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Price Gouging At A Coin Show

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Valued Member
United States
112 Posts
 Posted 04/24/2007  1:33 pm  Show Profile   Bookmark this reply Add gonefishin to your friends list Get a Link to this Reply
The dealer does have the right to change his price-but at least be professional to the customer. Maybe its to much to ask for a dealer to give a "valid" reason on why he is cheating you....
Pillar of the Community
Australia
3831 Posts
 Posted 04/24/2007  4:59 pm  Show Profile   Bookmark this reply Add gxseries to your friends list Get a Link to this Reply
Agree with Condor. Sometimes, you got to give dealers a break. Right now, they have to compete with online sales coupled with taxes etc - I don't even know how they break even.

It's just over a dollar - sometimes, you might get lucky finding changes lying on streets.
My partial coin collection http://www.omnicoin.com/collection/gxseries
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Valued Member
Canada
107 Posts
 Posted 04/24/2007  10:46 pm  Show Profile   Bookmark this reply Add Sports Writer to your friends list Get a Link to this Reply
I can see the difference in opinion. But it still does not feel very good to pay more knowing the what the price could of been. I agree greed is human nature and I'm sure none of you would feel too good about the sale if it happened to you. Yeah, I can sort of see your reasoning, but it was my first time, so I went with my instinct. And he did not sell any sets in the time I walked the floor. Either way, I got a beautiful set for 15 bucks.
Valued Member
United States
470 Posts
 Posted 04/25/2007  08:55 am  Show Profile   Bookmark this reply Add Andrew289 to your friends list Get a Link to this Reply
"Sometimes, you got to give dealers a break. Right now, they have to compete with online sales coupled with taxes etc - I don't even know how they break even."

This is the most rediculous thing I have ever read on this forum. What about giving the consumer a break? If they can't make it in this business then maybe they should find other work. That still doesn't give them an excuse to rip us off and make up prices at will. We all have to earn a living. These shows are all about sizing people up and getting the most you can from the general public.

This has nothing to do with supply and demand. The market on that set did not fluctuate a dollars worth in the time it took to go back to the table. I mean really.

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mathman's Avatar
United States
179 Posts
 Posted 04/25/2007  09:48 am  Show Profile   Bookmark this reply Add mathman to your friends list Get a Link to this Reply
Let's look at this in a different context...

You're driving down the road and your gas light comes on. There's a station on the corner and they have gas listed at $2.59. You think you can get it cheaper and drive to the next station. Gas prices there are $2.65. You go back to the first station, but he's raised his price to $2.63. Are you going to demand he sell you gas for $2.59? Just because that was the price the first time you went by?

I realize that gas prices flucuate more than coins, but its still the same principle.

EDIT: And remember, the gas that is in that stations tanks cost the station the same amount whether he charges you $2.59 or $2.63. The price of oil may have gone up, but he'd already bought the gas he's selling you...



JMHO
Edited by mathman
04/25/2007 09:50 am
Valued Member
United States
470 Posts
 Posted 04/25/2007  5:03 pm  Show Profile   Bookmark this reply Add Andrew289 to your friends list Get a Link to this Reply
The gas station scenario, while colorful, has no basis in reality. The coin dealer scenario actually happened.

If I am running out of gas and I pass by one station looking for cheaper gas, I'm not going to turn around and go back. I might run out of gas. I would pay the price at the second station on if I'm bold enough to push the meter deeper into the red, continue on. In that case it's the drivers fault for not knowing when to stop and always looking for cheaper gas.

Also, in the real world ..how many times have you experienced this? I have never. While all gas is a different price from one station to the next. I've never gone back to a station within 20 minutes and found the prices lowered. Nice try though.

I know you guys want to defend these hucksters, I understand that but it's a tough sell to defend those who are looking to profit on the misfortune of others.
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mathman's Avatar
United States
179 Posts
 Posted 04/25/2007  7:57 pm  Show Profile   Bookmark this reply Add mathman to your friends list Get a Link to this Reply
A huckster is someone selling an MS67 Morgan in an ABC, personal slab that shows no hair detail.

A vendor at a coin show who gives two different prices on the same set isn't a huckster.

In this case, the dealer making claims about why the price changed makes him look bad, I'll agree to that. He should have just said something along the lines of, that's the old price, this is the new price. Haggling over prices goes on at every table, or so I assume from my limited experience.

