Play Coin Dealer....... Give your advice.........

longtimecollector

I recently had a customer bring to me an 03-S Morgan. He booght it at a local show as an XF, paid XF money, with the stipulation that it would slab at XF......... Here comes the twist.........

Sent it to ANACS......... ANACS graded it AU50 / CLEANED........... In XF, its a $300 coin........... In AU, it's a $1500 coin..........

I've looked at the coin, and was expecting it to come back cleaned, but sent it in anyways so the customer could return it without a problem....... My customer collects only slabbed problem free Morgans........

Would you:

A) Advise him to keep the coin and try to overlook the fact it has been cleaned ????

Advise him to return the coin for a refund ????

C) Sell it on Ebay expecting that someone will pay $6-7-800 for it and use the profit for other coins ????

mgoodm3

Ebay.

TheRaven

I would try and see what he can sell it for, if he can get more then the 300 or so he paid apparantly I would go that route.....

RYK

There's no wrong answer. If the coin was nice enough to buy in person, it is probably nice enough to keep no matter what the holder says. Getting the money refunded is a safe way to dispose of the coin. Ebay is higher risk with potentially higher reward. Like I said, there is no wrong answer.

braddick

Why would you suspect it would fetch $700. on eBay? Although ANACS no longer net grades collectors are aware if the insert simply states "AU50 Cleaned" it would be an XF Net coin at best and pay accordingly.

Easy call for me. If the collector only wants problem free coins, return this one for his $300. back.

Burks

Personally I would Ebay it, pocket the cash, and buy a true problem free XF/AU 03-S.

Really couldn't complain about buying a coin for $300 and selling for a profit, even if you didn't like it.

grip

Run it on E-bay for one day,with a 300.00 reserve.If it dont sell return it.
Al

Gator5220

C

mgoodm3

Sorry, my first answer was unethical. As a dealer my primary responsibility would be to screw him over. So, I would buy it from him for $300 so he doesn't have to go back to the other dealer and then sell it on Ebay for a profit.

RedTiger

If someone offers $600 for a cleaned AU when XF is only $300, take the money and run. However, I don't think it will be that easy, unless the seller is lucky. At least one grade lower is usually where a net coin trades, sometimes more. Collectors looking for $1500 coins (the price in AU) tend to avoid problem coins. Now if the prices were $150, $30 and $60, the odds of landing a big fish are much higher. Tough decision. I lean towards returning the coin and letting the dealer play Ebay roulette with it. Definitely would not keep it, if all my other coins are problem free PCGS because it will stick out like a sore thumb.

Bochiman

<< <i>Run it on E-bay for one day,with a 300.00 reserve.If it dont sell return it.
Al >>



B I N G O !
(well, I might go as long as a 3-day auction )

Gator5220

Wait a minute, I'm confused. Are you saying to advise the client to sell the coin on eBay, or are you saying as a dealer sell the coin yourself on eBay?

Steve27

Ebay with a buy it now for $600 and a "best offer" option.

Numismatics

List on Ebay first.

SamByrd

I would run a regular ebay auction with great pictures and have a 300 reserve, it it dose not sell I would return it, basicly what has already been posted above.

BECOKA

If the customer was guaranteed by the orignal dealer that it was not cleaned then save the trouble and return it. If the customer is familiar with e-bay and has a decent rating then he will probably get the money back and won't have to deal with the original dealer. If the customer has a poor rating and you have a good rating then maybe you sell it for him and just take a small % - fees.

All answers are good it just depends on what the customer is comfortable with. Maybe propose all of the above and see what he prefers.

ziggy29

Agreed with the others. I'd essentially eBay it with a reserve or starting bid at cost plus eBay fees. If it doesn't sell, return it. If it sells, you've just flipped a coin at a profit. As long as the coin is accurately represented, there's nothing unethical there.

relayer

Dump it on eBay and take the money to buy the coin he wants - plus another one.

au58

If ANACS graded it AU cleaned, doesn't that mean it is really a cleaned XF?
Why screw another collector. Just return it.

ziggy29

<< <i>If ANACS graded it AU cleaned, doesn't that mean it is really a cleaned XF? >>

Put down the Kool-Aid.

lava

He bought it raw, so he bought it knowing the risks. He should enjoy the coin, but alas, he can't because someone else saw something he missed, and it turns out the coin has been cleaned.

