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Update on:What should I have done in a dealer to dealer transaction where the other guy made a &quot

coinguy1coinguy1 Posts: 13,484 ✭✭✭
in U.S. Coin Forum
Last week, I bought a PCGS MS66 coin for $270 from a dealer with whom I do small but fairly consistent business with at shows. At that grade and price, it was clearly fair market value for the coin.

After I got home from the show, in examining my new purchases, I came to the conclusion that the coin was under-graded by a point. If I was correct, it would be woth about $650 as a PCGS MS67, so I set it aside for re-grading at a future date.

I just received a call from the selling dealer and was told that the coin had been on consignment from a client of theirs at $500 and that they had inadvertently mixed up/switched its consigned price with that of another coin. I have no reason to doubt what they told me - I believe them.

Should I:

1) Tell them "Sorry, it's mine and I'm keeping it."?

2) Pay them the extra $230 plus and keep it?

3) Return the coin to them and ask for some $? If so, how much?

4) Let them have the coin back at no penalty?

5) Other?

Please know that I have already decided/told them what I will do, so you can't influence me, no matter how compelling/brilliant your analysis and suggestions.image
«1

Comments

  • ERER Posts: 7,345 ✭


    << <i>Done deal >>

    wasn't it?
  • RussRuss Posts: 48,514 ✭✭✭
    DONE DEAL.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • ERER Posts: 7,345 ✭
    I'm confused, Mark. Being an expert grader that you areimage, you didn't think it was a 67 at the show?
  • Dave99BDave99B Posts: 8,529 ✭✭✭✭✭
    Mark, I'd have to go with (4). Sounds like an honest mistake.

    If you value your relationship with him, I'd return it. Maybe he can make it up to you next time?

    Dave
    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • RussRuss Posts: 48,514 ✭✭✭


    << <i>Please know that I have already decided/told them what I will do >>



    Which, being the nice guy you are, is no doubt letting them off the hook. image

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • nankrautnankraut Posts: 4,565 ✭✭✭
    Mark, I'd have to go with (4). Sounds like an honest mistake.

    If you value your relationship with him, I'd return it. Maybe he can make it up to you next time?

    Dave
    I agree with Daveimage
    I'm the Proud recipient of a genuine "you suck" award dated 1/24/05. I was accepted into the "Circle of Trust" on 3/9/09.
  • Dave99BDave99B Posts: 8,529 ✭✭✭✭✭
    Is there an echo in here?

    Is there an echo in here?

    Is there an echo in here?


    Dave
    Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
  • coinguy1coinguy1 Posts: 13,484 ✭✭✭


    << <i>I'm confused, Mark. Being an expert grader that you are, you didn't think it was a 67 at the show? >>

    ER, when I viewed it at the show, I quickly determined it was nice enough to buy at that price. I didn't examine it or think about it beyond that at the time.

    That happens once in a while - I buy a coin because I like it and it's priced fairly and then later re-examine it and decide that I had a really good reason for liking it.image

  • tradedollarnuttradedollarnut Posts: 20,162 ✭✭✭✭✭
    give it back. Not worth the upgrade attempt at that price and there was no meeting of the minds. tell them they owe you lunch.

    oh, and don't forget to bring it up each and every time you buy coins from them .... forever! image
    Early Dollar Set
  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭
    Dunno what YOU should do, but I am surprised at a dealer who would involve you in HIS mistake at your inconvenience.

    I've undersold some stuff. I.....remember.....and don't do it again.

    But I have never called the buyer to cry over MY mistake.

  • BochimanBochiman Posts: 25,378 ✭✭✭✭✭
    Either 2 or 4 knowing you. (and, that is what I would do anyway).

    Pay the extra $500 if you would have done that anyway (if you are fairly certain the coin will grade that (well, you already are certain it does grade that but will the TPG of choice agree??).

    Or, if you wouldn't have forked out the $500, then ask them to pay postage back (unless you want to eat the cost as a "nice guy") and return it for full money back.

    Ron

    I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment

  • BarryBarry Posts: 10,100 ✭✭✭


    << <i>Mark, I'd have to go with (4). Sounds like an honest mistake.

    If you value your relationship with him, I'd return it. Maybe he can make it up to you next time? >>



    image
  • raysrays Posts: 2,373 ✭✭✭✭✭
    I would return it, especially if you want to do business with them again.
    I also agree that they should not have called you in the first place for their mistake.

    What would you have done if you sold the coin at the show?
  • coinguy1coinguy1 Posts: 13,484 ✭✭✭
    A few additional questions:

    1) Does/should it matter whether the coin was consigned to them or not?

