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 Replies: 13 / Views: 1,513 |
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New Member
United States
16 Posts |
Bobby, or anyone else that can help me,please - I welcome the advice. I have only been involved in coin collection for less than a year. I am sure you all know that it is impossible to learn even 1/100th of the hobby in that time. My husband got me interested, and we have come to know many local dealers quite well. I had never been to a coin show. One of the local coin shops suggested that the Boeing coin show last weekend would be a great "starter show" because of the great reputation the dealers have there. We were there for about an hour and met some great people and we did get some amazing deals! Then I walked over to a booth in the far corner, and found a set of 3 silver coins that my husband has said in the past that he wanted really bad. They were the 2000 Australia Chinese Dragon coins, 2 oz, 1oz and .5 oz. I waited for quite some time for the vendor to return to his booth and I asked him about the coins. He looked right in my eyes and told me that becuase of the high collectability of the coins he could not break up the set, but since he has had aslow day he would make me "A hell of a deal". He said the 3 coins RETAILED for $245.00, but he would sell them to me for $140.00. I asked him if he could show me where they are quoted at retailing for that much, and he laughed and said "I ahve been a seller for a long time, trust me, you are getting a real bargain and these won't be here tomorrow". At that time the show was closing for the day and they jsut asked everyone to make their final purchases and leave. My husband was across the room, so I wrote the guy a check. My husband was delighted to see I got him the coins and I didn't tell him what I paid. Well, I looked them up on ebay to find I could have bought at least 3 of those sets for that price, but sometimes ebay is not a good soure so I went in and spoke with Andy Stagg, a very trustworthy dealer. He and Georgia were floored that this guy took advantage of me and they sell the set for $45. They could not believe that happened to me! Do I have any recourse? I thought I read somewhere that dealers had an obligation to not grossly overinflate the price of coins/precious metals, and doing so was a reportable offense. I have been sick over this all night, not jsut over the money, but that he would take advantage of me like that. By the way, I wrote the check 5pm Saturday, and it CLEARED Monday afternoon. Thanks for your help, Becka Edited by Juno
02/01/2006 02:49 am
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Pillar of the Community
Australia
1091 Posts |
Hi Juno, I'm not a dealer but I've been burnt a few time. Hence "toast".
The origional issue price of the 2000 Silver Proof Year of the Dragon "Three coin set" was $197.00 Australian Dollars. The Book Value from last years Guides were $195 AUD and $225 AUD.
That works out at approximately $146 USD to $169 USD. Book value is usually higher than what you could buy them for in Australia.
I suppose you could comfort yourself that your husband enjoys the gift.
There were only 1000 of these 3 coin sets made and they are beautiful.
Did the other dealers actually have this exact rare set for $45? Perhaps they were just dirty on the other dealer. Or they were talking about 3 "Specimen" coins..not in a set, which are a much cheaper product.
The book value of the 3 specimen coins are
.5 oz $19.95AUD mintage upto 500,000
1 oz $25,50AUD mintage upto 300,000
2 oz $32.95AUD mintage unlimited
I hope this helps
Edited by toast
01/31/2006 07:12 am
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Pillar of the Community
Australia
1529 Posts |
Hello Juno...I concur fully by what member "toast" has posted. The three coin set is a proof set and only 1000 of these were minted compared to the many thousands of the specimen uncirculated ones. Most of the lunar series coins were minted for consumption by collectors in Asian markets where there is a big following of the series there. This Andy Stagg that you mentioned in your post, I would not mind buying this three coin proof set from them for USD45.00. Frankly, I would not be able to buy it at that price here in Australia. Be happy and rejoice in the fact that your DH has been appreciative of this gift from you....  |
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Moderator
 United States
23500 Posts |
quote:
Originally posted by rggoodie
Beca
As the Boys have said you actually got it for a good price.
the prices Toast quoted are right from the book.
Even with exchange rates you did GREAT.
I don't know anywhere in the US or Australia you could get it for less.
If you still feel bad - has the dealer cashed your check. If not there is always the stop payment option- but that will cost you additional money.
The opinion of all who posted so far is you got a Great set at a good price and your husband is happy.
There is no need for buyers remorse as you can see the dealer actually treated you to a fair price which is actually less than book value!
any more concerns please post and we will be happy to follow up.
You may even want to change the title of your post to I thought I was deceived  rggoodie
aka Richard
"catch em doing something right"
Edited by rggoodie
01/31/2006 08:35 am
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Moderator
United States
23500 Posts |
Beca If your husband is going to continue to collect Australian coins, I would recommend that you buy a copy of Maccas guide- see the post in the Australian section. https://goccf.com/t/2884This guide list current prices - (in Australian Dollars) then all you have to do is the conversion. very simple, http://www.x-rates.com/calculator.html and you will know more about Australian coin prices than most American dealers. rggoodie
aka Richard
"catch em doing something right"
Edited by rggoodie
01/31/2006 08:42 am
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Pillar Of The Community
3147 Posts |
I watched a set sell on ebay the other night for considerably more than $145. The 3 coin sets are limited and, quite honestly, seldom available. I think in a few years you will be very happy with your decision and as the other Aussies have stated, take the time to get yourself the Australian Coins and Banknotes guide by Greg McDonald which they refer to as Maccas? It will make your Australian passions burn! |
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New Member
United States
20 Posts |
Not a bad deal at all... But as they say, buy the book before you buy the coin - had you paid too much, you were finding that out too late.
I don't blame you for being suspect though, lines like 'it won't be here tomorrow at that price.' always make me ask 'then why are they here now, at that price?'
Coins should sell themselves, if you ask me.
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Pillar of the Community
Australia
1529 Posts |
Juno....I just completed a search of previous sales of this coin set on ebay Australia and could not find a set sold in the past few months. This normally means it is scarce and you are lucky to get your hands on one. |
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Moderator
United States
23500 Posts |
rggoodie
aka Richard
"catch em doing something right"
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Pillar of the Community
United States
756 Posts |
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New Member
 United States
16 Posts |
Edited by Juno
02/01/2006 02:50 am
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Pillar of the Community
United States
756 Posts |
Glad it all worked out in the end for you and your husband.
I hope you took back any ill thoughts about the seller?!?
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Pillar of the Community
Australia
1529 Posts |
I am glad to read this has ended well in your favour and that we were able to assist you.....members helping out another member...that is the cornerstone of this whole Community... |
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Valued Member
United States
254 Posts |
Glad to hear the good news, Becka!
~neuron
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Replies: 13 / Views: 1,513 |
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Posted 01/31/2006 08:16 am
