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Pillar of the Community
Canada
2495 Posts |
I've always been self-employed and I definitely get the notion of buying something for as little as possible to make a profit.
After all, I have to provide for my family and 'put bread on the table' as they say.
However, in this isolated case, I would have paid much more than $30.
Edited by doubleeagle59
01/27/2015 3:52 pm
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Pillar of the Community
 Canada
5394 Posts |
@wazz... as to the best Cherry pick yet thread.............. there are two scenarios. In this thread the lady was older and most likely an uninformed seller, in the case of the best cherry pick, the way I read it , it was a DEALER selling a coin at a collector show. A sharp collector bought the coin and won. This is Cherry picking and happens all the time. There is not a dealer on the planet to whom this has not happened. A serious numismatist who has really studied his particular series has the drop on most dealers who cannot possibly research every coin or series. A Morgan dollar student specializing in VAMS can and does pick dealers all the time. Collectors who have seriously studied Canadian Tokens or Provincial Large cents of 1858 - 1859 can and do often trump a dealer. Cherry picking is fair game and part of the deal , ripping elderly citizens is NOT kosher! IMHO |
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Pillar of the Community
Canada
695 Posts |
Quote:
The ethics issue in question was did the buyer KNOWINGLY pay less than fair market... Did he though? I don't live in the Southern States so I can't say what fair market for Canadian coins is there. Can you? I would have paid more....but then again, I live in Canada where these coins have value. Only the two parties that took part in the transaction have privy to what was said. If both parties are happy with the transaction then I say let them be happy. Quote:
If someone came to you with a rare coin worth 3 to 4 figures... and you said how much and they said $50 ... what would you do? This is like comparing apples to oranges. We are not discussing a four figure coin. We are discussing very common Canadian Nickels in the Southern States where they cannot be spent, and a little old lady that probably cannot be bothered to go through the trouble of selling them through ebay or other channels. Quote:
In this thread the lady was older and most likely an uninformed seller, in the case of the best cherry pick, the way I read it , it was a DEALER selling a coin at a collector show It was not a coin dealer, but an antique dealer. They cannot be expected to know everything. Edited by middross
01/27/2015 4:04 pm
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Pillar of the Community
Canada
5394 Posts |
now where did I say COIN dealer ?
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Pillar of the Community
Canada
1747 Posts |
Here is what an accountant will tell you what " Fair Market Value" is; what someone is willing to pay, in this case it was $30, the buyer had NO KNOWLEDGE of what Numismatic value these coins had. Yes the Canadian Face Value was about $100, but it was completely worthless play money where it was being sold.
Again, everyone who thinks this was out of line, you need to rethink this like I mentioned before, if someone offered you foreign coins which are completely un-spendable and therefore completely and utterly useless as a monetary devise.
There are 2 comments people keep saying:
1) the buyer knew exactly what he was buying
2) the seller did not know what she was selling
and with these 2 ASSUMPTIONS you may be right, HOWEVER in this specific case
1) Buyer has no experience in the numismatics of Canadian coins, and CANNOT use these to buy a can of pop
2) the seller can count.
This will be my last post on this as it is making me frustrated that people are only looking at this with their own personal slant and knowledge.
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Valued Member
Canada
329 Posts |
since he said he ended up getting it for $30, we dont know the extent of the conversation. maybe he bargained her, maybe she bargained him. now I'm sure she will mention it to someone, so if someone comes along and says,"you ripped her off, give me more money for her ", then that would be a different story. @agcoinau, I would probably say you know its probably worth more than that right? and take it from there. for some people, its not worth their time or effort and they are completely uninterested other than spending it; which I would hope was the situation here where she just wanted to unload it, since no bank would take it unless she made the journey up here.
given the quick response to this posters first threads, maybe hes on his way to offer more? I dont know, but I dont think well be hearing back from this person as I think we scared him off. a series of questions on how this happened may have been better than the reaction we had, to see if in fact this was kosher.
