Major Score At Work!!

Oh my, my, my.

Although it has been seen many times here when a dealer, for example, engages in such activity, there are a large number of people ready to circle the wagons, get out a rope, and find the nearest tree.

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?

In both cases, no. The first leads to a question of ethics. Ethics that will be distinct and different to each individual. The second is a simple matter of education. One may, or may not, choose to educate oneself as to what one has and the value thereof. There are all kinds of reasons for doing so, and for not doing so. Prudent? Yes. Required? No.

Is it wrong for a buyer to take advantage of a sellers lack of knowledge?

In a reverse situation, is it wrong for a seller to take advantage of a buyers lack of knowledge?

You must answer these questions for yourself. Your answer will be governed by your own code of ethics.

Further, where is the line drawn between "That idiot didn't have the slightest idea what he had and I stole it from him!" and "That poor soul didn't have the slightest idea what he had and I gave him a fair price and made a really good deal in the process!"?

There is no line. At what level you stand between the two is governed by your own personal code of ethics.

Personally, I could not have given such a low price for the items offered. My personal code of ethics would require me to say "You have more value here than twenty dollars. You don't have a fortune here, but I'll give you fourty dollars". Or some similar number commensurate with my understanding of the value at hand, where I have not compromised my personal integrity and I have made an equitable deal that gives me a decent profit, and left the seller elated with the profit they have made.

I would also hasten to remind that we are talking, in this situation, about someone that I know and work with. This is a personal transaction, not a business transaction.

As in all matters, let your conscience be your guide.

Steve

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

yea, she could of just as easily gone to the bank with them..

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.

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. :)

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.

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.