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 Replies: 85 / Views: 9,280 |
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Pillar of the Community
United States
1116 Posts |
In the coin shop that I visit I misread a date and made the comment that I had found a rare coin in the cull box. I told the dealer that I was mistaken after taking a second look. I then asked him if he would have sold me the coin for spot. He said that if he had put the better coin in the jar then I had a winner and he would have sold me the coin.
While I like the show of integrity, he has taken coins back saying that "here is a better coin" and I still don't know if I had found a treasure or he was truly giving me a better coin for spot. I prefer to believe in integrity until I know better. So I personally would mention the error (real or imagine) and let him decide.
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Pillar of the Community
United States
1208 Posts |
I would say something, but have no idea why... I sit there and watch them
steal the coins that are brought in by people that don't know any better,
and don't speak up...
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Pillar of the Community
United States
1116 Posts |
Quote:
I would say something, but have no idea why... I sit there and watch them steal the coins that are brought in by people that don't know any better, and don't speak up... I do the same thing when I'm at an lcs that is also a "we buy gold" place. I am often tempted to talk to the people that turn down their offer and try to give them a better price but I worry about them thinking that I'm trying to rip them off also. So mostly I just walk away in silence. It just goes to prove that you really need to know what you have or people will try to fleece you. I also wonder if when the time comes for me sell some holdings if I will be among the fleeced. And I know better. |
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Pillar of the Community
United States
2335 Posts |
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Trdhrdr007.... Did you let him know it was you that he scored on ? What was his reaction ? I let the other dealer know it was my item. I think when I told him that he expected me to follow up with some choice words. That wasn't my intent & we still swap stories. I have had several people tell me an item was underpriced. It doesn't make any difference to me if I made a typo or if my lack of knowledge caused the underpricing; the item is still for sale at that price to that person. Only if that person doesn't want the item will I correct my pricing mistake. I was taught to honor any offer I make. |
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Pillar of the Community
United States
759 Posts |
I'm in the stage of "teaching my kids to do the right thing," and the situation described falls within my definition of doing the right thing, although it's a tough one. "Doing the right thing" to me is pretty black and white, so small $ error or large, I'd mention it. If I make my kids chase down the lady in the parking lot who dropped a nickel, I can't really keep quiet on this one. Yes, she let them keep it.
Maybe next time before searching ask, "Hey, if I find an 1885 in here, do I get it for the price marked?"
Interestingly, I now would be skeptical to trade with some members based on their posts here. Others, I wouldn't hesitate.
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Bedrock of the Community
United States
12437 Posts |
Playing Devil's Advocate here, what would you do if you found an otherwise ordinary coin in a dealer's inventory or junk box but it just happens to be a rare die variety? Would you then also tell the dealer about it or offer extra money? I doubt anyone would do that and after all, it is an entire subsection of the hobby called "cherrypicking". In virtually all cases, the dealer should be considered the expert over the customer so this is not a situation of taking advantage of the dealer(is that even possible?). I recently had this very same experience, I purchased an 1847 Large cent for $12 from my local dealer which was a good deal by most standards. However, that 1847 Large Cent just happened to be the 1847/7 7 over Small 7 listed in the RedBook, not exactly some obscure variety found in an old dusty reference book. I ended up selling that [eBayItem]251046392103[/eBayItem] for almost $120  Did I feel any guilt about not telling the dealer? Not at all. If the profit of every single coin transaction goes to all of the "big" dealers, where is the small-time vest pocket dealer/collector supposed to make any money? I consider selling coins to be my second job now since my wife has been unemployed for over two years, sales like that are literally helping to pay my bills and keep food on the table. I see no ethical dilemma when transacting with an established dealer, they are the "expert" and should have the capacity to organize and price their inventory appropriately. If they do not, then that is solely their fault. When dealing with a layperson, that is where the ethics comes in and you as a collector are now considered to be the "expert". If I was buying that 1847 LC from a little old lady down the street, I would have either offered more money(but still left room for profit) or done a consignment sale. Edited by biokemist6
05/31/2012 3:06 pm
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Pillar of the Community
United States
2295 Posts |
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Depends. If the 1912S was in a 2x2 and labeled as a 1912D and priced as such, I would point out the error. If it was in a bulk bin, then finders keepers. The difference being that the one is an honest mistake on their part and the other is not.
