I agree. There are great clients who are educated and are willing to pay for quality. There are a lot of stackers in the coin market that help demand and a lot of sellers that are just moving weight. Unfortunately, I think some people get banged up out there because they still don't know the market. I know that's been my experience. I'm new to the hobby and I never think like the person who submitted the question until AFTER I've purchased something. If I had done more research, or was more patient I would avoid thinking I paid too much and regretting a purchase. After I make a bad deal, that's when I start bitching--anyway--great topic. I'm a new seller and am still trying to figure out how to at least breakeven on the things I personally like and spent too much on.
I hope i didn’t sound rude! I completely understand the reason why coin dealers sell at the prices they do, but it was a total 360 when i got into compared to mg other hobby lol im used to working with dealers to get a better deal but since ive been going, ive found great deals on coins and dealers who are awesome to deal with!
I collect rocks. I buy in bulk. I buy truckloads and put them in my driveway and yard, then I pick through them and set aside the pretty ones. I like river rock.
Fascinating to compare the two markets! Let's just hope the TPGs don't ever notice the gem and mineral market and start encasing minerals in plastic cubes. (Hmmm...what how about Vault Rocks?)
I stopped by a coin show yesterday and bought a coin from a dealer *above* the price listed on the cardboard flip! He had written in a price at some point in the past & since gold has been to new all-time highs the price wasn't changed. I was very happy with the coin I bought.
I only purchase coins from a couple places for a few reasons... one of the reasons is trust, when a coin is priced at X or Y, I have full faith that's where the market is so I don't ever think about asking for a discount.. plus I want to support the work they're doing!
I see that it's all about supply and demand. You get a coin dealer with coins in demand, like a 1909-S VDB cent or a 1916-D Mercury dime. Prices will be extremely high, even though there are plenty of examples available in the marketplace. But on the other hand, you may have a world coin with a very limited demand, so the dealer will be more flexible on pricing to sell it. The same thing applies to gem and mineral dealers. Look at the price for diamonds or imperial jade. Prices are astronomical. But other attractive stones which are not in demand can be bought for just a few dollars.
I suggest that you join a coin club. Become involved. Make friends. Get to know other members interests. In time you will be able to trade coins with your fellow club members. Trading something that does not match your current interests for something that does is like getting the coin FREE.
Went to a local gem and mineral show and only got my tax covered while asking for less. He wasnt even interested until his wife said tax discount was ok. This guy had 20 tables with boxes upon boxes of stacked material from wholesale. Coins, I’ve had great luck in discounts.
The antique-car hobby (collectible cars at least 25 years old) is driven by clubs and individuals, not dealers. Yet many collectible-car dealers will advertise cars at DOUBLE their true value--double what they just paid, and double what a realistic hobbyist would charge. The dealers don't usually achieve such prices, but those unaffordable advertised prices discourage newcomers from entering the hobby. Many collectors distrust such dealers and detest that practice. Not all dealers do that, thankfully, and it's better to buy from long-term owners instead.
I'm always happy to get 5% off from a dealer. It almost covers sales tax. My LCS gives me 10% once in awhile. Depends on the item and I've been building a relationship over a couple of years.
First. I think what is missing here and I wanted to yell at you is that coins have a melt value. A refinery will pay you close to spot, so that is your floor price on coins. Second: Thanks Ben, my wife and I enjoy your wholesome and ernest videos it's a light in the darkness. I am concerned that the floor price I mentioned above will consume much of the numismatic value and so many coins and interesting bars, such as englehard, will be melted into 5k ounce bars to feed the abortion known as the futures market.
Sort of the same in the jewelry industry. Mark up everything 3x their cost and then pretend to give a 50% discount. At least with coins, prices from price guides and auction records are available to get more accurate comps and transparency.
My tip is wait for a radio show the coin dealer is on, call up asking about a bicentennial quarter- You'll get a discount on next purchase if you ask... 😂
Hey Ben I also collect rocks in fossils I've actually bought some from your store in the past but every year I attend the rock and gem show to buy Opals
i’ve always been told that coin shops operate like pawn shops - they buy coins for half what they’re worth and charge double for what they’re worth, because they know sellers typically don’t know what they’re selling is worth and because buyers for the same reason, and if they get a buyer or seller who knows things they can still knock 25% off the buy or sell price and still turn a 25% profit.
