| Author |
 Replies: 25 / Views: 2,258 |
|
Valued Member
United States
179 Posts |
I used to collect coins when I was younger (late 60's and early 70's) and after growing up and getting married got away from it. I was watching a documentary one day 6 or 7 months ago about how proof coins are made and got nostalgic and dug around for the old collection. Turns out mom gave it away years ago when cleaning out the attic... Anyhoo, got the bug again and now here I am.
So, my friends are entirely bored out of their minds when I talk about coins, but a guy at work asked me the other day if I was collecting Indian head pennies. I said, not specifically, but I'm not NOT collecting them either, and asked why he wanted to know. He said that he had bought a box lot at an auction and in the lot was an envelope of Indian head pennies. He told me that there were 20 of them and if I wanted them he'd take $10 for all of them. I figured 50 cents apiece would be a decent price, regardless of condition, and told him sure, I'd take 'em. He brought them to work today and I didn't get a chance to look at them until I got home.
They are all between 1895 and 1905 and each in a flip. I'm no expert at grading, but every single one of these coins are at least VF-20. 4 of them would probably go AU-50 or better, I mean, these look like they just came from the mint. I figure from looking at some price guides they collectively are worth at least $120.
My dilemma. Do I give the guy some more money? Do I tell him what he had? Do I shut up and hope he finds more coins? I know for a fact he didn't pay more than 3 or 4 bucks for the whole box they came in. I also know he had no idea what he had.
If he had asked me what I thought they were worth before I offered to buy them, I wouldn't have lowballed him like this, but, he made the offer to sell and I agreed sight unseen.
And on the third hand, If I tell him he sold them too cheap and do give him another $20, I might have a scout...
|
|
|
|
Pillar of the Community
United States
2254 Posts |
I think you should do whatever you feel like doing. If it was a friend of mine at work, I think I would tell them what I think they may be worth, and then offer some more money. Simply giving an extra $20 may be the perfect solution to be honest. Just my opinion
|
|
Pillar of the Community
United States
2600 Posts |
Mathman, you are feeling bad because these were good coins. You did not set the price and from the sounds of it, you had not seen the coins prior to accepting. This means you were willing to pay the price no matter what they were. They could have been complete culls and worth nothing. If they had been trash, would your friend have given part or all of your money back? My guess is no, he did not know what they were and sold them as is. If this is the facts, you bought a "pig in a poke" and accepted what ever they were. It just so happens they were nice and that is not your fault. Next time he finds some coins, and if you feel so inclined, suggest that you look at them and tell him what you will pay. You get them at a reasonable price and he makes out better. But, do not feel bad about your first purchase. Jim
|
|
Moderator
 United States
23522 Posts |
The fact that you had no knowledge of their quality beforehand completely absolves you of any moral transgressions. Now, for the future, is your plan to liquidate this batch? Keep them? Would it help you to have a scout, and is this guy an habitual auction-goer? Does he make his margin in something not coin-related?
Yeah, slip him another $20. Karma, if nothing else.
|
|
Pillar of the Community
United States
4867 Posts |
I agree with Jim on this. You bought them "as-is".
|
|
Pillar of the Community
United States
1267 Posts |
I agree, give him a little extra...
Ben
|
|
Pillar of the Community
United States
2600 Posts |
Guys, I agree that it would be great to slip him a little extra, but he runs the risk of killing a friendship. If you slipped me a few extra dollars latter, I would suspect that there was a heck of a lot more there and you were just feeling guilty. Why take that chance, square up with him some other time and for another reason, buy him some beers. Charity, however, will just cause doubt. Jim
|
|
Pillar of the Community
United States
2365 Posts |
I certainly can understand your dilemma. If this "guy at work" were a close friend I would fess up. If he is just someone that you know but, not closely and he was willing to sell them without trying to find out the values, etc. on his own then I wouldn't say anything. Some folks just don't care about old coins one way or the other. Do what feels right to you. No one can set standards or ethics for you but, yourself and your own conscience.
|
|
Pillar of the Community
United States
751 Posts |
I think Jim1953 nailed it. Be generous with him in the future, but don't reopen this chapter.
|
|
Pillar of the Community
United States
1454 Posts |
He didn't know they were worth that. You didn't know they were worth that. If you give him more money what purpose would it serve. The deal is done, leave it at that. Doesn't sound like he was into collecting coins or else he would have just kept them for himself.
|
|
Rest in Peace
United States
3730 Posts |
I would suggest you do whatever your conscience dictates. Back in the 1960's I went to a bank and asked for a certain number of silver dollars (real silver back then!). When I got home I found the bank teller had given me twice the number I asked for. Through a snow storm (more like a blizzard) and bitter cold, I walked back to the bank and returned half of the dollars. The teller just looked at me, took the dollars, and said "okay." Since that time I have often thought that perhaps I should have just kept them, since no appreciation was shown. Imagine what they would be worth today! But my conscience would still be bothering me. So, I did what I thought was the right thing, and glad I did. You should do what you feel is right, and then quit worrying about it.  Edited by Gary Burke
02/22/2007 02:21 am
|
|
Pillar of the Community
Canada
1267 Posts |
Lots of advice, but the decision is solely yours. If it were me, I'd give the guy at least another $20. Like Superdave said, karma. Bruce Edited by hadleydog
02/22/2007 05:32 am
|
|
Valued Member
United States
397 Posts |
Find out what his favorite restaurant is, and get him a gift certificate of whatever value you want. To me, the fact that you took the time to find out and go get it is much nicer and more personal than someone just handing me a 20. You do not have to say anything about the value of the coins, just that you really like them, and wanted to do something nice for him for giving you a chance to buy them, along with the suggestion that if he finds any more coins, let you know....always think ahead  MM  Edited by morganman
02/22/2007 06:43 am
|
|
Pillar of the Community
United States
560 Posts |
I don't think you should feel bad about this. I agree with JIM1953 that giving him $20 might create a rift. And as for karma, let me relay a little story. About 20 years a go me and a friend from work had just got paid and drove through a drive-through bank. We both put our paychecks in the vacuum tube and sent them to the teller. The teller sent our paychecks back and the cash too. I drove off and then we realized what had happened. We talked about our dilemna and agreed to think about it for a day or two. I wanted to keep the money but my friend thought we should return it. I finally relented and we returned the money. One week later my friend, the good guy, died in a car accident.
|
|
Pillar of the Community
United States
1083 Posts |
Karma is hooie, but how you feel is not. Without discussing value, take him out for a nice meal and tell him that it is for finding some coins that you wanted for your collection. If the subject of value comes up, just tell him that without being professionally graded you can't be sure, but they are probably worth a bit more than $10, but who knows how much? I would stay away from giving him more money.
Colin
|
|
Pillar of the Community
Czech Republic
803 Posts |
You have to look at this situation from every possible angle before making a decision, such as this. For example, what if all of the coins were so PVC corroded that you had no choice, but to throw them away? You would have been out of $10. It was a gamble buying something sight-unseen and it just as easily could have been a loss, instead of a win.
In my opinion, the deal was sealed when you paid him and he provided you with the coins.
~Roman
|
| |
Replies: 25 / Views: 2,258 |
Posted 02/21/2007 8:59 pm
