Hypothetical situation: Being offered registry leftovers.....

Lakesammman · May 8, 2003 2:34PM

How's this for a hypothetical situation....heard about it recently from a friend.

Let's say you have a reasonably close relationship with a dealer in your series. Over the past 7 years you've spent a few hundred thousand with them. When you sell, you consign coins to him. Whenever possible, you promote their business, stear clients their way, do occasional favors - nothing major - just the kind of stuff that builds a relationship and promotes their series.

A registry set comes available with several coins you need. The dealer tells you that the nicest stuff is being offered to a "better" customer. What's left is being offered to other clients (including you) on a auction basis, highest silent bid plus 5%.

How do you respond?? Do you bid or.......?

ohbaby · May 8, 2003 2:52PM

Not what I call a "reasonably close relationship ".

I would tell him/her I have decided to sell my coins and he can bid on them along with 5 other dealers.

michael · May 8, 2003 3:33PM

pass and time to find another dealer

if you wants suggestions of the best of the best to deal with private message me

i guess for me it is a free country and the seller can do waht he wants to but for me then you need to find another seller!

coins are always there opportunities are always around the corner no coins are rare

but a dealer with respnosibility intergrity knowledge and AN INTEREST IN HELPING YOU is the way to go and more inportant then the coins! as the coins always appear but these good dealers do not!!

again if you wants suggestions as to who to deal with pm me !!!!!!!!!!!!!!!!!!!!!!!!

sincerely michael

Poseidon · May 8, 2003 3:43PM

I don't think there are a lot of dealers that would actually tell you that the better material is being offered to someone else. They might just tell you what they are auctioning, and hope that you don't know the exact contents of the set they are handling.

tgilliams · May 8, 2003 4:15PM

I would find another dealer!! With steady business you've helped him a lot. Sometimes it's the Dealers that need to reward good customers. I have about 4 Dealers I work with on my more expensive coins. Everyone gives me a very nice discount. It's a 2 way street. You're the on a one way street with him. Drop him, too many great dealer's out there that reward steady customers.

cointagious · May 8, 2003 8:18PM

<< The dealer tells you that the nicest stuff is being offered to a "better" customer. >>

a "better" cutomer is one that doesn't know value and trusts the dealer. The dealer rationalizes planting the guy in the pieces at inflated prices far above the current because of the quality.

<< I don't think there are a lot of dealers that would actually tell you that the better material is being offered to someone else. >>

i've had this happen to me more than once and under circumstances similar to this hypothetical!

toothpuller · May 8, 2003 8:26PM

Cointagious hit it on the button. Hypothetically you are too knowledgable of price and value.

Conder101 · May 8, 2003 9:54PM

Something to consider, possibly this "better" customer has been doing the same thing you have been doing but for a significant time longer and has spent considerably more money with the dealer than you have.

But if the dealer actually refered to him as a better customer then the dealer made a serious business ettique error. I also think the dealer is being rather shoddy with this "silent auction plus 5%" deal as well. If it is a auction why the 5% plus usually for lesser stuff that you don't have active wantlists for it's usually first come first served.

berylcoin · May 9, 2003 3:41AM

Conder took the words right out of my mouth. Other than the weird auction thing, it's more a breech of etiquette than anything else. I expect to be treated with a consideration comensurate to my relationship with the dealer. In the case you describe I might expect to get a shot before the general public, but wouldn't necessarily be offended by not getting "first shot". That said, I don't need to be told "You're not one of our 'better' customers." As stated earlier that's just not good business etiquette IMHO.

The best dealers make you feel like a "better" customer even when you're not.

BC

Russ · May 9, 2003 4:20AM

This dealer is one really stupid businessman.

Russ, NCNE

byergo · May 9, 2003 6:40AM

Honesty from a coin dealer is refreshing. I doubt Bill Gates is posting on this board, so you are probably not a dealers "best" customer who will get offered the world-class top-pop coins 1st.

I know I can deal with that.

Typetone · May 9, 2003 7:09AM

Generally a dealer would not tell you that best stuff is going to another customer. Even if you have spent a few hundred thousand, there are still better customers for major national dealers. Still, no gain in telling that to you. Second, the dealer should not be auctioning good pieces. He should be offering them at fixed prices to guys like you.

If it were me, I would start to shop around and take my loyalty to where it is returned. PM me if you would like some ideas.

Greg

fishcooker · May 9, 2003 7:14AM

Sometimes the best customers don't get the best treatment.

They may use the best coins to go and make new customers.

I have seen cases where the worst customers get the best products, and the best get mediocre ones on the assumption you'll be there regardless.

Bear · May 9, 2003 8:28AM

I have never been treated as you have, by my regular dealers. I have been told a coin

has gone to a prior want list on a first in first refusal basis and I have no problem with

that. Also I think that the auction plus 5% is a terrible way to treat all of ones customers.

