How Coin Dealers Price Your Coins To Buy Them?

how does a dealer price your coins so they can make an offer to buy them or even to give you a value or an idea what they're worth you know like a little appraisal it's not always about praising the collection though sometimes it's just a couple coins or just one coin and I get this a lot now I know there's gonna be some people that's going to comment and say dealer's rip you off I went into a dealer I had a Morgan dollar or I had a role of Franklin House and they tried to lowball me they were Fitz % back from Eilat or whatever look I'm sure that's probably happened I'm not saying it didn't I can't speak for other dealers overall I can't speak for some other dealers only because I've watched them in action I've sold coins to them so I can't speak for some and I have a pretty good sample of dealers but I'm speaking mostly from my perspective of how I do things here at the shop this is how I'm going to price your coins now what I get a lot of and I get this constantly and it's actually getting worse there's people walking into this shop with a common date pocket change coin or maybe a coin that it could be close to 80 years old maybe a Jefferson nickel or a wheat cent that they looked up online and online it showed an ad emotionally Etsy adds that the coin was worth a thousand dollars twenty thousand dollars I get that a lot and the only thing I can do is pull up ebay sold auctions and actually show them how much that coin sold for you know sometimes I get disbelief sometimes I get hung up on them on the phone people just don't want to hear the truth sometimes or they think I'm trying to pull the wool over their eyes one of the things to know especially about me I want you to have a rare coin I want to buy that coin or I want to send it off for auction there is no way I'm going to tell you your coin is not worth anything or it's junk or it's fake if it wasn't that smacks reason in the face because I'm not going to say all your coins only worth a couple cents I'll buy it from me for a couple cents and then take it in the back and you act like I'm mr. Scrooge or whatever but that's not how it works you know one thing about going to a dealer you're gonna get paid as well as you are able to haggle there are so many people walking to shop and the dealer is gonna pay a certain amount for let's say a peace dollar for instance let's say it's $15 for accommodate circulated junk peace dollar okay well if you come in the shop with a few rolls or just a handful or whatever and you're like look man I saw them online sell them for like 18 bucks he'll probably pay you 16 haggling is part of the business too so you need to know when you go into the dealers coin shop coin values it's good to know a little bit of something but don't use Google search go to a price guide go to ebay sold auctions heritage sold auctions if you have graded coins heritage and stacks are really good for graded coins buy it now auctions that have ended at eBay can often be pretty accurate as well they're also the PCGS and NGC samples those as well so they're just as valid so what I want to say is is so someone comes into my shop and here is pretty much what it looks like here in front of the shop when someone's standing on our counter and we're doing an appraisal or just telling what their coins are worth they can actually look over here at a large screen and we have ebay sold auctions up right now we have heritage open up in the tab we have P suggests going value zipping up in the tab we even have NGC as well as coin flexion so that they can see what middle is and that's how we do it someone standing here complete transparency on our part as far as values are concerned you know what I see mostly here we get a lot of Lincoln cents and this is our carded coins that we have upfront and all of our carded coins are actually priced so when someone walks in they can see what we're actually selling for now they can hold their coin up to our coin and say yeah it looks the same great you're charging five bucks for it how much are you gonna pay me okay I'm gonna tell them two or three bucks probably try to get it for two and a half or whatever but you're trying to buy more than just one but that's pretty much how it works a carded coin or all coins you know the $5 on there is these are negotiable prices I mean you can come to me in a coin show and ask anybody that's bottled me to go and show you around my coin shop that knows me they know that we do do haggle we come back off the price a little bit so what we have Marc Lanier is not always what we're selling it for most of the time it's not what we're selling it for what we do is we take like grace sheet attentively grade the coin myself as long as it's not probable it's problem-free and then I'll put a price maybe ten fifteen percent above the grace sheet and then I'll have a little bit but we're also we have a tax implications here so seven percent of that has to go to the state so what I do I pretty much add that into the value as well so I don't haggle as much as I used to like instead of taking five dollars off I'll take 250 over just a couple dollars and it depends on what it is I mean obviously someone Lincoln cents aren't worth five dollars so I get those coming in the shop a lot I take great sheet and pretty much if it's a decent year like a ten-hour io9 answer