Poll: Would you buy a coin from a specialist dealer that would not buy it back (at any price)?

RYK

There is a hijacked thread involving a specialty coin firm that refuses to buy back coins that it recommends and sells. In fact, they generally do not reply to inquiries from collectors wanting to sell coins back to them. Would you purchase coins from a dealer that clearly does not want these coins back?

dorkkarl

of course i would, since the basis of my purchase is the assumption that i intend to KEEP the item.

K S

JrGMan2004

Probally not... I just bought a Capped Bust Half-Dime from Jade, and I know for certain that he would buy it back... I think it shows a sign of the dealer striving for and selling quality, when he will buy back a coin he has sold to you...

gemtone65

I think this would be a warning signal that the coins being sold are not what they are represented to be. Otherwise, why wouldn't the seller be willing to consider repurchase at some reasonable price?

dimples

I could see that happening in certain modern issues, where there is really no market

Longacre

It would definitely raise some red flags to me if a firm specifically tells me that they do not want to buy the coins back that they reccomend, or if they do not even respond to inquiries about selling them back. However, if it was a coin that I had no intention of ever parting with, I might be more inclined to make the purchase and not worry about the buy back. Your question indicates that the firm "reccomends" the coins, so if this "specialty dealer" is a promoter-type firm, I would definitely stay away from them.

Of course, if the purchaser educated himself on what he was buying, maybe he would not have to rely on the "speciality dealer's" reccomendation in the first place.

MFH

Knowing the firm you are speaking of, they're selling high grade cameo modern issues (amoungst other items) with no interest in repurchasing them , has taught me { at least } not to deal with them again. I have bought only one coin from that particular firm ( at Ebay auction) and was pleased with the item; however, now that the set I was assembling is complete , I doubt I'll be upgrading anything thru that firm in the future.

Their lack of communication with our fellow board member is inexcusable.

kranky

I would not buy from such a dealer. Let's look at the typical case - a coin is described as being desirable, of great quality, comparatively rare, etc. If the dealer is going to make all those claims, then the dealer, logically, should want such coins back in order to make other customers happy. As we all know, there's no giant supply house for dealers to call and order such coins by the truckload.

If the dealer doesn't want them back, I draw the conclusion that the coin isn't what they claimed it to be in the first place and is just being hyped. Or perhaps the reason the dealer doesn't want to make an offer is that it would be so low as to make me realize I paid way too much originally. I could be wrong, but that's what I'm going to assume.

That's not to say anyone else is wrong to patronize such dealers.

Veep

Sure. I buy coins based upon what I want and I like and only if I understand the market, grading, etc. The dealer's comments or interests in buying the coins back, or not, have no bearing on my decision.

RYK

Great responses. I am a bit disappointed that no one has called me a "wiseguy."

dorkkarl

so, why the he11 would you buy a coin if you "might" want to sell it right back? don't you think you sound like lily-livered coward??? i mean, if you think you might not want the freakin coin, DON'T BUY IT IN THE 1ST PLACE!!!

K S

mrearlygold

This is a good one. Have they been in business full time longer than a few months? Or do they depend on the "new deal, new sucker" theory, selling this crap part time and have a full time job to support themselves with?

Tom

EVillageProwler

Hey wiseguy!

K6AZ

<< <i>Great responses. I am a bit disappointed that no one has called me a "wiseguy." >>



Don't speak so soon!

BigE

Call up Enron and try to sell their stock back to them-------------------BigE

cladking

Any time you buy any coin at retail the dealer is very unlikely to want to buy it back.
This isn't because he doesn't want the coin or because the coin has no value, it's pri-
marily because he doesn't want you to know his spread. This is more common among
modern dealers but that's largely because more modern coins sell at retail prices. In
fact many moderns are difficult to buy at other than retail prices. For all the insults that
HSN gets you'd think that they are eating babies. Yet all they are doing is selling coins
at retail. With Morgans it looks like highway robbery because the prices are always at
least 50% over dealer prices and range up to 200 or even 300%. Well guess what?
They are virtually the sole distributer of some moderns like high grade silver eagles. So
what should these coins sell at?

But this hardly applies only to moderns. Try to sell any coin back to any dealer and see
how you do. Most collectors are very surprised at the offers. Everybody should actually
sell a coin once in a while to get an idea of what they are really worth. If one dealer has
no interest in buying them then simply take them to another dealer this isn't rocket science.
The value of the coin isn't determined by a dealer who isn't interested in buying, it's deter-
mined by what a willing buyer and seller agree.

braddick

I've never thought to sell back to the original Seller when I get tired of the coin. I've always done better striking out on my own.

I'm sure it's just an email snafu with Rick. He's a good guy and is a buyer of that which he sells.

EVillageProwler

But this hardly applies only to moderns.

True, but this applies to every niche in every market segment where the secondary market for that niche significantly differs from the market norm.

