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Dealer refuses to make a buyback offer on a coin they sold even thought website says otherwise

I bought a coin from a MAJOR coin dealer (top 10% in terms of volume likely) a few years ago. The website has all along said they would love to buyback any coins they sold to you are wholesale market levels. I thought I would offer the coin (a PCGS/CAC coin) to that dealer and just simply asked what he would be willing to buy the coin back for in terms of $$$. I received a one line email in return saying they were not interested in the coin they sold me. Any thought on this type of situation?

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Comments

  • ms70ms70 Posts: 13,946 ✭✭✭✭✭
    Maybe cut and paste their statement about buy backs off the website onto another e-mail and under it ask if they'd like to reconsider.

    Great transactions with oih82w8, JasonGaming, Moose1913.

  • AMRCAMRC Posts: 4,266 ✭✭✭✭✭
    Specifics on the coin, and the actual text of the buyback would be in order.
    MLAeBayNumismatics: "The greatest hobby in the world!"
  • pcgs69pcgs69 Posts: 4,258 ✭✭✭✭
    think we need a little more detail. Maybe it was a coin they sold on consignment?
  • BroadstruckBroadstruck Posts: 30,497 ✭✭✭✭✭
    There's a multitude of reasons why they may not want your coin back such as they might have others in stock of the same date, it might have been a consignment item, it's not on any want lists, etc., etc. etc.

    Lots of details are lost via email as there's no human interaction...

    Prior to getting upset and smearing a dealers reputation following up with a phone call to really find out why might be the best route to take.
    To Err Is Human.... To Collect Err's Is Just Too Much Darn Tootin Fun!
  • I'm trying not to out a dealers so i was trying to be a little vague. The dealer has a section on the firms website which claims very clearly that they want coins they sold offered back to them. This is a Massachusetts Silver piece which is PCGS/CAC in a collectable grade and the coin sold for between $4K to $6K
  • lcoopielcoopie Posts: 8,690 ✭✭✭✭✭
    My thought is

    Why post it here?
    LCoopie = Les
  • and it says very clearly on the website they will make an offer on any coin they sold. Even after i pointed this out they refused to make an offer saying they weren't interested in the coin they sold me.


  • << <i>

    << <i>and it says very clearly on the website they will make an offer on any coin they sold. Even after i pointed this out they refused to make an offer saying they weren't interested in the coin they sold me. >>



    what if they make you an offer as your requested and it was a low ball offer? >>



    Than at least they would be honoring their word
  • mariner67mariner67 Posts: 2,746 ✭✭✭
    Seems to me they should make an offer as they advertize or change the statement on their website.
    Simple as that.
    They can't have it both ways and remain reputable in my eyes.
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
  • BAJJERFANBAJJERFAN Posts: 30,977 ✭✭✭✭✭
    Sounds to me like it's a consideration, but not an obligation to repurchase any coin they've sold.
  • coinbufcoinbuf Posts: 10,712 ✭✭✭✭✭
    I have had this happen to me as well, my solution never buy from that dealer again.
    My Lincoln Registry
    My Collection of Old Holders

    Never a slave to one plastic brand will I ever be.
  • WildIdeaWildIdea Posts: 1,872 ✭✭✭✭✭
    They must have been happy to see the coin go or know something about it you don't? Weird, if they liked it enough to sell it once...cash flow problems? Could be anything, I'd just show it to folks that see it as fresh.
  • DennisHDennisH Posts: 13,963 ✭✭✭✭✭
    Sounds like a dealer that doesn't stand by their public word and has flexible ethics.
    Not the kind of people I want to do business with, and if you tell me who it is I will avoid them.
    When in doubt, don't.
  • TomBTomB Posts: 20,689 ✭✭✭✭✭
    Your post is a bit vague, though I understand why you have written it that way. Given the lack of clarity, true insight might be tough to come by.
    Thomas Bush Numismatics & Numismatic Photography

    In honor of the memory of Cpl. Michael E. Thompson

    image
  • SwampboySwampboy Posts: 12,873 ✭✭✭✭✭
    Does the dealers website state 'we have a 100% buy back offer guarantee' policy?'
  • lavalava Posts: 3,286 ✭✭✭
    It sounds misleading, but does anyone think that promise was ever critical to someone buying a coin? I'm not sure how it would get enforced unless there is some industry standard which would allow for a fair deal to be expected (i.e. 80% of the then market value, as determined by PCGS). You have a beef, but I'm not sure where it goes.
    I brake for ear bars.
  • leothelyonleothelyon Posts: 8,349 ✭✭✭✭✭
    Obviously, it's a coin the dealer does not want to carry with their inventory to shows again. It wasn't as big of a seller they once thought it would be. ujhujhujhujhujhujhujhujhujhujhujhujhujhujhyklklklklklklklklklklklklklklklklklklklklklkl...... my kitty's two cents. image

    To add; Since it's CAC'ed, sell it to that crowd or JA.

