I think if you know the coin is a Farouk coin and do not disclose that, you are withholding material information.
That's plenty legal in coins, but not in real estate. Stunts like this (and I am not saying Heritage knew about it - maybe they didn't) are what can ultimately get the FTC trying to regulate the hobby. The coin biz needs to police itself and show good faith that we are not the scumbags some people make us out to be. Yes, I am quite aware that the ANA, etc. are doing some things against the more egregious offenders. But the big boys should be setting the best and highest example. Again, I have no info that Heritage knew about this. If I find out otherwise, I would not think so highly of them.
As far as remarketiing the coin in a different number slab, I don't think they have an obligation to disclose that. Everyone who buys a coin at auction should realize it could have been in any number of holders before they bought it. If they don't then they are a couple tacos short of a combo platter.
Yes, it would be to the detriment of the consignor, who should have known it was a Farouk coin, which in turn should have been disclosed when they originally bought it, and on back you go, etc.
It's like passing counterfeit money. Eventually, someone gets "stuck" with the loss. I'm sensing someone trying to "unstick" themselves and it's almost as bad as starting the chain to begin with.
The ethical dilemma is, Rick is the consignor and this thread is all about publicity!
Lakesammman
PS - just kidding......
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose.
And here, all along I thought it was just me that found TPG to be somewhat random and spurious (at best). I've had PCGS crack - outs come back BB'd for "altered surfaces"; I've had PCGS grade 4 morgans from an original roll as 64-65 , and then I send one of 'em to NCS (it had some spotting and I thought the eye-appeal could be improved), and it comes back "cleaned or altered obverse" ? What's up with all that....if the surfaces of any of these coins were altered, it was not by me, yet some were already in holders, others made their way into holders, and others were bb'd out of hand. No wonder some collectors/dealers submit coins 20 times! It also confirms my long held belief that ALL coins in plastic will eventually be overgraded, since they will be resubmitted until the person gets the grade they desire. You win some, you lose more, and the services just rake in the fees.........but back to Rick's original question - It does seem that by Heritage not revealing the true pedigree of the coin, their ethics should justly be questioned. Many new pattern collectors (such as myself) rely on auction histories and populations to get an idea of the coin's current value - that just makes the whole process a bit shadier.
Don't you know that it's worth every treasure on Earth to be young at heart? And as rich as you are, it's much better by far, to be young at heart!
Comments
That's plenty legal in coins, but not in real estate. Stunts like this (and I am not saying Heritage knew about it - maybe they didn't) are what can ultimately get the FTC trying to regulate the hobby. The coin biz needs to police itself and show good faith that we are not the scumbags some people make us out to be. Yes, I am quite aware that the ANA, etc. are doing some things against the more egregious offenders. But the big boys should be setting the best and highest example. Again, I have no info that Heritage knew about this. If I find out otherwise, I would not think so highly of them.
As far as remarketiing the coin in a different number slab, I don't think they have an obligation to disclose that. Everyone who buys a coin at auction should realize it could have been in any number of holders before they bought it. If they don't then they are a couple tacos short of a combo platter.
To the detriment of the CONSIGNOR, in this case.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
It's like passing counterfeit money. Eventually, someone gets "stuck" with the loss. I'm sensing someone trying to "unstick" themselves and it's almost as bad as starting the chain to begin with.
Lakesammman
PS - just kidding......
every treasure on Earth
to be young at heart?
And as rich as you are,
it's much better by far,
to be young at heart!