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 Replies: 85 / Views: 9,266 |
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New Member
United States
15 Posts |
Here is a quick "What would you do" question for all of you forum members... A while back I was looking through the circulated low-grade box of Liberty nickels at my local favorite coin shop when I noticed 2 1912-D coins marked in holders labeled only "1912". In the VG grade range, there is only a buck or two difference. I immediately alerted the store owner to the error. But this got me thinking...what if the error involved a 1912-S ? Now we're talking a substantial price difference. This brings me to the question...would you be tempted to pick up a mis-labeled valuable coin for a common coin price, or would you bring it to the attention of the shop owner? |
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Pillar of the Community
United States
7840 Posts |
Buy it and reap the benefits of it. It's like a story someone told me about a Trade dollar they got for $100. There was a "sticker" covering part of the "4" as in $400 which looked like $100, that is what he paid for it. Whether the sticker was placed there "on purpose" (by an unscrupulous customer) to deceive someone is unknown (to me). Point being...know what you are selling. Edited by oih82w8
05/30/2012 11:54 am
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Pillar of the Community
United States
1211 Posts |
If the price difference is minimal, take advantage of it.
If its alot of money, I would point out the error and just take the good karma.
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Pillar of the Community
United States
1316 Posts |
Hi Milehigh, I think its the right thing to do...  , But I was in a local shop no was there, than an older lady came in and said her husband died and wanted to sell some coins. She had a small box, the dealer put his finger in and moved them around. He told her he would give her $150.00, Oh she said, with a little smile she took the money and left.After a while the dealer said to the other I think we could get about $3000.00 for what was in the box....  needless to say I don't go there any more, being around coin show's I see the same thing more often...than not...there are some very honest coin dealers ... ..but do your home work, shop around before you sell...  |
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Pillar of the Community
United States
3294 Posts |
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.
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Pillar of the Community
Canada
4227 Posts |
In all honesty, it would depend upon the coin store. If it's someone I have a great relationship with and I know they are fair to their customers (see Eng5858's story), I would point it out. If it's someone I know isn't all that fair, I would reap the benefits. If I don't know the shop... I'm not sure... it would likely depend upon how the day was going and the vibes in the store... I like the idea of that good karma hondo pointed out.
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Pillar of the Community
United States
594 Posts |
I'm too honest I guess. I would point it out then ask for a price break seen as how I did point it out. If he didn't give the break, well he lost a customer and potentially a lot more money.
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Pillar of the Community
United States
2269 Posts |
I can only speak about what I would do in this situation. I would certainly alert the dealer no matter what. The relationship I have built with my dealer will only strengthen with my honesty.
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Valued Member
United States
383 Posts |
I had a similar situation at my local dealer. When he breaks up mint sets and purchased collections, he tosses all of the non keys into a bucket and sells them to me at face. I then go through, pull out my keepers and dump the rest at the bank. He loves it b/c it saves him a trip to the bank, and I love it b/c I get tons of keepers. So in my searching of these coins I found several 1938mm Jeffersons and a 1964 dime. I brought them back to him and he told me finders keepers. It's this type of thing that keeps me coming back. Just yesterday he said, "I may not make anything on the face-value stuff, but at least you buy your Danscos from me!" And he's right. They cost a little more than ebay, but I know they are new and it's me giving back a little. |
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Pillar of the Community
United States
4132 Posts |
I bought a 1938-S dime at a coin shop out of town, and didn't realize until I was home that it was actually a 1935-S. I happened to need that one also, so I just shrugged, put it in my album and forgot about it until now.
But it's MS63-64ish with full bands, and there is a significant price difference there...
Edited by CaptainFwiffo
05/30/2012 1:59 pm
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Bedrock of the Community
United States
10045 Posts |
This issue has been discussed here before--is it ethical for a collector to find something a dealer has missed? When a dealer offers a coin for $X, is a collector stealing to buy the coin at the stated price, knowing it's worth $Y? As in any transaction, the person with the most information stands to profit the most; research is the collector's best ally. |
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Valued Member
United States
94 Posts |
A couple of years ago, I went through my local dealer's inventory of 1970 mint sets, and I told him which ones had small date Lincolns, as that was an area that he did not pay too much attention to. He just knew that the 1970 d Kennedy half paid for the whole set. |
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Valued Member
United States
131 Posts |
I firmly believe in "let the seller beware" policy.
