Should I Beware Dealer / Coin Shop Prices on World Coins?
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- Опубликовано: 9 окт 2024
- 8 Reales video: • Reales! Coins From the...
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Ben The Coin Geek
Old Pueblo Coin
Ben's videos are a lovely distraction from the drudgery of daily life in the proverbial salt mine. A million thank you's, Ben.
True, but at least we never had to work in the silver mine at Potossi
My pleasure!
I can't imagine basing my purchases off what the dealer may have paid for something. I know what I like and the price range i wanna be in. That's all that matters.
Old Pueblo Coin in person has been very good to me. Love the bid board for foreign coins.
Yippee
Ben is a wonderful asset to the coin community and is beyond fair. Cheers 🍻 Ben
I love how people act like coin dealers are criminals for wanting to make money on the coins they sell. They have shops to run which means they have people to pay, electricity bills, property taxes and anything else that most other stores have. I'm not saying that there aren't coin dealers who will gouge you, they exist for sure, but they're generally not the kind of folks who run RUclips channels and tell you what they paid for coins. Anyone who thinks Ben's a shyster has never met a real one
I went to a coin shop here where I live and was offered a low price for my coins. I then went to another coin shop and they offered me 35% more for my coins than the other shop. This was in Tucson.
Coin shops have overhead, taxes, rent, utilities, insurance, labor so of course they have to have a mark up. Auctions charge 20% on average for coins won. Just got to shop around and buy what you like and think is fair in your head so you won't be disappointed
With all due respect in regard to your issue. Im sure you maintain your business with proper accuracy in regard to what ever it may be. Im surely appreciative for what you stand on!
I bought a 1914D Lincoln cent from my coin shop and it was in the F20 - F30 grade . I paid $240 and was happy . I seen it at the LB coin show for $300
Ben, the content you produce is simply the best. It's not even close! Thank you so much for all you do for the coin community!
You're very nice to tackle this question, despite the fact that your were taking some shots. You really didn't have to explain yourself because you don't own anyone an explanation for how you run your business.
Even when someone “takes a shot” they often have a point worth discussing. I don’t mind some heat 🥵 😆
Ben, you are correct thank you for addressing my comments just so you know I watch you every single day. I’m glad I could give you some content for a video lol
I appreciate that
Thanks for the info and enjoy your show each afternoon ✅
Thanks for watching!
My coin shop sells his coins by how much he paid for them . He has the price written down he paid and negotiates
I think high grade world coins are going to go up much more long term, the collector base in the US has grown substantially over the past 10 years. Does the lack of price guides give me a little unease? Sure but those will come. I just check against auction records on Heritage and Stacks to see comps.
It's not hard to check previous auction records for equivalent coins
In honor of the mustache I've got to give you an Amen Brother!
Your prices are fair. I've bought many coins from you and love them all. You're my local coin shop around the corner and 1000 miles away. You're my first stop shopping place. Now, why didn't that guy mention your 1912 Russian 500 Rubles State Credit Notes (of which I bought one, because that video was epic)?
I like this new thing we're doing the RUclips.
It's a very good thing!
beauty is in the eye of the beholder! eye appealing coins bring the best prices regardless of grade! buy what you like and like what you buy.
Like anything else without a "solid" price, negotiate. Items with a "solid" price, like shirts and jeans, cost the retailer about 1/2 of what the marked, pre-reduction price is.
Hi Ben! I appreciate all the information you provide via these videos and your transparency. It sounds like the coin market is like most any other market that adhere to the laws of supply and demand. So if a coin does not sell within some time period, the perceived value may be too high, and it would seem that not too many businesses would want to sit on inventory. I'm glad I'm a collector and not in the coin business. :)
I appreciate that!
This is an excellent video. I think too many folks are trying to min max life (and their hobbies) like they are playing a video game without understanding value is subjective and beauty is in the eye of the beholder. I think that the comment criticizing these prices says more about what he doesn't value more than defining any rational judgment against Pueblo Coin.
I will absolutely pay more for a beautiful coin than wasting my time with an ugly below market value coin.
If you're just min maxing for profit then you can't call that a hobby if all you appreciate are the profits and/or cost savings.
Hi Ben i have bought coins from all over the country north,south, East, West and your prices are usally lower than most thats why i do business wit you . Keep up the good work if they dont like the price dont buy it's that simple have great night
Thanks for sharing
I've lost interest in my ancient coins...been thinking about cutting the cord and selling or trading them for Morgan dollars.