or something like that which I pay a percentage of what I feel the grade is based off a great sheet I start off with G for most coins that come in a shop or a G or damaged they're not even on the grace sheet so a dealer has to go with his gut based off of experience and prior sells and buys that he's done or they've done so that's how you do it most coins just can't be valued based off of a price guide they're not graded they're not problem-free and they're not even g4 which is where it starts now some of the large cents start a g3 some of the rare coins might be 83 integrati but your common stuff isn't hardly any value for most of it but you know I see a lot of sense sometimes if it's common 40s and 50s and some of the 30s we'll pay two cents apiece but if it gets up to like two teens and some of the other years or four cents five cents and then it just goes up from there someone brings in a decent date they bring in a 14 D I want to try to pay them and it just depends on what grade it is I'm gonna try to be in a 70 80 dollar range because I know that probably I'll get hundred out of it maybe a hundred and five you know if it's like I said the lowest grade G forward then you get a lot of mercury dimes and Roosevelt dimes they come in a shop buffalo nickels Liberty nickels and most of the buffalo nickels like a no date you can't how do you press on a date I mean I just do double phase ten cents on because you can't really price a buffalo nickel without a date because you don't know what they did is you might have a mint mark on the back but you know that still doesn't matter I mean obviously you can tell it's a 19-13 if it's on a mound and if it's on the mountain has a mint mark then you know it's a little better you can do it by that but the rest of them if they're all type twos on the flat plain you just really can't get price it a lot of people just buy them because they want to Nick and ate them and try to find a decent day most stuff coming in the shop like I said are the lowest of the lowest and they're damaged Liberty nickels is another thing a lot of those come in a shop and you can't pay a whole lot for those either because I can get rolls of them for 20 30 bucks cord them up and try to sell them for 75 cents or a dollar dollar 50 apiece pre nineteen hundred is worth a little bit more but there are some dates that are worth more like the 85 and 86 so then I go to Gracie problem there is is the most the 85 s and 86 is that I see are below G for their AG or po1 and I mean some of them are really slick so how do you price them you've got to go to eBay and see what the roll ones are selling for if somebody can test like I'll make an offer on it and I say I'll pay you 60 bucks or 80 bucks for your po1 at 85 you get on eBay and see if they're selling for 100 so you're trying to be in that 80% range on a key day for me sometimes you have to pay a little bit more like I said in the good shading skills matter now Mercury dimes is another thing like I told you they come in the shop too so what we do there really I mean if someone a dollar and up and it just depends on how slick it is some dealers weigh him and they'll pay you based off the silver weight maybe a little bit more Mercury dimes I can often sell for over melt if they're decent and they're in the teens so I come over here and I'll show him I said look you know here's the silver here's what a dimes melt is one dollar and 28 cents now if it's a mercury diamond or decent I'll pay above mil for the Mercury dimes not a whole lot because you you got to think if I sell a roll of them I will have to pay some taxes on that role so that's seven percent so I have to be careful and here's the Roosevelt dimes now Roosevelt dimes you can hardly sell them for mell and if you take them to the refinery you have to get lesson now so I've got to be less than melt on the Roosevelt dimes and it just keeps going down here same thing with Kennedy House you know basically you try to be at five fifty if you can get it for that much if they're really slick a five-dollar same thing with Franklin's but see sometimes Franklin's you can pay the six bucks it's close to the belt form you say it's like on the kennedy house I mean if it's over 18 you can pay five fifty but if it's under 18 you want to be in a five dollar range you got to be very careful about how you pay for something because nobody comes in the shop warning Kennedy has they just don't want them people ask me do you got 90% constitutional what do they want they want walking liberties in mercury times they don't want Roosevelt dimes quarters or Kennedy has not saying it's a hundred percent but ninety seven percent that's what I get walking Leary half dollars you can get by with sometimes paying the the melt form but like I said we're not talking about key dates on those if there's key dates or better dates or they're uncirculated things like that I always pay more for that stuff I always pay as well as I can I mean I looked at what they sell for if you bring in a 1944 that's bu and it's a Philadelphia Mint without a mint mark on it which is normal I will pay a decent price for it you know but I mean I won't pay as much as I would for a 36 s or you know something like that and like I said I base each one of them off date mint and I do base it off great I know a lot of dealers will do that too especially if they if you