That, to me, is sleazy and piggish.

[NoTwilight]

I wouldn't necessarily hold it against them if the price they asked was reasonable. You already said that they ask full retail so you're not expecting any deals. So when you find that coin you really want, you'll pay full retail.

 

I have a dealer nearby who has about 30 boxes full of 2x2's of inexpensive coins. Many of them have prices on them and many do not. Seems he can usually honor the price on the flip but I always wonder if he goes through the boxes and reprices them every year. He and his wife run he shop and they are always busy with more expensive coins and bullion sales/buys so I wonder when they would have time.

 

--Jerry

[MercP]

To me a 2X2 is just like any other holder, you look at the coin, you ask the price, the answer is yes or no or "can you do any better than that"

 

The saying buy the coin not the holder also goes for 2x2's. I could write anything I wanted onto a holder.

[michael]

but my gut feeling is that the coins I pick out are priced too cheaply and must be reevaluated.

 

truth as per the above you hit the nail on the head

 

also this dealer is un-professional and is unsure of himself in the coin game hence he has to buy things so chaep he casnt lose

 

and of course

 

is worried that you are a smart advanced collector and that you are picking undervalued coins that he does not have the wherewithall (for whatever reason we do not know or care) to see and of course this is the reason why you go there well why buyers go to coin shows no problem there

 

me thinks that in this unfair world we live in you got to go there and do your best to cherry pick him as best as you can and you might have to ask for firm prices for everything in the box before you pick out what you want to as prices for you now will float to more for whatever you pick out even if you pick out the worst overpriced coin this dealer will still add more

 

so i think as you say you can still cherry pick him on occasion and maybe this will continue i guess you will just go into the shop and do and try your best

 

good luck and keep us posted here on these boards

[James_OldeTowne]

I can provide a possible alternative perspective. Are you sure the prices on the 2x2s are his prices, or the prices of the person he bought them from? Take Coleman Foster, for example. Most all of his coins have numbers marked on them - but they are his cost, and when you find a coin you like, he charges you the next increment up.

 

Just wondering if maybe your dealer is doing the same thing.

[fastrudy-migration]

Je'ez! Michael! Use some of these marks in your posts...,,,:;"?!"&()-''':::,,,,.........

You sound like that girl on the Lexus commercial that keeps on talking and talking and...

[WaxonWaxov]

I guess this thread got pruned....

[TraderGuys-migration]

I'd find a new coin shop. NO-ONE displays prices paid. It is always the price that they will sell for.

 

Very poor business practice.

 

Bruce

[Houston Investor]

This unacceptable, unprofessional behavior on the part of that dealer. When folks pick collector coins from my raw stock at shows I reduce the prices, not increase them. Lets say a collector picks out $66 worth of coins - I will fudge it down to $60.

[just-john]

When a I go into a coin shop and see prices written on a 2x2 thats the price i expect to pay'

If the dealer say's thats the price he paid for the coin, I would have laughed out loud! If somebody told me the price on the coin I was looking at were his cost what he/she is really saying is you look like sucker or he/she could just be lazy unprofessional *spoon*.Why would sombody leave such prices showing.Here's what they should do just go to a 11 letter code don't

use numbers if your inventory sits around for month's ?? or years ????. sorry Laughed again That way if you know your code you know your cost and you can adjust price for market moves.I think this happens because most dealers or shop owners are to broke to afford a new 2x2 or to lazy

[DC Dawg]

I think this happens because most dealers or shop owners are to broke to afford a new 2x2 or to lazy

I will defend dealers on this... it's not a matter of being broke or affording 2x2's, it is a business expense in materials and time that need to be considered. If the dealer had to replace all of the 2x2s, the the dealer would cut into whatever profit is made. So re-holdering coins is a wasteful expense for the dealer.

 

That being said, I agree that the dealer should not write the price on the 2x2 or enter a code to use as a reference. There would be no issues with that from most people.

 

Scott

[thebeav]

What happened to the other 3 pages of this thread ?

[Architecht]

What happened to the other 3 pages of this thread ?

 

It was off topic and outside of board usage guidelines, so it went away. Perhaps a post or two that was legit was caught in th clean up. That happens when a good post is done as a reply to a post that needs to be removed. Can't be helped.

 

But it's much nicer in here now, don't you think?

