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 Replies: 24 / Views: 3,784 |
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Bedrock of the Community
United States
11951 Posts |
A lady just came into a LCS ... 20 minutes ago She had five Morgan and Peace dollars. Common 1921 Morgan and 1922 Peace dollars. She was offered $85 and took it. She went on to say she has around $700 face in silver coins, left to her from her grandfather. Then she said her sister, who also got coins, took her $700 into a different shop. Was offered $1400 ... And took it. That part really makes me feel sick. So this lady is so happy, she says she will drop off her bag tomorrow, for us to look through (the LCS let's me help buy collections). Most times what people bring in is not what they think they have. But she seems to have looked some stuff up. She says she has Some Seated dollars and some Rolls of BU walkers .... Hope she is right, tomorrow I will bring some extra cash ... In case they buy something I like. I will be curious what her sister will say ...when she is told what a bad deal she got. Edit ...just to be clear. Another dealer gave this ladies sister 2X face for silver dollars and 90% half dollars and quarters. $700 face got her $1400. When she should have gotten $7,000 to $10,000. Edited by GR58
03/26/2015 1:07 pm
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Pillar of the Community
United States
3486 Posts |
Yes, enough to also make a collector more than a bit sick.
Ethical dealers try to educate; non-ethical dealers prey on the uneducated.
The non-informed holder of coins has only him- or herself to blame for not seeking
advice before selling too low.
And it is part of the CCF to educate.
But none of us can undo damage already done.
Nor force education upon those who do not seek it.
Your moral duty is clear:
explain why your appraisal is reasonable.
In terms that the potential seller will understand. (Not that that is easy!)
You cannot undo what has already happened.
You can only be...ethical in the moment.
Edited by matthewvincent
03/26/2015 2:06 pm
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Pillar of the Community
Canada
623 Posts |
This is typical of the morally bankrupt.
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Pillar of the Community
Thailand
1509 Posts |
Quote:
In terms that the woman will understand. (Not that that is easy!) Oh dear. I thought we were a friendly family community? Of course the conduct of the second dealer is/was despicable but then that, generally, unfortunately, is the nature of the world in which we live. |
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Pillar of the Community
United States
3486 Posts |
Uh, let me change "that woman" to "that potential seller."
I intended no disparagement.
Uneducated sellers exist among both sexes.
And I am a bit miffed that I intended to suggest otherwise.
Edited by matthewvincent
03/26/2015 2:05 pm
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Bedrock of the Community
 United States
11951 Posts |
Matthew
I understand what you were saying. We get all types men,
women, young and old, that are not in the hobby. They maybe
do a little bit of searching ...on the net.
But it is hard sometimes, to help them understand the
value of the coins. It can go both ways .. some think they
worth a lot ... some are hoping to get anything more than face.
I think I know the dealer that did this, when I was hearing the ladies story, I forgot to ask ..to be sure.
My head hurt from pain at hearing what happen to her sister.
But from joy at what coins I might get to see tomorrow.
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Pillar of the Community
United States
604 Posts |
There should be laws against stuff like that. I can't imagine how the lady must have felt after she learned how she had been taken advantage of. Then again maybe she was just happy to get the $1400 and doesn't need the other $5600. It pays to shop around and educate yourself on what you're selling.
GR58 - I hope she brings in her coins and I wish you the best of luck. I hope you get some nice new to you (old) coins!!
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Moderator
 United States
187702 Posts |
The good news is that you seem to have chosen to associate with a good LCS.  |
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Pillar of the Community
United States
3486 Posts |
AMEN jbuck! Always great to patronize honest dealers. And generous dealers as well. Last Sunday in Willimantic CT. I sat at a dealer's table. A little box with a note "For Kids Only' was in front of me. I peeked inside and immediately saw a War Nickel. For a dollar. "That's for kids only." I was told. "Of course," I replied. and added "I patronize dealers who encourage kids. It is what the CCF is all about." Never hurts to get news of our good work out on a bourse floor. Postscript: War Nickels were being bought at another table for $0.60 each. If I were still a kid ... And GR58, follow your moral compass and you will do fine. Call it Karma if you like... You will be rewarded. |
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Bedrock of the Community
United States
11951 Posts |
I am hoping maybe the sister will come back with the lady.
I keep thinking ... what will the sister think about Coin
dealers .. or even the coin collecting hobby, when she
finds out how badly she got taken on her deal.
I would like to let the sister know .. that not everyone
is that way.
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Bedrock of the Community
United States
11951 Posts |
Quote:
follow your moral compass and you will do fine.
Call it Karma if you like...
You will be rewarded. The owner pretty much has set prices on what to buy coins for. And he tries hard to pay the best prices in the area. I just have to make sure I grade fairly and spot potential problems. |
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Pillar of the Community
United States
3486 Posts |
IF the sister accompanies her sibling...
what could you possibly say?
Nothing that could make her feel 'good' about a bad deal.
You are in a tough place GR58.
And your moral code is, may I say it, eating you up in NOT a good way.
Just be honest in the moment and let run its course.
What else is there to be done?
I hope for the best for both you and the seller.
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Pillar of the Community
United States
604 Posts |
Those dealers have always made my stomach turn.
When I was in business, if any customer questioned the dollar amount I was offering, I would show them the current Grey Sheet or Blue Sheet. The point was to educate and show them I wasn't trying to take them for a ride.
I guess my morals wouldn't permit myself to become a scumbag like the so-called dealer you described.
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Bedrock of the Community
United States
20753 Posts |
This type of situation is common and although coin people hate to hear things like this, it is just business. This sort of thing happens with coins, stamps, cars, houses, etc. Think of all the auto dealerships that do similar things. Flea marketers that buy up entire households for practically nothing. In fact I saw one emptying a house and was paid to do that. Paintings too are purchased for hardly nothing and then sold for lots. Ever watch the Antique Road Show. Why not get mad about the person that got something at a garage sale for a dollar and told it is worth thousands? Coin shops are just there to make it easier for people to get rid of coins they know nothing about and have no idea how to find out. Coin shops are in business to make money, not make friends.
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Pillar of the Community
United States
8515 Posts |
Call your local news channel and tell them about the sister that was taken advantage of. They could have fun with that and it might make the dealer do the right thing.
Oregon coin geek.....*** GO BEAVS ! ! ! ***
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Bedrock of the Community
United States
19931 Posts |
2X face for silver? Well, it's very unethical but the bottom line, it's the sellers fault for not getting more than one quote or doing more research.
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Replies: 24 / Views: 3,784 |
Posted 03/26/2015 1:27 pm
