Coin Community Family of Web Sites
Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest!
Username:
Password:
Save Password
Forgot your Password?


Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

Question On Pricing Errors Or Mistaken Prices..

Next Page | Last 15 Replies
 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 18 / Views: 751Next Topic
Page: of 2
Pillar of the Community
United States
2661 Posts
 Posted 10/21/2020  8:42 pm Show Profile   Bookmark this topic Add hfjacinto to your friends list Get a Link to this Message
This situation came up on another forum and I wanted opinions.

Someone has an item for sale (could be a coin, note, etc). The item is ridiculously low priced (for example its a rare item that sells for $20,000 but the seller priced it for a non rare item at $300)
Would you buy it for $300 or would inform the seller the price is incorrect.
Pillar of the Community
Canada
724 Posts
 Posted 10/21/2020  8:47 pm  Show Profile   Bookmark this reply Add Numis-Northerner to your friends list Get a Link to this Reply
Geez that's a tough one. I mean if it's a coin dealer than sure, or if it's at a shop. But if it's someone who is coming to me as a dealer with a 20K coin asking only $300 for it, then I think I would sleep alot better informing them of the items actual value.
Pillar of the Community
United States
2661 Posts
 Posted 10/21/2020  8:57 pm  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
I myself wouldn't buy it. Heck even today, I had a $50 (value) note in my hand that the dealer priced at $15, I asked him if he was sure the price was correct, I was told he had it for a while, no one wanted it, he priced it to get rid of it. I would never want to get something that I knew was a mistake in value or price.
Pillar of the Community
Learn More...
United States
3759 Posts
 Posted 10/21/2020  9:30 pm  Show Profile   Check chafemasterj's eBay Listings Bookmark this reply Add chafemasterj to your friends list Get a Link to this Reply
Don't want to be cynical but I'd doubt the item's authenticity.

Check out my counterstamped Lincoln Cent collection:
http://goccf.com/t/303507
Valued Member
Learn More...
United States
165 Posts
 Posted 10/21/2020  9:46 pm  Show Profile   Check silverstash119's eBay Listings Bookmark this reply Add silverstash119 to your friends list Get a Link to this Reply
That kind of difference, I'd bring it to their attention. If they're selling the coin, they probably really need the money, and if they really need the money, 20k will help them tremendously.
Pillar of the Community
Learn More...
United States
3988 Posts
 Posted 10/21/2020  9:51 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
Is this some kind of numismatics ethics seminar?

Why would caveat venditor not pertain in equal measure to caveat emptor?

I buy it with no question asked.
Edited by tdziemia
10/21/2020 9:52 pm
Pillar of the Community
Learn More...
United States
7811 Posts
 Posted 10/22/2020  01:02 am  Show Profile   Check GrapeCollects's eBay Listings Bookmark this reply Add GrapeCollects to your friends list Get a Link to this Reply
Judge me for this but here's all I have to say.

You can tell them, and that's cool. But 99% chance someone buys it first. Might as well be you/me.
My best finds: 1999-WAM:http://goccf.com/t/332161 1988-RDV-6:http://goccf.com/t/335954#2873459 1986-Off-center: http://goccf.com/t/335952
1999 WAM #2:http://goccf.com/t/338710&whichpage=1
1981 Double Struck In Collar: http://goccf.com/t/350199&whichpage=1
ANA id: 3194067
My Type Set: https://www.NGCcoin.com/registry/co...sets/236574/
If you want to buy something or sell something or just talk, shoot me a PM!
Pillar of the Community
United States
2526 Posts
 Posted 10/22/2020  01:16 am  Show Profile   Bookmark this reply Add Zurie to your friends list Get a Link to this Reply
How is that different from cherry picking? If you noticed a rare variety in a dealer's junk bin or on eBay, would you notify the seller so he could price it appropriately, or just buy it?
Bedrock of the Community
Learn More...
United States
11130 Posts
 Posted 10/22/2020  02:31 am  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply

Quote:
How is that different from cherry picking?