After collecting coins for a lot of years, I have learned about 90% of all the stuff out there is not worth buying the 10% that is worth buying. You’re gonna have to pay up for it. I would suggest buying and buying better.
The big question is what is fair for a dealer to make on a coin what is the correct percentage is it 20 for percent is it 30 percent or is it 50 percent the issue I have with dealers is when a system or price sheet has been established like grey sheet who decides that now dealers are not paying bid any more now dealer is paying 15 percent back bid how was that done but when coin was purchased it was not based off the 15 back bid it goes back to people thinking dealers are snake oil salesman because who or when did dealers get on 15 back bid thanks
Gems and minerals come from the ground, if the seller mined them on their own property then every dollar is profit. coins are money, they cost the buyer/dealer money......business demands a profit.
Anyone with issues on dealer pricing should try to sell a few coins at a price they themselves would pay.
I will learn from the master! Great advice
I agree. There are great clients who are educated and are willing to pay for quality. There are a lot of stackers in the coin market that help demand and a lot of sellers that are just moving weight. Unfortunately, I think some people get banged up out there because they still don't know the market. I know that's been my experience. I'm new to the hobby and I never think like the person who submitted the question until AFTER I've purchased something. If I had done more research, or was more patient I would avoid thinking I paid too much and regretting a purchase. After I make a bad deal, that's when I start bitching--anyway--great topic. I'm a new seller and am still trying to figure out how to at least breakeven on the things I personally like and spent too much on.
I appreciate the answer 🙂 i never expected my question to ever be picked 😅 makes me happy cause i love watching you!
No problem 😊
I hope i didn’t sound rude! I completely understand the reason why coin dealers sell at the prices they do, but it was a total 360 when i got into compared to mg other hobby lol im used to working with dealers to get a better deal but since ive been going, ive found great deals on coins and dealers who are awesome to deal with!
I collect rocks. I buy in bulk. I buy truckloads and put them in my driveway and yard, then I pick through them and set aside the pretty ones. I like river rock.
Can i drop some boulders at your house Don Don? 😇
YOU ROCK DUDE!!!
Fascinating to compare the two markets! Let's just hope the TPGs don't ever notice the gem and mineral market and start encasing minerals in plastic cubes. (Hmmm...what how about Vault Rocks?)
It's easier to haggle at a coin shop than a record shop.
I get my disounts from CAC when they label coins questionable color, Thanks Ben!!!!!!!!
I stopped by a coin show yesterday and bought a coin from a dealer *above* the price listed on the cardboard flip! He had written in a price at some point in the past & since gold has been to new all-time highs the price wasn't changed. I was very happy with the coin I bought.
I only purchase coins from a couple places for a few reasons... one of the reasons is trust, when a coin is priced at X or Y, I have full faith that's where the market is so I don't ever think about asking for a discount.. plus I want to support the work they're doing!
Coin market is just more standardized, dealers gotta make a living too
I see that it's all about supply and demand. You get a coin dealer with coins in demand, like a 1909-S VDB cent or a 1916-D Mercury dime. Prices will be extremely high, even though there are plenty of examples available in the marketplace. But on the other hand, you may have a world coin with a very limited demand, so the dealer will be more flexible on pricing to sell it.
The same thing applies to gem and mineral dealers. Look at the price for diamonds or imperial jade. Prices are astronomical. But other attractive stones which are not in demand can be bought for just a few dollars.
I suggest that you join a coin club. Become involved. Make friends. Get to know other members interests. In time you will be able to trade coins with your fellow club members. Trading something that does not match your current interests for something that does is like getting the coin FREE.
Every business is different, it’s ludicrous for ppl to pile into categories anything. Some businesses might do with 5% margins, others need 100% plus
Great insight. Thanks Ben.
Went to a local gem and mineral show and only got my tax covered while asking for less. He wasnt even interested until his wife said tax discount was ok. This guy had 20 tables with boxes upon boxes of stacked material from wholesale. Coins, I’ve had great luck in discounts.
