| Author |
 Replies: 64 / Views: 5,024 |
|
|
|
|
Rest in Peace
United States
9104 Posts |
Quote:
Maybe I'm reading it wrong,but it seems to me there is a double standard being set here. If the guy were offering $18 to buy a Morgan, he would be called a crook.But if we could buy it for that,no problem ? I see all the time where collectors brag about deals that a dealer would be pilloried for buying. That's a big double standard, as far as I'm concerned. There's a little different situation here, tho, for a couple reasons. First, the seller chose the price. Most of the people have reckonized that it's essentially no different than cherrypicking a dealer for varieties he didn't know about, or the time I bought a 1921 peace for $4.50 at an auction because the auctioneer didn't mention the type as well as the date. Second, even if the collector made the offer, there's a legal issue in play. When someone holds themself out as having knowledge in a field (a coin dealer who has had a store for years would certainly fit the bill), the law assumes that the expert owes it to the non-expert not to use his knowledge to take advantage of him. OTOH, the non-expert, if he ends up with a fantastic deal, is assumed to have just been lucky. A coin dealer who buys acid-treated buffalos as vf has no one to blame but himself. This law clearly applies here. The only thing the OP has done wrong is he should have bought every coin in the bucket before the next customer in the door did, then come here and ask if he owed the guy a steak dinner, and what cut. |
|
Bedrock of the Community
United States
10284 Posts |
Watch when you go and try to buy them all he doesn't look at the $18.00 each tag and say ... "You know .... silver has gone up and I haven't gotten around to raising that price. So if you want them, I am sorry they are $27.00 each now."
I would have no problem taking advantage of the price of these silver dollars at the $18.00 each price.
If I had to, I would make use of a line of credit to get as many as I could if I couldn't afford them all with savings. I would immediately go through the bucket and sort them.
I would then try to sell off as many as I could to pay off the expense of this purchase and keep the best condition commons that are free and clear for myself.
If the bucket holds just 450 Silver Dollars. You could probably end up with 150 for free.
This is a no brain-er for me.
|
|
Rest in Peace
United States
9104 Posts |
Quote:
I like the fact that many other customers will be able to buy and enjoy a few morgans without one or 2 people hoarding them all at a good price and then just flipping them or melting them. If he dies next week, his kids will cheerfully sell them to whoever offers the most money. About six months ago, I talked with an elderly Jewish man who went from concentration camp survivor to multi-millionaire. He sold one of his general stores and kept two others. He said he could sell the one 20 miles down the road, but "at my age, what's another million?" I see where he died about a week ago at 89. Good luck, Freddy, you fought the good fight, and won! |
|
Pillar of the Community
United States
2130 Posts |
I like the way this turn out.  |
|
Pillar of the Community
United States
3592 Posts |
Quote:
The only thing the OP has done wrong is he should have bought every coin in the bucket Not possible...read the OP's follow up...it turned out quite well |
|
Valued Member
United States
426 Posts |
Awesome experience!
I wish I could go buy 5 morgs for $18 apiece.
|
|
Pillar of the Community
United States
1510 Posts |
Quote:
Rick: Because you don't melt Morgans for silver value
I cant agree more that would be like trashing a work of art...... Retired USAF 1983-2003
Edited by Coinstar
03/04/2011 12:15 am
|
|
Pillar of the Community
United States
2424 Posts |
i mean its not like hes offering them to you for face value, $1.. LOL.. dont feel so bad
|
|
Valued Member
United States
201 Posts |
Just bought the entirety of the bucket for $25 a piece.
Thanks for the tip.
Just kidding.
|
|
Pillar of the Community
Canada
3692 Posts |
You know the saying, "buy the coin, not the bucket." No wait, or was it, "buy the bucket, have good luck," uh, crap. I forgot how it goes.
@ tamshowoff: that's how businesses should work in general. Instead, everyone's hung up on getting retail price for everything.
Edited by Libertad
03/04/2011 11:36 am
|
|
Valued Member
United States
326 Posts |
Business ethics wins out again. There's hope for humanity.
|
|
Bedrock of the Community
United States
12437 Posts |
Quote:
Because you don't melt Morgans for silver value
Try telling that to the US Mint, they have melted over 325 million silver dollars representing almost 40% of the original mintages. |
|
Valued Member
United States
489 Posts |
Thanks for the update. This turned out well for everyone involved.
|
|
Bedrock of the Community
United States
20753 Posts |
Sure would be funny if it turned out that that little old man had a counterfeiting machine in the basement and was turning out those coins by the thousands. Or has a relative in China and has them being flown in by the ton.  |
|
Pillar of the Community
United States
3592 Posts |
Yeah justcarl...gotta admit, that would be funny except maybe to the OP  |
|
|
Replies: 64 / Views: 5,024 |
|
First Page
Previous Page
Posted 03/03/2011 6:17 pm
