Trading Coins with Dealers

[moff347]

Does anybody have any experience with trading coins with dealers at coin shows or trading coins in general.

I have been collecting on and off for over 2 decades but have never actually traded with anybody.

I am currently in possession of several several dozen MS and AU Indian Head cents dating from 1898 to 1909 that I was able to get for a reasonable price in a bulk collection buy a few years back. I have since gone through them and selected the few that I would like to keep in my collection. Indian Heads are my passion and I am working on accumulating a AU+ set of them. I would like to be able to trade these coins for some of the dates I am missing.

I do realize these later dates were minted in higher numbers and did not see as much circulation as older dates as they are towards the end of the series and thus a higher number of AU-MS examples exist, thus lowering the value. However, most of these coins are solid 20-40 dollar coins with several being MS-63 to MS-65 examples form 1909 and 1907. I would be willing to trade 2 or 3 of these for a earlier date AU coin, but have no experience with this type of haggling.

I am use to haggling down prices with dealers and bundling purchases to get the cost down and so on. I just have no experience with trading. I am in Houston, TX and the bi-annual coin show is in two weeks and I have a few questions;

Are dealers willing to trade at coin shows? they pay good money for those booths and are looking to turn a profit and that concerns me.

Is there a way to tell which dealers are willing to play ball just by looking at the booth? Small hints and things to look for?

Would a method of cash and trade approach work out better? (Example: I find a nice MS Buffalo nickle that I want and an MS-63 1896 Indian Head Cent that I need for my collection. Offer the $50 bucks for the buffalo and then offer 2 MS 1907 Indians for the 1896 Indian Head Cent.)

I realize a lot of this will probably come from trial and error, but I can at least try to get started on the right foot.

Thanks for any advice you can give.

 

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[jerseyben]

You are basically haggling on a buy and on a sell in a single transaction when trading with dealer. That is, unless you can specifically find a dealer who wants what you have, which will not be easy. That being said, I have successfully done it. patience pays off and being willing to walk away from a deal that just isn't right.

 

[cudamark]

First, I'd figure out what my coins are worth. You can use several sources for that......ebay completed sales, PCGS and NGC slabbed coins, a variety of online guides, etc. Expect to get offered at least 10% less than your lowest estimate. Use that as a basis for trade bait. Some dealers are there to buy, some to sell, most are there for both. You'll just need to feel them out on what interests them. Someone who specializes in Indian cents would probably have more interest than someone who specializes in ancient foreign coins. It doesn't hurt to ask though! Good Luck!

 

[huntsman53]

Most Coin Dealers sell at or +/- of the Sell Prices on the Grey Sheets depending on what the coin(s) is or are. Typically, they purchase coins at 10% back (below) of Bid and most take trade-ins at 20% back of Bid but generally only take trade-ins if they can move them (i.e. know of Buyers that want or will take them at more than what they have in them). So, yes, you can sometimes make trades with Coin Dealers but accept the fact that you are possibly going to lose approximately 30 to 40% on a trade towards other coins that you want. If the Coin Dealer does not have Buyers for the coins you are trading in, then expect to get an even worse trade deal.


Frank

 

[jerseyben]

First, I'd figure out what my coins are worth. You can use several sources for that......ebay completed sales, PCGS and NGC slabbed coins, a variety of online guides, etc. Expect to get offered at least 10% less than your lowest estimate. Use that as a basis for trade bait. Some dealers are there to buy, some to sell, most are there for both. You'll just need to feel them out on what interests them. Someone who specializes in Indian cents would probably have more interest than someone who specializes in ancient foreign coins. It doesn't hurt to ask though! Good Luck!

My experience is typically that dealers offer half of retail prices when buying at a show. Again, unless you have something they specifically want.