Why Are Coins OVERPRICED at Coin Shows?

[@adrianoc4386]

The whole market feels frothy at the moment- kind of like buying real estate in 2007 or 2019-2020. I appreciate the dealers that are willing to be flexible, like the old comic book and card dealers in the 80s.

[@ProjectEric2024]

I just bought a 1799 Draped Bust Dollar from my LCS. ANACS F12. Got a good price and if you look at the comps online it is very difficult to find one that is not details in some way, mostly due to cleaning. Nice to own one that is unaltered.

[@Ontario100]

Now I understand why I feel like I am wasting my time going to shows these days. There is almost nothing there that I am interested in. I still go to see friends and socialize. I have found currency at a fair price, but for the most part coins are just not there. I go home and search dealer sites or the auctions. I do try to get to the show on the first day, but I don't always make it. I really appreciate you sharing this behind the scenes information. 👍

[@tylonnplatinumthe3rd659]

Good behind the scenes info I’ve found that if you want to get the best deals then you have to do what the dealers do. Look for collection dumps, sift through auctions, put in a lot of time searching and negotiate like a dealer.

[@stephenvyskocil3681]

I found this extremely helpful and demystifying to similar situations I have experienced at coin shows. Thanks a lot for posting!

[@fj32chris]

grey sheet keeps more people from buying than people buying.

[@chirrrs]

Why do you say that?

[@fj32chris]

@@chirrrs Greysheet is wholesale pricing,Quite simply, the Greysheet’s methods for valuing and pricing coins is not viable because it is based on opinions rather than facts.First off, the fact that Greysheet doesn't publish more than vague generalities regarding their formula is problematic.

[@fj32chris]

@@chirrrs For instance, what weight is put on the current availability on the coin?

[@fj32chris]

@@chirrrs How much weight is put on the scarcity of the coin in question? If a coin has not sold for several years, does Greysheet simply use the last known sale price? For that matter, how much weight does Greysheet put on consumer sales? After all, at the end of the day, a coin is only worth as much as a collector is willing to pay for it.

[@fj32chris]

@@chirrrs 20 years ago, wholesale pricing was much easier to manage. Dealers could easily keep such information hidden from the public. They could set the value of their wares to cover their wholesale prices plus whatever markup they chose, and all but the most informed collectors were obligated to pay the price. With the advent of the internet and digital marketplaces, however, things have changed.

[@darylcleavenger7585]

I've been a coin collector since 1985 and unless there is a coin show near me I don't go. I don't go to coin shows for the exact reason this video is titled. & dealing with judgmental dealers with some dealers who have ego's as high as their prices, ugh!. I only buy coins online or thru major online auction houses. Competition amongst dealers produce lower prices, that's a fact. If a coin show is nearby I might check it out but I doubt I'll buy anything other than supplies. ~I'm sure this might riffle some of you coin dealers, & hopefully so.

[@ProjectEric2024]

This was one of your better videos Drew.

[@jjcoinhunt]

Hey! Good commentary. Thanks!

[@josephference6996]

Great knowledge learned. Thanks again.

[@1863dana]

Thanks Drew. Great and helpful insight.

[@homerj806]

Dealers at coin shows will always give better deals to their customers. Especially if they buy better quality. In the end the true value of the coins is not what some price guide say but how much people are willing to buy it. I have seen price drops on coins that were once popular go down and vice versa. What you think will happen to all those 2021 Morgan commemoratives when all of them have been slabbed and hit the market because people need the money.

[@fj32chris]

never buy ungraded trade dollars .#1 most counterfeit coin

[@chaicharin]

Drew is has been a few months since I watched one of your videos and dude you are losing weight. Nice job man. I'm gonna put a CAC sticker on your forehead. :)

[@Jaythanc]

Great information. There are a lot of dealers these days.

[@singlesideman]

Also, I've found that really pricey coins are not as liquid - they don't sell as quickly - so you can often get a fairly good deal on them, and even find them at the end of a show and get a deal on them after negotiating a little bit with the dealer if he or she has a bit of wiggle room on the price. I always, always ask dealers if there is a little wiggle room on the price, with every coin I buy, especially if I'm interested in buying more than one from a given dealer. I don't expect a discount, but far more often than not I will get one.

[@sailfly2869]

This is why I like certified silver dollars versus raw is they are so easy to follow especially with online tools like sold/completed or even a online smart databases to follow your current/inventory plus smart devices that allow text and now photo recognition and search surprisingly returns descriptions, examples, grading tools, device filter tools, range in prices/history as you can see with today’s technology has open a new wold of learning value in just about in everything is how I make my mad money for buying PM’s. right now I’m cost averaging and up grading from 69 to 70’s along with specialties in ASE’s is what I’m enjoying right now is picking up on modern American Silver Coins in Morgan’s, Peace, Eisenhower and ASE’s,and after 2006 labels that showed bullion coins for example without mint marks where they were struck at, special editions that are no longer in original packaging is a guaranteed to be authentic. Are you collecting now??