I try to just limit my purchases to coins that I need for my collection that look nice to me. I fear I am too much influenced by what I see in price guides and asking prices on eBay and the like. If I see a coin that I really like, I might overpay at times. But I'm not very much focused on opportunities for profit or increased future values. Predicting future values is out of my realm of expertise!
World Collectors also know that most U.S. Dealers have more margin in world coins. But that's a different conversation about negotiating and knowing the market for your Own Specialty as a Collector. (But, as Ben notes, always add a premium as a Collector for whatever sparks joy in your own soul.)
I remember as a kid always thinking that people who specialized in any item got to charge extra 😝
World coins prices are climbing.
I buy and sell world coins because they are much more affordable and just as rare/beautiful, generally speaking, than US coins. Is there a higher markup, yes, to some degree. However, that is not due to greed or something nefarious. It's bigger than that, and there are other reasons. One, in the USA, some dealers are still ignorant of the world coin market. It's a growing market, it's still maturing especially in the USA. Now, combine this with another reason you see this higher markup, the rarity of a lot of these coins compared to US coins. Many of the older world coins I deal with have a TPG pop in the ballpark of the rarest Morgan, and often even smaller. And I mean total series, not one date/mint. It's the combination of these things that, at times, bring the larger markup. Compare to Morgan market where you see tiny margins, coins that generally aren't very rare and everyone knows exactly what they're worth. Many of these coins also sit in display cases longer than US coins. It's just a market that is still maturing.
Thanks Ben!
Ben makes some very good points.
I bought a ring for my wife back in the 80's and ask the jeweler "how do I know it's a good price"? He said "If you like it and you think she'll like and you can afford it, it's a good price". I recently over paid for an old beat up morgan dollar with an ugly souvenir sticker on it, but I love it so I guess I really didn't over pay.
Well said Ben.
I love foreign silver. The larger, the better. But I also buy foreign clad, aluminum, and brass. Do I love the coin? Is the price ok? If I'm happy when I leave the shop, it's a great purchase.
Hi Ben! Excellent video 🦉 as far as pricing goes, I want Old Pueblo Coin to make money because that's my favorite place to buy coins so I need them to stay in business... and I believe Ben always gives us accurate information on what's happening in the coin market! He's a trustworthy source we all should be thankful for!
It is true that many world coins do not have a greysheet value like US coins. They are much more rare and come up for sale very seldom. With world coins it is very true that a coin is worth what someone will pay for it. I recently bought a 1837 Chile 4 Escudo in NGC AU55. I was willing to pay whatever it took because there were only 321 minted and it is the only AU I have ever seen come to market over the past 25 years I have been collecting. There is no way I would do that with a US coin because They come to market so frequently, Collecting uber rare world coins is rewarding in that you have something most will never own but it is a gamble if you expect to profit when you sell it.
I prefer Ebay, when buying graded coins. Bought a few hard to find vam's from dealer web pages that haven't popped up on Ebay. Go to a few coin shows a year, not much luck there. Seems like dealers buy most of the coins at shows. After a few coin shows, the same coins show up. LOL
I think a buyer should do their research. See if there are comps through auction results, AC search etc. Then make a decision if the coin they want to buy appeals to them or is nicer than the comp they saw. I have missed out on nice coins because I was being "cheap" and later regretted not paying up. I have also found good deals on coins too. So if a coin is more expensive but you think it would be nice in your collection then get it if you can. Over time good deals and more expensive buys will average out.
Don't just buy a coin because it is cheaper if it is not as nice. When you look at it later you will have some regret not paying up a bit for the nicer coin. It will also probably be harder to resell.
I mainly collect German states and British coins. I know I am paying too much for German states coins because there is almost no competition. A dealer can charge whatever he wants because I can't go to the dealer on the next table and comparison shop. British are easier because of high quantity minted. I can bet better deals. My only problem is I can't find anyone selling modern commemoratives. I had to enlist my English cousin to help me out.
Thanks for adding to the conversation
Although dealers may seem to have huge markups on foreign coins, it doesn't hurt to ask the dealer if they would accept an offer. If the coin has been in a dealer's stock for some time they may be willing to sell it at a large discount to get rid of the inventory.
Ben there's most definitely 2 types of collectors there's ones that buy as a investment for themselves or there kids and there's ppl who buy just for the love of the hobby and enjoy coins . My L.C.S the guy who runs it does not collect himself he just works there . But he bases anything he buys off graysheet even tho graysheet is not always right . Needless to say I try not to sell him much .