And if you think the gas scenario doesn't happen, you've never ridden with my mother-in-law...
Pillar of the Community
United States
2600 Posts
 Posted 04/25/2007  9:27 pm  Show Profile   Bookmark this reply Add Jim1953 to your friends list Get a Link to this Reply
It is very ironic, that I went to Lowes this evening to get a two prong wire grill brush for cleaning the grates. They had them in a box for $1.97 and on a rack next to them for $3.98. I took one up to purchase it and it rang up $3.98. I explained that there where some marked $1.97 which they checked and confirmed. They explained that they were just putting out spring merchandise and had missed these. I expect that if I had raised heck with these "hucksters" they would have given me the lower price. I guess there is the difference. I do not believe they are hucksters or cheats. They simply made an honest mistake and I paid the higher price. Hopefully, someday someone cuts me a little slack, too.
Jim
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t360's Avatar
United States
2703 Posts
 Posted 04/25/2007  9:29 pm  Show Profile   Bookmark this reply Add t360 to your friends list Get a Link to this Reply
The dealer did not act in his own self-interest. He left the customer with a bad experience. Sales is all about making the customer feel good. In his short-sightedness, he lost an opportunity to add to his customer base. He could have said, "You know you are lucky! You came back just in time! These coins are in really choice condition and you are getting a bargain. Since they are worth more, I was just about to raise the price. Maybe you should pick out another set before the price goes up!" He would have made the customer feel great about buying the set, opened the possibility of moving even more of his merchandise, and increased his chances that the customer would seek out his table at the next show.
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yechi7's Avatar
United States
717 Posts
 Posted 04/26/2007  12:51 am  Show Profile   Bookmark this reply Add yechi7 to your friends list Get a Link to this Reply
Jim1952,

I've been told that there is a State law in most States, that if you find items in a store with 2 different prices, the store is required by law to sell you the item for the less expensive price.
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EgCollector's Avatar
Egypt
3470 Posts
 Posted 04/26/2007  03:20 am  Show Profile   Bookmark this reply Add EgCollector to your friends list Get a Link to this Reply
I think that you did a mistake letting him know that you are interested in this particular coin set. I usually study different coins including the one I'm interested in and the same goes when I ask about its price. My main aim is to hide my interest in a particular coin so that the seller dont take any advantage.

But from your story you showed your interest in that particular set, you asked about its price, you left and came back again. For a dealer this means either you are realy interested and you realy want this coin, you didnt find it at any other dealer or you didnt find it cheeper.

The other thing, here in Egypt we say "Who has the money is a hunter", You said that

"I decided not to make quick decisions, even though it was tempting."

You were right not to make quick decisions and to make a quick survey of the show, but you said that the price was tempting. A good Price needs a hunter.

One last thing, usually dealers lower the prices at the end of any show (not only a coin show even a Dental show, I usually buy most of the materials, instruments ...etc for my dental office at the last day of the show) dealers do a great discounts and offers.

If I were you I would have walked slightly away and talked to my dad about an imaginary dealer at the other side of the show who seems to have these coins but at a lower price.
Edited by EgCollector
04/26/2007 03:26 am
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basicbob101's Avatar
United States
819 Posts
 Posted 04/26/2007  03:50 am  Show Profile   Bookmark this reply Add basicbob101 to your friends list Get a Link to this Reply
I started to pass on this one, but decided to come back and put my 2 cents worth in. I see both sides, and see both sides in some error. I used to sell at flea markets (not coins, antiques; collectibles, etc). Usually every dealer has things overmarked (if marked) or tagged in his or her head as to what to quote. there and at these type shows people are always wanting to negotiate or haggle, so you can come down some, still get your price and everbody is happy. If the customer doesn't know this "dance" they may pay a higher price than they would have to; especially dependent on their dress, demeanor, attitude, etc. If it is a nice customer, an apparant novice or youngster, I will say, "I see how much this means to you, tell you what I am going to knock off another and let you have it on a special price of ...." If the customer has one of those condescening attitudes and refers to some merchandise in unsavory terms...the price if firm, but the little lady behind him migt get it for much less right in front of his eyes.

Its the dealers property, he can ask what he wants when he wants and quotes or for that moment only, walk away and come back and the dance starts all over again.

As a buyer, I ask the price of something, and even if it is within my range, will say with slight grimace, "ummmh..I was hoping it wasn't going to be quite that much" (I haven't asked the dealer to come down on his price, just stated an opinion). If there is play in the price and you stall around and look at something else he may offer the discounted real bottom line price and you have saved a little. If not, you can make a decision to buy it anyway after a dignified pause.

In the case above I would have said, well since that is then and this now, I'll give you fourteen; argued for the fourteen and make him work down to the fifteen and then walk away, saying, that was awhile ago, it may be worth fifteen to you now but to me its only worth fourteen as I walked away.
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drpepper's Avatar
United States
96 Posts
 Posted 04/26/2007  08:52 am  Show Profile   Bookmark this reply Add drpepper to your friends list Get a Link to this Reply
I own things. They are mine. I can try to sell them to who I want, for what I want, when I want. I can change my mind anytime. I can decide they are not for sale. I can give them away.

Most of us here are dealers (we sell coins). All fo us here are customers (we buy coins). My 2 Cents!

Andrew - I ask politely that you refrain from attacking other CC members. There are plenty of ways to get you point across without being discourteous. We are here to learn and have fun!
Pillar of the Community
United States
2600 Posts
 Posted 04/26/2007  09:17 am  Show Profile   Bookmark this reply Add Jim1953 to your friends list Get a Link to this Reply
Yechi7, I love ya, man, you have me getting younger. Wow, 1952.

I'm sure you are correct about displayed prices. I just decided that they were being honest with me and allowed them that while keeping frustrations out of my life.
Jim1953
Pillar of the Community
United States
2600 Posts
 Posted 04/26/2007  09:20 am  Show Profile   Bookmark this reply Add Jim1953 to your friends list Get a Link to this Reply
Drpepper, Doc, you are the man. (or lady)



, Jim
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