Coin Dealer Ethics - Page 3 - Coin Community Forum

To participate in the forum you must log in or register.

Author	Replies: 34 / Views: 5,080	Page: of 3

arianzo Pillar of the Community Canada 2124 Posts	Posted 12/30/2013 10:58 pm Quote: doubleeagle59 If you think this dealer acted improperly, I would guess that you have never been self-employed. He has bills to pay and a family to feed. What is stopping the seller to do research on his/her own and get the coin professionally graded? The seller opted to sell to the dealer. Nothing was done wrong. Ethics in business is a very fine line and we are not here to judge. We understand of course that the dealer has to make a profit to pay his bills and to live but you can't grade a coin according to how many kids you have to feed, that's ridiculous. So, if I've 4 kids I'd grade AU-58, if I've 1 kid I'd grade it MS-62 and if I'm millionaire I grade it MS-70. The dealer should make a profit ... let's say 20-40% but of the correct price. If he grades MS-62 and pay to me 70% of its value and then sell the coin as a MS-64 something is not working here .... If I know nothing about coins (let's say I receive an inheritance)and I go to a dealer I expect to obtain a FAIR value for my coins. I agree that the dealer has to make a profit but $6,000 difference I don't think is a fair price IMHO. Report this Post to the Staff
Libertad Pillar of the Community Canada 3692 Posts	Posted 01/05/2014 11:15 am If the buyer feels the seller isn't the real owner then the police should maybe be notified, or try to sneak a picture of the item and compare with recently stolen items. Supposing it's not stolen: seller should get it graded. I'm not saying the seller should be not punished for ignorance. But like with any item, you should get it appraised before you bring it to a buyer. The appraiser and the buyer should not be the same person as it creates a conflict of interest. If, however, the buyer must put a price on it, they should grade it before checking the price in their book. It's not the buyer's fault it comes back at a higher grade than expected. Edited by Libertad 01/05/2014 11:29 am Report this Post to the Staff
noD Pillar of the Community United States 1584 Posts	Posted 01/06/2014 12:53 pm Why (with all due respect) would anyone automatically expect a coin dealer to be ethical? Same for a car salesman, realtor, attorney, building contractor, etc., etc. If you don't know the value of the thing you're buying or selling you run the risk of being over charged or under paid. Coin dealers I have known will get the most they can for anything and everything. If they didn't they couldn't stay in business. Most if not all business operates this way. Life is tough. Business is tougher. If you establish a positive relationship with a coin dealer (or car salesman, or realtor, etc. etc.) you'll be in a better position to expect ethical treatment but don't count on it. Yes, yes, of course there are exceptions. Sorry for the strident tone. Iv'e owned small businesses most of my life. edited to add apology Edited by noD 01/06/2014 2:22 pm Report this Post to the Staff
BH1964 Bedrock of the Community United States 10982 Posts	Posted 01/06/2014 5:10 pm Quote: ...Most if not all business operates this way. Life is tough. Business is tougher. If you establish a positive relationship with a coin dealer (or car salesman, or realtor, etc. etc.) you'll be in a better position to expect ethical treatment but don't count on it. Yes, yes, of course there are exceptions. Sorry for the strident tone. Iv'e owned small businesses most of my life. edited to add apology No need to apologize noD, your points are well taken. This dealer did nothing wrong and actually paid the seller more (MS62 money from my understanding) than many others would have offered. ANA #R3154474 Report this Post to the Staff
	Replies: 34 / Views: 5,080	Page: of 3

First Page

Previous Page Last 15 Replies

To participate in the forum you must log in or register.

All Forums Category: US Coins and Currency Forums Forum: US Classic and Colonial Coins

Silver Gold Bull US is the United States leading bullion dealer. We deliver gold coins, gold bars, silver coins, silver bars and precious metals to your door. Order today!

The First Dollar, your premier source for bullion and rare coins. See our bullion list on the site and the coin inventory on ebay.

Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2026 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us | Advertise Here | Privacy Policy / Terms of Use

Coin Community Forum

It took 0.29 seconds to rattle this change.