    The more qualities observed in a coin, the more desirable that coin becomes!

    My Jefferson Nickel Collection

  • Wolf359Wolf359 Posts: 7,653 ✭✭✭
    Not so sure they are required to buy back coins consigned to them, only coins they own and sell directly. Perhaps that is the issue.
  • wondercoinwondercoin Posts: 16,647 ✭✭✭✭✭
    "Any thought on this type of situation?"

    My thought is to state who the dealer is so folks can go to their website and see for themselves whether the dealer involved has acted in any way inconsistent with the terms of their website. In other words, I would like to read the express statements of the website. Your own words regarding what the website says are confusing "they would love to buyback any coins they sold to you are wholesale market levels".

    Wondercoin
    Please visit my website at www.wondercoins.com and my ebay auctions under my user name www.wondercoin.com.
  • illini420illini420 Posts: 11,466 ✭✭✭✭✭


    << <i>Not so sure they are required to buy back coins consigned to them, only coins they own and sell directly. Perhaps that is the issue. >>



    Not sure you can ever force someone to buy something... unless you're the government and you want to force your citizens to buy health insurance image

    It seems that if a dealer has some sort of a buyback policy/offer on their site, all they would need to do is offer a low price if they really didn't want to buy it back. Seems odd that they would just refuse to make an offer.
  • RYKRYK Posts: 35,772 ✭✭✭✭✭
    Not enough information here, but I will say two things:

    1. There is a dealer who professes to buy back coins sold to retail customers with great enthusiasm. When I once tried to take him up on it, and he resisted, I never looked at his coins again.

    2. If I ever sell a coin, the reason is that I no longer want it for my collection, which is usually not a knock on the coin since I once did include it in my collection.
  • 291fifth291fifth Posts: 23,898 ✭✭✭✭✭
    The hard reality of the numismatic marketplace.

    Why do you think they don't want to buy it back?

    All glory is fleeting.
  • PerryHallPerryHall Posts: 45,296 ✭✭✭✭✭


    << <i>I have had this happen to me as well, my solution never buy from that dealer again. >>



    Agree. Sounds like they may have overcharged you for a coin and didn't want you to find out by offering you what it's really worth. Please PM me the name of this dealer.

    Worry is the interest you pay on a debt you may not owe.

  • 500Bay500Bay Posts: 1,106 ✭✭✭
    I wonder if this is a sign of what I suspect is happening more and more, that we are in a very soft coin market?

    I have a feeling I know which dealer it may be, and that coin is not part of his normal offerings of coins. If it is the dealer I think it is, he does state on his site that there is no price guarantee with his buyback.

    Move on, and get what you can for the coin if you don't want it anymore.
    Finem Respice
  • NapNap Posts: 1,702 ✭✭✭✭✭
    Perhaps they cannot make a strong offer at this time, and rather than insult you with a "lowball" preferred to pass entirely.
  • PerryHallPerryHall Posts: 45,296 ✭✭✭✭✭
    We can't read the dealer's mind but he may be having a cash flow problem. Perhaps he may take it on consignment and sell it for you minus a small fee for his services. I'm guessing this coin may be thinly traded and not easy to flip.

    Worry is the interest you pay on a debt you may not owe.

  • illini420illini420 Posts: 11,466 ✭✭✭✭✭
    Thought about it more and it's pretty uncool of the dealer to just reply with the one line that they are not interested. With the statements on the website saying they'd love to buyback their coins, they should at least have explained why they would not buy it or could not buy it at this time. And even in the case where the dealer was currently cash poor, they should have at least offered to take the coin on consignment (probably at a reduced commission rate) to try to help you out.

    Even without a stated policy about wanting to buyback coins previously sold, I would expect that most good dealers would welcome the opportunity to get some of their coins back. Those situations seem to work out well for all involved as the dealer can help out an existing customer and it's a coin the dealer should be very familiar with and would already have images and description of it ready to go for resale.
  • MrEurekaMrEureka Posts: 23,891 ✭✭✭✭✭
    Perhaps they cannot make a strong offer at this time, and rather than insult you with a "lowball" preferred to pass entirely.

    That´s the most likely scenario, but there are many other possibilities. For example, what if the dealer didn´t have any money to spend? Or what if he knows you well enough to know that nothing good can come of any offer he makes? FWIW, I´ve been in all of these situations before, as have most dealers.

