Trip To The Coin Shop - Coin Community Forum

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Author	Replies: 7 / Views: 1,999
cwb Pillar of the Community United States 3463 Posts	Posted 11/03/2016 02:22 am Stopped by a coin shop today. I happened to spot a 1970-S cent marked small date, so I picked it up and began to look at it with a loupe. I noticed right away that it was a large date cent and informed the woman at the counter that it was a large date and that there is a big difference in value between a large and small 1970-S cent. She mentioned something about a coin expert and I asked if that was him at the desk and if it was, to show it to him and see what he thinks. He could hear our conversation and as she took the coin to him for his inspection, he yelled back "looks like a small date to me". I explained to the woman how to spot the differences between the two as the man continued to hold the coin. I had had enough of looking at the few cents she put out for me, so I headed towards the door and thanked them for letting me come in and look. As I went through the door, I heard him yell to her that it was indeed a large date. I just looked back at her with that I told you so look and kept going. I have to wonder, if a guy knows enough about coins to own and operate a coin shop in a city, shouldn't he know the difference between a large and small date? And if he does know the difference, was he trying to sell an unsuspecting buyer a common cent at a rare price? I see this happening all the time on ebay and it's sad to see it happen to people, but it just goes to show that you need to be educated on a coin if you are going to spend money on it. Know what you are buying and learn to tell if it's the real thing, a counterfeit, or just not the coin it is marked as, like with the 1970-S small date. Report this Post to the Staff

PlumCrazy814 Pillar of the Community United States 883 Posts	Posted 11/03/2016 03:38 am Well, there you go. Caveat emptor. To me, it also goes to grade. I have more faith in subjective grading from the buyers perspective and hold no value in "professional" grading services for coins of such low relative value. The services, in my opinion, do not add value for common coins. If you determine that the coin does not represent value of the purchase price, don't buy it. Further, if it is a misrepresentation in your opinion, don't buy it. It pays to be educated as well to challenge those claiming varieties. Report this Post to the Staff
joeysanders627 Valued Member United States 408 Posts	Posted 11/03/2016 04:21 am What is the moral of the story? It shows someone that a savvy buyer never gets taken advantage of. It should also teach a coin dealer something as well. When you lose your credibility, you can never gain it back. The best thing you did was walk out that door without buying something. Maybe that will teach him to be more honest in the future. Report this Post to the Staff
GR58 Bedrock of the Community United States 11951 Posts	Posted 11/03/2016 07:01 am Good story .. thanks for posting. I have seen similar in the many ...many coin shops I have been in over the years. One time I have a dealer showing me his own Lincoln Dansco. He had a large date in the small date hole. He told me he had bought it from another dealer. Sometimes you will find dealers that are experts in older classic coins, or experts in what they collect. Many dealers are not experts in all coins. I am not trying to excuse them for identifying a coin wrong, and trying to sell it as such. As mentioned, the buyer should know what he is buying too. It can work out the other way too .. I have bought good coins from dealers that did not know what they had. At the coin shop I work at, we keep a 1970 S small and large date coin in the same holder. To show customers the difference. I did send in three 1970 S small dates to ANACS this month. I hope I looked at them close enough ... Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 11/03/2016 09:41 am Quote: Many dealers are not experts in all coins. I'd change that to "No dealer is an expert in all coins." Report this Post to the Staff
BigSilver Pillar of the Community United States 2843 Posts	Posted 11/03/2016 10:04 am Great story. I want to add a slight angle to defend, though it is entirely possible that the guy is just a crook. Some dealers - especially older dealers - are not up to date on the variety thing. That is what "enables us" to cherry pick them. Often they receive an item in a 2x2 and it is already labeled. They will pay 1 cent for it, and simply place it in their display case. They may repackage it and copy the info from the original 2x2. This does not make them honest, but it minimizes their offense. I was just in a pawn shop and saw an 2008 W Satin Finish ASE Certified ANACS SP70. The price- $450. I had the grim task of explaining to the owner that the valuable one is the reverse of 2007. The one that he had was just a regular old 2008. Moral of the story, people don't know stuff. Report this Post to the Staff
jbuck Moderator United States 188342 Posts	Posted 11/03/2016 3:05 pm Quote: I'd change that to "No dealer is an expert in all coins." Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
Coinfrog Bedrock of the Community United States 94367 Posts	Posted 11/03/2016 4:37 pm Correct - all dealers have (and need) a good reference library. My local dealer, whom I've dealt with for 25 years and respect greatly, has shelves groaning with coin books - yet he had never heard of a Henning nickel. Edited by Coinfrog 11/03/2016 4:41 pm Report this Post to the Staff
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