Unprofessional experience attempting to sell coins to LCR coins in Dripping Springs Tx
drfish
Posts: 947 ✭✭✭✭
As I near retirement I decided to sell my duplicate coins rather than pass on boxes of coins to my kids who have zero interest in them . I sent a list of 6 PCGS coins (3 Buffalo $50 Pr70 FS and 3 Burnished AGE $50 ms70 FS) to a few larger dealers that had “we buy coins” web pages. LCR offered the best prices and advised that upon receipt they would verify the coins by checking certification numbers and if the holders were in good shape they would mail a check out that day. If there were any problems or the coins weren’t as described they would call or email me. If we couldn’t reach an agreement they would return the coins by insured mail. Ok sounds fair! The day before shipping I emailed an invoice, a photo of the obverse of the coins and the shipping label to the co-owner of LCR. She replied “Thank you. Will let you know when we they arrive.” So the next day I shipped the coins insured , LCR received them a few days later and within a few hours I received a shipment email from LCR ( I assumed the check! ) A few days later I was shocked to receive the coins back with a handwritten note - “these are not burnished Eagles” and “you sent Eagles instead of Buffalos”. Obviously LCR did not verify the certification numbers or they would have seen the AGE’s were indeed burnished ( they were 2013W and 2014W before PCGS added burnished to the labels and changed from MS to SP grades) I have no idea what they were talking about with the Buffaloes as there we were 3 shipped as pictured and noted on the invoice (emailed and packed with the coins).
When I contacted the owner by email (she did not return 3 calls) she informed me that I was at fault as I didn’t put the coin certification numbers on the invoice (something she never requested ) , things were very chaotic at the business and they had new people in receiving. She also told me she was off that day (she signed for the coins according to USPS signature verification) and had no idea why I wasn’t called. She further stated “ I never saw that email or picture unfortunately. If I had I would have caught the coins were not burnished. All of ours are labeled from PCGS as such and look different.” I informed her that PCGS changed their labels around 2015 and sent screenshots of all 3 PCGS verifications. I requested either a refund of my $193 shipping and insurance or that LCR email a return shipping label and follow through on the sale at the agreed upon price. Her final reply was “We are not responsible for your shipping nor are we required to purchase your coins.” All in all an incredibly unprofessional experience.
Comments
Pictures of the coins?
Yep
Remember most people these days can’t lift a finger you have to do it for them
Fisher Price simple
Chalk up that $193.
What was the negotiated price from the renegged buyer? Assuming it was reasonable, all six of those coins should be easy for any dealer to sell.
Indian Head $10 Gold Date Set Album
I have already sold the coins at $50 less than the LCR offer to a buyer(he prefers NGC so I didn’t think to contact him) that paid by bank wire (before I even shipped !!).
. FYI - I didn’t negotiate a price - she made an offer on each coin which I accepted. Even if they were ignorant of the fact that burnished AGE’s have W mint marks while bullion doesn’t, there was no reason to return all of the coins without contacting me. Also if they had checked the certification as stated in their terms they would have verified they were burnished. Ironically company has two burnished AGES - a 2012 and 2013 (priced accordingly) - on their webpage. Neither has burnished or SP on the labels.
I am surprised a local shop wouldn't have offered the same and saved you shipping (and a headache).
Perhaps Heritage next time? They're a top-notch outfit that doesn't kid around to taking care of business.
peacockcoins
Have you thought of shopping them around the bourse at a show?
I’d be upset as well. IMO, the dealer should have picked up the phone and called you. Also, ‘new people in receiving’ isn’t your problem. It’s theirs. Geez, what a mess.
Dave
Got a link to the website so I can avoid them
Mike
My Indians
Danco Set
Local shops offered gold spot.
Mark at FCG bought most of the gold coins I was selling at a fair price. The gold spouse coins are selling on eBay through auction ( definitely better than spot!)
Could have been much worse - very happy the 15K of coins were still in my mailbox when I got home.
Please tell me that they shipped them back to you requiring a signature.
Mike
My Indians
Danco Set
My son was home to sign for them. They were left in the mailbox signed for by an unreadable scribble. I had called and emailed LCR when I got the ship notice which said a signature would be required. The message I left with LCR was “Since I am getting a check can you release the letter with no signature ?”
So the three possibilities are LCR released it, the mailman signed off on it or a neighbor got the box and stuck it in my mailbox (no neighbor gave me a heads up)
Geezzzz
Mike
My Indians
Danco Set
LCR must have some rookies working for them.
A comedy of errors.... Seems very unprofessional on the part of LCR. Cheers, RickO
weird experience, glad you're only out $200
The USPS charges for signature required but they dont get one. The mailman leaves the package and scribbles a signature. Lucky your coins were there. It would be tough to fight the USPS if it says they were signed for. Registered mail is safer.