Thankyou Ben!
Personally, I’ve never been fond of bargaining with merchants.
My favorite mineral is Marzipanium (Mz in the periodic table) 🙂 Low melting point, but what the heck - I don't live in Tugson...
Wow i didn't know the Tuscon show was so big ? Like Sunsplash in JA ? The whole Montego Bay is con gested wif traffic down deh mon
The Tucson gem and mineral show is
Considered the largest in the world of its kind.
The antique-car hobby (collectible cars at least 25 years old) is driven by clubs and individuals, not dealers. Yet many collectible-car dealers will advertise cars at DOUBLE their true value--double what they just paid, and double what a realistic hobbyist would charge. The dealers don't usually achieve such prices, but those unaffordable advertised prices discourage newcomers from entering the hobby. Many collectors distrust such dealers and detest that practice. Not all dealers do that, thankfully, and it's better to buy from long-term owners instead.
Thanks for sharing. Not a world I’m familiar with
I'm always happy to get 5% off from a dealer. It almost covers sales tax. My LCS gives me 10% once in awhile. Depends on the item and I've been building a relationship over a couple of years.
Great answer.
First. I think what is missing here and I wanted to yell at you is that coins have a melt value. A refinery will pay you close to spot, so that is your floor price on coins. Second: Thanks Ben, my wife and I enjoy your wholesome and ernest videos it's a light in the darkness. I am concerned that the floor price I mentioned above will consume much of the numismatic value and so many coins and interesting bars, such as englehard, will be melted into 5k ounce bars to feed the abortion known as the futures market.
Sort of the same in the jewelry industry. Mark up everything 3x their cost and then pretend to give a 50% discount. At least with coins, prices from price guides and auction records are available to get more accurate comps and transparency.
What’s up with the Bang?
I was but I won’t cus Ya!😂
All you said makes good sense to me!
My tip is wait for a radio show the coin dealer is on, call up asking about a bicentennial quarter-
You'll get a discount on next purchase if you ask...
😂
Great tip!
My late physics teacher pointed the pronunciation fopa for tucson in the mid 70s
Hey Ben I also collect rocks in fossils I've actually bought some from your store in the past but every year I attend the rock and gem show to buy Opals
Thanks
I like the chin spinach
Arizona charges Taxes on Coins?
The state of Arizona does not charge a numismatic tax.
@@TheCoinGeek how about on boulion or foreign coins?
i’ve always been told that coin shops operate like pawn shops - they buy coins for half what they’re worth and charge double for what they’re worth, because they know sellers typically don’t know what they’re selling is worth and because buyers for the same reason, and if they get a buyer or seller who knows things they can still knock 25% off the buy or sell price and still turn a 25% profit.
After collecting coins for a lot of years, I have learned about 90% of all the stuff out there is not worth buying the 10% that is worth buying. You’re gonna have to pay up for it. I would suggest buying and buying better.
Hi Ben
The big question is what is fair for a dealer to make on a coin what is the correct percentage is it 20 for percent is it 30 percent or is it 50 percent the issue I have with dealers is when a system or price sheet has been established like grey sheet who decides that now dealers are not paying bid any more now dealer is paying 15 percent back bid how was that done but when coin was purchased it was not based off the 15 back bid it goes back to people thinking dealers are snake oil salesman because who or when did dealers get on 15 back bid thanks
👍
✳️🔸 enjoy your show thanks for the info update information ♻️
It is simple. If dealers cannot make money at shows.There will be no more shows.So give them a break if you enjoy going to coin shows.
It all comes down to margin.. go try resell your mineral or rocks you will be lucky if you can get 50% of your money back lol
Hey Ben
🏆
Coin dealers are stiff? Yuck!
First
LOL, TY. Those other guys are FAST! You get 🥉
Boo bippity boo
Gems and minerals come from the ground, if the seller mined them on their own property then every dollar is profit. coins are money, they cost the buyer/dealer money......business demands a profit.
Not counting time,
Materials,
Labor and marketing- and other overhead- yes-
All
Profit !
FOURTH
👍