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 Replies: 54 / Views: 4,934 |
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Valued Member
United States
436 Posts |
This is a tough one, actually. I want to agree with everyone here, but there is one dilemma. If he had a coin for sale for 50 bucks that I knew was worth a thousand, I'd probably buy the coin without mentioning it to the dealer, and giggle like a school girl once I got back to my motorcycle. Just wondering if "what's good for the goose..."?  |
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Pillar of the Community
Canada
610 Posts |
Edited by collectall
08/17/2009 10:43 pm
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Pillar of the Community
United States
528 Posts |
I had something kind of like this happen to me last saturday but a bit different.
I was at a show (I have only been to a few shows and no coin shops other than ones where I am friends with the owner. So I was at a table and someone was getting a price on a set of morgans to sell to this dealer. There was one in particular that stuck out to me being that it was in FR-2 condition. (Some of you know that I collect low grade morgans) So without even thinking I asked the seller if I could buy just the one. Now at this point I would like to point out that it was the WRONG thing to do. So I got the date on the coin and went to go quote him a price. When I got back the deal was broken up and the seller had moved on. I ended up buying the coin from him.
I went back to the table the dealer was at and he was very upset that I interrupted their deal and bought the coin (one in a set). I said sorry and I really was and I was so embarrassed for not thinking that I had to leave the show. I know now that it was wrong for me to do and I had no place to do that.
My thinking at the moment was that "HEY! theres a coin I need and I can offer this guy a better deal than the dealer" but it was the wrong thing to do and very bad for my rep in a small coin community.
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Valued Member
United States
69 Posts |
I don't think you should interfere with someones deal at their place of business and I think sellers should spend five minutes on the Internet to find out what there coins are worth or at least get two or three offers from different dealers before they sell. That being said, In a blatant situation like this, I would probably ask the seller if he/she had all ready gotten other offers and suggest they should.
Also, what does everyone think the minimum fair offer would be for a 1000.00 coin?, I would think 60% would be the bare minimum but I have never sold coins to a dealer so I wouldn't know. I do know a local auction house charges 50% of the hammer price in sellers commission plus a 10% buyers premium for all items that sell for less than $25.00 but as the price goes up their commission rate goes down.
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Pillar of the Community
United States
528 Posts |
If a coin is retail for $1000 a dealer should not pay less than $700.
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Pillar of the Community
Canada
1248 Posts |
wow.. over looked-heard exactly such a rip off in the second largest city on vancouver island. was there to get 2x2's...had to wait because 2 elderly ladies were being ripped off....  had a glance at some of the Silver dollars they had stacked on his counter... one of the ladies mentioned 2 1945s. and a few much older 50 cent pieces... they had a stack of them... there was a whole stack of dollars... all silver and some 50 cents... they got $260... about 4 months ago  I suggested to the dealer that he was not fair....  he told me to mind my own business... and to leave his store.... ok it's his store and maybe I was out of line... So I am minding my own business NOW, telling everybody...  will never go back there!! yikes... most of them are crooks...NOT all !! |
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Pillar of the Community
United States
528 Posts |
hhbkiddo
I dont know if the dealer was out of line.
How many were in the stack? If there were even two rolls and a bunch of silver halves it might not be that bad.
Right now Silvertowne (Big coin dealer) pays 10.6 times face so buying coin silver at 8 is not a scam. Also dealers get some many darn morgans that they go for silver it doesn't matter what any price guide says. Its about turning the money and if you buy a morgan for what its worth 500 times a month you will go out of business. So paying $9 for a common morgan is fair a lot to dealers. So if someone went into a store with a roll of silver halves and two of morgans they might get $260.
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Valued Member
Australia
126 Posts |
I would intervene because selling a $1000 coin at $50 is just wrong.
At least pay him $300 or $400.
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Pillar of the Community
Canada
838 Posts |
Very interesting dilemma. I'd try to whisper to the seller to meet me outside for a chat.
Here's my similar story. One time a while back, some kid came into my local rip-off store with a low-grade 1914-D Lincoln. The dealer offered $50 Canadian, which isn't outrageously low for a dealer. Trouble is that I actually wanted this coin too, and was willing to spend double the dealer's offer. I got the feeling the kid didn't want to go for the $50 offer, and I debated the idea of following him outside to offer a bit more. I didn't have the guts then, but now I would.
There are just 2 stores in town, so I'd be down to 1 if I had said anything in the store! (Why I'd shop at a rip-off place like that is another story!)
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Valued Member
United States
140 Posts |
I saw this happen at our local coin shop about a week ago. An elderly lady and her friend had brought in some coins. A friend of mine and myself were looking around and not really paying attention. I was kind of trying to see what she had, but at the same time not trying to interfere with the dealer while he was conducting his business. After the lady and her friend had left, the dealer then proceeded to show us what he bought. The lady had brought in 2 rolls of Morgan dollars. 1 roll was 1881 S and the other was 1881 O. He took the coins out and showed them to us. All the coins were bright and flashy. None had a single spot on them anywhere. My friend and I, upon closer examination of the coins, found most of them to be in the MS 63-65 range with several displaying PL or DMPL luster. The dealer gave the lady $17 each. While I can't be sure these coins would pull the grades mentioned, They were by far some of the nicest loose Morgan dollars I have seen in quite some time. Its just my opinion, but I think the dealer should have gave more considering the condition of the coins. Maybe I'm wrong, but its just my opinion. |
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Pillar of the Community
United States
2335 Posts |
I agree that $50 for a $1000 coin is a blatant ripoff. However, if the retail value of the coin is $1000 you can't expect the dealer to pay $1000. I know people that own retail stores & in general they pay around 50% of what they are selling the item for. A lot of the price difference goes to overhead, profit margin after expenses is less than 10% of sales.
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Pillar of the Community
United States
2541 Posts |
I would offer him $5 for the coins he just bought for $50 and asked him how it feels to be ripped off.
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Moderator
 United States
188560 Posts |
Quote:
If he had a coin for sale for 50 bucks that I knew was worth a thousand, I'd probably buy the coin without mentioning it to the dealer... Whether you are right or wrong depends on many other factors and has been discussed before. But the key difference here is that the dealer is in a position to know better, the novice seller is not. |
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Valued Member
United States
436 Posts |
Good point, I'm fairly new here and may have missed those threads. All being said, though, I would probably say something, discreetly if possible, and never shop at that store again if the dealer never went to 500 bucks for a 1000 dollar retail coin.
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Pillar of the Community
United States
5613 Posts |
I being a very observant person would have this scene go something like this, I would listen to all being said, and before the seller sold their coin, I knowing this is a much more valuable coin would ( not caring what the dealer had to say) walk up to the seller and ask to see the coin, once seen and authenticated would state out loud for all to hear, the true value of the coin and probably be TOLD to leave, but before I left I would ask to see the seller outside the sly/dirtbags store and explain the reasoning behind my approach, and maybe, just maybe be asked if I would make an offer....It is not nice to see people misrepresent them selves and try to take advantage of others....End of subject!
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Replies: 54 / Views: 4,934 |
First Page
Posted 08/17/2009 10:25 pm
and as I left the store and looked back
If I new then what I know now(as the saying goes)MY POINT. If someone knoweledgeable were in the store with us,I would GLADLY have accepted their advice.BUT "once bitten,twice shy"
Huge selections,discounts,etc.It was just this one.GRRRRR
