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 Replies: 9 / Views: 1,174 |
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Pillar of the Community
United States
500 Posts |
I just got another email from a dealer I bought a gold coin from months ago, it was to remind me to update my "wish list" so he can locate my desired gold coins at the big show next week. I also keep getting forms from another online dealer and have had a couple of guys at local shows offer to locate coins for me as well - saying they go to a lot of shows and thus have many more opps to locate desired coins for others. I've never looked into such a thing. My thoughts are that if you enter into such a deal you have to become "somewhat obligated" to then buy WHATEVER the guy shows up with, NO? Even if you were specific about a year, grade, price, "blast white", "no spots or color" etc. etc. then he could locate and buy such a coin but that would seem to obligate you to buy it from him then - no matter how it looks to you in person. We all know that " ANA standard grade" is far from what draws most of us to buy a particular coin - the eye-catch factor is a big component as well, probably one of the biggest actually. Just doesn't sound like a good arrangement. If you don't buy it, then he is stuck with it I'd think - cannot be pleased with that. If they could get it on consignment from the other party, and not be on the hook completely, then maybe I could see it working - tho obviously being a middle-man they'd be looking for some commission or mark-up or fee - I'm sure. Like I said, I've never read the fine print to know what you have to commit to in such a thing. I have sent lists of desired coins and grades to a few dealers, to get some pics&prices back. But that was from coins in their inventory - not for them to seek from others. Seems like a sticky deal to enter into. Anyone ever try it? I think the only way I'd agree to anything like it is if someone agreed to email me pics of the coin ( from the show they are at ) BEFORE they bought it "for me" - at a minimum. that might work but then the timing would be a new issue as he likely wouldn't want to wait for long to hear back on it.  |
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Valued Member
United States
406 Posts |
If I had a good relationship with a dealer and if there was a clear non-obligation to buy any found coin if it didn't measure up to what I wanted, I might consider it. But based on just getting an e-mail from an online dealer that I didn't really know, no way.
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Moderator
 United States
23522 Posts |
Um, that's pretty much how coin dealer relationships with customers have existed for the last hundred years. You're forming a personal relationship with the dealer, who gets to know your tastes and is therefore more likely to score coins he knows you'll like. The right to refuse is implicit, of course.
I know more than a few dealers who only conduct business that way, and most of them wouldn't want me to tell you their names.
This, of course, only works for higher-end coins. Then again, it's only since the advent of the Internet that selling lower-grade and lesser rarities became as popular as it is today. Before, it was only for the people who wandered into your B&M store.
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Pillar of the Community
 United States
500 Posts |
So there's no explicit requirement to buy the coin "found"? Seems like a bum deal for the "finder" then. I imagine there could be a lot of "pass"es that stik them with coins they didn't really want anyway.
I could see if it is someone that you deal with often, that he'd likely be on the lookout for coins he knows you'd LIKELY buy - like an often-used dealer or local shop owner who you buy from a lot. That makes some sense. I've bought like one coin from the majority of those offering this tho. Not exactly a volume relationship. LOL
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Bedrock of the Community
United States
20753 Posts |
Regardless of who says what to you, always remember that your money is YOUR money. You are not obligated to buy anything, from anybody, anywhere at all. Those silly tacktics do sometimes work on people. I get all kinds of letters, catalogs, calendars and tons of those stickers with my name and address on them from so many places it becomes funny. All you have to do is send one charity a dollar and you will get bombarded with so many such letters you could heat your home with all of them. AND that is about all they are good for. Littletone works on that system of sending you stuff hoping you'll feel obligated to buy that item. If you do, they just keep on sending.
At coin shows dealers always say can I make a copy of your list? I always say WHY? What good would it do you? Usually they say I'll look for those coins for you. And I say, no thanks. I'll just do my own shopping.
One dealer I do know well does look for certain coins for me but only when I say plesase look for this or that.
You are not obligated to buy anything from anyone if you didn't put it in writting.
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Pillar of the Community
United States
500 Posts |
I agree carl, I never looked at any of that stuff so I kind of figured you would have to put it in writing. If not, then they are doing it strictly on spec and you owe them nothing. I probably wouldn't want to waste my time and energy on that kind of thing for almost total strangers - but if it works for them then so-be-it. Seems to be a popular ploy tho.
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Pillar of the Community
United States
1064 Posts |
Seems to me that if a dealer did find examples that they thought you'd be interested in, and you declined to buy them, they'd stop chasing you, after a while.
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Pillar of the Community
United States
1817 Posts |
For very high end, condition rarities this is really the only way to go. Do you really want to personally attend an auction, bid and buy that fabulous looking MS67 1893S Morgan that was offered recently and be known that you have an expensive collection that thieves can target? The want list feature works for rare coins only with very limited populations, and the buyer is usually liable for purchasing the coin because the dealer acts as an agent only. For most coins under 1K, best do your own shopping, unless you are tracking sleepers. That's a whole 'nother strategy.
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Pillar of the Community
United States
500 Posts |
Quote:
Do you really want to personally attend an auction, bid and buy that fabulous looking MS67 1893S Morgan that was offered recently and be known that you have an expensive collection that thieves can target? The want list feature works for rare coins only with very limited populations, and the buyer is usually liable for purchasing the coin because the dealer acts as an agent only. While the one dealer was talking about gold only, so relatively higher end coins, the others that have sent me forms or offered this service I had bought relatively inexpensive under-$100 coins from. And all were talking about looking for them at shows - not auctions. Personally, I don't think I'd trust someone else to inspect and buy at auction for-me. I know many do that - since they can't always travel to where the item is - but if I were spending that kind of $ I'd want to see it first in person. I'm no Tony Stark pushing my art desires onto others to buy. I'm not sure that "anonymity" is that big a deal in those situations. Other than the seller, who knows who is buying in those things. It's not like you stand up and declare your name and address in order to bid. No one would know me or where I came from anyway. I doubt that is a big factor overall in the decision to use a beard/buyer/proxy. If security is an issue, your "proxy" could get jumped and mugged in the parking lot too. |
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Pillar of the Community
Canada
3692 Posts |
That's how a lot of people work in general. Take order, fill orders. If you're a merchandiser who doesn't know your clientel or what they like you should just work at Walmart. Knowing to whom you can flip an item is a good way to make things move and circulate. Simple economics, really. But, I see what you're saying, that you may feel obligated to pay any price he says. To that I say that in your list you should include your phone number and what you feel comfortable paying. This way if he's at a show he can simply call you to say that X item will cost a little more than you wrote down. The $ paid will also tell him to pass on certain items and not waste his time on them. |
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Replies: 9 / Views: 1,174 |
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Posted 08/31/2011 6:05 pm
