Do collectors have ANY duty to dealers to reveal anything?

ANACONDA

Just curious.

Shamika

Unless the coin was stolen, I would say "NO". However, I'm sure somebody will state a situation that will cause me to change my mind.

cladking

You mean the buyer? No. There is no duty to tell a dealer that the coin in his case
that you just purchased is really worth far more. In fact, a buyer has a duty to not
disclose this fact. To the dealer since it would be disturbing and to himself because
it would decrease the chance of getting it again.

When I get a chance, I'll often show a dealer a variety or gem at a later time so that
he can find one for himself in the future. There is a rare variety I've gotten from a
dealer twice (this must be the release area) and had already shown one to him before
he sold me the second.

We almost all sold coins for less than they're worth and frankly, I don't want to know.

dorkkarl

only that the coin is legally owned & legally being offered for sale.

K S

ANACONDA

What about the duty a sophisticated collector owes to a new unsophisticated dealer when the collector is selling something to the dealer?

ziggy29

<< <i>What about the duty a sophisticated collector owes to a new unsophisticated dealer when the collector is selling something to the dealer? >>

IMO, that's the dealer's own fault for trying to enter the coin business before he/she is knowledgeable enough -- about both coins *and* the coin business -- to swim with the sharks without getting eaten.

sliderider

<< <i>What about the duty a sophisticated collector owes to a new unsophisticated dealer when the collector is selling something to the dealer? >>



A dealer shouldn't buy something he knows little or nothing about. The dealer chose to do this as a living. If he doesn't know what he is doing, he should find another line of work. You can't hold a customer,no matter how sophisticated, responsible for your own shortcomings.