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 Replies: 54 / Views: 4,933 |
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Pillar of the Community
United States
671 Posts |
Let's say you go into a coin store that you have never been into, you don't know the dealer, etc., and start browsing. Then you notice someone enter the store who wants to sell a reasonably valuable coin that they clearly know nothing about. You can't help but notice that the coin is worth over, let's say, $1000. Then the dealer offers the person $50 for it saying it is not worth more than that, knowing that the guy doesn't know much about coins. This is obviously a very bad rip-off.
So what do you do? Is it "proper" to intervene while in the dealer's establishment? Or is that considered unacceptable? What is the "right" thing to do?
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Pillar of the Community
United States
3098 Posts |
This happened to me once, but in a bank. I was just making a deposit, when I saw a young man (17 or so) with his gramps walking in and trying to sell their Euros. I overheard the bank rate given as 1.37 (for 1.43) so I asked my teller to wait, walked over, and bought all their Euros at the current rate. He seemed quite happy considering he had EUR350 I hate people getting ripped off. Perhaps karma will reward me in the future  |
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Pillar of the Community
United States
3294 Posts |
Ooh that is a toughie. Personally, I would not interfere with the sale. It could be that the dealer is factoring in the chance of a counterfeit into the price, because if it turns up fake, he is the one who loses. I probably would not return to that particular shop myself.
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Bedrock of the Community
United States
12437 Posts |
The dealer should be able to tell if it is counterfeit or not and if he cannot authenticate it, then the only sensible course of action would be to refuse purchase. Lowballing on the chance that a coin may or may not be counterfeit is some very bad business ethics, a 20:1 ripoff is unexcusable  As outspoken as I can be, I would probably pull the *cough* bull patties *cough* routine, tell the owner of the coin what it is actually worth and that the dealer is trying to take advantage of them, then proceed to tell the dealer that he is a shyster, and then never return to that store again. With that said, I would make darn sure of what the coin was and the condition of it before I opened my mouth as I would not want to accidentally go off on a dealer when I overheard something incorrectly  |
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Pillar of the Community
Canada
1931 Posts |
I think that would make for an awkward situation. I think that I would perhaps mention that if it is real, it is worth a lot more than the dealer is offering. And then I would definitely leave the store. I think if a dealer is willing to stoop that low on an offer price and blatantly rip someone off, then most likely his coins or notes shouldn't be trusted either.
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Bedrock of the Community
United States
10284 Posts |
I would ask the dealer if I could quick have a word with him and apologize to the seller of the coin for the interruption. I would quietly ask the dealer offering an unfair price if he wants to keep it a secret that he is a rip off.
( I will never be back to that shop anyway after seeing such a rip off in progress )
Chances are Mr coin dealer is going to ask me right then and there to leave the shop and on my way out I would invite the seller outside for a better offer from me.
I would explain the value of the coin and give a much more fair offer.
There will probably be more coins he will sell me and I would help the seller of the coins and still make a fair profit turning them over.
This has happened to me many times but in Antiques mostly. I usually try one way or another to get the persons attention. Sometimes they are stupid and go ahead and sell that $1000 item for 50 bucks anyway to the dealer. Then, well, they deserve to lose out.
Edited by TNG
08/17/2009 5:25 pm
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Valued Member
United States
53 Posts |
I agree with the two previous posts. First and foremost, you could never trust the dealer after that sooo you should not have to worry about buying or selling in his shop again. Interfere! You'll sleep better. That said, how often do you think this happens? Maybe not of this magnitude, but probably a lot more than we want to believe.
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Moderator
 United States
187702 Posts |
Quote:
Then the dealer offers the person $50 I would offer him $100. Let the bidding begin!  Just kidding.  Seriously, the majority of the posts are spot on. Choose your method, whether it is blatant or subdued, and intervene.  |
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Pillar of the Community
United States
581 Posts |
I have always had the philosophy of never step on another mans deal....
That being said, I can't abide by a blatant ripoff either.
If the dealer is going to make deals and pull stunts like that, you really don't want to business with that person anyway.