[@singlesideman]

@@sailfly2869 yes I collect, and only PCGS certified numismatic coins that I find interesting and that have some real history behind them, and solid eye appeal. I'm not interested in bullion or ASEs, etc. I do keep an eye on trends to the extent that I can, and I reconcile my interests with what is available and what interests other collectors, and even non-collectors who still have and like a few coins here and there, because I want the value of my coins to appreciate. Even though I'm not a huge fan of Morgans, I do still like them, particularly CC examples which are really cool and always seem to be going up in value. I really like the oddball, old mints like the previously mentioned CC, and Dahlonega (I have one coin from here) and Charlotte (which I don't have yet.). Generally I go for older, PCGS slabbed coins, especially Liberty Seated coinage. My favorite coin ever designed is the Gobrecht Dollar...

[@sailfly2869]

@@singlesideman I hear you, I’m all the way with PCGS both in high AU and MS too. Over the last twenty or so years of collecting silver coins is that all my Mint State graded coins increased the most over the years whereas the circulated coins in high AU just sat there.

[@singlesideman]

@@sailfly2869 I really think that whether a given coin will increase in value over time, fairly predictably, really depends on the particulars of a given coin, like a low population, (usually) circulation strike example in a popular, and older series in nice condition, but not necessarily uncirculated or even AU. A good example would be something like an 1889-CC Morgan. I have one in F-15 and it has been going up reliably, and it's a harder coin to find, and it's a CC, and Carson City coins are cool, and people love them, even me, even though Morgans aren't really my favorite coin to collect - but I do still have a soft spot for them, especially if they're harder to find dates and/or mints, and the nicer the condition and eye appeal, the better. In other words, condition rarities are not necessarily the best performers as investments as far as I've been able to tell, and condition rarity collecting is a high stakes, risky game because there is so much riding on the exact grade. That just makes me nervous, and I want more certainty that a given coin is going to be worth more, and be more saleable irrespective of its grade, or its needing to be an exact grade in order for it to be worth collecting and investing in, even if it takes longer to sell because it is a more expensive coin. The more you know about which coins are more popular and are harder to find and more desirable, the better off you are. I would much, much rather have that 1889-CC Morgan in F-15 than, say, a 1972-D Ike in MS-67. The Morgan is interesting. It has history. It's attractive, if a bit awkward, yet it's still lovable, and doggone it, people like them! (To paraphrase Al Franken's Stuart Smalley character on SNL.) Besides, it's made of silver, and made well, the old fashioned way, and the hard way, a long time ago, when such things meant more to people than they seem to now. Its old. It has lived a life. It has stories to tell. It was used, circulated, it was and still is real cash money, backed by the US government, even today, and indefinitely. An ASE is none of those things, and that `972-D Ike in MS-67 is much closer to an ASE than that 1889-CC Morgan.

[@singlesideman]

@@sailfly2869 To be specific about the condition rarity coin example that I gave, a 1972-D Ike in MS-67 is currently valued at $3,500 on the PCGS website, as of today, Monday, February 27, 2023. In December, 2011 it was worth $11,500. The current value of a 1972-D Ike in MS67+, just a half a grade higher, jumps from $3.500 to $15,000. Who's to say whether a coin is actually in MS-67 or MS-67+ condition? Are you willing to take the chance on a half a grade accounting for a 400% difference in value? How comfortable are you with the change in value of the MS-67 example going from $11,500 in December, 2011 to losing over two-thirds of its value in 11 years? I just wouldn't go near it.

[@turbocharged91m]

Great coins Drew!!

[@michaelgoodspeed846]

Hey Drew, The 1897 Indian is PCGS PR65 CAC sorry for typo

[@davidbell9130]

yes mostly they are overpriced, when you go to sell yours they lowball you or dont want it for any price

[@singlesideman]

It also sounds like you just explained why (a few/some/many/all of?) the coins you sell to clients, rather than dealers, are overpriced.

[@FirstnameLastname-vy2dg]

You gotta grow some on the sides if you cant use minoxidil on your face where your beard grows and eventually it will stimulate hair growth so you can grow a full beard

[@kenfewell4200]

thank you

[@sailfly2869]

Back in 2008 I started collecting PCGS morgan dollars as a collector but now looking back I wish I had only purchased rarer coins instead since this is where the real money is. Have you noticed that on most PCGS Morgans in mint state always seems to do better in the long run versus say AU58’s. Right now I’m enjoying collecting especially over the last several months ASE’s that I’m either cost averaging or updating to 70 series with higher premiums.

