POLL: What's the etiquette for buying back a coin you recently sold?
airplanenut
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We'll use easy numbers here. Feel free to elaborate on your vote by replying to this...
You have a coin that you list for $100, and it sells. A few weeks (or days, whatever--the point is, not too long a time change) the buyer puts the coin in an eBay auction. Although you sold the coin, you still like it. You bid, and the lot closes with you winning at $75.
Now:
A- Tough luck for the seller. He chose to list it, you chose to bid.
B- It's been almost no time since the coin was sold, buy it back at the original price ($100)
C- The buyer should be mad that you just got a "free" $25, and any relationship you may be hurt as a result
D- If the seller is a good friend, buy it at $100; if not, c'est la vie
What are your thoughts?
Jeremy
You have a coin that you list for $100, and it sells. A few weeks (or days, whatever--the point is, not too long a time change) the buyer puts the coin in an eBay auction. Although you sold the coin, you still like it. You bid, and the lot closes with you winning at $75.
Now:
A- Tough luck for the seller. He chose to list it, you chose to bid.
B- It's been almost no time since the coin was sold, buy it back at the original price ($100)
C- The buyer should be mad that you just got a "free" $25, and any relationship you may be hurt as a result
D- If the seller is a good friend, buy it at $100; if not, c'est la vie
What are your thoughts?
Jeremy
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<< <i>Based upon the facts presented, it's choice A.... all the way, even if I am sorry that the seller lost $ on the coin. How about something a bit tougher Jeremy?
Ok... let's make it personal. You sell me your whole inventory. You then have no inventory... you give me a fast profit. Is it fairer to:
A- Send me the coins, only to have me send them back
B- Just send me a check?
Similarly, if I were the (new) seller and you offered to pay me $100, I would say forgetaboutit.
I think that the people who choose "A" are reasonable.
Edited to add: Good question, Jeremy. Did Mr. Feld put you up to it?
Of course, the other side of the coin (pardon the pun) is that as the former seller, might I be offended that the former buyer so quickly put my coin up for sale? Does the former buyer think I overgrade or sell crummy coins and they're just trying to get rid of it?
If someone lists a coin on eBay, even if I know it's one I just sold to them, then it's all fair play.
Jeff
Semper ubi sub ubi
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You are already helping out because if you didn't bid, the seller would have received even less.
Joe.
<< <i>Edited to add: Good question, Jeremy. Did Mr. Feld put you up to it? >>
Nope... I thunked it myself
<< <i>I certainly would not risk jeopardizing a friendship for $25 (or $250 or $2500 or "choke"...). >>
For $25k, I'll stop PM'ing you
<< <i>Of course, the other side of the coin (pardon the pun) is that as the former seller, might I be offended that the former buyer so quickly put my coin up for sale? Does the former buyer think I overgrade or sell crummy coins and they're just trying to get rid of it? >>
Figure the coin's just being flipped--I'm not posing this as a case where the buyer had it on a want list for two years, and you contacted him right when you finally found one... that might be a different story.
Jeremy
I did just that. I listed a 1921 Pilgrim on eBay. The winner got it for $250.00 and I sent it off. Around three weeks later he listed again with no reserve and I ended up getting it back for $175.00 plus shipping. He was a gentleman about it and the deal was done. Ya pays ya money and ya takes your chances.
Cheers,
Bob
Well, the answer as many have posted is A . Now, I did not see that the person you sold the coin to was your friend, but if he/she was a friend, think about this ... you were the highest bidder and the coin would have sold for less. Knowing the value paid for the coin, a reserve could have been set to ensure a loss was not absorbed. I don't think you should feel badly since you happened to bid the item, it's a free world. I'm sure you did not plan the sale of the coin.
I have really taken some sad losses on Ebay because I hate reserve pricing. A small example is selling a roll of Unc. Quarters that bid for 7.75. But, I know the risks. I had an item that cost $49 to happen to fall into a black hole. Last week on a 7 day listing, an amazing amount of only 4 people even looked at the item. 2 bids and the winning bid was $2.25. Boy, I lost big time with a net, net loss. In essence, I wound up paying for someone to bid it ... ha! However, in the long run, I've been able to absorb such losses. Maybe the coin you won just did not have enough viewers and on another day, another time, would have made a profit for the seller.
If I had a friend I bought an item from and they won it for less than I paid (on Ebay), I could not possibly have any ill feelings against him/her. I could only feel badly if I sold an item and took extreme advantage of that person.
OK, sorry for such a long post. So, it's my 8 cents worth ... ha!
Take care,
Jeff
michael
If I were the friend, I would express appreciation for the class offer, and turn it down.
Here's a warning parable for coin collectors...
The answer is A but you must make sure to needle the seller about it
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<< <i>What part of "good friend" do all of you who are so proudly answering "a" not understand? >>
I never said it has to be a good friend--that option just comes up in D.
And, I think choice "A" is correct, even if/though the Ebay seller is a good friend.
Unless there were a prior arrangement of some type, if he listed it on Ebay without first asking if I'd buy it back (in which case I happily would), etc, I'd expect him to benefit from any gains or suffer from any losses on the coin. Presumably, I sold it to him at a fair price at the time the initial transaction took place.
<< <i>Zenny, only in choice "D", is the twist/possibility that the Ebay seller is a good friend, even mentioned.
>>
Precisely! It's basically the same answer as "A," except if you notice it's a "good friend" you do the right thing.
Further, i think if you find that you are dealing with a "good friend" here, as the price goes up, one's responsibility to act as a "friend" would go up as well.
I would think that for whatever reason the seller didn't contact you, (it could be one of any number, embarassment, unavailability, etc.), you should take the initiative and do the right thing.
that's the "no-brainer" for me.
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If I had it my way, stupidity would be painful!
It goes both ways, and there's really not a simple one-size-fits-all answer.
<< <i>Jeremy, a situation like this one where I bough tthe coin from you and have now listed on ebay?? >>
Hadn't seen that one, but I accept your challenge