Ignorant Sellers Vs Knowledgeable Collectors

There are a lot of good points raised about how we conduct business with people--this was a very good read!

And this is why I don't feel bad when I got to a coin show and buy a scarcer variety coin for a few dollars--I profit from acquiring that specialized knowledge, which the dealer no doubt has access to if he cared. But, as I develop a relationship with dealers, I often point out things they have missed--although sometimes this makes them suspicious of me.

I've also met dealers who make a killing from first "appraising", then buying collections off retirees or from settlements of wills and really undercut their value. I strongly dislike that 'quality of business' because they are not representing their profession well, but suffice to say anybody selling their coins better do some legwork so they're not taken--because outright theft can happen with any collectable item.

Regarding heirs. My son is 13 and he still likes looking at coins with me...ok, he still likes looking at coins. I have methodically cataloged our coins including retail pricing. These lists are updated at least once per year. When the opportunity presents itself, I tell him since he will be inheriting the collection, it is his do with what he wants; if he would like to continue collecting he may, if he wants to sell them he may do that as well. I have explained (and will continue to explain) the difference between retail pricing and what I could sell them for if I tried. I figure if I continue to educate him as to what is there, if he decides to sell, he will have the tools available to make some informed decisions...as long as I raise him correctly.

about 30 years ago in New Zealand a family sold a piece of Galle glassware to an antique dealer. The family had no idea what it was worth and had gone to a expert seeking advice. the dealer recognized it immediately ( with a value in excess of US$5000.00) the dealer told them it wasn't worth much and bought it off them for NZ$250.00 about US$125 in those days. He then sold it in auction for more than NZ$10,000. The family discovered the auction sale and were very upset it ended up in court and the dealer lost out.....the reason being is there had gone to him seeking advice on value and he deceived them accordingly he had not for-filled his expert role. Had they had just taken it to him to sell the judge said it would have been a very different matter. I think that decision sums up some of the other comments. If someone comes to you asking for your professional opinion it is just not on to rip them off.

I believe it is a dealer's job to honestly educate buyers, and I believe it is a buyers job to be educated on purchases.

That said it is almost never the case... If an individual calls me off of my craigslist buying add and has 'gold' I am going to pay them 80% of spot for junk and higher for better things with numis value. I also believe it is a dealers job to be educated on their own product and have no remorse picking things up off of them for cheap if they miss it. For instance there was a combo coin/sports card show I went to shortly after Joe Frazier died, one dealer had 3 fully authenticated autograph Frazier gloves, since he had recently died I asked the dealer "you're aware Joe Frazier died correct?" He said yes... I bought all three... Walked off and tripled my money to another deal - if he said he didn't know the guy died I would have let him know and if he wanted to adjust the price he could have... But if he's not keeping up or doesn't care to change his price, why should I?

I decide to listen to some of the other opinions before weighing in myself.
I think there is a difference between dealers and common folk. If you sell as a profession, it is up to you to know what you have if you are a dealer, it is your job. But dealing with the lay person ? I think for the sake of the hobby that collectors have a moral obligation to be upfront in their dealings. No matter how great the deal is or how uninformed the sellers are. If not it makes you no better than the shady " cash for gold " guys at the mall or on television.

Their are no end to the posts vilifying the T.V. coin show shysters, taking advantage of the ignorant public with their over priced coins, yet it seems that some collectors have no problem on the other end. Paying ignorant sellers have of what their grandfather's legacy is worth, justifying it by " this is what they asked for it , this is what I gave them " everyone is happy.

Ethics and morals need to have a place in this hobby. I am not talking about the difference between spot, a few dollars under or over. I am talking about obvious ignorant by the seller. To get a good deal on a car is one thing, to buy the old Chevy in the barn from someone's elderly grandmother for $1000 is one thing. Buying it knowing it is a 1953 Corvette is an entirely different deal.

On Pawn Stars, a lady came in with her mothers brooch, she wanted $1500 upon further investigation Rick realized it was a Fabrege brooch ( of the Fabrege Eggs fame ) and it was worth in excess of $50,000 . He gave it back to the woman and told her what it was and that in all good conscience , he could not give her what she wanted.

A neighbor ( whom I didn't even know that well ) needed a new cell phone, knowing that I collect coins, he offered me a roll of silver maple leafs for $24 dollars a piece, for some quick cash. I gave him $1.00 over spot each , 1. because that is about what they were worth, 2. because I couldn't sleep at night if I didn't.

denco7, I'm in full agreement with you.

This is a subject that is hitting pretty close to home right now. I inherited my grandfathers collection years ago and am just now going through it trying to determine what is what in the collection and I saw two replies that I think about almost daily going through this collection.




and then




I have in the last couple months learned a MASSIVE amount about the coins in my possession. But the amount I have learned has really only showed me how much I don't know. I know there could easily be a $500 coin hiding in the piles of loose coins that I have. The problem I am running into is how do I go about trying to find that diamond in the dirt? Seeing these posts about local dealers taking advantage of people like me who simply lack the knowledge to understand the true value of a specific coin scares me from heading into a shop. All of the fakes flying around on ebay make me realize that without the knowledge I simply wouldn't be able to do anything but frustrate myself if I went in that direction.

A number of you say that you won't take advantage of a less knowledgeable seller just to make a fast buck and I really do believe you, but how can I tell you apart from the crook?

chewy_27: You're going to have to trust your instincts. Some collectors don't want any part in a buy from what appears to be an ignorant seller. It's just bad for your soul. It's bad for the hobby. It's bad for everybody. As you can see in the post where this topic originated, the buyer may have indeed been tricked. The valuable coin in question may not be what it was represented to be. So, you see, there are situations where buyers are ignorant, too. The knife cuts both ways, so to speak.
And not everyone is looking to get rich--Try that if you can!!--in this hobby. How many of us are making life-chaning buys or sells? Sometimes people have to get ahold of themselves.
I think most collectors are looking for good value for their money, for a sense of having secured a good coin at a good price. But such buys feel best when both buyer and seller are happy.
Don't lose faith. There are good people everywhere. You have to feel your way to them, I think. You will meet honest collectors and honest shopkeepers if you are patient. But, as you've been advised, educate yourself. Take your time. What is your hurry? Enjoy the journey for all of its ups and downs. That's what your grandfather did.