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 Replies: 38 / Views: 3,002 |
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Pillar of the Community
United States
2669 Posts |
Ok, so let's bring this a little closer to home. Over on the grading forum is a topic "1893 (CC?)". I bid on, and won, the Morgan as just an 1893, and with only seeing a (horrible) picture of the obverse. The faint CC mintmark is easy to miss without a loupe and the opinions in the topic are split whether it's even real. So.. when I saw the mint mark I seriously thought about letting the auction house know about it. After all, they usually handle only estates, which means someone just died and they are handling the person's effects for the family. Obviously the family would need or want as much as possible, even if the auction house didn't do their due diligence in attributing items in the auction. Now since the issue has been raised of it even being genuine, it is on its way to ANACS to get a verdict. I took a chance on this coin even being the date they said it was, considering some of the other auctions I've won from them and received (those that arrived in one piece - but that's a whole 'nother subject - although they have gotten much better in that area). I took that chance all around when bidding on this coin. So if it comes back genuine, should I offer them the difference in fair market value? And if it comes back as an attempt at alteration, should I holler for my money back? I have my own ideas about what I'll do, but considering the currently raging debate, I just thought I'd pose the question   |
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Pillar of the Community
United States
5619 Posts |
What goes around, comes around, Karma, being true to yourself, Do unto others as you would have done unto you, These are all just words in the English language, however I truly believe that all comes to the one's whom are deserving of good things, call it what you will, also to bad mouth or assume this dealer is not a good person and he might of this and that, well IMHO, This, in part is the problem people have in today's society, Remember when our parents taught us "That if you have nothing nice to say, then do not say it"", says it all, sleep well.... |
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Valued Member
United States
193 Posts |
I had a similar encounter at a local dealer who I frequent, although not on this magnitude. I was looking through his Liberty Walking halves, just because they are so beautiful and found a common date that was probably XF/AU and looked at the price and it was $3.50. I told the dealer and he said "that's less than melt", I asked how much and he looked at me like I was crazy and said "The price marked is $3.50, you want it?" I think we all cherrypick looking for something of value and I feel as if I'm not as knowledgeable as the dealers, that's their profession, I'm just a hobbyist they put a price on it and I need to determine if it's worth it to me. |
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Bedrock of the Community
United States
10284 Posts |
I have sold tens of thousands of antiques and coins over the years, and I never had somebody come back and say they got something too cheap from me and offer me more money. Just off the top of my head, I know I sold 4 Morgan Coin Glass glasses for 45.00 each, which is an example of both collectibles I deal in. These have actual coins used to make an impression on the base of the glass. thus named "Coin Glass" I got them cheap by pure luck but ..... Boy did I mess up. They are worth hundreds a piece and to have a set of 4 is unheard of and rare. I think they had 1880's Morgans pressed into the base. It left a cameo impression of the coin. I used to sell to dealers, they would ask me for a real good dealer discount. I'd do the same if I went in their shop so I do give them a good discount. I don't goof up often but sometimes I have. I'd go to their shop and see the things I sold them with 500% mark up on the price tags. I didn't get mad at them, well maybe a little disgusted that they didn't hide the stuff when they saw me come in but I got more mad at myself for not doing my homework and selling it way too cheap. However, to begin with, I did and do buy some of these things cheaper than I priced them from private sales. I paid a fair price for what I thought was right at that time and place, and on ebay I get an occasional steal, but didn't take advantage of my customers intentionally. Do I go pay them because they could have gotten 10 times as much as I paid? No. Sometimes you eat the bear, sometimes the bear eats you. |
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Pillar of the Community
United States
2335 Posts |
You can pretty much sum this all up by saying the buyer bought a coin for less than market value. In this case he didn't even cherrypick the coin, just bought a bulk lot. I don't see the moral dilemma some people seem to. How is this any different from roll hunting for silver?
The truth is, if I had to return every coin that the seller might have been able to sell at a higher price to someone else I wouldn't have any coins in my collection.
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Pillar of the Community
United States
2540 Posts |
Come on guys, the dealer did not pay the seller of the coin fair market value.
He got the profit that he expected.
As for the collector? Did he ever hear that he should keep his mouth shut?
I cherrypick varieties, and keep quiet, I don't want the dealer to feel that I 'made out' on the deal, or he/she may learn to check for the varieties.
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Pillar of the Community
United States
1840 Posts |
An ethical dilemma? No way. Why should a buyer compensate a dealer for being too lazy to check the dates in his own inventory? I have no problem with keeping the coin.
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Valued Member
United States
327 Posts |
Buyer paid the price the seller was asking.
If the price was below what it should have been, well, that's the way it works sometimes.
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Bedrock of the Community
United States
10045 Posts |
Quote:
I cherrypick varieties, and keep quiet  The first rule of cherry-picking is, you do not talk about cherry-picking. Except perhaps here.  |
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Pillar of the Community
United States
2049 Posts |
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The truth is, if I had to return every coin that the seller might have been able to sell at a higher price to someone else I wouldn't have any coins in my collection. Bingo....this nails it on the head. At what point do we start making judgements on others for purchases they made fair and square IMO? Anyone who has ever sold anything has probably left money on the table, so should they expect compensation every time if the buyer sells it for a profit? Uncle Sam already claims part of that in the form of capital gains taxes, so I just dont see where we as private individuals have any right to deem what the buyer in this case did as unfair, or morally wrong, etc. |
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Pillar of the Community
United States
5619 Posts |
Spoken like true salesmen, I mean really, is it that cut and dry, personally I do not think so. I have been collecting for 45+years and do not appreciate reading how this "collector" has the lower end to write to a well known newspaper and "brag" about the deal of a life time,( he knows he got from a mistake or he would not of made up the Grandfather story) when WE all know better, and IMO, If there are some who disagree well that is what makes this country great, we all are entitled to our opinions, some should be left unsaid, I hope this MR.L has some one return the favor to him some day......sleep well.... |
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Valued Member
United States
462 Posts |
I am astonished at the continued discussion about this situation. The seller had an item for sale that he/she attached a price to and a buyer came in and agreed to pay the price and get the item. END OF REPORT! There is NO more discussion. Some folks act like the buyer came in with a gun and demanded a valuable item for a discount price.
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Pillar of the Community
United States
2049 Posts |
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I am astonished at the continued discussion about this situation. The seller had an item for sale that he/she attached a price to and a buyer came in and agreed to pay the price and get the item. END OF REPORT! There is NO more discussion. Some folks act like the buyer came in with a gun and demanded a valuable item for a discount price. I agree with you 100%. The only thing I dont like that the buyer did was the alledged story that he made up about getting the coin from his grandfather. If this is true, that is shameful, but buying a coin and paying what the dealer asked for it is not. |
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Pillar of the Community
United States
4541 Posts |
I agree with coinhunter and MtnMan  |
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Moderator
 United States
189033 Posts |
I pretty much agree as well.
Was it wrong to get such a great deal? No.
Was it wrong to treat the dealer so poorly (lying and boasting)? Yes.
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Replies: 38 / Views: 3,002 |
First Page
Posted 03/25/2009 7:35 pm