He can sell the coin on ebay, get his money back, and buy an uncleaned xf and live happily ever after. Why you suggest profiting on the ebay sale I have no idea. If the coin nets xf, why get unrealistic in expecting more than xf money. Since he doesn't want it at the xf price, what makes him think anyone else will at any price, let alone at au money.

Bochiman

<< <i>If ANACS graded it AU cleaned, doesn't that mean it is really a cleaned XF?
Why screw another collector. Just return it. >>



If encapsulated, and clearly auctioned and described as such, you are NOT screwing another collector.....eyes are wide open.
If advertised as AU and no mention of the cleaning, then you would be right.

As it is, I think the best action would be ebay with a reserve/starting price of the $300+all fees (grading, shipping, and ebay). That amount will make it a wash. Anything above is gravy.

2nd option, or, if not sold. Return to dealer. Ask for original amount + expenses back since they were incorrect. Accept original amount back if they don't want to pay the other amount or if it wasn't already agreed upon.

ziggy29

<< <i>Why you suggest profiting on the ebay sale I have no idea. If the coin nets xf, why get unrealistic in expecting more than xf money. Since he doesn't want it at the xf price, what makes him think anyone else will at any price, let alone at au money. >>

Some collectors discount cleaning more than others. Some hate cleaned coins enough that they wouldn't pay VF money for a cleaned AU. Some don't mind it as much and might pay (say) EF-45 money for it.

It's worth a try. Again, if the coin is accurately described and the buyer has good images to judge the value for themselves, what's the harm?

Longacre

Based on the facts, it looks like he could get his money back if he wants to. I would probaby take a shot at selling it on Ebay, making sure that the grade on the holder and the description was properly disclosed.

marmac

Well the date in question has a very big leap from XF 40($300) to XF45($600) to AU50($1500). Depending on the severity of the cleaning, I would think there would be no problem selling the coin for a profit over the original $300.

Ebay it!

dorancoins

<< <i>I recently had a customer bring to me an 03-S Morgan. He booght it at a local show as an XF, paid XF money, with the stipulation that it would slab at XF......... Here comes the twist.........

Sent it to ANACS......... ANACS graded it AU50 / CLEANED........... In XF, its a $300 coin........... In AU, it's a $1500 coin..........

I've looked at the coin, and was expecting it to come back cleaned, but sent it in anyways so the customer could return it without a problem....... My customer collects only slabbed problem free Morgans........

Would you:

A) Advise him to keep the coin and try to overlook the fact it has been cleaned ????

Advise him to return the coin for a refund ????

C) Sell it on Ebay expecting that someone will pay $6-7-800 for it and use the profit for other coins ???? >>



Probably B - Advise him to return the coin for a refund, even though he got AU50, its been cleaned and will not realize what it should be worth uncleaned.

cullenbryant

another vote for ebay

jdcheers

Take the coin out of the holder, carry it around in your pocket for a couple of weeks, and -- voilà -- XF as you wanted.

dorancoins

<< <i>Take the coin out of the holder, carry it around in your pocket for a couple of weeks, and -- voilà -- XF as you wanted. >>

michael

return it

and next time

suggest to your customer to learn to grade and evaluate coins themselves and also ONLY buy pcgs graded morgans

morgannut2

See what they go for at Heritage-- if it's enough, take it in trade for a nice uncleaned Ef-45 in NGC holder plus a lot of cash. Then dump it at auction.

BlindedByEgo

Crack it out and consign it to Blue Moon Coins, they'll tone it right up and sell it for 5 figures as a problem free toned BU.

Take your profits and by 2 MS63's.

Give one to me.