I love Garage/Yard sales
carl
Posts: 2,054 ✭
Went to the first one this year today. Not much really so I did what I always do and ASK. I asked if there were any old coins, jars or boxes or cans of coins they wanted to get rid of. The lady went inside and came out with an old, cheapy type Whitman folder. One fast look and I offered $10. She grabbed the money so fast I should have said much less. Took it home and removed the coins. Here is what I got:
Like I keep telling everyone, you have to ASK.
Like I keep telling everyone, you have to ASK.
Carl
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Comments
WHERE IS THE DIFFERENCE????
That's right. There isn't any.
By the way, I have no problem with this scenario. You put forth the effort and work of going out and finding product, a $10 profit I'm assuming doesn't even pay the gas you expended.
<< <i>$3.20 in face melts for $22.70, $10 is not even half melt value ! ! !
By the way, I have no problem with this scenario. You put forth the effort and work of going out and finding product, a $10 profit I'm assuming doesn't even pay the gas you expended. >>
Oh, I have no problem at all with the scenario. I only have a problem with the double standard which says it is ok for a collector to do this but not someone who actually tries to make a living buying and selling coins.
But when a person goes to a coin shop they are trying to sell something they believe to have value and and in their mind they are doing the prudent thing by seeking out the local "Professional". They're not taking it to a pawn shop or selling it to joe blow on the street corner out of desperation. And in many locals there is only one coin shop making it the only game in town. This "Professional" lets them know they will be treated fairly because the moment they walk in the store they are surrounded by membership plaques and signs from multiple coin organizations: ANA, the Regional Coin Club, the State Coin Club, the Local Coin Club, etc., all of which have dealer codes of conduct and ethics that provide the seller the necessary security that they are dealing with a professional with ethics. This is no different that you and me seeking professional services from only an accountant, lawyer, broker, or realtor with the appropriate credentials. And the real crime is that the hobby and all these clubs just turn our heads let this happen.
<< <i>Fatman's got some valid points in there. >>
I have to agree, most notably in that when you represent yourself as a 'profesional coin dealer' people put faith in you to represent yourself as such. Ive heard that it is actually illegal and not just unethical to underpay (I know this is relative) when you are a 'Profesional' and your knowledge is used in order to decieve (Not just in coins). Anyone know if this is true?
<< <i>Oh, I have no problem at all with the scenario. I only have a problem with the double standard which says it is ok for a collector to do this but not someone who actually tries to make a living buying and selling coins. >>
I have no problem with this because the "rip" was maybe for $10-$20 (assuming these are worth little above melt). The effort it takes to make these finds, together with the convenience of getting rid of a collection someone doesn't want any more, is worth that.
But if someone offered $1000 for a $2000-$3000 collection, it's a different ballgame. Now we're talking real money, especially if the buyer knew the deal he/she was getting.
It's not the percentage so much; it's the raw gain. And to call a $20 gain an unconscionable rip is a stretch. It doesn't matter whether a collector or a dealer did it.
After all, she didn't want them. She would have probably just thrown them out sooner or later anyways since they had no value to her. It was explained to her that she would get a minimum of 6X face at a coin shop, but that would have been from a scumbag dealer, not from a true collector. And everyone who walks into a shop for their 6X face (or better) knows exactly what they have. That's how it is, right?
Sarcastic? Yes. But no matter how many times I read the explanations as to why the rip was okay in this case, I can't talk myself into agreement with it.
A: Gee, seems like there's smoetihng inside... (walks away, comes out with an old Whitman)
Q: (Opening Mercury dime book)... What'cha want for it?
A: ...Gimme ten bucks
Q: You got it.
Moral of the story? I dunno... Both parties apparently happy. Now here's where the problem lies:
Q: (Opening Mercury dime book)... What'cha want for it?
A: What's it worth?
Now, we're on shaky ground.
JMHO
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
So, are we on shaky ground?
A Coin Dealer holds himself out as a professional. As such he his held to a higher standard. Look at any other profession that puts out a shingle. How are coin dealers held to a lower standard. With that said, my introduction to the real coin world was a major rip by my local coin dealer afer my Uncle asked me to help him sell some of his coins and currency he had collected durning the 50's and 60's. When I look back now at what happened I want to puke. I will never be able to look my Uncle in the face again without thinking of how I/he got screwed because I trusted the coin dealer with the big fancy store and all the high priced stuff sitting around to be honest and fair. Yes, I was a sucker. It will never happen again. I am just glad this did not turn me off coins forever.
Mercury.
<< <i>Sarcastic? Yes. But no matter how many times I read the explanations as to why the rip was okay in this case, I can't talk myself into agreement with it. >>
Let me try this one more time.
For both the buyer and seller, it takes a certain amount of effort to buy and sell coins.
Someone looking to buy coins isn't going to go out of their way to buy something for $20 that they can flip for $25. Their time is worth more than that.
Someone looking to sell $25 worth of coins isn't going to spend a lot of time and effort to try to get $20 for their coins instead of $10. Their time is probably also worth more than that. I'll bet even knowing that these coins were worth $20-25, she was happy to get rid of something she had no desire to keep and one less thing to clutter the house with almost no effort to get rid of it.
Yes, the dollar amount DOES matter. It takes time and effort to find stuff, and time and effort to sell stuff.
There are bad apples in every bushel. No doubt about it. There are some dealers that I'd like to see run out of town on a rail. But...
What happens if that woman is bragging about the 10 bucks she made off of those old dimes, the person she is bragging to knows coins, and they bring her up to snuff about the tiny little rip. Now, next week she happens to see Carl in a store. Does she feel any differently about coin collectors than a lot of coin collectors feel about dealers?