    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • barberkeysbarberkeys Posts: 4,151 ✭✭✭✭✭
    Many years ago, as wise old dealer said it's always a good idea to try and sell something to a dealer, to see the response.

    This dealer's one line response would ensure that he wouldn't see any more of my business.
    Vern
    l
    It's not having what you want, it's wanting what you've got.
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,793 ✭✭✭✭✭
    Free your mind of worry. He was given "first shot" at a buy back. He opted out. It may not be cool to some and it sure may not seem right to others. However, friends… it's the way the market (hobby vs real world realities) works. He opted out of the BUY BACK.

    For me , that is a clear option to A) Let it go to who wants it more. B) To take the driver's seat. C) To suck it up D) to take heart not "take it TO heart".

    Most of us want to BUY BACK our coins. A few of us do "regret" selling many of the coins we deal. And some we are just darn glad to be rid of.
    Those of us who don't (or won't buy back), probably don't like what we are doing , aren't likely to be doing it successfully with a losing formula for long. And the bottom line is MONEY for many. The business is a product, and the hobby is made up by the sum of all it's parts. It's just "business". Let it go, bro.


    As a caring man (hobbyist) I do empathize, as I share from my own experiences (on the other side of the counter) .

    My advice: Just move along. It's a big pond.
  • silverpopsilverpop Posts: 6,590 ✭✭✭✭✭
    call them up and ask questions about what you saw on their website I gather they would explain it clearly to you
  • MGLICKERMGLICKER Posts: 7,995 ✭✭✭
    Any dealer can make an offer on virtually any coin of value. Question is how close is it to what was paid. That may well be the problem here.

    I would find some new dealers.
  • CatbertCatbert Posts: 6,543 ✭✭✭✭✭
    With the CAC sticker, you already have a easy sale option. You also likely possess a coin that will be attractive to non-dealers. If you want to sell, why fret over the seller? You now have a valuable piece of info about this dealer that you won't buy from them again. I'd say that is a net plus!
    "Got a flaming heart, can't get my fill"
  • dbldie55dbldie55 Posts: 7,717 ✭✭✭✭✭
    Is this the type of coin they normally deal in? You said perhaps top 10% of volume, which would make me think the coin in question is not normal for them to market. Hard to say without knowing more.

    Sounds like the dealer is in a no win situation with you.
    Collector and Researcher of Liberty Head Nickels. ANA LM-6053
  • Wabbit2313Wabbit2313 Posts: 7,268 ✭✭✭✭✭

    Where does this "CAC will automatically buy your coins if it has a sticker" come from? They could not possibly buy every single CAC coin if it came down to it.
  • ambro51ambro51 Posts: 13,579 ✭✭✭✭✭
    I ran into this a few years ago on a 5 figure coin. When I later bumped into this dealer at lot viewing he apologized and said the coin was a consignment piece and he couldn't cover the buy back. That's Life.
  • COALPORTERCOALPORTER Posts: 2,900 ✭✭


    << <i>Where does this "CAC will automatically buy your coins if it has a sticker" come from? They could not possibly buy every single CAC coin if it came down to it. >>




    What about Eagleeye - don't they have a similar buy back plan? Maybe they just hope it doesn't happen - like if we all flush the toilets at the same time, it
    could cause major problems too image
  • TwoSides2aCoinTwoSides2aCoin Posts: 43,793 ✭✭✭✭✭
    Joe bought 1000 shares of this company through a broker. (oops, I mean I went on ebay and bought this coin).
    The value went down. Joe can't get the dealer to buy it for more than he paid for it, but a local dealer will take it at a reduced price. (ooops, I mean: I screwed myself on that one)
    Is it best to sell it to someone who can make more with it than me, or toss it in the junk box and get back to the drawing board, by only buying from the U.S. Mint ? Or would Joe be better off only buying coins that he likes, and wanted to keep away from the world… but sell them for a much higher price and not be willing to buy it back at that price because someone really wanted it more than me , a long time ago ?

    Don't mind me. I come online every day to think out loud and ponder life's journey….. and to discuss how easy it is ( in a hobby), in comparison to other places around the globe and with all the drama that tends to permeate our society. Seems emotions run higher here than on the "FRONT" where our soldiers /police, etc., are every day.


    The only thing I ever regretted about serving, was seeing how spoiled people are.
    .
    The only thing I regret about coming here is trying to put myself in other people's place and giving useless opinions about WHY it's the great CAVEAT.

    When will WE (collectively) learn. Buy what you like so much you wouldn't want to take it back.
  • dbcoindbcoin Posts: 2,200 ✭✭
    Tell them you will create a report on ripoffreport. Get a screen grab of their website buyback offer and show them what you will place there. It may change their mind. If not, anyone googling that dealer in the future will see that report at the top of the list.
  • CaptHenwayCaptHenway Posts: 31,499 ✭✭✭✭✭
    When I was working I would always make a buyback offer on anything that we sold, at current wholesale market, of course. It helped that I worked for a dealer with deep pockets.