EVP

cmanbb

Would this be of a certain Cameo Dealer out of California, one would be discussing in this thread..................

cladking

<< <i>I've never thought to sell back to the original Seller when I get tired of the coin. I've always done better striking out on my own.

I'm sure it's just an email snafu with Rick. He's a good guy and is a buyer of that which he sells. >>



He is definitely one of the good guys and is a board member here.

coinlieutenant

I used to be amazed at the naivete of some board members and their utter lack of understanding of the coin market...

Now, I just shake my head in disgust and realize that there is a sucker born EVERY minute...sometimes two.

ARCO

I could care less if the dealer would want to buy back a coin I purchased. The reason I purchased it in the first place is because I love the look, I know the value, and I have my own methods of resale that put the profit back in my pocket. The last thing I ever want to do is have a dealer buy back a coin from me at his buy prices.

The reason I DO collect again, is because the internet has made numismatics a equalizing force for the collector, it has given the power to be the middle man and broker into the collector's hands.

I have purchased over 50 coins from local dealers in my area over the last four years that I have resold. most have sold at the price point break or for a profit (some rather large) over what I paid the dealer. I am fairly certain the dealers they were purchased from would not have paid what I recieved for them.

Tyler

CaptainRon

Perhaps this is slightly differant. But how do you guys feel about selling your coin back for what you paid, to go directly towards an upgrade or tougher date more expensive coin. I guess I was taking this for granted, and makes me appreciate the dealer that I'm working with even more.

Ron

coinlieutenant

I dont think that R&I do that either. There are many dealers that I know do that Captain Ron and is a VERY fair practice IMO.

RYK

Any time you buy any coin at retail the dealer is very unlikely to want to buy it back.

Baloney. I know that coins that I purchased from reputable firms like Doug Winter/Pinnacle, Legend, Gold Rush Gallery, Broken CC, and Mark Feld would be happily repurchased if the coin no longer fit, I upgraded, etc. I have experience doing so on several occasions.

so, why the he11 would you buy a coin if you "might" want to sell it right back?

Call me John Kerry, but occasionally I change my mind, upgrade a coin, shift collecting focus, etc. I do not buy a coin with the intent of taking it to the grave with me.

Call up Enron and try to sell their stock back to them

Since you brought it up, if you buy 100 shares of GE from Schwab and decide 10 days or months or years later that you would like to reallocate your capital, Charles Schwab will gladly buy it back at or microscopically close to the market price. ("Sorry, we are not buying GE today." )

relayer

<< <i>
I used to be amazed at the naivete of some board members and their utter lack of understanding of the coin market...

Now, I just shake my head in disgust and realize that there is a sucker born EVERY minute...sometimes two. >>



Ummm... weren't you the guy who hijacked the other thread with your complaint

coinlieutenant

Since when was thread hijacking a sin? And why the attack on me relayer?

I havent said anything to you... I am trying to show board members that there are dealers out there with non buyback policies at any time...and then there are those dealers that stand behind their product at a reasonable wholesale level.

cladking

<< <i>Any time you buy any coin at retail the dealer is very unlikely to want to buy it back.

Baloney. I would be willing to bet that coins that I purchased from reputable firms like Doug Winter/Pinnacle, Legend, Gold Rush Gallery, Broken CC, and Mark Feld would be happily repurchased if the coin no longer fit, I upgraded, etc. I have experience doing so on sveral occasions.
>>



We're probably talking different levels here. If you're talking coins that go for thousands of
dollars, then yes most dealers will buy them back, but then such coins don't sell at true retail
prices usually. Lower priced coins ($5 - $200) often sell at retail prices.

lava

This thread is apparently not aimed at whether the dealer has a return policy. The thread seems to be aimed at the idea that the coin is accepted, but the dealer should later consider buying it.

Is the question simply re buying back, or buying back at a certain price?

I don't know one dealer that guarantees to buy back at a set dollar value at some indeterminate time.

lava

Guy buys 100 shares of ebay, the stock goes down, does the investor have a reasonable expectation to later sell the shares back at his purchase price?

Elcontador

I never buy anything from anyone who won't stand by the product, period. If anyone doesn't get this, then I don't have any sympathy for him when he gets screwed.

RYK

This thread is aimed at dealers who recommend (wink-wink) coins and sell coins but will not even make an offer on these coins, let alone buy these coins back later (say months later).

Reputable dealers who sell quality coins will gladly buy back coins that they sold to you at a reasonable price and will certainly make you an offer. I have actually bought coins that I have had to PROMISE that if I ever decided to sell them, the original seller wanted them back. The best dealers prefer that you sell coins back to them (some INSIST) because they understand the quality, rarity, and value of the coins that they sell to you and would like the opportunity to sell these coins to another client down the road. These are the type of dealers that it is a pleasure to work with.

RYK

Relayer,

You are hijacking my thread by discussing about the hijacking of the other thread.

coinlieutenant

Well said Robert.

