In article ,
(Edward McGrath) writes:


I was in a coin store 2 years ago when two dealers / owners ripped a guy
off by paying the guy a little above melt value for a gold coin worth
$4000 so I know there are dishonest dealers in the coin business. I'm
not saying all dealers are dishonest because I don't no all the dealers.
In my experiences I equate the coin dealers to predators waiting to
pounce down on unsuspecting newbies. Your only protection from these
dealers / predators is knowledge. If your as kwowledgable as the dealer
then and only then can you negoiate a fair price for your buys and
sells.

Your comment is as vague as the original story. My (non-numismatic) brother in
law still thinks that I'm trying to rip him on a couple of commems (Grant and
Monroe) that he swears are worth $6500. I've seen 'em and they're polished,
complete with hairlines and high gloss. The Grant might retail for $75 and the
Monroe around $20. I've offered him $80. He's told me several times that "a
guy" at a flea market told him 10-15 years ago they were worth the $6500 and
that he'd pay $5500 for 'em. "The guy" surprisingly lost interest in his
collection and doesn't want them, of course, but my BIL still wants $5K for
'em. They'll bury them with him, before he sells 'em for less than $4K, he
sez, and he's told the story probably several hundred times. It's one of the
reasons I'm very skeptical when I hear stories like yours and the original
poster's. Some are vicious fabrications meant to damage the coin business, and
others are simple misunderstandings and/or exagerations. I wish I had a nickel
for everyone who shows me a AG/Good coin worth $5 and points to the MS65 column
in their redbook and wants $750 for it.

I wasn't even going to comment on that original posting because it's so
transparently phony that I can't see ANYONE believing it. I'd guess someone had
a good time writing that bit of fiction and even added that cute "upgrade" coup
de grace in their enthusiasm. I, too, agree that not all dealers are honest and
not all offer fair prices when offered high value coins. But for 40 dealers at
any major show, or even a regional or state show to pass up a chance to handle
a "hot" and easily upgradable coin like an AU '16 SLQ is totally ridiculous. I
would have maybe bought into a couple of lowball bids from guys who didn't have
the money or just a few slimballs, but why would anyone let a deal walk where
$500+ profit is flat out guaranteed? Those coins would have never made it past
my table, and I'd have turned the profit before I left the show, probably
before I ate supper.

I'm glad a couple others spoke up and posted their thoughts.

Dondi3
DONDI enterprises. BUY, SELL, TRADE. RARE COINS & PRECIOUS METALS
Member COINNET, CSNS, ANA, INA, MOON, ILNA.