| Author |
 Replies: 64 / Views: 5,015 |
|
Valued Member
United States
206 Posts |
First a note for the mods: I'm posting this in the classic coins section because this specifically relates to Morgan dollars. So there's a coin shop not too far from me run by an old man who's pushing 90, but still going pretty strong. He's got a huge paint bucket of common date Morgans that have been priced at 18 bucks a piece for years. Currently, the silver value in a Morgan is worth almost 27 bucks. Is it unethical to buy literally the entire bucket, cherry pick out ones that I need for holes, and then sell the rest for melt value? Should I tell him that he could get more for the coins by melting them, instead of selling them? Shouldn't he know this... being a coin dealer and all? |
|
|
|
Pillar of the Community
United States
1745 Posts |
Buy away, nothing wrong with that.
|
|
Pillar of the Community
United States
3184 Posts |
|
|
Pillar of the Community
United States
1348 Posts |
I will buy them if you don't want to :) give you a nice finders fee
|
|
Pillar of the Community
United States
744 Posts |
buy the entire bucket.....if I did, without telling him.....I think I could still sleep tonight
|
|
Pillar of the Community
United States
900 Posts |
I would tell him. When we are very young, or very old, we need a little extra help from those in a position to provide it.  |
|
Valued Member
United States
370 Posts |
|
|
Bedrock of the Community
United States
12437 Posts |
Quote:
Is it unethical to buy literally the entire bucket, cherry pick out ones that I need for holes, and then sell the rest for melt value?
Nothing wrong with that at all, bully for you if you can  Quote:
Shouldn't he know this... being a coin dealer and all? Yes he should, he is a dealer after all, not a novice with no clue about coins. Doing that to someone who does not know the true value would be decidedly unethical but IMO, the dealer is simply leaving money on the table and he should know better than that. |
|
Pillar of the Community
United States
1510 Posts |
he probably knows and doesn't care-- when I was a kid I knew this 80 year old stamp collector and he was in rough shape-- he would show me albums full of awesome stuff-- and I would ask "how much" and he would just GIVE them to me.
Retired USAF 1983-2003
|
|
Pillar of the Community
United States
759 Posts |
I have a strange gut reaction to this one. I wouldn't condemn anybody in the least for purchasing, however, I just don't think I could buy without closing the gap somehow, or mentioning it at some point. I'd probably buy the whole bucket, then bring up the topic though. :)
|
|
Rest in Peace
United States
5375 Posts |
Buy them! It's the same as buying stuff on ebay ending at 4 AM for really cheap; any decent seller should know better. Edited by coinguybrian
03/02/2011 3:49 pm
|
|
Valued Member
United States
380 Posts |
Absolutely buy them! I would tell him if he gets any more in to give me a call too!
If you get any you want to sell @ melt I LOVE Morgans, and I'm trying to put together a circulated collection!
|
|
Pillar of the Community
United States
1388 Posts |
I think you should bring it up, but more than likely he will just ask you if you are gona buy any... As a coin dealer, I'm pretty sure he knows what they are worth to an extent... He might be using it as a tool to introduce new collectors to them, or just to show his love for the Morgan dollar... |
|
Moderator
 United States
187446 Posts |
I would consider what has he done for you, if anything, over the years. Also, consider whether this is a dealer you like and want to continue to do business with. Depending on the result of those considerations, you may want to offer a better price. At almost 90, he may just say "no worry" and be happy that bucket is finally gone before he is!
|
|
Pillar of the Community
United States
3592 Posts |
 with jbuck..be honest with him and let the cards fall where they may...after all, we gotta look after those older folks as they sometimes get confused. |
|
Valued Member
 United States
206 Posts |
Thanks for the responses everyone. I'm going to head there tonight to see about buying them all. I'm working with Shadow right now on a 7070, so if I can get a lot of these Morgans, they will end up going towards funding some coins for the album.
I'll update after I go there tonight. Fingers crossed.
|
| |
Replies: 64 / Views: 5,015 |
Posted 03/02/2011 2:00 pm