J

ultimatecameo

<< <i>I am trying to show board members that there are dealers out there with non buyback policies at any time >>



Excuse me? R & I Coins has THE LONGEST RETURN NO QUESTIONS ASKED return policy, 15 days IS MORE THEN ENOUGH TIME to figure out if you like your new coin or not. We do not lie about our products and 99% of everyone who buys what they say they are going to buy are not only happy, but impressed with what they recieved.

Now, you are trashing a perfectly legit BUSINESS (key word) because we will not buy back a coin for more then you (or your dad with a different last name or whatever) bought it for? Please... You say we will not speak to you, while i have been waiting around the phone all day waiting for your call... Now, Rick Tomaska is not only one of the best business men i know, but also a very nice/generous guy, i have seen him PERSONALLY knock off close to 6 THOUSAND dollars on higher end coins for his valued customers. He is not screwing anyone.

Oh and by the way, i know Todd A. Personally and im 100% positive he told your father about the 15 day NO QUESTIONS ASKED return policy, now if you wait past those 15 days, and do not contact us, then start trashing our well deserved good name is just childish.

RYK

R & I Coins has THE LONGEST RETURN NO QUESTIONS ASKED return policy, 15 days

We are not talking immediate return policy, here. we are talking about making an offer on coins you tout on your website and in your newsletters months or years later.

More later... (I cannot wait to address the comment about knocking $6k off the price of a worthless coin...) but while you are waiting, chew on the results of my poll.

coinlieutenant

UC,

You arent getting. I totally understand the 15 day buyback. I am talking about two maybe three years after someone has bought a coin from you guys. That is it.

I am not talking about you even paying what you sold them for!!! I AM talking about buying back at a reasonable wholesale price the material that you tauted as primo when it was sold!!!!

There is a big difference....



As far as knocking off 6000$ on a coin, that is all well and good. I hope that the coin was around a 50000$ coin otherwise we start getting into some markups that I am sure that you wont want your customers finding out about.

ultimatecameo

well yea, he isint gonna knock off 6k off a 8k coin... Anway, im tired of talking about an issue with you when you are more determined to complain about it rather then actually try and contact us and get it sold. Like i said before, i have been waiting for your call...

mrearlygold

<< <i>UC,

You arent getting. I totally understand the 15 day buyback. I am talking about two maybe three years after someone has bought a coin from you guys. That is it.

I am not talking about you even paying what you sold them for!!! I AM talking about buying back at a reasonable wholesale price the material that you tauted as primo when it was sold!!!!

There is a big difference....





John, it "was" a great coin when your Dad bought it and well worth the money he was charged.

That was then.

Now you expect a wholsale offer to sell the coin back ? Or a return phone call or email? Cmon John, aren't you asking for just a little too much? Jeesh, I mean, you expect to be treated fairly now too?

Wow. Some people just want it all.

Rgrds
Tom

bestclser1

If and when a dealer points me in the direction of a coin,and i purchase it,i would hope that their firm would want to buy back that coin 2 or 3 years down the road.Any company that doesnt fit that criteria,is not worth doing business with at all!

coinlieutenant

Just to let you know too UCAM, the coins are on their way to another dealer that did something crazy!!!!

He called me back when I called him!!!!! BOOOOO HOWDY!!!!

Actually, he contacted me when he saw all of the noise on this thread.

TheMan

Congratz.

wayneherndon

Brenden,

In addition to ultimatecameo and TheMan to you have any other forum names?

WH

EVillageProwler

I have actually bought coins that I have had to PROMISE that if I ever decided to sell them, the original seller wanted them back.

RYK,

I know of a particular dealer who is considering asking you to sign your name in blood!



EVP

RBinTex

Short answer - YES, especially if I knew it was a great deal. BUT, any dealer that will not make an offer for ANY coin is no dealer at all. Even more so if they will not make a resaonable offer to someone for a coin they previously sold them. Just plain Chickens*it if you know what I mean.

KentuckyJ

I'm amazed, ultimatecameo, you've been waiting all day for a phone call on this matter? Does Rick Tomaska know what you're doing to his business, bringing attitude like yours out onto a public forum? I can't imagine a smart numismatic dealer not wanting to put out this fire... immediately.

coinlieutenant, so glad to hear someone bright called you for those coins!

Personal .02¢ only

KJ

mr1931S

"Everybody should actually sell a coin once in a while to get an idea of what they are really worth. If one dealer has
no interest in buying them then simply take them to another dealer this isn't rocket science. The value of the coin isn't determined by a dealer who isn't interested in buying, it's determined by what a willing buyer and seller agree."

I agree. The collector can find out what the dealer who has been happily selling coins to him is really made of by trying to sell a purchased item back to him.

UncleWiggly

Well, who is it?


Jerry

XpipedreamR

<< <i>Well, who is it?


Jerry >>

ms70

I'd buy one but only if I saw it in person first. Over the internet? No way!

UncleWiggly

<< <i>

<< <i>Well, who is it?


Jerry >>










>>




Well, do you have a website?


Jerry