The early clipped Lincoln I didn't buy - Interesting turn of events
seanq
Posts: 8,733 ✭✭✭✭✭
About a month ago I asked if I was insane to consider buying an early clipped Lincoln cent for several times bid (Original thread)
To briefly recap (and those of you who hated algebra, please skip to the next paragraph): The dealer was asking $X for the coin, an early clipped Lincoln in PCGS MS63RB. His asking price (under $500) was about 7.5-times bid for the grade w/o the error. I countered with a bid of $X - 20%, which was still almost 6-times bid and strong money for the coin. He politely declined.
Today I received an email from a collector working on the same set as I, clipped Lincolns by date. I'm sending him a few duplicates (I was able to upgrade) for his set, and he was sharing some recent purchases. He mentioned that he had just agreed to purchase the coin above for his set. The price - only $20 more than my offer, and still well below the original asking price.
While I'm verry happy for my collector friend, I can't help but feel cheesed off at the dealer. I'm a regular if infrequent customer, and I've also sold him several coins he's turned for a decent profit - why wouldn't he counter my offer or try to work out that deal with me? I'm ready to let that $20 cost him my future business.
Am I over-reacting here? Should I say something to the dealer, or file it under 'you snooze, you lose' and forget about it? If anyone has dealt with a similar situation, I'd like to hear how you handled it.
Thanks,
Sean Reynolds
To briefly recap (and those of you who hated algebra, please skip to the next paragraph): The dealer was asking $X for the coin, an early clipped Lincoln in PCGS MS63RB. His asking price (under $500) was about 7.5-times bid for the grade w/o the error. I countered with a bid of $X - 20%, which was still almost 6-times bid and strong money for the coin. He politely declined.
Today I received an email from a collector working on the same set as I, clipped Lincolns by date. I'm sending him a few duplicates (I was able to upgrade) for his set, and he was sharing some recent purchases. He mentioned that he had just agreed to purchase the coin above for his set. The price - only $20 more than my offer, and still well below the original asking price.
While I'm verry happy for my collector friend, I can't help but feel cheesed off at the dealer. I'm a regular if infrequent customer, and I've also sold him several coins he's turned for a decent profit - why wouldn't he counter my offer or try to work out that deal with me? I'm ready to let that $20 cost him my future business.
Am I over-reacting here? Should I say something to the dealer, or file it under 'you snooze, you lose' and forget about it? If anyone has dealt with a similar situation, I'd like to hear how you handled it.
Thanks,
Sean Reynolds
Incomplete planchets wanted, especially Lincoln Cents & type coins.
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
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Comments
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
Could he have made that same decision; called and offered it to you? A VERY conscientious person with a good memory probably would. However, those people are rare. I'd say, "Chalk it up." If you want it off your chest, give him a call.