I would make it abundantly clear that the man had just offer 50.00 for a 1000.00 coin.
If the guy came in and said, give me 50.00 for this coin, that's one thing, but to walk into a shop and say what might this be worth and how much can I get for it, is something else.
The integrity of the shop owner/dealer has been brought into question. It would be the last time I ever even looked in that shops direction, and I would make it known to everybody that would listen as well.
That's just me though
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Pillar of the Community
United States
2150 Posts |
I was in my local coin shop a couple weeks ago browsing through the halves then a customer walked in with some things he wanted to sell so I walked over just to see what he was going to sell. I commented on the nice looks of one of the pieces he had and he ended up selling all his stuff to the shop. After the man left one of the employees came over to me and said "you cant go over and see what the person is selling or say anything to them." "You have to wait till we buy it then you can look at it." This being said I'm pretty sure that some shops, if they feel that the person doesn't know much about coins they will give them a low ball offer. It was never my intentions to say anything about the money being offered but the employee acted pretty weird about the whole thing. I think if someone is selling something and a shop has this type of policy, there should be a separate and private office or something similar for these types of transactions. Just my opinion
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Bedrock of the Community
United States
10284 Posts |
It happens quite often. Sad to say. In our city the Genetti Hotel rents a conference room out to scum that put a full page ad in the paper that they are buying old coins and gold and silver at top prices. I took good stuff there just to see how bad they were. People waited in the hallway for their turns to get ripped off. Art Deco Sterling silver flatware sets were weighed up for below scrap and I know they were worth 10 times the price paid. My coins were a mix, but the dealer tried to get the key coins for bullion. When I pointed out that it was worth more he pretended to take me more seriously. ( a 1916 D dime ) Got on the phone and asked somebody else if they would buy it. Then he offered me $100.00 for an $800.00 coin.
I am pretty sure the call just went to his slimey partner watching the room they rent to spend the stay.
As I left, I went to the hallway and told everyone there what they had and what it was worth. Unfortunately, they still gave their stuff away to the scum buyer for next to nothing.
Then I suppose its on to the next city and hotel to do it again.
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Bedrock of the Community
United States
10284 Posts |
It is proper etiquette to keep quiet in somebody else's shop when a deal is being made. They own the building and pay the bills. I think you can be within a safe distance and still observe what is going down sometimes.
This is where the 1000 dollar coin selling for 50 bucks comes in.
Overhearing or witnessing something like that cannot be ignored.
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Pillar of the Community
United States
1151 Posts |
I would sell on ebay long before I would ever sell to a dealer. I understand the dealer is in business to make a profit and cover expenses, but come on. At least make a reasonable offer on the coin. I too would have said something. Maybe something along the lines of, "Excuse me I thought that the grey sheet price on that coin was a lot more!" That would get you a dirty stare from the dealer. |
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Pillar of the Community
United States
3098 Posts |
By the way, remember the half sovereign I had up for sale a while ago? I took it to a dealer. He said that a new UNC one would cost only $120, and very methodically offered me 60% of that.
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Pillar of the Community
United States
2602 Posts |
This kind of thing is current happening in the cash 4 gold program. They tout they are NOW paying 20% above their previous offer, but in reality they are only paying 18-20% of the gold value. Total rip-off for the seller.
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Pillar of the Community
United States
1599 Posts |
This is pretty hard. Not being very coin smart, I try to do my homework (and I hope I never get into a situation where I need to sell my coins). You might say something to the effect that you have never seen a counterfeit coin like that before because if it were not counterfeit, it would be worth a lot more. Hopefully, that would turn a light for the seller. I would not be overly concerned about the owner because I probably would not ever shop there again. I understand that he is there to make a profit, and he should, but right is right and wrong is wrong. I think a pretty smart guy once said that we all should do the right thing and we may all bear some responsibility for knowingly turning a blind eye to those doing wrong. Just my thoughts.
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Replies: 54 / Views: 4,933 |
Posted 08/17/2009 4:11 pm
