WYNTK: What does a dealer really pay for a coin?
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37 posts in this topic

8,686 posts
Any truth to the rumor that Mark shacks up at the local WMCA while attending shows?

 

What's the WMCA? Did you mean the YWCA?

 

Actually, neither. I meant the YMCA. Talking about ruining the punchline. sorry.gif

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Found interesting fact about American dollar coin without the edge inscription "In God We Trust" - apparently when the mistake was unnoticed the coind was sold at $600 but then almost everyone could pay only 50 bucks for it. Here's the link to the story: http://dig4coins.com/the-news/1-latest_news/9-The_Wrong_Inscription_of_US_Coins.html

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Dealers would go broke on 10 to 20 percent. That might be the norm when at shows trading plastic slabs but dealers make there money on the walk in traffic in there stores. " I just got my father coin collection and i need to sell to pay bills" "My mother is dead and i have no intrest in these coins". I have seen time and time again a dealer rip the seller BIG TIME. So much for the oath. I was in a local coin store that i buy very little from, a little old lady came in (probably 80 years old or better) with about 35 of the prettiest Texas commens i have ever seen (all years) Stored right by her deceased husband. These were HIGH, HIGH grade, some awesome toners along with quite a bit of other high end walkers and others. I heard the offer of 40 each on the Texas commens (2007) and about 2 dollars over melt for the walkers. I was floored. These were not going to be sold as 150 dollar commens. I felt so bad for that lady, my blood pressure was rising fast. The owner walked back to his desk to retive a pad and i was right close to the lady and tried to wisper that she was getting ripped off and to check around. I left because i was mad, WHAT do you do in that case? I have seen this many times at some of the coin stores i have been to. Not just in my town either. Then you have the dealers at the show you offer a PCGS ms 66 Morgan dollar to and within seconds they tell you it is over graded and can only pay 64 ask money. I had a friend go back and look at a 65 PCGS morgan the dealer had and he said it was undergraded and had to have 66 plus money. It seems to get worse every year at the local shows. I only make 3 big ones a year and most of the time on saturday afternoon 1/2 dealers have already packed up and left.

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3,647 posts

The good news is that most collectors do not have to waste their time with the type of dealer you just described. Why would anyone even buy this material from them when you can buy it anytime you want from an action like Heritage?

 

As for ridiculous ask prices, there has been a 1739 Mexico 1/2 real on eBay in the eBay Stores section for $4995 for a long time. This coin would be overpriced at $495 though it is a relatively scarce coin.

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There is no question that there are Dealers like the ones in your post that takes advantage of people.I also blame the husband of the 80 year old woman to soem extent. I doubt that her husband was so young that they thought he wouldn'y doe for a long time. Even if the woman didn't want to know anyhting about it the husband could have left ball park price tags on each if the coins or tags etc that this group is worth "x'" amount of dollars etc.

 

 

 

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