DISCUSS your most favorable coin transaction with a dealer........
SethChandler
Posts: 1,718 ✭✭✭✭
In light of an annoying(IMHO)thread, lets talk about a coin and how the dealer treated you in the transaction(your favorite).
Years ago, I developed a passion for territorial gold. I love 'em, simple as that. Lots of American history behind these pieces. I read & reread Don Kagin's book on the subject. At the ANA show, I made a beeline to his table to check out his inventory. As you could imagine, the man that wrote the book(really!) had an AMAZING selection. Several dozen coins, mostly slabbed. Bechtler, Humbert, Schultz, $50 slugs, and my personal favorite, Clark & Gruber. We probably talked for a good 45 minites. He took the time to answer every single one of my questions, and, most importantly I examined almost every coin in his inventory. My interest focused on a PCGS 1861 Clark & Gruber $10 coin. After a couple of minutes of haggeling, we settled on a price of $3200. I paid cash, "done deal",and started to table hop. An ideal coin transaction......I learned, viewed dozens of rare specialty coins, made a new contact, and bought a great coin at what I believed was a FAIR price.
Two hours later, Mr. Kagin walked up to me on the bourse, and tells me that there is a problem. He then proceeds TO HAND ME BACK $300!!!!!!!! "I accidentaly charged you to much" was his reply...."keep in touch". I'm sure all board members have engaged in hundreds of transactions but I'm sure that very few have ended like this. Now, mind you, I had seen similar pieces sell for a little more...so this was not a case of a naive buyer paying super high retail. The first price was FAIR. The second price MUCH better.
Stand up guy.
Seth
Years ago, I developed a passion for territorial gold. I love 'em, simple as that. Lots of American history behind these pieces. I read & reread Don Kagin's book on the subject. At the ANA show, I made a beeline to his table to check out his inventory. As you could imagine, the man that wrote the book(really!) had an AMAZING selection. Several dozen coins, mostly slabbed. Bechtler, Humbert, Schultz, $50 slugs, and my personal favorite, Clark & Gruber. We probably talked for a good 45 minites. He took the time to answer every single one of my questions, and, most importantly I examined almost every coin in his inventory. My interest focused on a PCGS 1861 Clark & Gruber $10 coin. After a couple of minutes of haggeling, we settled on a price of $3200. I paid cash, "done deal",and started to table hop. An ideal coin transaction......I learned, viewed dozens of rare specialty coins, made a new contact, and bought a great coin at what I believed was a FAIR price.
Two hours later, Mr. Kagin walked up to me on the bourse, and tells me that there is a problem. He then proceeds TO HAND ME BACK $300!!!!!!!! "I accidentaly charged you to much" was his reply...."keep in touch". I'm sure all board members have engaged in hundreds of transactions but I'm sure that very few have ended like this. Now, mind you, I had seen similar pieces sell for a little more...so this was not a case of a naive buyer paying super high retail. The first price was FAIR. The second price MUCH better.
Stand up guy.
Seth
Collecting since 1976.
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I received his monthly inventory list in June. There was the coin I wanted/needed for my Morgan set, but was 2X the price I'd ever spent on any coin before -- a 1901-P Morgan MS62-PCGS. The price was $3,900.
I called Steve and asked if he would let me take a while to make payments for it... like all summer.
"Of course," he said. "Except I'm going to send it to you now."
So the coin arrives and I open it up. I was excited even before I saw the coin. But when I pulled it out of the package I went semi-silly. I immediately picked up the phone.
"Steve, this thing is amazing! It's gorgeous!! It's not a 62, it's a 63!!!"
"I agree," he said.
"When I'm through paying for this, I just have to give it a couple of trys at regrading."
"Don't wait," said Steve. "Start trying now."
It didn't go up on try #1.
It didn't go up on try #2.
It did go up on try #3... to MS63... at about the same time I made the last payment.
I sent Steve a thank-you card and a check for four figures.
The 01-P was graded as MS-62 3 times (at least), and graded as MS-63 1 time. Isn't the coin an MS-62? I mean 3 out of 4 times it came back as MS-62. Hmmm.
Fast forward to about 2 years ago when I'm talking to Gail Watson then of Bowers about my want list and I casually and facetiously mention, knowing that it could never happen, that I want them to find me the redbook plate coin Immunis Columbia.
7 days later the coin is in my hand.
Check it out, its the Eliasberg coin, PCGS MS 64 with tinges of red.
That's certainly one way to look at it.
Another way is that PCGS, knowing the value difference between a 62 and a 63 is roughly nine grand, took the cautious route in what theoretically could have been the first and only time the coin had been graded.
But that didn't mean it was the accurate grade.
Like I said in my post, I thought the coin was a 63 the instant I saw it.
On the selling end. I usually sell to members or as a last resort use ebay but did have quite a nice experience with JadeCoin at Central States last year in Columbus. That was the first time I have ever walked a show trying to sell coins. I was selling a collection for a friend at the time. I also sold some of it to Jonathon Kerns(??). The boys at Jade were a pleasure to sit and talk with and their offer was outstanding.
He really perked up my interest in coins. A world class guy. Too bad his son did not do things the way his Dad did.