    2) Does/should it matter how much more the coin would be worth if it were to up-grade?

    3) Does/should it matter what my relationship with the other dealer was?
  • raysrays Posts: 2,373 ✭✭✭✭✭


    << <i>A few additional questions:

    1) Does/should it matter whether the coin was consigned to them or not?

    2) Does/should it matter how much more the coin would be worth if it were to up-grade?

    3) Does/should it matter what my relationship with the other dealer was? >>




    1. Yes, because they didn't really own the coin to sell.
    2. No
    3. Yes.
  • wayneherndonwayneherndon Posts: 2,356 ✭✭✭
    That one's easy. I would do number 4.

    Wanna make it harder? What if you had sold it to a retail customer for $300 before he called. Then what would you do? That one happened to me.

    WH
    We are: WHRC Wizard PotoPromo
  • tradedollarnuttradedollarnut Posts: 20,162 ✭✭✭✭✭
    1) a little
    2) of course - if the spread was larger I'd suggest buying it
    3) yep - if you hate the guy, then tell him it's sold already and that you'll have to offer the customer a profit to get it back! image
    Early Dollar Set
  • MAD4MORGANSMAD4MORGANS Posts: 2,044
    Even if the coin grades the one point higher than the MS-66 that PCGS graded it, I would cut the seller the slack and return it. More than likely he made an honest mistake. If you do have a good relationship with this seller, that relationship is likely more valuable than the few bucks the coin might grade up to. image

    Had it been on eBay however.....image



    -------------------------

    A penny saved is a government oversight

    If I only had a dollar for every VAM I have...err...nevermind...I do!! image

    My "Fun With 21D" Die State Collection - QX5 Pics Attached
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  • coingame2000coingame2000 Posts: 732
    I would go with ... 4) Let them have the coin back at no penalty?
    DE FALCO NUMISMATIC CONSULTING
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  • RussRuss Posts: 48,514 ✭✭✭


    << <i>1) Does/should it matter whether the coin was consigned to them or not?

    2) Does/should it matter how much more the coin would be worth if it were to up-grade?

    3) Does/should it matter what my relationship with the other dealer was? >>



    Yes.
    No.
    No.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
  • mgoodm3mgoodm3 Posts: 17,497 ✭✭✭
    If you value the business relationship and you want it for $500, go for it. If not send it back for a refund. Sounds like an honest mistake.
    coinimaging.com/my photography articles Check out the new macro lens testing section
  • zennyzenny Posts: 1,547 ✭✭
    my guess is that there's a check in the mail.......

    as to the others

    1. sympathy factor, why not
    2. um, yeah
    3. absolutely
  • XpipedreamRXpipedreamR Posts: 8,059 ✭✭
    I say, if you still want the coin at their corrected asking price, pay the difference. If not, return for the price you paid.
  • tsacchtsacch Posts: 2,929 ✭✭✭
    Done deal
    Family, kids, coins, sports (playing not watching), jet skiing, wakeboarding, Big Air....no one ever got hurt in the air....its the sudden stop that hurts. I hate Hurricane Sandy. I hate FEMA and i hate the blasted insurance companies.
  • michaelmichael Posts: 9,524 ✭✭
    4) Let them have the coin back at no penalty
  • CarlWohlforthCarlWohlforth Posts: 11,074 ✭
    Well I would certainly support the decision to do #4 as was suggested by 2 people above but, trusting Mark's eye, Mark should do: 2) Pay them the extra $230 plus and keep it.

    The seller would be happy and Mark would make $150. Everybody is happy if Mark is correct with the upgrade assesment. If Mark is wrong with his assesment only Mark is unhappy.
    Carl's Coins website w/ links to Carl's auctions
  • michaelmichael Posts: 9,524 ✭✭
    i like carls suggestion even better

  • lathmachlathmach Posts: 4,720 ✭
    If I were in that situation I'd reverse the transaction. I wouldn't be out anything, and I'd have a lot better relationship with the other party in the future.

    Ray
  • rkfishrkfish Posts: 2,617 ✭✭✭
    #4 without a doubt......
    Steve

    Check out my PQ selection of Morgan & Peace Dollars, and more at:
    WWW.PQDOLLARS.COM or WWW.GILBERTCOINS.COM
  • coinkatcoinkat Posts: 23,091 ✭✭✭✭✭
    While I tend to agree it is a done deal and dealers need to know what they have on consignment before they sell, it would probably be a good thing to return the coin.

    Experience the World through Numismatics...it's more than you can imagine.

  • RYKRYK Posts: 35,797 ✭✭✭✭✭
    I'd reverse the transaction--no harm, no foul. We all make mistakes, and this one does not seem sinister.

