Sleazy dealer

EliteCollection

I have an interesting story to tell about my local coin shop. I went to my local coin shop, The Coin Broker, today to sell my platinum eagle and my 1907 NGC MS63 gaudens. Platinum is at almost $900 and the gaudens is worth about $715 according to the current bluesheet. Well the dealer told me there's no way he will buy the platinum eagle at platinum price. And he even sells platinum eagles at below platinum price. He said he'd offer me $800 for the platinum eagle and $460 for the gaudens! I was said something like "$460? really?" Then he pulls out the greysheet that shows common gaudens and showed me that MS63 gaudens are worth $460. Then I pulled out my bluesheet and said "well not according to this." Then he said "oh! you've got a 1907 gaudens. those are more rare" and then he quoted me $700. The guy just tried to sucker me out of $240! What a scumbag. I finally told him that I bought this exact coin from them 3 years ago for $650 (slightly overpaid cause I didn't know what I was doing back then) and how dare he quote me a price of $460 now especially after gold prices have gone up $130 since then. There's no way I'm giving this guy my business.

JrGMan2004

I've decided to stay away from at least one of my local shops... ever since I found out he's being investigated by the FCC in conjuction with the US Mint for Mail and Wire Fraud... but they're still in business and were at the last local show... I didn't even stop to look at their inventory, which is mostly raw anyways, though they are a big business...

Russ

Did you actually hand him the Saint prior to getting the quote so he had looked at it?

Russ, NCNE

EliteCollection

Yeah of course. He asked me how much I want for it. So I said platinum price for the platinum coin. And then he cut me off and offered me $800 and $460.

MFH

Never, and I mean never, go back into that guy's shop again. I hate people who try to scam anyone. He looked at the St Gaudens ? AND he low-balled you after looking at his grey sheet.??.... He's not worth the effort of typing what I think of him.

K6AZ

This is probably the same kind of dealer who would, before slabs, sell you a coin as a Gem BU. When you upgraded or wanted to trade it in, it would become AU. Slabs have pretty much killed that game, so now they try to offer common prices for better dates, hoping the seller doesn't know any better. I won't deal with people who do that.

EliteCollection

When i showed my suprise at such a low price, he even showed me his greysheet! lol
I imagine he's been able to scam a lot of people that way. His shop's been there for at least 20 years.
I'm sure he's made quite a profit if that's how he scams people. But how can he live with himself?!?

291fifth

This again exposes one of the problems the small investor/speculator in bullion related items faces. Their only real outlet when it comes time to sell is coin dealers. Do you want your financial future to be dependent on coin dealers?

darktone

Another slimeball dealer trick is to show you bluesheet prices for ANACS and ICG when you are selling PCGS/NGC coins and hold their thumb over the part where it says ANACS/ICG. I have had this happen several times with different dealers. mike

Russ

<< <i>Their only real outlet when it comes time to sell is coin dealers. >>



Yeah, he certainly couldn't list it on eBay.

Russ, NCNE

docday2003

<< <i>

<< <i>Their only real outlet when it comes time to sell is coin dealers. >>



Yeah, he certainly couldn't list it on eBay.

Russ, NCNE >>



Good point!

Hedger

Where is this dealer located so we can avoid him?

EliteCollection

Palo Alto, CA. bay area

K6AZ

<< <i>Another slimeball dealer trick is to show you bluesheet prices for ANACS and ICG when you are selling PCGS/NGC coins and hold their thumb over the part where it says ANACS/ICG. I have had this happen several times with different dealers. mike >>



Bluesheet shouldn't even come into play when you are selling a coin in person. Bluesheet reflects sight unseen transactions. I would walk right out as soon as the bluesheet was pulled out.

Neptune

If you had been a little ole lady with no knowledge, he would probably have ripped her for even more.........who and where is this scumbag?

DrWho

Had one with the nerve to offer me melt for a decent Morgan;

"that's good isn't it? that's $5 for a $1 coin, good?"

Conder101

Of course you should do business with him. He says he sells platinum eagles below melt. You should buy his platinum eagles and sell them elsewhere. (I haven't been in the bullion market for years, but don't the platinum eagles normally trade above the melt value, including dealer buy prices?)

BillJones

I can't defend his actions concerning the 1907 St. Gardens $20, but I can understand his reluctance to get involved with the platinum piece.

Some years ago I had a customer who wanted to sell a 1-ounce U.S. platinum coin to raise money to buy numismatic items from me. I agreed to sell his coin for him for no commission. I took the piece to one of my regular suppliers with whom I do a lot of business. He declined to buy the piece, period. I put the piece out at a couple of shows, and no one even looked at it. Finally I took it to a less than friendly local dealer who does a lot with precious metals. He bought the piece for melt.

Bottom line. There are very few collectors who are interested in the U.S. platinum coins. When you show these coins to dealers for the purpose of selling them, more often that not they will make the two fingered cross sign of the fending off a vampire. I can’t blame a dealer in a local shop for no getting excited over the prospect of buying one of these coins. They are "hard sells."