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 Replies: 47 / Views: 7,657 |
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Valued Member
United States
121 Posts |
Interesting thread. If you were just looking to make a little profit from the $5 in silver then you paid the right price. You go to sell them and you might get about $50 from the local dealer. Add in your gas and time involved and I have to ask what is the big deal. Why bother to buy junk silver coins in the first place if you can't make some money on them. It takes seconds for someone to look in the phone book and call the closest pawn shop or jeweler and get a quote. We are talking junk coins here, not a 16d dime. Are you supposed to be a charity here or something! Anyways I don't trust the PM markets so I never buy it at spot just to get squeezed by the market manipulations of a few deep pocketed bankers. On the other hand if these were stolen you've opened another can of worms and that is the chance you are taking. That doesn't appear to be the case here but it could be if you go fishing on Craig's list or even at your work place the way you are doing it could be considered a business transaction.  Maine_Jim |
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Pillar of the Community
United States
3294 Posts |
Personally, I would have offered her a bit more, but I am not going to fault this transaction. Perhaps she knew they were worth more, but the nearest alternative place to sell them was inconvenient. Possibly if he would not have offered her that $, she would have taken it to the bank. Who knows? Nobody was telling her that to sell for this price "or else", and thus she bears the responsibility to determine the value she is willing to accept. If people do not want to take the time to do the research, then that time value is a part of their transaction cost.
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Pillar of the Community
United States
2424 Posts |
yea, she could of just as easily gone to the bank with them..
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Pillar of the Community
Canada
3692 Posts |
One person did their homework, the other did not. That's why information is power, and it doesn't come cheap. Imagine if the Foot Locker guy explained to you the process of where the shoes come and who made them and who ultimately gets the biggest cut. You'd start making your own shoes.
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Valued Member
United States
297 Posts |
look she wanted 20 she got 25, she was happy he was happy, no one was forced in the deal. He had the knowledge so he came out, she didn't do her research.
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Pillar of the Community
United States
1406 Posts |
Pawn stars is a great show. As a retailer myself it always surprises me when the seller gets the appraisal and then expects to get that appraisal price from the owners. Really? So the owners are there paying rent, utilities, wages, providing a service, paying cash, has connections to give you appraisals so that you can get top dollar for your item? The owners are just suppose to 'feel' morally good about making nothing!
I have a retail store and doubling the price I pay for product is the LOWEST mark up we have. Most mark ups are higher then that! BUT, at the end of the year after all the dust settles I will be really happy with a 1%-5% profit. (Actually I have not seen a profit in over 5 years with the economy)
So, ethically, I'm perfectly fine paying 30% - 50% of a products 'worth' and then selling it for 'market value'. If I did not do this then my employees, services, connections, and livelihood would not be here 30 days from now and the seller would have fewer options to get ANYTHING for his product.
Furthermore, I question the ethics of a person who gets offended at me for the price I am willing to offer. It's not personal! It's business! I could stay home and make nothing.
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Pillar of the Community
United States
1915 Posts |
Quote:
Pawn stars is a great show. As a retailer myself it always surprises me when the seller gets the appraisal and then expects to get that appraisal price from the owners. Really? So the owners are there paying rent, utilities, wages, providing a service, paying cash, has connections to give you appraisals so that you can get top dollar for your item? The owners are just suppose to 'feel' morally good about making nothing!
I have a retail store and doubling the price I pay for product is the LOWEST mark up we have. Most mark ups are higher then that! BUT, at the end of the year after all the dust settles I will be really happy with a 1%-5% profit. (Actually I have not seen a profit in over 5 years with the economy)
So, ethically, I'm perfectly fine paying 30% - 50% of a products 'worth' and then selling it for 'market value'. If I did not do this then my employees, services, connections, and livelihood would not be here 30 days from now and the seller would have fewer options to get ANYTHING for his product.
Furthermore, I question the ethics of a person who gets offended at me for the price I am willing to offer. It's not personal! It's business! I could stay home and make nothing.