are good at haggling if you go in their shop and your life you know I saw this online and I saw itself or this much or in the past I bought it for this much you know so dealers take that into account so I know a lot of people think well why wouldn't dealer just pay her buy the same price well they tried to but if you come in and you're like man I need a little bit more than that out of it they're gonna pay you a little bit more I mean that's just the way I deal areas now there's some dealers that might fight I'll say no I've got too much of this already I've got thousands all our bags of Mercury dimes or Roosevelt dimes and this is what I'm paying for I'm sorry and sometimes you get stuff in like Franklin Mint stuff you get in cloud proof sets and you get in all kinds of common remember and things like that and you just have to go by the gray sheet if you can you try to come off the gray sheet so much some dealers man I mean I know that on Clyde proof sets the common ones there are sometimes 50% back a bit on this especially if you bring in a big old giant box sometimes it's better if you bring in a box at a once a week to a dealer it actually spreads it out a lot of times if you go into a coin shop with all your boxes they've got to take all this I mean they're in a rush because they're probably already busy and then you've got all these coins here and they want those coins but they tend to pay a little bit less because they've got to have the cash you know it had some times you know that's also not always an issue saying of the coin shop I'm just saying there's times whenever you bring in a bunch of stuff and they were thinking okay who else is gonna bring something today what else am I going to have to buy you know there's all these considerations if you're bringing in one box a week to them you know kind of spreads it out tins look at the stuff a little more critically maybe and value it a little bit better because if you've got five boxes of commemoratives they're going to say all these duplicates you know and they're like man I gotta get rid of these it's got like a lot of work no pay a little bit less if you just bring maybe a box at a time and bring one of each and do that and spread it out sometimes that's a little bit better sometimes you can get little better out of them now I'm not trying to make rules here not all dealers are gonna do this okay I'm trying to get from the mindset of sometimes whenever I had huge collections coming to shop in your second and you're trying to go through and all you're like man I've got 10 Lincoln 2009 commemoratives 10 of the Olympic commemorative just just has examples here and you're like man I have somebody bring in 30 of the 2001 buffalos I paid as good as I could on those but you've got to be able to sell them and when you got a bunch of doubles it's not as easy to sell another thing is dealer also prices based off of what they need to often enough get better dates and better great coins or graded coins when they come in the shop they can pay more for if they need it if they've got 50 ms-64 Morgan dollars or 50 1914 DS that are graded very good 8 or G 4 then you bring one in the shop they're not warning they're not really motivated to buy as much okay so sometimes you might get a little lower offer on it because they've got a surplus of that sometimes that comes into play you know they'll use that the value coins you know now when it comes to gold it seems like the average price that dealers pay is 95% but I know some dealers trying to get back in the 80% range some dealers 92% range I'm most comfortable at 90% but you know if I have to go to 95 you will but sometimes you know that's running into the tacks and when I sell a coin you know if I can get a little above them out for some coins you can't but if you can then you can pay a little bit more you know as far as percentage-wise but you're just not going to get melt for most gold coins now a dollar coin or a 250 coin some of your smaller denominations and your Indian heads saint-gaudens those sometimes you can get melt for those or a little bit above melt it just depends if it's nice mint state sometimes that'll happen so don't know if there's any questions in the comments I would like to I'll try to answer them and hopefully I've addressed a lot of things maybe you off in a coincidence like I said I base it off of a case by case basis on what the coins conditions are what the date and events are and what I pay for what I mentioned in here is just like generic prices that I try to go by you know I'm as fair as possible I pay as much as I can for stuff you know i but you've got to have a profit margin in there that you have to maintain overall so thanks for watching my latest video and you know hit that Bell and subscribe I really appreciate that subs are very important because more people get to see these videos so with that hopefully it helped you understand a little bit about dealer pace and have a great day

Channel: CoinHELPu

Views: 30,437

Rating: 4.9421487 out of 5

Keywords: selling coins, coin dealers, coin dealer, coin store, how to sell your coins, sell coins, online coin dealer, buying coins, how to sell coins, selling coins at coin shop, how to deal with a coin dealer, how to sell your coins to a dealer, sell your coins

Id: K66gULosTxw

Length: 15min 1sec (901 seconds)

Published: Tue Feb 04 2020