A Question - What Would You Do?

To me it depends on the item. Something with clear intrinsic value such as silver, gold, I let the dealer know. If it is a matter of a rare variety I think a collector's education and endeavors to find the item is of value. A regular Morgan vs a desirable VAM for the same price for example.

Bump111 Are you a member of the Bump family by any chance?

thq, Bump111 and OldFordman My comment addresses all three posts together

thq The comment that repeated business is a reward for dealer honesty is a very good point and should always apply unless I guess if there is only one dealer in an area.

Bump111 and OldFordman Finding a VAM variety falls into a category, I had not really considered. It is like finding a Riddell Counterfeit Variety or an Overton coin you have been looking for. Highly specialized information that not all dealers have. I guess I would agree that locating many of the VAM, Overton or Riddell varieties or even a doubled mint mark or one of the many minor doubled die issues in a dealer's inventory is an exercise that is far more rewarding for the finder than anyone else. The difference in value is also usually minimal. Unlikely enough to justify a dealer from investing a lot of time in the area.

However, if the value difference was a very significant amount say hundreds of dollars then I believe that the finder should be rewarded for his expertise. But how much? 100% or 50 % or what?

I would approach the dealer and ask him to confirm the price. If he confirms the price - I would pay the requested price. Then, after I owned the coin, I would ask him if in the future he would like to have the opportunity to make a little bit more on his sales. At that point he might be confused or suspicious but I would persist and ask if he ever considered selling coins by XYZ variety.

If he says it is too much work to be bothered because no one ever comes in looking for XYZ coins then you have your answer. He considered doing it but rejected it based on added work and lack of customer base. So you can if you want keep 100% with no concerns over honesty. I am a softer touch and would still offer a split but smaller in his favor.

If he said he was not aware of XYZ varieties you have an opening to make a friend or source if you want.

Personally, I would advise him that you did collect by XYZ number and this coin was worth ? dollars more than his original price. I would follow that with an offer to somehow split the difference - informing him that under the circumstances it would be fair to him and to you because your knowledge and time were worth something.

Finally I would also offer to help him out in that area of attribution in the future or at least point out one of the VAM derivative books like Cherry Picker's guides to make it easier to do it himself.

I have followed this method with identifying valuable counterfeits and in the process, along the way I picked up a few friends, some part time jobs authenticating for dealers as well as developing channels for new material that is offered to me before others.

I am fully retired now and concentrate in on-line contacts, but still I always offer to help anyone who needs it.

I hate to admit it but I would cherry pick and buy it. Just my honest answer. I assume the dealer is professional and probably bought it in a bulk sale and paid little for it. If it is a situation where it's an obvious gross mistake I would point it out but I'm a cherry picker by nature. I like finding varieties etc. at a fraction of their value at coin shops. Sorry but it's my honest answer. Am I banned from this forum now?