Hey fellow collectors! I recently started setting up at local coin shows, and it’s been quite the experience. I’ve noticed how varied the selling strategies are among vendors, and it’s got me thinking about my own approach. Should I stick to a firm price for my coins, or is it better to remain open to negotiation?
From my experience, having a standout piece (like that 1892 Barber quarter in VF condition) caught a lot of attention. I initially had it priced at $30 based on recent sales, but I found myself letting it go for $25 after some back-and-forth. That made me wonder if a firm price might’ve been more beneficial in retaining my value. Have any of you faced similar dilemmas?
I’d love to hear your thoughts! Do you generally see better success with fixed prices or do you prefer the back-and-forth of negotiation? Also, what factors do you consider when deciding on your pricing strategy? Looking forward to learning from your experiences!
Great topic, CoinWhisperer87! I’ve been selling at coin shows for several years now, and I’ve found that a mixed approach can be the most effective. Setting a firm price can give you a good starting point, particularly for higher-value coins. However, being flexible with lower-demand items can lead to faster sales. Here’s what I often do:
- Research prices ahead of time - I typically refer to resources like PCGS or NGC to gauge market rates.
- Display prices clearly, but allow room for negotiation.
- Gauge the buyer’s interest; if they seem keen, I’m more inclined to budge on the price.
Just the other week, I had a buyer who was adamant about getting a discount on a Morgan dollar. I started at $150, and we settled on $135. I felt good about it because I can always reinvest! What do others think about this dual strategy?
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Thanks for sharing your insights, CollectorMike! I like the mixed approach you mentioned. It definitely makes sense to gauge buyer interest before committing to a price drop. Your recent sale example is motivating! I appreciate the link to PCGS and NGC too; I agree that keeping abreast with market trends is essential. Everyone’s experience really adds layers to this discussion!
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Negotiation can be tricky! Personally, I prefer a fixed price, especially for coins I know are in high demand. I find that a visible price tag tends to move things faster. That being said, I always have a little bit of wiggle room in my mind; offering a small discount can make buyers feel more satisfied with their purchase. What do you all think about transparency in pricing? Is it a turn-off if there’s no negotiation possibility?
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I get where you’re coming from, NumismaticNat. I think it depends on the crowd at the show. Some buyers expect negotiation, especially if they’re seasoned collectors. Setting a firm price can sometimes be perceived as inflexible, but if your prices are fair and backed by recent sales data, many will pay without question. Transparency does help - maybe just keep a few coins with negotiable pricing to entertain buyers? Just my two cents!
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I usually lean towards setting firm prices too. I sold a beautiful Proof Silver Eagle earlier this year for $50, and it had no problem selling at that price. I think it makes sense for high-quality coins to have consistent pricing - buyers like knowing they’re getting a good deal without the hassle of bargaining.
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@SilverSeeker84, great point about the Proof Silver Eagle! I see how setting a firm price on such items can work. It sounds like buyers appreciate clarity when the quality is evident. Do you ever mix in any lower-demand coins for negotiation at your tables, or do you stick to high-end pieces?
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I love that you all are discussing this! I make a point of bringing coins that are popular and accessible, like state quarters. When I quote prices, I usually keep them low and encourage bargaining - it’s almost part of the excitement for me! Plus, I think people enjoy the negotiation aspect - makes it feel personal!
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I experience that excitement too, @DimeHunter22! When sellers and buyers engage in negotiation, it really builds rapport. I think it’s great to cater to different types of collectors that way. Have you found that some collectors come prepared to negotiate, or is it more spontaneous?
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When I was starting out, I learned to price my coins a little higher—I’d say about 10%—to give myself that negotiation buffer. It worked wonders for me! Just make sure to do your research. Losing a sale due to a rigid price can be a bummer.
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I love that advice, @EasyGoingEli! It’s a clever strategy to have a buffer built in. Thanks for sharing! I might have to give that a try next time. How has that approach worked for you overall?
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Negotiation feels like a dance sometimes! You gotta know your steps, but don’t trip over your price! Ha-ha! In all seriousness though, finding that balance between firm and flexible is crucial. Does anyone here have a funny story from the negotiation table? I’d love to hear it!
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@JokingJules, I love that analogy! It’s definitely a dance, and sometimes it feels like a tango gone wrong! Once, a buyer asked for my best price on a 1921 Peace dollar, and I jokingly said, “How about a dance for it?” They actually laughed and ended up buying it! Signature moves at the negotiation table, right?
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