How do you know that coin wasn't placed into that bulk/junk bin by accident? There shouldn't be exceptions to the rule on this. Either do it always or don't, but pick one side and stick with it. Just like cherry picking, buying in bulk, etc., finders keepers. If the dealer can't read, then they have a problem on their part and they shouldn't be in that business. |
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Valued Member
United States
108 Posts |
Earle42, I like your words. Thank you for sharing.
-Jay
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Valued Member
United States
397 Posts |
I like to think that if I knew enough about coins and found a mislabeled coin at a store, I'd mention it the shop keep, and collect my Karma. As it has been mentioned, a good shop owner will then reward the person somehow or at least build a better relationship with them, and a bad shop owner will do nothing and you can not visit him again. The value of knowing your shop owner AND good Karma? Double win.
Also, I like the stories of how people tried to point out the error and they were ignored, so they benefited from the situation and the seller got some bad Karma as well.
I laugh at a situation I can see unfolding:
A person sees a coin that is mislabeled/under priced, but only by a few bucks at most. The person decides to buy it at the mislabeled price, but the store owner catches the mistake as he is ringing up the purchase (no purchase has been finalized). Does the store owner honor the listed price? Does the store owner say "Hey, my mistake, I'll honor the listed price,"? Just a situation I see unfolding in my brain...
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Valued Member
United States
236 Posts |
If the coin was clearly mislabeled I would mention it. On the other hand if the coin was of a certain variety and the owner was not familiar with it and had it labeled with date mm grade and price, he clearly is selling something he has no idea about or doesn't care to research what he is selling and I probably would not say anything. We here have to do our research or suffer the consequences of a bad buy or sale and so should they. I once bought an 1858 FE cent from a fellow coworker for approx. $125. When I got home with my new coin I found out it was an 1858/7, which is a very big difference in value. Did I go back and tell him what he lost out on or offer to give him more money? Nope. I figured it was best for both of us if I kept it to myself. It ended up as a PCGS Genuine worth half of its true value, but still worth a lot more than what I paid for it. In saying that, let your conscience be your guide. Oh and karma only sucks when you do something wrong.   Edited by jdbooth
05/31/2012 7:56 pm
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Pillar of the Community
United States
1388 Posts |
if it was my local guys, I would tell them as I am on great standing with them, but if it was someone like carl and eng described, I would buy it, no contest: those guys are just rude!
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Pillar of the Community
United States
1388 Posts |
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Valued Member
United States
417 Posts |
Let him know of the error. Hope for the best. I would walk away with a good feeling.
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Valued Member
United States
56 Posts |
I'm going to be completely honest, if it was any dealer I've been to (Milwaukee), I wouldn't say a thing. They are the rudest people I've ever done any business with in any field. I had a few extra late 2000's silver proof Roosevelt dimes, graded PF70 in NGC holders, and he told me they were only worth melt value and I should never buy any modern coins at all. If it was a little old lady or something like that, of course I'd tell her what she had. |
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Valued Member
United States
236 Posts |
I can't count how many times I have seen a coin dealer tell some retiree down on his luck that his collection had only intrinsic value. After they had basically robbed the man blind they would dive in and start sorting through the little horde. If it was a cartoon you would see $$$ in their eyes and hear the cha-ching in the air. Honestly, made me sick each time I saw it. I stopped going there, but now I don't have anywhere locally to go except the odd coin show to get coins.
Edited by jdbooth
05/31/2012 8:51 pm
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Replies: 85 / Views: 9,280 |
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Posted 05/31/2012 12:30 am