I would seek a dealer who would treat me with integrity and class and consideration.

If you need a couple of such dealers, PM me with your collecting specialties. Bear

TAP444 · May 9, 2003 8:34AM

Find a rope and a tree for this dealer
Tim

Bear · May 9, 2003 8:50AM

By thunder, we havent had a galdern hanging in a month of Sundays.

Tarnation, thats what this Forum needs to get the blood moving agin.

Lakesammman · May 9, 2003 1:05PM

Appreciate the responses.....they are thought provoking, by in large....perhaps I should tell my friend to buy everything offered to him at full price without question or negotiating?? I can see how that would make one a favorite customer!

Conder101 · May 10, 2003 1:08AM

<< . . I have been told a coin has gone to a prior want list on a first in first refusal basis >>

Now that is the tactful way to say "I'm sending it to a better customer". It says and accomplishes about the same thing, but it isn't insulting. Plus it leaves open the hope that it many still become available.

joeyuk · May 10, 2003 1:54AM

I agree with the prior wantlist having first refusal, But the aution + 5% I think is wrong. It shows the dealer is only afte the most money with no regard if it is you or anyone else.
I lost an auction once on a coin $ 725. The dealer contacted me and offered me another example same grade and grading service for $620 . It is nice to think of a dealer as turning over their inventory at a small profit as opposed to trying to make their days pay on each and every transaction. Joe

docday2003 · May 10, 2003 2:03AM

<< Honesty from a coin dealer is refreshing. I doubt Bill Gates is posting on this board, so you are probably not a dealers "best" customer who will get offered the world-class top-pop coins 1st.

I know I can deal with that. >>

Out of curiosity, Is Bill Gates a coin collector? If so, what series? Cuz I want to avoid that one!

docday2003 · May 10, 2003 2:04AM

<< 

<< . . I have been told a coin has gone to a prior want list on a first in first refusal basis >>

Now that is the tactful way to say "I'm sending it to a better customer". It says and accomplishes about the same thing, but it isn't insulting. Plus it leaves open the hope that it many still become available. >>

I agree fully.

Nic · May 10, 2003 2:15AM

I had an experience close to this at the CSNS show. One can't take it personal... the dealer is holding a carrot and telling you he wants more of your retail business. I'm glad when people tell me about coins I follow, whether I buy them or not. K

Lakesammman · May 10, 2003 2:57AM

I think coins wouldn't hold Bills attention. He likes to collect stuff from "fellow visionaries" like Da Vinci. He had the Codex Leicester at the Seattle Art museum a few years ago - it was really cool.

IrishMike · May 10, 2003 2:59AM

Hmmm, wouldn't consider that dealer a friend. The part of your post that sticks in my craw is the silent auction +5%. How the heck is the cosignor gonna know what the coin sold for and how do you know what the next lower bid is and 5%, hummmana, hummmana.

roadrunner · May 10, 2003 3:36AM

I'd approach him again and be sort of forceful in having him quote you prices on those pieces. Sounds like you've earned that over the years. Sometimes we people get too piggy and have to realize what end is up. He just may not realize what a jerk he is being.

A good dealer friend of mine knew a fellow dealer was shopping a rare Charlotte CH AU old piece around the area. My friend couldn't get this guy to give him a price. During one final meeting in a parking lot he basically refused to let him leave until he quoted a price. Mental games only, no force. He got a price, bought the coin, got it slabbed as UNC and made 8x his money on the piece.

roadrunner

coinguy1 · May 11, 2003 12:19AM

Our general policy is to offer new inventory items to those who have specific want lists on file with us. And, those want lists are filled based upon when they were submitted to us, not how "large" or "small" the client is. You can/should be honest with clients in such situations and there is no need to insult anyone.

Sure, we have made mistakes from time to time, but, we try to treat each client as if he or she is a very important one.

Edited to add: Sorry, Tim, I never answered your question. Your (hypothetical) friend must decide if he really wants any of the left-overs and if so, what he is willing to bid/offer. There is nothing wrong with choosing to bid, but, there is also nothing wrong if he declines to participate, in order to make a statement.

In my opinion, the dealer could/should have handled the situation better, on a number of counts, but, I give him some credit for apparently being up front about things.

barberlover · May 11, 2003 2:14AM

The dealers on these boards that i've done buisness with have treated me halfway decently with a few that have treated me very well.

I have speculated for sometime that my best coin is a registry left over because of how it was sold and the fact that the lone better example is in a registry set.

I will gladly settle for the crumbs off a millionairs table if the lower grade less expensive coin has as much or more eye appeal than the higher grade coin.

BASEagle · May 11, 2003 2:15AM

<< the nicest stuff is being offered to a "better" customer >>

and from now on I'll be buying from a "better" dealer.

Mike

Hypothetical situation: Being offered registry leftovers.....

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