Wantlist ettiquite

Jamericon

A good dealer friend of mine has offered to service my wantlist at the upcoming FUN show. May main question is this:

Is this considered a binding contract? If he finds one coin that fits the grade I asked for am I obligated to buy it?

OR

Are wantlists binding contracts ON APPROVAL? That is, if he finds the date I want in the grade requested, am I only obligated to buy on my personal approval?

I understand that no one is holding a gun to my head and that of course I do not have to buy it if I do not want to, only risking relationship and trust between me and the dealer. I have given a lot of business to the guy over the last few years. I just want to know if there is a way out or do you stick to your word.

Jamericon.

Placid

I think I would discuss it with the dealer.
If you tell him/her that you might buy the coins if he finds them but can't promise that you will ahead of time that should clear up any future problems or hard feelings.

mercurynut

I work with a couple of great dealers via my want list but I do stipulate the following. 1) I specify a price range I am wiling to purchase the coin. 2) I have the right to inspect the coin in advace of commiting my funds. This way if he buys a coin I will not be happy with or is outside my budget I do not have to purchase it. Just be honest with your dealer he will work for you not against you because he wants to profit from the relationship.

relayer

It all depends on what the agreement between you and your friend was - no one here can determine that.

What did "service my wantlist" mean when you both agreed for him to do it?

Mrpawn

Any time that my local dealers aquire coins for my want list it its still dependant on my approval of the coins. For this reason they try for only the better coins that they know they can sell elsewhere if I, or others that they are watching for, do not appreciate them as well as they do. That way I can be comfortable buying or rejecting. A good dealer that knows you will have an idea of your likes and dislikes in coins.

Make sure that your dealer thinks as you do or you may lose a valuable souce of coins. Any dealer willing to take the time to consider my "wants" is valualble to me.

Jr

SarasotaFrank

My want list has everything I am seeking both short and long term. It is distributed to the dealers I do business with in spreadhseet form through email. It is by no means a Purchase Order binding me to purchase anything on it that they produce. Typically, I will get a call or email saying, we can, or have, picked up this, which is on your list. Stop by and take a look at it as you get first shot at it. If I pass on it, they'll sell it elsewhere. I am to teh point where most coins on my list are tough dates and there is always a market for them. If I ask for something obscure, it would be with the understanding that I will buy it.

Let your dealer know your understanding up front and you'll never have a problem.