Many years ago when I was young and dumb I bought a small Mom/Pop bakery because the Pop passed away. I learned a lot from the old woman as she trained me how to bake their line of goods. One of the lessons learned still sticks in my mind. She said you make you money when you buy! It's easy to make money when you buy for the right price.
It's the sellers responsibility to know what they have in their hand. If they don't know then they don't care.
Now if you reverse the situation, should a store dealer inform the customer when they have something extra valuable?
A coin store dealer is SUPPOSED to know more and if part of their relationship with customers is not to rip them off then yes that dealer should inform the customer.
But when the buyer is on a equal or lower expected level of expertise then the buyer is under no obligation to "look out for the seller".
Edited by whatsthedillio
05/30/2012 1:34 pm
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Bedrock of the Community
United States
20753 Posts |
At a coin show I noticed a dealer putting out a box of Indian Head Nickels. I asked how much they were. He was rather busy just shooting the breaze with someone he knew. He sort of irritated said 3 for $1. I picked up a few and one was a 37D 3 Legged Buffalo and in at least EF. I again tried to interupt the dealer to tell him he might have some expensive coins here. He again, rather really now irritated with me, said he just bought the box from someone and at 3 for $1, he'll make a killing then went back to his talking with his friend. I picked up about 15 of them and said I've got 15 so here is my $5 but... And was cut off by him. He just grabbed the $5 and went back to his friend. There are times when it just doesn't pay to try to help someone. At a coin show a dealer I know gives me free all his Folders and Albums he gets when he buys a collection. I always look through them before I leave his table, just in case. And sure enough one day I opened a Mercury dime Album just as his daughter said she would like one of those Albums to start collecting too. We both saw all the Dimes in this Album that her Dad forgot to take out and both busted out laughing. We did tell her Dad naturally. AND the lousy cheap skate let her keep the Album but he kept all the coins. That was a few years ago and after about a hundred times of me saying how cheap he was with his own Daughter, he finally gave in and gave her most of the coins for that Album. |
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Bedrock of the Community
United States
10034 Posts |
The only time I ever experienced this scenario with coins the shop owner told me I could have the piece at 1/2 price or he would put it into the case at full price right then and there.
In my other hobby of glass insulators, being a little seasoned, quite a few times I've alerted dealers to underpriced/rare pieces on their sales tables. They have become great friends. Without thinking about it until after it started to happen, this also resulted in my earning a good/honest reputation in the hobby. Now I get a lot of great/good/even free deals from a bunch of close friends who I would trust with anything. A number of these friends have spent time at my house, talking our hobby, while passing through the area (even from a couple thousand miles away!). And I have had them pick me up to take me to insulator shows many hundreds of miles when I otherwise would not have been able to attend.
My personal application of this to my hobbies is that no - insert anything here - (yes.. even wonderful, circular metal disks) is worth ruining a friendship. I cannot take money with me anyway, and the lasting happiness money cannot buy pales in comparison to what lifetime friends DO provide.
Luke 6:31 has stood the test of time - Do unto others as you would have them do unto you.
Have I ever been stung b/c of this concept?
You betcha!
But I guess age - and failing to be perfect in this mindset - has taught me the temporary problems honesty *might* bring are nothing in comparison with what rewards honesty *does* bring. And the larger problems a lack of honesty curses me with are not worth the trouble.
However - I also will NOT think I am any better than anyone who chooses otherwise. I have plenty of shortcomings myself and realize this. We all live our own lives, we all are in stages of learning, and there are plenty of people more wise than myself who I know I can learn from.
How much squash could a Sasquatch squash if a Sasquatch would squash squash? Download and read: Grading the graders Costly TPG ineptitude and No FG Kennedy halveshttps://ln5.sync.com/dl/7ca91bdd0/w...i3b-rbj9fir2Edited by Earle42
05/30/2012 4:38 pm
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Pillar of the Community
United States
1510 Posts |
My coin shop when I go through the V nicks that tell me--"if you find an 85 or a 12s you can get it for the normal price" (50 cents) same with the IHC's --though I have never found one--the offer is out there. Retired USAF 1983-2003
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Replies: 85 / Views: 9,266 |
Posted 05/30/2012 10:57 am