Is it okay?
I'm not trying to put Carl or anyone else down here. I think we (myself included as a collector) all need to live up to a higher standard.
On the other hand, I bring a coin into a dealer and ask "how much is this worth to you?" it is the dealer's responsibilty not to baldfacedly lie to me and "score" due to my youthful/innocent ignorance. Oh, but guess what... it goes on all the time and always shall. One dealer I know scrupulously remains honest about pieces he buys off the street - having seen him in action, I can attest to it - and this also goes a long way towards explaining why he states "there must be some reason I'm still stuck in this basement (shop) after so many years."
<< <i> When you are talking about a garage sale transaction, everything is fair game. >>
I can't buy into that statement. I agree with Ziggy that the amount does matter. In this scenario more good was done than harm. The lady is happy with a 10 spot and she only left about 10 bucks on the table. The collector got a good deal and is happy with his new mercs. No real harm, no real foul. Heck, I wouldn't be all that upset if a dealer only paid 10 bucks either. This would be nothing but a courtesy transaction for a dealer. There is no profit in this kind of business.
But if somewhere in that pile of mercs is a 16-D, then it becomes a different game. We are not dealing with a few bucks, we are dealing with what some would consider a small fortune. This is where I expect all collectors to be decent and inform the seller what they have. Of course feel free to offer them what you want but decency insists that you also let them know what it may be worth if they choose to extend the effort to sell it in other venues.
Considering what you said. Yes, I do hold myself to a higher standard. I had a fellow employee who found out I collected coins bring me the collection he had received from a death in the family. OMG, It was impressive. I do not own coins as nice as some of the stuff he brought me. I made a detailed list of each coin and gave him approximate values using the latest red book and trends guide. I did make the point of telling him the vaules I quoted were high and not to expect full value when selling. But, I do fell it as least gave him an idea of what he was dealing with. Do I wish someone would have done the same foe me? Yes, of course I do. With that said, If you see a rare Vam for same or ebay for the price of a common date do you let the seller know? No, most people would not. They would just bid. However, I still fell that a dealer, who calles himself/herself a professional should be held to a higher standard, just like any other profession.
Mercury
<< <i>What happens if that woman is bragging about the 10 bucks she made off of those old dimes, the person she is bragging to knows coins, and they bring her up to snuff about the tiny little rip. Now, next week she happens to see Carl in a store. Does she feel any differently about coin collectors than a lot of coin collectors feel about dealers?
Is it okay?
I'm not trying to put Carl or anyone else down here. I think we (myself included as a collector) all need to live up to a higher standard. >>
Pud, Point well taken.
We have our separate views on the little details, and that's okay.
<< <i>DeputyPud,
Considering what you said. Yes, I do hold myself to a higher standard. I had a fellow employee who found out I collected coins bring me the collection he had received from a death in the family. OMG, It was impressive. I do not own coins as nice as some of the stuff he brought me. I made a detailed list of each coin and gave him approximate values using the latest red book and trends guide. I did make the point of telling him the vaules I quoted were high and not to expect full value when selling. But, I do fell it as least gave him an idea of what he was dealing with. Do I wish someone would have done the same foe me? Yes, of course I do. With that said, If you see a rare Vam for same or ebay for the price of a common date do you let the seller know? No, most people would not. They would just bid. However, I still fell that a dealer, who calles himself/herself a professional should be held to a higher standard, just like any other profession.
Mercury >>
Strangely enough, most people would see this as stretching or trying too hard in order to buy a deal, and would automatically feel as if they were getting ripped. I personally love the guys who profess that they're only making $20 - ON A $500 PURCHASE ! ! ! Yeah right sweetheart, tell me your making a hundred and I'll respect you more, even if I still don't believe you.
Just watch out for everyone else.
Mercury
Oh, but then, maybe if they weren't a "wannabe." Sure - right.
They are very nice Carl, and not at a bad price
btw, I agree with fatman
Millertime
Complete Dime Set
<< <i>What happens if that woman is bragging about the 10 bucks she made off of those old dimes >>
She held a garage sell and someone offers her $10 and she doesn't haggle for more. I assume carl like everyone at a yard sell starts low and was willing to pay more but she was a bad or desperate seller.
Good find carl.
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<< <i>"One fast look and I offered $10."
So, are we on shaky ground? >>
No, I really don't think we are on shaky ground here.
The economy and all trades are premised on unequal knowledge. The benefit of gaining knowledge is to profit from it and we have no moral responsibility to the buyer to educate them.
Consider a plumber or electrician. We pay through the nose for a service that may only take 1/2 hour.
This is because we don't have the knowhow to do the same ourselves. This doesn't make the electrician a crook, only smart for educating himself in a lucrative field.
Is it our responsibility to let a stock seller know that it is likely that the stock is going to go up in value by a factor of three before you buy it? Nope,
'nuff said.
I'm starting to see a lot of yard/garage sales in my area. May have to start going to them again (used to when baseball cards were my thing). There's a lot of older residents and houses around here, never know what they'll have to offer.
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morning a few years ago and saw an ad for a garage sale that said "coins" so I figured what the heck, I have nothing better to do this day why not check it out?
The coins were nothing special they just had a few of them
spread out on a table under a carport. A few common date Indian
cents that I got at a reasonable price and an 1886-P Morgan dollar
grading a solid XF and nicely toned. I believe I paid $6 for the Morgan, don't remember how much for the Indians, not much anyway. I asked them what they wanted for them and they quoted a price. I think that was a fair way of doing business.
I felt that was