[RGT]

Thanks Arch. That's better than deleting the whole thread and banning everyone who read it.

[WaxonWaxov]

Thanks Arch. That's better than deleting the whole thread and banning everyone who read it.

 

I agree.

 

It would be even nicer if Truth was no longer with us. I notice his signature has changed, though.

[Conder101]

NO-ONE displays prices paid. It is always the price that they will sell for.

You've never been to Silvertowne. A LOT of his stuff has circled prices on them, and it is the price they paid.

 

I had a dealer who used to do that to me. He knew Iwas a die variety collector and he figured that if I was interested in a coin it must be a good variety and he would raise the price. So I started pulling out the one or two that I wanted plus a half dozen or more others and ask for prices on each. If I stillliked the price on the one I wanted Ibought it, and he then had a bunch of other pieces with silly prices on them that would never move. (He wouldn't drop the price back down because it "must be a better variety" even though he hadnoclue what variety it was.)

[John Martinez]

It was off topic and outside of board usage guidelines, so it went away. Perhaps a post or two that was legit was caught in th clean up. That happens when a good post is done as a reply to a post that needs to be removed. Can't be helped.

 

But it's much nicer in here now, don't you think?

 

Even though I temporarily, and wrongfully, got caught up in the mess, thanks, Arch for pruning it.

 

To the point at hand...

I will defend dealers on this... it's not a matter of being broke or affording 2x2's, it is a business expense in materials and time that need to be considered. If the dealer had to replace all of the 2x2s, the the dealer would cut into whatever profit is made. So re-holdering coins is a wasteful expense for the dealer.

 

In some states, if an item is legitimately marked with a price (that is the customer did not change it), then by law that price is required to be honored.

 

There is no need to put them in new 2X2's. Ever hear of "white-out"? It now comes in a dispenser that is called "correction tape". Works wonders.

[WaxonWaxov]

you can also just scribble it out with a sharpie

[just-john]

5000= 2x2 for $81.00 if that to much expense for a person's busness.Then their not in busness there just fakeing being in busness and besides you could write them off as expence anyway.Lazy or broke they need to get a real job.

[thebeav]

I bought 3 two by two boxes just this morning. The coins are BU, mostly common date Washingtons, Roosevelts, Mercs and Franklins. I had to pay more than scrap to buy the deal, but I bought it. The seller used to set up at a flea market or some such thing years ago and has prices on all these 2x2's. Unless the bullion markets really take off, these boxes may lay around somewhere in my shop for a long time.

In order to make a decent living in this business, you have to be doing something that gets you that living for the entire working day. This means I won't be looking at these low value coins.. It especially means that I won't be working on them, re-holdering or repricing. Heck, I'd be surprised if I sell more than 10 or 20 pieces in the next year.

If you were on my side of the counter you would see what is possible to do in an 8 hour day and what isn't possible.....

 

Paul

[DC Dawg]

5000= 2x2 for $81.00 if that to much expense for a person's busness.Then their not in busness there just fakeing being in busness and besides you could write them off as expence anyway.Lazy or broke they need to get a real job.

It also takes time. And since many coin businesses are small businesses, time is a commodity that cannot be quantified like this.

 

Please do not under-estimate the time and the amount of work required to keep up with an inventory like many of these shops have. I sell a small amount on eBay and have a difficult time. I can only imagine if I had a few thousand of coins to deal with. Sorry... I continue to be on the side of the dealers IFF they deal with the situation in an honest and upfront manner!

 

Scott

[MAULEMALL]

Thanks Arch. That's better than deleting the whole thread and banning everyone who read it.

 

I agree.

 

It would be even nicer if Truth was no longer with us. I notice his signature has changed, though.

 

truthteller

Political debate. Off topic posting. Flame war. You push the line that often, one day you're just going to step right over it.

 

Suspended. One week.

[WaxonWaxov]

truthteller

Political debate. Off topic posting. Flame war. You push the line that often, one day you're just going to step right over it.

 

Suspended. One week.

 

Thruthteller got suspended?

[Quizno-migration]

When my local dealer buys collections, prior to sorting through them, repackaging the coins, and repricing the coins, he will let customers rifle through the boxes to see if there is anything of interest. He always tells customers beforehand that the prices on the flips are not the prices for the coins, since they just came in from another dealer/collector and those prices were the other person's prices. Fair enough to me.