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 Replies: 18 / Views: 2,456 |
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Pillar of the Community
United States
7273 Posts |
This situation came up on another forum and I wanted opinions.
Someone has an item for sale (could be a coin, note, etc). The item is ridiculously low priced (for example its a rare item that sells for $20,000 but the seller priced it for a non rare item at $300)
Would you buy it for $300 or would inform the seller the price is incorrect.
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Pillar of the Community
Canada
857 Posts |
Geez that's a tough one. I mean if it's a coin dealer than sure, or if it's at a shop. But if it's someone who is coming to me as a dealer with a 20K coin asking only $300 for it, then I think I would sleep alot better informing them of the items actual value.
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Pillar of the Community
 United States
7273 Posts |
I myself wouldn't buy it. Heck even today, I had a $50 (value) note in my hand that the dealer priced at $15, I asked him if he was sure the price was correct, I was told he had it for a while, no one wanted it, he priced it to get rid of it. I would never want to get something that I knew was a mistake in value or price.
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Pillar of the Community
 United States
6514 Posts |
Don't want to be cynical but I'd doubt the item's authenticity.
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Valued Member
United States
182 Posts |
That kind of difference, I'd bring it to their attention. If they're selling the coin, they probably really need the money, and if they really need the money, 20k will help them tremendously.
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Pillar of the Community
United States
7935 Posts |
Is this some kind of numismatics ethics seminar?  Why would caveat venditor not pertain in equal measure to caveat emptor? I buy it with no question asked. Edited by tdziemia
10/21/2020 9:52 pm
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Pillar of the Community
United States
8938 Posts |
Judge me for this but here's all I have to say.
You can tell them, and that's cool. But 99% chance someone buys it first. Might as well be you/me.
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Pillar of the Community
United States
5663 Posts |
How is that different from cherry picking? If you noticed a rare variety in a dealer's junk bin or on ebay, would you notify the seller so he could price it appropriately, or just buy it? |
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Bedrock of the Community
United States
12477 Posts |
Quote:
How is that different from cherry picking?  I would buy it. In the case of ebay, if a genuine mistake/typo in pricing was made and the seller realizes it before they ship, then they have the ability to cancel the sale. In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Bedrock of the Community
United Kingdom
17905 Posts |
In the 1990s I used to know a guy who collected stamps and coins for a local charity. He had collecting boxes in shops and churches, and every so often would bring me huge sacks of coins to sort through. He was knowledgeable about stamps but knew very little about coins. At that time I travelled a lot for work, and I used to give him an agreed percentage of face value for current coins from countries I regularly visited. For coins that were no longer legal tender, the bulk of which were common-date pre-decimal British pennies and halfpennies, we would agree a price that was usually about 5p per coin, but if I pulled out anything really valuable I would tell him. Once I found an Austrian gold coin, and I took it to my LCS and asked the dealer how much he would pay for it: I then gave my friend a little more than this. Another coin I found was a really high-end Edward VII Newfoundland 50 cents, probably about MS63. I would not have wanted to pay anywhere near the true value of this coin, as I don't really specialize in Newfie coins, so I recommended that he sent it for auction.
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Bedrock of the Community
United States
20753 Posts |
That situation is difficult to believe. I just couldn't see anyone making that kind of error. However, if it did happen, I would at lest try to tell the seller what he had.
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Pillar of the Community
United States
7273 Posts |
Quote:
How is that different from cherry picking? I wouldn't consider it cherry picking. It's more like this: You have a 1909 S VDB, you accidently price it as a 1909 S. |
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Pillar of the Community
United States
5663 Posts |
Quote:
You have a 1909 S VDB, you accidently price it as a 1909 S. Your original question is from the perspective of the buyer. So how do you, as the buyer, know whether he accidentally priced it wrong, or whether he didn't realize it was a VDB? The latter case would be a cherry pick. |
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Pillar of the Community
United States
7935 Posts |
Does it make sense to reward carelessness or stupidity? Or is there more value in a costly lesson learned? |
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Pillar of the Community
United States
6130 Posts |
I wouldn't rip off a friend, but the dealer has the item priced at a value they are happy with. Who am I to argue with that?
I recently purchased a coin for ~$500 at auction that I know full well should have gone for $5,000+. No regrets on my end.
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Valued Member
United States
171 Posts |
The first thing I would think is that it's a counterfeit. If a coin dealer is ridiculously under-charging an item calling it a "bargain" and it's not certified by NGC or PCGS, I would NEVER buy it. If I knew it was real, and the seller didn't know what he had I would buy it; after all he's selling it for that price. Now if it was a friend or an old lady or something I would defiantly tell them the true value of the item.
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Replies: 18 / Views: 2,456 |
Posted 10/21/2020 8:57 pm
