Poll: Would it be tasteless to bid to win a coin cheaper than you sold it the seller previously?
opportunity
Posts: 1,057 ✭✭✭✭
You sell a coin to a dealer and you snipe the auction at a price lower than you sold it to them for, knowing they will know who you are.
Early American Copper, Bust and Seated.
Poll: Would it be tasteless to bid to win a coin cheaper than you sold it the seller previously?
This is a public poll: others will see what you voted for.
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He gets less money back for the coin if you don't bid so I'm guessing if you ask him that same question he'd prefer you to put in that bid, he is losing money regardless may as well lose a little less
If I'm not mistaken, that's what makes the earth rotate.
As a seller I would appreciate any and all bids.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
All my worrying and research and TV evangelists and church going and praying for this.simple posting and I realized now,,,,,,,..............Yes, Yes there is a God.
It's an auction. If they wanted a specific price they should have put a reserve or sold it a different way. As stated above, you are helping by bidding.
When opportunity knocks...will you answer?
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Additional POLL CHOICE: #3.
What a silly question.
I see nothing wrong here. Sometimes your the windshield...
You would be a Capitalist.
Your forum name is "opportunity." I think you know the answer to your question already
The value of a coin at auction depends upon where the current market is. What it sold for previously is only important when you are figuring yout income taxes based upon what you paid for it.
The fancy term that economists use for price paid is "sunk cost." Sunk costs have little or nothing to do with current value. The only reason why I said "little" is that some sellers refuse to place items on the market or still ask for high prices when they are "buried" in an item. That affect the supply function of the supply and demand function.
Taxes? That would make an informative discussion.
Markets, thus values, go both up and down.
He'd probably do it to you, so....
Great transactions with oih82w8, JasonGaming, Moose1913.
_It's an auction. If they wanted a specific price they should have put a reserve or sold it a different way. As stated above, you are helping by bidding.___
+1.
Member ANA, SPMC, SCNA, FUN, CONECA
It is an auction...make your bid and hope for the best. Cheers, RickO
I have done this. Most recent "big" example of this is the Eliasberg 1913 Liberty Nickel
All is fair as far as auction bidding goes.
This situation would be more of a dilemma in a retail setting: you sold someone a coin for $X and now they are back to sell it. What are you paying? What if the market value increased? What if it didn't? What happens to your premium if the value remained the same?
8 Reales Madness Collection
Anything goes in auction arena - it’s not for sissies.
I think the seller should start the auction at the lowest price he or she is willing to sell for. Bid accordingly.
I always answer the knocks on my door and it's quite often. I like to think I am still a gentlewomen
When I was a new (pain-in-the...) collector, anytime I bought an expensive coin I got the dealer to issue a receipt with a guaranteed buy-back price that was good the time of sale and into the future. Never took one back and I was not worried that I had paid too much as I knew what the downside would be if I needed to sell.
Not everything that is legal, above board and according to Hoyle is necessarily my style.
I'd prefer to Pass on this opportunity to make a buck or a thousand of them.
Tasteless ferengi?
That's harsh lol
"Inspiration exists, but it has to find you working" Pablo Picasso
From a seller's perspective, this isn't much different than selling a coin back to the dealer you bought it from at a loss so that you can use the money elsewhere.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
WTF?
I believe my philosophy in this area can be best expressed by "Don't Cry For Me, Argentina"
It might be rude to buy the coin for half of the seller's cost and then tell him that you bought it for half of your bid. But you should do it anyway. Let him know that he should always offer his coins directly to you, because you're the higher buyer. And his buddy.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
That is NOT what happened. !!!!!
The dealer sold the coin at a price 3X what he paid you for it to an eccentric millionaire, who perished a short time later under a pile of hoarded Wheaties boxes.
Some time later, his meth addicted niece found the coin, and sold it for 1/10th of what you sold it for to a shady coin dealer, who flipped it to the original dealer for .4 of what he paid you for it, so, when you win:
The coin dealer still makes a pile of money.
See how easy it is to sleep at night?
No. That is a free market (assuming no coercion to sell).
Every bid, no matter by who, raises the sellers dollar outcome. Bid away and if you're the last bidder, so be it.
bob
Have you ever had a dealer buy a coin from you for less than you paid him for it?
Dealer bought the coin from you hoping to make a profit. It did not work out so he is selling it to get working capital back or pay bills. You increased the bid so he got more money. He took a business risk and you helped him cut his losses. How could this ever be unethical.
It's just what the market dictates and the bidding might go up as well. Nice you gave it some thought, but it's not your fault either way.
Pete
Louis Armstrong
The market dictates the price.....not you.
I guarantee the dealer would do it you.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
I guess if losing out is your thing, then don't bid.
it is what it is. the dealer is the one who put it up for bids. fwiw