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 Replies: 24 / Views: 3,786 |
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Pillar of the Community
1153 Posts |
I would say the seller should have done some research on her inheritance, but to say "it's the sellers fault" is absolutely wrong. In this situation, the seller did not know what she had, and its highly likely the dealer knew what she had. He got a heck of a deal in one of the worse ways. She may be content with $1,400 but I think she will have a bad taste in her mouth when she realizes how low that actually was.
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Pillar of the Community
United States
1247 Posts |
85$ for 5 silver Morgans and Peace, dollars? your LCS is ripping her off...
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Bedrock of the Community
 United States
11951 Posts |
$17 dollars each, for circulated 1921 Morgan's and 1922 Peace dollarsis really a fair price. More than the other coin dealers in the area pay. The most important thing collectors should learn is what coins buy and sell for, in the different markets. Online like ebay, auctions, coin shows and LCS's all have a different price structures. What does your LCS pay? Edited by GR58
03/28/2015 09:42 am
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Valued Member
United States
397 Posts |
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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. Wow, this is an awful post. This lady got ripped off, plain and simple. Just because it is an unfortunate truth that some businesses don't operate with integrity doesn't mean it is okay. There are plenty of successful coin shops that don't take advantage of people seeking their help. And comparing this situation to a good flea market find is ridiculous. |
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Pillar of the Community
Canada
3692 Posts |
I haven't read all the comments yet. But this is what is going through my head right now.
Dealers are in a business where non-collectors have a hoard, a one-time collection that they will want to dump for cold-hard cash. The dealer will never see these people ever again, who have no desire to learn, and no desire to collect. The dealers have to make money to survive and use that knowledge to stay alive in a dying business. I'm not saying that these dealers are justified, but that is the angle that I'm seeing. Knowledge is power and the dealers have the upper-hand. Not knowing what you have when it's time to sell is a recipe for a bad deal. What the seller SHOULD do is go into the coin shop knowing that they (the dealers) are experts in the field and ask for an appraisal that they would pay for. THEN, armed with that knowledge, they should go out and take bids for their lot. However, the seller went to a dealer who is in the business of buying and selling coins, not to give free appraisals. The dealer wants the goods! Will s/he waste his/her own time to just educate for free and let the person take the competitors' bids?
Apart from Third-Party Graders, this hobby seriously needs neutral appraisers, with a name to back up an opinion, not merely a slab with a company name on it. Stamps, seals, signatures, the works, not some Chinese plastic that is easily forgeable.
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Valued Member
United States
397 Posts |
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The dealers have to make money to survive and use that knowledge to stay alive in a dying business. Whether what that dealer did to that lady was a good business decision in the long-run is debatable. They took the one-time cash grab at the risk of less future business due to poor reputation. They are operating on the dark side of business and should be disparaged for it. And I would think if a LCS can't survive paying melt or even slightly below melt for Morgan/Peace Dollars then they shouldn't be in the coin business anyway. |
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Bedrock of the Community
United States
11951 Posts |
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85$ for 5 silver Morgans and Peace, dollars? your LCS is ripping her off... Stampvirgin ... I am really curious what you LCS is paying for Circ common Peace/Morgan dollars? |
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Moderator
 United States
23522 Posts |
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And I would think if a LCS can't survive paying melt or even slightly below melt for Morgan/Peace Dollars then they shouldn't be in the coin business anyway. Well, what are you willing to pay for melt-quality Morgans at retail? If you'll give $22 each for them, the dealer could only have paid about $14 to achieve a normal retail margin. |
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Valued Member
United States
397 Posts |
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Well, what are you willing to pay for melt-quality Morgans at retail? If you'll give $22 each for them, the dealer could only have paid about $14 to achieve a normal retail margin. Exactly, and this dealer paid $2 a piece. And I'll bet just about every LCS has some folks willing to pay $25 - $30 for your average Morgan. |
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Replies: 24 / Views: 3,786 |
First Page
Posted 03/28/2015 09:27 am