[@ah5836]

In general, with the internet now opening up more people to see the same inventory, the rarer items have risen in value far. Just keep in mind the pandemic caused boom times for collectables, and especially morgan dollars are the hot thing right now. Buying within a hot market hoping the current high values will continue to outpace and rise even higher, doesn't always work out that way.

[@sailfly2869]

@@ah5836 yes it is a new world of discoveries.

[@singlesideman]

It's really not like this where I am, thankfully. Yes, there are some dealers who have coins that are overpriced, but I just don't buy them, and usually dealers who have some coins that are overpriced have others that are not but are just as desirable. There are some coins at these shows that are a little overpriced but have so much eye appeal that it's really just a small premium, but I don't generally buy those coins either, unless they really are gorgeous and I really want them badly, in which case I will make the occasional exception. The only pattern that I can discern from the pricing I've seen at coin shows near me is that dealers' coin prices are based on what they paid for them. If they bought a coin for a bit more than bid price, they probably did it because they knew that they could get a bit more for it when they sold it because it's really hard to find, or it has very strong eye appeal, or both, which are market forces that affect the values of coins in the market (this is largely why coins go up and down in value - when larger patterns of more people buying more at higher prices emerge because demand for these coins goes up relative to supply, the values of these coins increase), or the dealer had to pay more for a particular coin in order to get another or others in a lot that are highly desirable and easy to sell at a profit, so it may be worth it to the dealer in the end to sell the other coins and leave the high price on the lesser coin in hopes of making a profit, but the dealer may ultimately lower the price of the coin in order to get more capital to reinvest in other stock. I can't speak to your experience, of course, although what you're saying about coin shows that you've attended makes sense, if you've had these experiences. Here's hoping that you do find some good deals out there...

[@derinc.8970]

All coins from dealers, shows and on-line are overpriced. Really the only way to get decent value is buying coins from the wild, it's tough BUT it can happen IF you know where to look. Nice video 👍👍👍

[@ah5836]

I had always wondered, just stopped by a show couple days ago and yea so much of the items there were overpriced and it turns me off from being there. I'm not looking for high-end coins, just is fun to see the range of things in person and pick up some items. I don't really expect to find awesome deals, but it's just like, when I can just as easily from my phone order the same item for 10%-20% less, and that online sale has credit card fees, shipping charges to cover, at the show I have cash in hand, why are the prices not lower?

[@marianmoses9604]

Greed.

[@MarcHasaraMarcHasara]

Never pay $11K for an ounce of silver no matter what the coin is. $11K buys 4.5 ounces of gold. That makes sense to me.

[@stevelauda5435]

What is that 1799 Liberty dollar selling for?

[@kb39]

Hi. Can I ask you a couple of questions??

[@richardbehappy5412]

Supply is drying up big time. I keep saying that on my channel.. you should do videos on proofs sets. they are going up.......

[@angryjalapeno]

What nonsense.

[@flower2289]

What did you just say?

[@hollywoodnoire]

It’s a shame that numismatic coins are overpriced nowadays on Ebay and at auctions

[@jasonking7729]

Good points. I'm putting together a show in central TX. Nobody is doing it, so I will. I'm open to interest. Exhibitors, clients, vendors, sponsors, attendees. I do live events for a living.

[@chirrrs]

What are you considering central Texas? DFW and Houston have a bunch of shows, but there's also some in San Antonio, Austin, and Waco, albiet not as frequently. I go to all of those, so I'd be interested in hearing where you're wanting to set up shop!

[@jasonking7729]

@chirrrs !!! ATX is wide open. I have a skyline venue!

[@charliechan6827]

Why do you not respond to your store emails?

[@ehrenkrause9861]

I'd love to get that 93S in my collection been working on a complete Morgan set in slabbed

[@darioperez5084]

Im just a opportunist I buy when ppl need cash

[@marianmoses9604]

Oh…so you’re a coin dealer! Lol 😂

[@Reap45]

You totally got robbed for $5,500 very low grade not even worth $1,000

[@wellmansrants4282]

I stick to bullion. I stay 100 away from slabs and gradeing the companys are bunk and no one my age and younger cares around me u would have to cherry pick and sell online no is buying this stuff

[@kevindelong7046]

I went to two major coin shows. I could get a 1909 s VDB all day or a 1914 d all day. The coin unfindable was a 1931 s. First show had 80 dealers and the second 65. I asked every dealer for a 1931 s. First show found 2 one was fine 12 and the other pcgs MS 64. Second show had 1 pcgs. Xf 40. That's it.