I agree 100% with this post. It is obvious from most of the responses to this topic, most of the posters are not and have not ever been a business owner. When you add in all the above plus the money Uncle Sam wants it makes it next to impossible for a business to survive on a profit margin less than double the buying price. Think about all of what I have quoted here the next time you go grab a bite to eat. McDonalds pays less than 10 cents per soft drink they sell, and that includes the cost of the cup. A footlong Subway sandwich only costs 55 cents to make. All of you that think this transaction was a rip off need to stay at home and make your own meals because with your mindset the restraunt business is robbing you blind. |
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Valued Member
United States
70 Posts |
Wow! This thread has gone on too long..and its silly...the original post was he just wanted to tell us about his great deal. the lady wanted 20 dollars and he gave her 25! everyone was happy! go one with your lives! And I want one of those 55 cent subway sammiches!  |
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Pillar of the Community
United States
2049 Posts |
Quote:
I agree 100% with this post. It is obvious from most of the responses to this topic, most of the posters are not and have not ever been a business owner. When you add in all the above plus the money Uncle Sam wants it makes it next to impossible for a business to survive on a profit margin less than double the buying price. Think about all of what I have quoted here the next time you go grab a bite to eat. McDonalds pays less than 10 cents per soft drink they sell, and that includes the cost of the cup. A footlong Subway sandwich only costs 55 cents to make. All of you that think this transaction was a rip off need to stay at home and make your own meals because with your mindset the restraunt business is robbing you blind. Co-sign. I have made many of these same exact points as a business owner myself. That's why I defended the Pawn Stars owners so adamantly in those threads when they surfaced a few months ago and why I am pointing out the hypocrisy of some on this board who are quick to give a pat on the back to the "little guy" for making a deal like this but at the same time would want to crucify a dealer for making a similar offer. What's funny to me is that those that blast dealers/shop owners are not realizing that their paychecks they receive weekly or biweekly are a product of the business/company they work for doing the exact same thing that they are accusing the dealers/shop owners of. Again...more hypocrisy...lol. :) |
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Pillar of the Community
United States
2424 Posts |
random question but it does pertain,,
how do coin shops deal with taxes? most times I go in there, I pay cash so they don't have to tax if its below a certain amount. so, if I sell my coins, for cash, how do taxes play in?
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Pillar of the Community
United States
1915 Posts |
If a shop owner is honest in his income, he will pay the taxes out of the amount you paid for the item. More times than not, this is speaking from experience with "cash" transactions in business, they are not accurately reporting the amount of these sales. It is illegal to withhold what the government is owed, but for many small businesses they would not survive by reporting every single transaction honestly.
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Valued Member
United States
173 Posts |
It looks like nobody got my reference to Gogol's Dead Souls...
The principles Whylash mentioned are interestingly explored...
"Notwithstanding that, there are a few principles at play here.
Is it incumbent upon a buyer to educate a seller as to the worth of the merchandise they wish to sell?
Is it incumbent upon a seller to know the value of the merchandise they wish to sell?"
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Pillar of the Community
 United States
2448 Posts |
Caveat emptor gang, caveat emptor. I've learned from being ignorant and I'm sure I'll continue my education. The most important thing is not to be stupid or tell someone they are. If she was happy you should be ecstatic.
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Pillar of the Community
United States
8904 Posts |
It's always refreshing to see how educated people are on this Forum. I have read many very well articulated opinions in this thread. (And mostly all civil, which is great and the way to discuss things).
That's why we're all here. We love coins. We support each other in the support of finding, authenticating, grading and collecting coins.
We're here for the hobby. Sometimes it's a good thing to remember that. Not everyone is going to agree with everyone else.
The way I feel, all are welcome here.
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Valued Member
United States
101 Posts |
Quote:
Caveat emptor gang, caveat emptor. I've learned from being ignorant and I'm sure I'll continue my education. The most important thing is not to be stupid or tell someone they are. If she was happy you should be ecstatic. Caveat venditor. |
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Replies: 47 / Views: 7,657 |
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Posted 07/04/2010 10:05 am