Edited by wazzappenning
01/27/2015 4:26 pm
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Pillar of the Community
Canada
2366 Posts |
 @ace_ftw Factor in the gas to drive from there to here and back again to get 'face value'. |
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Pillar of the Community
Canada
695 Posts |
Quote:
now where did I say COIN dealer ? I never said that you did. I was simply stating that they deal in antiques and therefore coins are probably not their specific field. Cherry picking from an antique dealer (as opposed to a coin dealer) would be much like taking advantage of someone that doesn't know what they have. The same thing that most are saying was done to this lady. What does it matter if it is a business or an individual person? While some will say that it is the businesses business to know, I don't think that an antique dealer can really know everything about everything that they sell or even a coin dealer for that matter. I like getting deals, but would not take advantage of someone to do it. This is a very touchy subject and can has clearly ruffled some feathers, but in the end I would bet (and I really hope) that both parties are satisfied. As ace said, I'm pretty sure that the lady selling these coins is able to count and knew very well what she was doing. |
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Pillar of the Community
 Canada
1505 Posts |
Sorry Bloomberg, it was not my intention to derail or hijack your OP.
just thought a poll would give everyone an out to be honest without having to show face.
I know, it is easy to pretend to be a good boy or girl and pretend to be holier that the pope. And I also know that reality when confronted with situations of opportunity, is usually a very different animal.
Now, talk about ripping off old ladies (or whom ever):
if you purposely set out to do exactly that, then agree it is despicable.
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Pillar of the Community
Canada
2632 Posts |
Its disappointing considering Bloomberg said "I am mostly into US coins but today purchased a decent size lot of coins from an older lady." so define older, older than who older than what?. I dont recall Bloomberg stating his age. For all any of us know she could have been in her 30s or 40s Talk of ripping off the elderly is way out of line right off the hop, learn to read whats typed and not your own personal interpretation of whats typed. just my opinion |
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New Member
Canada
5 Posts |
Here's my take. I'm the manager of a cash department at a large retail store. I get a couple 10 pence pieces a week. Say once this adds up to £3 I want to get rid of it. The bank won't take coins to do a currency exchange so what can I do. If I find someone willing to give me a $1 canadian for it then why wouldn't I? It's the only way for me to get value for it. I wouldn't feel "cheated" because I didn't get the full exchange for it.
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Pillar of the Community
Canada
1505 Posts |
I think some perspective is needed here.
These are not $5 Gold coins being bought at face value or some obviously rare/precious metal coins. We are talking about a small quantity of older Canadian nickles in the southern states, not the ideal market to cash in on some common coins. If this was in Canada, you could take them to the bank for face value.
The coins are described as "un-circulated" nickles, those plastic tubes do not look like mint issue roles to me. How many times has a seller told you un-circulated, when it is actually AU to EF or worse, if you don't believe it, I have some un-circulated coins from asyn you can buy, MS-66, I swear. My point is, that the OP would be smart not to pay a premium on these.
At a quick glance, maybe $70-$80 CAD, OP paid just under $40 CAD ($30 USD), maybe a little low, but not by much, when you consider transportation, time, risk etc... If this was in Canada, then it should be face or close to it, but it was not. I think this is probably about the right value as the OP will likely need to dispose of them at some point, unless OP is looking to start a large collection of mid 60's nickles.
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Pillar of the Community
Canada
1118 Posts |
Are we actively trying to scare off the new guy?
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Pillar of the Community
Canada
4911 Posts |
the guy at the antique show was a coin dealer.
Feel free to call me Will.
Edited by thedollarman
01/27/2015 6:14 pm
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Moderator
Canada
10458 Posts |
OK - the witch hunt stops here... now!It might be one thing to express your opinion from afar, but does anyone here know just how worthless Canadian change is south of the border? I am not talking about Maine, New York or Michigan, but Kentucky, Alabama, Florida, etc... It is treated like junk world coinage and is sometimes even sold by the pound, not face value. I seriously hope this new roll hunter comes back to CCF, and shares with us any cool varieties that they might find. I should add, if you want to discuss ethics and other issues, we do have a General Discussion forum for that: http://www.coincommunity.com/forum/...?FORUM_ID=69
"Discovery follows discovery, each both raising and answering questions, each ending a long search, and each providing the new instruments for a new search." -- J. Robert OppenheimerContent of this post is licensed under a Creative Commons Attribution-NonCommercial 3.0 Unported License. See: http://creativecommons.org/licenses...0/deed.en_USMy eBay store
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Replies: 23 / Views: 4,019 |
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Posted 01/27/2015 3:54 pm