I would buy it. In the case of eBay, if a genuine mistake/typo in pricing was made and the seller realizes it before they ship, then they have the ability to cancel the sale.
In Memory of Crazyb0
12-26-1951 to 7-27-2020
In Memory of Tootallious
3-31-1964 to 4-15-2020
Pillar of the Community
United Kingdom
7727 Posts
 Posted 10/22/2020  05:06 am  Show Profile   Check NumisRob's eBay Listings Bookmark this reply Add NumisRob to your friends list Get a Link to this Reply
In the 1990s I used to know a guy who collected stamps and coins for a local charity. He had collecting boxes in shops and churches, and every so often would bring me huge sacks of coins to sort through. He was knowledgeable about stamps but knew very little about coins. At that time I travelled a lot for work, and I used to give him an agreed percentage of face value for current coins from countries I regularly visited. For coins that were no longer legal tender, the bulk of which were common-date pre-decimal British pennies and halfpennies, we would agree a price that was usually about 5p per coin, but if I pulled out anything really valuable I would tell him. Once I found an Austrian gold coin, and I took it to my LCS and asked the dealer how much he would pay for it: I then gave my friend a little more than this. Another coin I found was a really high-end Edward VII Newfoundland 50 cents, probably about MS63. I would not have wanted to pay anywhere near the true value of this coin, as I don't really specialize in Newfie coins, so I recommended that he sent it for auction.
Bedrock of the Community
United States
19844 Posts
 Posted 10/22/2020  08:35 am  Show Profile   Bookmark this reply Add just carl to your friends list Get a Link to this Reply
That situation is difficult to believe. I just couldn't see anyone making that kind of error. However, if it did happen, I would at lest try to tell the seller what he had.
just carl
Pillar of the Community
United States
2661 Posts
 Posted 10/22/2020  09:05 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply

Quote:
How is that different from cherry picking?


I wouldn't consider it cherry picking. It's more like this:

You have a 1909 S VDB, you accidently price it as a 1909 S.

Pillar of the Community
United States
2526 Posts
 Posted 10/22/2020  09:48 am  Show Profile   Bookmark this reply Add Zurie to your friends list Get a Link to this Reply

Quote:
You have a 1909 S VDB, you accidently price it as a 1909 S.


Your original question is from the perspective of the buyer. So how do you, as the buyer, know whether he accidentally priced it wrong, or whether he didn't realize it was a VDB? The latter case would be a cherry pick.
Pillar of the Community
Learn More...
United States
3988 Posts
 Posted 10/22/2020  8:53 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply
Does it make sense to reward carelessness or stupidity?

Or is there more value in a costly lesson learned?
Pillar of the Community
Learn More...
United States
6017 Posts
 Posted 10/26/2020  11:48 am  Show Profile   Bookmark this reply Add Finn235 to your friends list Get a Link to this Reply
I wouldn't rip off a friend, but the dealer has the item priced at a value they are happy with. Who am I to argue with that?

I recently purchased a coin for ~$500 at auction that I know full well should have gone for $5,000+. No regrets on my end.
My Collections:
Roman Imperial
http://goccf.com/t/348979
Japan Type set Tokugawa + Modern
http://goccf.com/t/348999
Indo Sassanian
http://goccf.com/t/322087
Valued Member
United States
169 Posts
 Posted 10/26/2020  12:15 pm  Show Profile   Bookmark this reply Add Morgan Nerd to your friends list Get a Link to this Reply
The first thing I would think is that it's a counterfeit. If a coin dealer is ridiculously under-charging an item calling it a "bargain" and it's not certified by NGC or PCGS, I would NEVER buy it. If I knew it was real, and the seller didn't know what he had I would buy it; after all he's selling it for that price. Now if it was a friend or an old lady or something I would defiantly tell them the true value of the item.
Page: of 2 Previous TopicReplies: 18 / Views: 751Next Topic  
 
To participate in the forum you must log in or register.



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 - 2020 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 © 2005 - 2020 Coin Community Forums
It took 0.95 seconds to rattle this change. Powered By: Snitz Forums 2000 Version 3.4.05