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You answer your it.
Posted 07/22/2014 5:08 pm
Quote:
I get sick of the stories I read here and elsewhere of people doing the opposite ( finding coins they know are worth hundreds in a $1 bin and BRAGGING about it ) - is that soooo different than just plain shoplifting really?
I get sick of the stories I read here and elsewhere of people doing the opposite ( finding coins they know are worth hundreds in a $1 bin and BRAGGING about it ) - is that soooo different than just plain shoplifting really?
From a coin dealer? Absolutely NOT IMO. I use my knowledge over theirs to make money when dealing in coins.
Now if the coin was in a collectors or just someone selling off a collection, then I would most definitely point out the better coin and offer a fair price for it.
Cherrypicking a dealer just because they don't care to know their inventory is fair game. Me included. Heck I sold one of my first 1878-S long nock VAMs that turned out to be a discovery coin for a new VAM, I still feel I got a fair deal out of it though, the dealer, told me he thought it might be different, turned out he was correct it was. My loss, as I could've done the research myself when I owned it.
I've pulled 1878-P 8TF VAM 9's from a junk pail of silver dollars from a dealers shop on several occasions (shoplifting? Hardly). The dealer paid a fair market value for the coins and simply tossed them into the bin for a "You pick at $XX amount). If he wanted to take the time to check them for varieties, then he should have. I have also purchased a Morgan dollar set from a lady who's husband had passed away, I ended up giving her just a small amount over what a local coin shop had offered her, except on 3 of the dollars that turned out to be Top 100 VAM's that have a high interest, on those 3 coins I pointed out they were worth more and I paid her handsomely for them. I could've kept my mouth shut and she still would have sold me the coins for the same amount as the common ones. However that is just not the ethical thing to do. As a professional numismatist and Life Member of the ANA, I must maintain my own integrity and honesty when dealing with the public as well as other dealers.
To make money on a deal from a dealer that just doesn't care to know his own business then fair game, in the case of a real mistake like an 1889-CC in a junk bin, then I'd have to say something, but on varieties or specialized pieces, I buy low and sell high.
"Buy the Book Before You Buy the Coin" - Aaron R. Feldman - "And read it" - Me 2013!
ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector.
See my want page: http://goccf.com/t/140440
ANA Life Member #3288 in good standing since 1981, ANS, Early American Coppers Member (EAC), Colonial Coin Collectors Club member (C4), Conder Token Collector Club member (CTCC), Civil War Token Society (CWTS) member, Liberty Seated Collectors Club (LSCC) & Numismatic Bibliomania Society member (NBS), USMex, Member in good standing, 2¢ variety collector.
See my want page: http://goccf.com/t/140440
