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 Replies: 37 / Views: 4,656 |
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Pillar of the Community
United States
1247 Posts |
A lady comes in with 10 silver dollars, 5 morgans and 5 peace.
All in pretty decent shape..
The store offered her $20.00 a piece for them...
I would have given $25.00 in a heart beat.
The owner of the store is smooth as silk talking to people, apparently he used to sell cars..
She needed money badly and took the cash, but, damn, if my ethics hadn't gotten in the way, I would have offered 25.00 each on the spot.. there were some nice Morgan-O's in there. Edited by stampvirgin
10/29/2013 11:47 pm
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Pillar of the Community
United States
2850 Posts |
I've been in the LCS before while someone brings something in and it's hard not to look. I try not to get too nosy though. I just hope they're not getting the short end of the stick.
Edited by WheatBack
10/29/2013 11:40 pm
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Valued Member
United States
333 Posts |
$20 a piece is above spot and above what she would get from a pawn shop or a jeweler. I've seen jewelers buy for $5 a piece.
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Moderator
 United States
23522 Posts |
That's not a terrible wholesale price. He has more overhead than you.
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Pillar of the Community
Canada
4944 Posts |
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Bedrock of the Community
United States
11951 Posts |
I think if you check around, there are a lot of coin shops that will be in that same range. Coin shops have so much overhead it is hard for many to even stay in business.
As far as making the lady a offer .. IMO .. that would be very bad. Many shops will throw a person out if they try to buy or sell to other customers inside the shop. And to involve yourself into a sale between the owner and another customer ... ouch.
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Pillar of the Community
United States
1699 Posts |
Quote:
That's not a terrible wholesale price. He has more overhead than you. I also agree. Simply, he is a dealer and you're a collector. Good thing you did not make an offer as the dealer would have more than likely banned you from his store. |
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Pillar of the Community
1751 Posts |
If I encounter a situation like this, I usually ignore it... on occasion, the customer has asked me what I think... to which I usually reply "That seems more than fair to me." since I know first-hand the costs of running a small business.
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Pillar of the Community
United States
581 Posts |
Never step on another mans deal.
Words I try to live by.
The only time I ever went against that was at a church sale.
A pile of stuff priced out to somebody at 20.00 they made a low all offer.
I immediately pulled out a twenty and offered it site unseen.
It really torques me up when people lowball offers at a church.
I consider it a donation with perks. (And the woman did pony up the 20)
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Pillar of the Community
United States
919 Posts |
If I feel a dealer cheated a customer I figure he/she would try to cheat me or a relative as well so I don't go back.
Without knowing the grade it is hard to say if that is the case here. If they were commons fine. If they were better coins worth a lot more he should have trouble sleeping at night. The dealer I go to educates the person selling items to him.
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Valued Member
United States
379 Posts |
OP, I agreed with you. Then I read SsuperDaves comment. Good point, although its hard knowing $25 a piece would be a steal.
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Bedrock of the Community
Australia
21786 Posts |
Not good ethics to interfere with the dealer's business, on his premises. I understand your frustration, but all you can do is let them proceed and not interfere. It is their deal, not yours, after all. Probably best just to walk away.
Over many years, I suppose most of us at some time or other, have been in the same position as yourself. I know that certainly includes me.
Most dealers soon learn to offer a fair price with a profit margin for themselves, because if they don't, they will gradually build up a bad reputation, and prospective customers, such as the lady you mentioned, would go elsewhere for a better price.
All business depend on trust and good ethics, to build a good reputation, in order to prosper. That reputation can be valued by an accountant. It is known as 'good will'.
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Pillar of the Community
United States
1903 Posts |
Being a former retail store owner myself that dealt with trades and outright purchases... I have kicked many a "customer" out of my store for cutting in on a deal or luring the customer outside to conduct a deal in the parking lot. I can't for the life of me understand, that by and large, people think that businesses are suposed to be not-for-profit entities. The thought of this still gets me worked up and I dont even own the business anymore! LOL
Edited by unholyroller
10/30/2013 10:20 am
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New Member
United States
35 Posts |
We really don't know if the dealer's offer was fair. The OP mentioned some O Morgans in there, what if one was an 1886 in high AU?
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Pillar of the Community
United States
1903 Posts |
"What if" is such a dangerous phrase to throw around in any context. I avoid it like the plague. :-)
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Valued Member
United States
261 Posts |
Imo 20 each was very fair. Maybe too fair it is a business remember. If he is not running a 60 to 80% margin he will not be very successful.
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Replies: 37 / Views: 4,656 |
Posted 10/29/2013 11:52 pm