Successful BST with ad4400, Kccoin, lablover, pointfivezero, koynekwest, jwitten, coin22lover, HalfDimeDude, erwindoc, jyzskowsi, COINS MAKE CENTS, AlanSki, BryceM
Some people react in anger and discontinue any cautionary commonsense practices. In her ignorance, she thought she was ripped out of the shipping/insurance to return something her company thought less than what they wanted. No research, nor contact, just ship back in a huff. Seems like a common practice today.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
About LCR Coins
For more than 35 years, Collectors and Investors have trusted LCR Coin to provide them with straight-talk, reliable information, and some of the best pricing in the industry. LCR Coin is a family business that treats our valued customers like our family.
We are experts in Bullion and Rare Coins.Collectors and Investors have relied upon us to be their Number One source for Gold and Silver Bullion, Modern Graded Coins, and Certified Rare Coins. We have helped many collectors and investors build their family collections and precious metal accumulations.
Why do so many people rely on LCR Coin?
Expertise: After 35 years in this industry, we know the Bullion and Rare Coin markets intimately. We use our knowledge to buy the best coins at the best prices and offer them to our valued customers. Our team of experts, collectively, has over a century of experience in this industry. We want to answer your questions, and help you decide which precious metals or rare coins are right for you.
Integrity: One fact we truly understand is that in this industry, your word is your bond. We do not have “different stories for different customers.” We understand the value of loyalty as we would not be here, doing what we love, without YOU. We are proud members of many numismatic and industry organizations and follow their rules of conduct.
https://lcrcoin.com/about/
It appears the self-serving statements are less than accurate.
Bad situation. I suspect that they have too many people handing the transactions.
I am sure someone there thought you were playing them or at least unknowingly misleading them, by not shipping what they thought they were expecting, and they had to eat the return shipping to you. If only they had called you first to complain, you could have set them straight.
An organizational issue at their end.
BTW, If the person who looked at the shipment was expecting to see "burnished" on the label and it wasn't there, they'd have no reason to check cert numbers. So, it was lack of knowledge, not laziness, on their part.
It’s very strange that they did not call you to ask questions.
Any time there is confusion during a deal, first response should be communication to try to resolve. Many misunderstandings can be easily cleared up with a simple phone call or email.
Even if they thought the coins were something else I would expect a phone call to renegotiate the purchase price.
It's not like you sent them a few basic type coins, that was a substantial order and LCR should have handled it as a priority.
Two thoughts that are tangential to the situation:
1- These should be really easy to move. Next time try the BST and you don't have to pay a middleman as part of the final price you pay.
2- Registered Mail will be WAY cheaper than insured at that value. I haven't checked (easy enough to do), but I'd imagine those 6 coins sent Registered would be $40-50 tops.
Welcome to the club, many have gone through similar experiences when businesses promise the world and then can't deliver. Dropped you like a hot brick. I'm glad you found a reliable business.
Who owns LRC they have some high end early gold coins on there site. Also they have a Blog about first delivery designation on Silver ASE. You can purchase from them.
Sounds like she made a bid that she later decided was too high,
and then weaseled out of the deal.
Sounds to me that all in all, you are very lucky you are only out the shipping!
Wayne
www.waynedriskillminiatures.com
I agree - I’m sure if the coins had disappeared from my mailbox I would have been totally screwed!
Have you tried to contact them since this all happened? Not that it matters anymore anyway, but just to find out where this lady is on the food chain in the business. I would want to speck to the person in charge and tell them what went down so maybe he can avoid any problems in the future and maybe make amends to you You may also let them know about this website!
Mike
My Indians
Danco Set
She is a co-owner . Yes I followed up with her by email with no success. She never returned my call.
I guess you did all that you could do as far as trying to work it out with them
Thanks for letting us know and sorry for your $193 that you lost
Mike
My Indians
Danco Set
How and where did you ship them? USPS registered mail shipping one way should be ~$50 I reckon.
http://ProofCollection.Net
She likely took one look at the labels, saw that they weren't correctly labeled as burnished and wanted no part of the costs and headaches that are likely associated with getting such labels changed. She/they just weren't going to have any part of that. More cost-effective to wait for the correct labeled coins because they are what customers want. ......is all my guess.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
The buyers by and large don’t want to wait on registered mail. I use Shippo.
Those are the “correct” labels for the time frame the coins were slabbed. The burnished /SP labels weren’t started until 2015. LCR has two pre-15 burnished ASEs without burnished on the label currently in their inventory. While claiming to be experts in Bullion/ Modern coins with 35 years experience the co-owner and worker(s) in receiving are apparently ignorant of when PCGS changed the labels as well as the fact that burnished AGE’s have a W mintmark and either MS or SP grades.
Regardless of all the reasons they may have returned the coins, I was told in the email offer and their website states that if there is a problem they would contact me.
Sounds like she got sick of the deal she agreed to and just wanted to weasel out.
Glad you explained this here, making potential customers aware.
In trading, this is the unforgivable sin to me! Once you make a deal, you stick with it, come hell or high water!
So you might lose some on one particular deal, it just makes you more cautious on the next. All’s not lost and you keep your good name as someone that doesn’t ‘back out’ at the drop of a hat!