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Hypothetical #8 - Plugged

MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
in U.S. Coin Forum
Suppose you own an auction company. Your catalog includes a raw 1796 quarter that you call "Choice XF-45, problem free". A dealer buys the coin. Two weeks later, he tells you he wants to return it because it's plugged. You look at the coin and agree. Do you have to take the coin back?
Andy Lustig

Doggedly collecting coins of the Central American Republic.

Visit the Society of US Pattern Collectors at USPatterns.com.

Comments

  • michaelmichael Posts: 9,524 ✭✭✭
    NO!!!!!!!!!!!!!!!!!!



  • mallardmallard Posts: 69
    YES!!!!!!!!!!!!!!!
  • wjd283wjd283 Posts: 1,406
    You don't have to,but I would to keep a good rep.
  • OldnewbieOldnewbie Posts: 1,425 ✭✭
    If it was stated "problem free" in the catalog, yep, in a heartbeat.
  • jcpingjcping Posts: 2,649 ✭✭✭
    If purchased as sign-seen, then no refund. If it is bought as sign-unseen, yes, refund it.
    an SLQ and Ike dollars lover
  • FC57CoinsFC57Coins Posts: 9,140 ✭
    If you assessed it and advertised it incorrectly, then yes - you should take it back.
  • dragondragon Posts: 4,548 ✭✭
    Most large auction firms have a written policy that no coins can be returned for any reason by someone who has viwed the lots in person, or was a floor bidder UNLESS it's an issue of authenticity...........or something very close to that effect I think.

    In this case, if the auction firm clearly mis-cataloged and mis-described the coin as problem free and it was in fact a repaired and therefore a problem coin, they should offer a full refund regardless of the circumstances of the purchase or who the buyer was. If the coin however was NOT clearly described as problem free, then no refund should be issued per the above auction terms.

  • WANNABEDEALERWANNABEDEALER Posts: 156 ✭
    that one is a tough one, years ago i bought a coin from a major auction house and it was repaired. i never caught it and one day i found it in the safe and decided it was time to put it in an auction to see what it would bring. the same auction house told me it was repaired and would not sell it. i said fine, you sold it to me as good in your auction, here is the invoice, and the auction description, when will you be refunding my money. it took a few weeks and we settled.
  • clackamasclackamas Posts: 5,615 ✭
    Yes you represented the coin stating something that was not true. You take it back or be forced to take it back with a law suit.
  • relayerrelayer Posts: 10,570 ✭

    Yes, I take the coin back - but only at a fraction of the sale price because now it's plugged.
    image
    My posts viewed image times
    since 8/1/6
  • constructconstruct Posts: 932
    Yes, I have to buy it back for what he paid.
    The strangest things seem suddenly routine.
  • TrimeTrime Posts: 1,863 ✭✭✭
    I do not know if it is required but the auction company should take it back
    Trime
  • Steve27Steve27 Posts: 13,275 ✭✭✭
    "Do you have to take the coin back? "

    It depends on the statements made in the auction literature (aka terms and conditions). If they state that the information provided it believed to be true but not guaranteed, and that there are no refunds, then NO.
    "It's far easier to fight for principles, than to live up to them." Adlai Stevenson
  • elwoodelwood Posts: 2,414 ✭
    If he viewed the coin prior to bidding......then no.
    If he did not view the coin and was relying on your discription....then yes.
    Please visit my website prehistoricamerica.com www.visitiowa.org/pinecreekcabins
  • LongacreLongacre Posts: 16,717 ✭✭✭
    No. The dealer should have inspected it and that is his job.
    Always took candy from strangers
    Didn't wanna get me no trade
    Never want to be like papa
    Working for the boss every night and day
    --"Happy", by the Rolling Stones (1972)
  • ritepathritepath Posts: 266
    Oversite, take it back.
    There's only One
  • RYKRYK Posts: 35,800 ✭✭✭✭✭
    Yes, you take the coin back. You said it was problem-free, and it isn't. Had you not said "problem-free", you could make a case for it being a Done Deal™.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • ziggy29ziggy29 Posts: 18,668 ✭✭✭
    If I called it "problem-free," and it's clearly the same coin and in the same condition as I sold it, I take it back or negotiate a partial refund.

    If this were a sight-seen transaction and the buyer was able to inspect the coin personally before purchase, I'd be a little less inclined to accommodate.
  • OffMetalOffMetal Posts: 1,684 ✭
    If you incorrectly described it, then you should refund it.

    Ben
    -Ben T. * Collector of Errors! * Proud member of the CUFYNA
  • JulianJulian Posts: 3,370 ✭✭✭
    Absolutely!
    PNG member, numismatic dealer since 1965. Operates a retail store, also has exhibited at over 1000 shows.
    I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.

    eBaystore
  • ShamikaShamika Posts: 18,785 ✭✭✭✭
    All items sold as is. I would guarantee authenticity, but not grade.

    Item is sold!
    Buyer and seller of vintage coin boards!
  • cswcsw Posts: 432 ✭
    You misrepresented the coin's condition and are obliged to take it back if and only if the buyer relied on your misrepresentation when purchasing it. This answer assumes that there are no other agreements between buyer and you.
    image

    Tiger trout, Deerfield River, c. 2001.

  • mgoodm3mgoodm3 Posts: 17,497 ✭✭✭
    If you had just not called it problem free, you'd be clear.
    coinimaging.com/my photography articles Check out the new macro lens testing section
  • prooflikeprooflike Posts: 3,879 ✭✭
    Absolutely, advertised as problem free yet it had a problem. The reputation of the auction company is at stake.
    image
  • mozinmozin Posts: 8,755 ✭✭✭


    << <i>Absolutely! >>

    image
    I collect Capped Bust series by variety in PCGS AU/MS grades.
  • MrEurekaMrEureka Posts: 24,419 ✭✭✭✭✭
    If he viewed the coin prior to bidding......then no.
    If he did not view the coin and was relying on your discription....then yes.

    I agree with Elwood. However, even if I don't have to take the coin back, I might choose to. It would depend in part on my relationship with the buyer and with the consignor.

    BTW, It's interesting to me that nobody is concerned about the consignor. How would you feel if you consigned the coin, if you knew the terms of the sale did not allow a refund, and yet the auctioneer chose to let the buyer out of the deal?
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • ddinkddink Posts: 2,748
    Take the coin back. You described it improperly, which either means you made an honest mistake, or you are a liar. If you give a refund, you'll look like an honest person who made a mistake. If you don't, it'll look like you intentionally lied about the coin.
    I heard they were making a French version of Medal of Honor. I wonder how many hotkeys it'll have for "surrender."
  • CalGoldCalGold Posts: 2,608 ✭✭


    << <i> How would you feel if you consigned the coin, if you knew the terms of the sale did not allow a refund, and yet the auctioneer chose to let the buyer out of the deal? >>



    If the consignor knew the coin was plugged shouldn't he have told the house that the catalog discription was misleading? If he did the house could have announced the truth at the auction before biddingstarted and then the only issue would have been internet bids if any.

    CG

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