    1. No.
    2. Only in that I might be influenced to pay the difference and keep it.
    3. Not really. If you had a bad relationship with him/her, you probably would not have made the transaction. Since it is good, you would like to keep it that way.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • keojkeoj Posts: 980 ✭✭✭
    This one is easy, if the situation was reversed, what would want the other guy (buyer) to do? #4 is the only answer.

    keoj
  • MrpawnMrpawn Posts: 595
    The old "Do unto others as you would...."

    I tend to agree with TDN in both of his responses.





    Dont forget the lunch part (at least a couple) and if for some reason you do not want to spend time with this person then make it lunch for you and another at his expenseimage

    eBay Auctions
  • fountainheadgoldfountainheadgold Posts: 2,467 ✭
    4
    Michael
  • jimtrejimtre Posts: 197
    Probably 4 but not feel comfortable dealing with him anymor.
  • beartracks42beartracks42 Posts: 2,834 ✭
    I would go with #4.
    Gary
    image
  • gripgrip Posts: 9,962 ✭✭✭✭✭
    Pay the 250 and everyone is happy,hell,your not buying Rhode Island.image
    Al
  • skydivdavskydivdav Posts: 190
    Four
    Modern bashing is sooooooo old.
    -Bochiman



    If at first you don't succeed, then skydiving definitely isn't for you.
    -unknown
  • COINDOGCOINDOG Posts: 402
    image
    No need to even think about it, : # 4 is the only answer.
  • RRRR Posts: 627 ✭✭✭
    Four
    <html />
  • morgannut2morgannut2 Posts: 4,293 ✭
    First, this sounds a lot like all the "taking your high bid is optional" stuff that Heritage was doing at the FUN Auction. I really have no sympathy for their mistakes. Second, I fail to understand why a dealer would take a coin in a 66 holder that's worth $270 wholesale at a reserve of nearly double that!!! The whole story makes little sense to me. Basically if you have a relationship with the seller, I give him the dumb coin back but remind him of the costly mistake for the rest of his life!image
    morgannut2
  • relayerrelayer Posts: 10,570 ✭

    You should extend him a professional courtesy and return the coin for $270, then remind him of that in all of your future transactions.
    image
    My posts viewed image times
    since 8/1/6
  • LeeGLeeG Posts: 12,162 ✭
    image Scre* the Bastar*! Keep the coin and I bet They don't make the same mistake again. Not your fault. They should know their inventory! If they have too much inventory to handle on their own Hire More Help! We've got people homeless and starving in America! I know these are strong comments but do we always have to be nice and keep forgiving others mistakes over and over? How does someone learn if we do? How do we, or did we, teach our children? Just some things to think about. Lee
  • seanqseanq Posts: 8,652 ✭✭✭✭✭
    I'd return it, and cash in on the returned favor at some point in the future.

    Carl's suggestion sounds nice, but in reality there's not a $150 profit to be made if he buys the coin for $500 - there are the fees to regrade the coin, and no guarantee it will upgrade in the first place (heck, it *could* come back as a 65).


    Sean Reynolds
    Incomplete planchets wanted, especially Lincoln Cents & type coins.

    "Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
  • RBinTexRBinTex Posts: 4,328 ✭
    #4
  • coinguy1coinguy1 Posts: 13,484 ✭✭✭
    Comments and analysis to be posted later this morning......image
  • ss350camaross350camaro Posts: 4,529
    I would send it back to him after i received a payment of $300 for my trouble.
  • au58au58 Posts: 1,288 ✭✭✭
    Tell the other guy that you think it has a shot at 67 and that you intend to submit it. Then, if it makes 67, sell it for $650 and give him the $500. That way, everybody wins. If it doesn't make 67, return it. Nobody loses (except for the grading fee, and that happens all the time).
  • paigowjohnnypaigowjohnny Posts: 4,257 ✭
    (4) with TDN's caveat



    << <i>tell them they owe you lunch >>

  • GOLDGUYGOLDGUY Posts: 253 ✭✭
    C'mon Mark, this is silly. ANYONE who knows you, knows exactly what you decided to do (and that it took you less than a second to make the decision). But lets spice up the situation by amending the scenario.

    What if you add a couple zero's to the prices used in Mark's story (i.e. $26,000 and $60,000)?
    What if Mark had already cracked the slab?
    What if he bought it from a dealer he rarely did any business with and/or didn't particularly like?
    What if Mark had already promised the coin to a great customer of his?

    Todd L. Imhof
    Partner / Executive VP
    Heritage Auctions

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