    If, as a collector, I had a dealer blow me off like what the OP describes, I would simply never do business with that dealer again and move on.

    TD
    Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
  • CatbertCatbert Posts: 6,543 ✭✭✭✭✭


    << <i>Tell them you will create a report on ripoffreport. Get a screen grab of their website buyback offer and show them what you will place there. It may change their mind. If not, anyone googling that dealer in the future will see that report at the top of the list. >>



    Wow....I hope that was posted in jest.

    Life is short. The OP has attractive options for selling his coin, if that is truly his intent. Why the angst and venom?
    "Got a flaming heart, can't get my fill"
  • nwcoastnwcoast Posts: 2,826 ✭✭✭✭✭


    << <i>

    << <i>Tell them you will create a report on ripoffreport. Get a screen grab of their website buyback offer and show them what you will place there. It may change their mind. If not, anyone googling that dealer in the future will see that report at the top of the list. >>



    Wow....I hope that was posted in jest.

    Life is short. The OP has attractive options for selling his coin, if that is truly his intent. Why the angst and venom? >>



    +1
    Don't feed the Monsters....

    Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014

  • SonorandesertratSonorandesertrat Posts: 5,695 ✭✭✭✭✭
    Some lessons in this thread.
    1. Don't do business with that dealer again. You should have received some kind of explanation. If that coin was a consignment coin, to which the buy-back did not apply, the dealer should have disclosed this at the time of sale.
    2. Even if a dealer honors his buy-back assertion, you may not like the offer. Markets change, so do the finances of dealers.
    3. When thinking about buying a coin, make an effort to understand how liquid it is.
    Member: EAC, NBS, C4, CWTS, ANA

    RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'

    CJ: 'No one!' [Ain't no angels in the coin biz]
  • BoosibriBoosibri Posts: 11,839 ✭✭✭✭✭
    Am I the only one who is very curious about who the dealer in question is? I'd like to read for myself the buy back policy.
  • gummibeargummibear Posts: 783 ✭✭✭
    If I had bought from this dealer and he refused to even give an offer I would never buy from them again. I would also out them on this forum as a liar to warn the rest of us and hopefully cost them a lot of business. If it was a valuable enough coin I would consider a lawsuit or at least small claims court. I would assume that since they said they would love to buyback any coins they sold to you are wholesale market levels a court would hold them to that. You could also report them to the Better Business Bureau for false advertising.
    I would consider that statement as part of the contract of my buying it in the first place. He promised that you had a liquid asset and now he is making it less so. If I had to sell somewhere else for less than market wholesale he would be completely liable for the difference. The more I think about it the more I would want to sue.
    Richard
  • BryceMBryceM Posts: 11,721 ✭✭✭✭✭
    I suspect if you really pushed the dealer, he would make good on his promise and make you an offer. It might be a ridiculously low offer, as others have said. I'd like to hear the other side of the story before casting my vote on this one.

    It's always easier to buy a coin than to sell a coin. image
  • MrEurekaMrEureka Posts: 23,891 ✭✭✭✭✭
    If I had bought form this dealer and he refused to even give an offer I would never buy from them again. I would also out them on this forum as a liar to warn the rest of us and hopefully cost them a lot of business. If it was a valuable enough coin I would consider a lawsuit or at least small claims court.

    Unless the amount of the buyback offer was fixed in advance, there would be no damages, because the amount of the offer could theoretically have been face value, or even less.

    I'm not sure everyone reading this thread gets that. When a dealer says he would like to buy your coins back one day, or that he promises to make an offer to buy your coins back, he isn't guarantying that you'll get all of your money back. The buyback price remains to be determined.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • DrPeteDrPete Posts: 1,497 ✭✭✭
    Not enough information for me to make an informed decision about this very specific case. A lot of real possibilities have been offered above, many of them quite reasonable.

    Here are some reasons I think are legitimate, including some mentioned above.

    1. The dealer is out of capital right now, has changed his business model to other types of coins, or has personal health issues or a variety of other problems that are none of your business.
    2. He remembers you specifically as being a real problem person to deal with and wouldn't buy back any coin from you because you are a big pain in the rump. The fact that you are airing this case in this rather public forum would make me inclined to think you are a person who can be difficult to work with.
    3. The market has softened for the coin and the only realistic price he can offer you right now is so low he would feel his offer would be off the charts unacceptable, and even insulting.
    4. Something else, or a combination of above factors.
    Dr. Pete

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