Heck with Hypothetical's, heres a real one

jdimmick

Two months ago I was at a local dealer and someone brought in several rolls of silver to sell. Quarters, Halves. The dealer bought them at 4x face or so. The guy left, The dealer never looked at them, so I just happen to ask to look myself. It was a complete set of WLH as well as Washington quarters in the roll. The WLH and washington averaged Vg-VF. All the keys were thier including the 16's, 19's and 21's and the 32-d &s washingtons. The guy who brought them in was not a regular customer, but someone who could have been contacted? What do you think the dealer did?

DHeath

Sold them to you at bid.

fcloud

Laughed in your face when he found out, and sold them at full retail.

Hyperion

growing-newbies POV

if I was standing there and saw it, and the dealer chased him out of the door and told him to take the coins back, id buy coins from that dealer forever. if the dealer shrugged his shoulders and took the coins into the back room, presumably for later analysis, id deal with that guy as if I was handling a poisionous snake in the future.

what do I think he did ? chased the guy out the door.

goose3

if it's someone you deal regularly with Jim I'd wager that he contacted the guy and paid him some more money.

BigD5

Tough call. I'd say the dealer contacted the seller and offered more money.

The problem is the seller decided to sell what he/she had without doing any research, or taking the time to get offers from a couple of different dealers for the lot. Who's fault is that?

I find it highly unlikely the dealer didn't at least open the rolls to make sure the all the coins weren't silver and not a few clads stuck int he centers, and at that point casually notice the earlier dates.

keets

the dealer laughed about it, telling everyone about the great rip he made and offered them at full retail/bid to other dealers, while giving you a bit of a break.

Cameonut

<< <i>the dealer laughed about it, telling everyone about the great rip he made and offered them at full retail/bid to other dealers, while giving you a bit of a break. >>




>90% of the dealers in my area would brag about the rip. 5% would give the seller additional $$ if they could catch them and 5% would just keep quiet and brag about it much later.

roadrunner

90% of the time the dealer just takes the rip and moves on. I've been told by brick and mortar shops that they have to get a major rip every month or so just to justify the business (pay rent, etc.). I don't condone the practice but most if not all do this. Not being a store owner I cannot comment.

It's funny that sellers will do everything in their power to get the least amount of money for their coins. Happens all the time. And when you tell them what they are really worth and what you will pay, you will often lose the deal as they shop it around using your price as the basis. Brick and Mortar shops also know this and low-ball on purpose.

roadrunner

pharmer

Because you were the one who spotted the keys and told the dealer, and you were still there to see his reaction, he said he would try to contact the seller later.

tincup

Never even looked at them to see if they were even silver as presented for purchase?? Sounds fishy to me. Sure this dealer hasn't done business with the individual before, even though you may not have seen him in the store?

Regardless... I'm sure the dealer did not turn around and sell the coins to you at a mere 10% markup from his purchase price.

jdimmick

Here's is what he did? (Don, by the way it was not Mike in GSB) I hope hed have more ethcis than that??

He looked them over and said" Boy I got them at a good price it looks like" and then took them to the back as RR said. He did offer them to me at a decent price, but I passed. As far as I know, he never contacted the original seller. But, about a month after that, I ran into the guy at another shop in town. I told him that he should have looked at the coins prior to selling them and that he left quite a bit of money on the table. I suggested that he come to our local club and sell the coins there to get the most money.

jim

MrEureka

If this happened at my place of business, I'd almost certainly contact the seller and offer more money. Then again, I would have looked at the stuff first so this couldn't have happened.

On the other hand, I did say "almost" certainly. The exception would be if it actually did happen, and if the seller somehow earned my contempt. Not that two wrongs make a right, but in some situations "right and wrong" becomes irrelevant. I share that thought only because I find it interesting, not because it has ever happened. And before you object, consider if you were the buyer and the seller had you make the check out to his favorite charity, The Aryan Nation of Northern New Jersey, or something like that. Would you really chase him down and give him more money?

DHeath

Don, by the way it was not Mike

Jim, I agree, he'd have done more for the seller. Good thread.