How would you react if...

coinfreak499

(hypotheticaly) You walked into a coin shop and saw a coin that you sold the coin dealer a month eirler for $20 but, he is trying to sell it for $100. The problem is that maybe, he is trying to rip someone off or he was cheating you.
thanks,
coinfreak

dthigpen

<< <i>(hypotheticaly) You walked into a coin shop and saw a coin that you sold the coin dealer a month eirler for $20 but, he is trying to sell it for $100. The problem is that maybe, he is trying to rip someone off or he was cheating you.
thanks,
coinfreak
>>



How is this not a standard practice of a dealer? Buy low, Sell high.

MadMarty

It's his shop, he can charge whatever he wants. Looks like it's time to find another shop!!

csw

I think my initial reaction would be to try to be more careful about selling coins in the future.

I wouldn't, however, think that he "cheated" me, because presumably I voluntarily sold the coin to him earlier for $20. No one was forcing me to do so. I assume for purposes of my response that he did not make any misrepresentations to me during our negotiations.

I also wouldn't think that he was trying to rip anyone off. He's doing this for a living and is entitled to try to make a profit. It might, however, lead me to wonder whether the rest of his stock is overpriced, and it probably make me wonder whether I had sold it for too little (hence my initial statement above, that I would be more careful in the future). But I don't see any deceit/fraud on the dealer's part here.

--csw

kranky

Hypothetically, if I thought the dealer wouldn't remember it was my coin, I'd ask what he thought the grade was, and mentally compare it to what he told me he thought it was when I sold it. If they match, I'd just figure he has a big markup.

ttown

Well exposer and contacts are king when selling anything. He has a store front that cost money and he's not like the person needing a few bucks or doesn't have time to shop for a buyer. This is why Ebay is such a good deal for the little guy that's not a dealer. The dealer is probally looking for that one person that will buy it or make an offer but that could take months.

keets

please explain what's hypothetical about your post??

al h.

nwcs

I've had this happen. I got pissed and made it my mission to get a rip on him. I was honest about the coin's issues that I sold him. He wasn't the same level of honesty when he sold it. So I got him with a rip of a dcam accented hair jfk for $9 this weekend.

ss350camaro

I'd probably just say "Wow!, isn't that the coin you just bought from me"? and let the dealer stumble around with his answer.

Russ

I would be kicking myself for being stupid enough to sell it for $20.

Russ, NCNE

coppercoins

<< <i>I would be kicking myself for being stupid enough to sell it for $20.

Russ, NCNE >>



Gee, that's what I was thinking.

Conder101

Depends on the coin. If it's a slow moving type of item his money may be tied up for a long time. In which case he HAS to have a BIG mark up. Especially with the overhead of a brick and mortar to cover. Simple business. Items that move fast you can buy on a smaller margin, items that move slow need a bigger one. Items that hardly move at all better come for next to nothing.

Hedger

Just think of it as a donation to your local dealer to keep the hobby going. Been there and you feel ripped but if you did it on a trade for another item then maybe it's not so bad.

jdimmick

Most likely, Id be mad at myself for missing something about the coin that makes it worth 100.00, not the dealer.

jim

rhedden

I offered a Maryland dealer a somewhat rough but pleasing G-6 1795 lettered edge cent for a mere $75 about 4 years ago. I thought I'd give him a deal since we'd done business in the past and he seemed all right. He haggled and haggled about how he'd only get $80 for it, and couldn't pay $75. He made me sell it to him for $70. I saw him at a show 1 week later with the coin in his case for $375. Um, that would be the final time we did business.