Hi Ben, I pay too much when I can find good-quality coins. Price guides are just that-a guide. However, most price guides do not have different prices for a given "grade" of a coin, such as eye appeal, problem-free, and toning. That is all up to the buyer. Don't buy a coin if you think it is wrong for you. But don't hesitate to pay too much when a nice coin you want becomes available. You will be happier than buying an average or low-priced problem coin for the grade. You get what you pay for. *>>-->* 🦉
I have 13 bills of different amounts from the years 1773, 1776, 1778, 1777 1780. If anyone is interested, I'll sell them. I live in Kansas.
Are you still going to the Denver coin show? Also thanks for reading my comment. I'm the guy that backed you up on the prices you charged in your reales video.
I’m not going to Denver - sorry- 😣
Ben and you all is it acceptable to haggle over world/foreign coins in a brick and mortar store if you can back up your offer with sold comps?
Well answered. Thanks Ben.
All kinda people at the dance mon
Ben how will NGC handle the hurricane?
I have wondered about that too!
I just sent NGC 25 coins a week ago. I had the same concern. Their website has a statement regarding hurricane Milton. Coins are safe…we hope.
@@brucegelinas6008Hope they got all orders to high ground. I have 8 coins I sent off 2 1/2 weeks ago.
Greysheet is priced 60% under market.
I’m comfortable with you making a couple of bucks.
Shipwreck coins are in a very narrow, collectable niche. Not my thing - even though I have a few. A dealer needs to make not only "contribution" on his purchases - but he needs to make a profit overall. I have never been dissatisfied with any purchase I made at Old Pueblo. It is 500 miles from my home - but I am very excited to be able to drop in there tomorrow.
Between 10-3 👍🏼 👀
I've bought a dozen coins from Ben. If he has what i'm looking for - i buy it. I expect that he gets to make a fair living and i know that i'm getting a genuine piece
THIRD!
😮😆🐀
Hey Ben I really enjoy your content
Thank you
Hi Ben
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Ben.. wow great way to handle that comment. Can't please everyone nor should you. I have watched your videos for a few years and I am on your website weekly. Keep up the great work and keep the trolls at bay!
I've never seen coins Ben has to offer that aren't a fair value. Sometimes Ben has obscure material that you don't see often and when it's not very common, a price guide is just a guide and not written in The Ten Commandments.
If anything, finding the third missing tablet that says, Thou Shalt Always Price Coins Like Ben- isn't far fetched.
Seriously, don't buy it if you don't like it.
Tablet # 3
Great comments, and I agree with the spirit of what you're saying, but couldn't those same comments be used to justify companies who sell pieces to unknowledgeable patrons at exhorbitant prices? Reminds me of a video a saw a few years ago that talked about a collector in the 1970's or '80's who bought a roll of uncirculated Franklins for like $3k(!). I'm sure that person was very happy with their purchase, at least at the time, but wouldn't have been had they known they could've purchased essentially the same roll for like $200 or, more likely, less. I am not saying you do this, but it sounds like the comment was talking about that scenario. People can 'agree on a price', but that doesn't necessarily mean it's a fair deal. The lack of price guides and comparables, or at least the trouble one has to go to to find them, makes this much easier for dealers to do with world coins than with domestic ones. I have bought a number of world and ancient coins and honestly have no idea whether or not I paid too much for them. I do like them, but would have a sinking feeling if I went into a shop in Germany or just at a local coin show and found similar or better pieces for a third of what I paid.
I think the most important thing you said was you agreed with “the spirit” - having a price guide is completely unrelated to knowingly ripping people off. Thanks for your thoughtful comment
Now I know you read the comments
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If you view buying numismatic U.S., Ancient and World Coins 🌎🌍🌏 as a safe place to put your funds, I wish you the best of luck because you will definitely need it in order to not lose purchasing power over time of the all the monies originally invested. ⚾️⚾️⚾️
ROGER, The LOS ANGELES DODGER
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Buy what you like for the price you like. How is that wrong?
We’ll said
🐈 😻 🐈⬛️ 😺 🐱 😸 🐈 😻 🐈⬛️ 😺 🐱 😸 MEOW
🦮🐕🐕🦺🐶🐺🌭 Bow-Wow Grrrrrr
@donaldinnewmexico 😆 LMAO, I see what you did there 😏 🌭 .They be eaten them all !
@@morgansinner 😁
Anyone else noticed there seem to be fewer cats around these days, also a spike in the price of charcoal 🐈⬛
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most dealers have absolutely no idea on the world coin market, stay away
Hey Ben
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@TheCoinGeek thank you Ben, always enjoy your videos. You will have to catch the polar currency video on the Higgins Museum that he posted today.