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| - Went to the Coin Gallery to sell some coins that had become excess to my collection. I upgraded my collection by purchasing several coins that would replace the ones I wanted to sell. I did my homework by consulting the Coin Dealer Newsletter (known in the hobby as "CDN" or the "Grey Sheet"). It is The Bible of the coin collecting world. According to the latest edition of the "Grey Sheet," interest in Morgan Silver Dollars (my type of coins) and the prices paid for them was the highest it's been in recent years. According to the CDN, action for Morgans at recent auctions and coin shows in Baltimore, Las Vegas and Long Beach was brisk and represented a renaissance in prices. Like I said, I did my homework.
Took a look around the Coin Gallery while I waited for assistance. In display cases, along with a couple of 100 oz silver bars, a number of coins were "slabbed" as in graded by a professional grading service. The coins I saw were graded between AU-58 and MS-63. I also noticed these prices were pretty stiff.
I presented my coins and asked if these coins would be candidates for upgrades. After examination, I was told my coins were nice (they were already graded by PCGS as ("Mint State") MS-64 and MS-65 (investment grade coins)). But, they were unlikely to be upgraded.
Knowing these coins would be some of the nicest in his shop, I asked if he was interested in purchasing my coins. The counterman stepped away and went into an office. Knowing my individual coins were worth between $92 and $345 EACH (according to the "Grey Sheet"), I expected a substantial offer. Needless to say, I was shocked, almost speechless, when he offered me $110 for a coin the "Grey Sheet" says is worth $345.
I tried to engage him, to negotiate. The counterman's excuse for such a low offer and his unwillingness to negotiate? "Morgans aren't selling." Tell that to the publisher at The Coin Dealer Newsletter and the coin show vendors at Baltimore, Las Vegas and Long Beach.
I've bought, sold and traded coins and bullion for years. I've had dealers offer me fair prices and not-so fair prices. I've had dealers tell me they weren't interested in my coins. It's all part of the coin world. However, I've NEVER received such a low-ball offer for my goods as I received from The Coin Gallery. Not EVER. Period.
Needless to say, I took my coins to another Phoenix coin shop where I received a much fairer price (over $300) for this coin, in addition to the other coins I had with me.
In sum, a very bad experience. I won't be returning to the Coin Gallery -- unless I'm willing to buy at prices ABOVE retail and sell coins at prices low enough to almost qualify as giving them away.
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