Updated 10-7: RYK's "circle of trust" in action in a real life situation...

coinguy1

If all goes according to plan, I will be shipping a coin worth several thousand dollars on approval to someone next week. I have never met him in person, but we have PM'd each other from time to time.

Equally importantly to me, I "met" him through another forum member and have been told that he has done business with at least a couple of dealers I know. I will not even be checking references in this case and am completely comfortable in the thought that I will not get stiffed. After all, this person is in "the circle of trust".

RYK

Gutsy move, Mark, I would not trust that guy.

ANACONDA

Have yet to lose a coin.

IrishMike

You're too easy Mark, I know its been awhile but you sent me a coin to look at with no strings.

DMWJR

Thanks Mark! I'll be checking the mail for the 1804 dollar. How did you ship it?

dragon

Coinguy never sends me nuthin' on approval

Bochiman

<< <i>Have yet to lose a coin. >>



I had to pay up front when I bought my coin within the last year. Hard to lose a coin when you get the money first


Mark.....ummm...I vouch for another guy. Please send him very expensive coins too

2bucks

MajorDuty

<< <i>...I will be shipping a coin worth several thousand dollars... >>



Ahhh, that's not that impressive.

Someone is going to mail me some nickels who has never met me before, and I'm in no-one's circle of trust.

kcnovice

If this guy is who I think it is, be very careful; he may try to pay you in turkey beards
or some other strange backwoods currency. Now if he want's to pay in used scuba gear,
take it! the guy is forever upgrading and has run out of diiving family members.

coinguy1

<<Have yet to lose a coin.>>

As far as I know, no, not while self employed. However, about 25 years ago, while working for a large coin firm, with the owner's ok, I sent a package (worth $25,000-$50,000 - I can't remember) out on approval to a guy who had bought from us twice previously. The prior confidence-building transactions had apparently been a set up and he took off with the coins, along with those from one or more other dealers he had also set up. To my knowledge, he was never caught.

Edited to add:

Whoops, I misread Adrian's post and see I answered a question which he didn't even ask.

dragon

Well Coinguy.....? When do i get my coin on approval??

coinguy1

<< <i>Well Coinguy.....? When do i get my coin on approval?? >>

Dragon, when I think you are no longer able to tell a natural coin from an AT one.

<<I had to pay up front when I bought my coin within the last year>>

Ron, didn't that 1955 DDO go out to you on open acount? If not, it could have, as you're in the circle, even if you're a little but square.

ss350camaro

even I'm in a circle of trust™

ABC123

There is a First Time for Everything----Jenna Jamison

ColonialCoinUnion

We have yet to lose a coin too, though we did have one held hostage for a while.

numisma

I got held up for $35K a few years ago by selling on approval. Took several months and a personal visit to get paid.

RYK

What does it mean to be "held up" or "held hostage" in this context?

numisma

<< <i>What does it mean to be "held up" or "held hostage" in this context? >>



Figuratively speaking. I sent a few coins to a guy and he never paid, but he somehow thought that he owned the coins. Terrible position to be in.

ColonialCoinUnion

<< <i>What does it mean to be "held up" or "held hostage" in this context? >>



I meant that we didn't get paid or get the coin back, despite suggesting that one or the other was adviseable.

It could also be used to mean that someone holds your coin, doesn't pay for it and doesn't return it while they negotiate for price discounts. I personally consider that to be numismatic blackmail.

Bochiman

<< <i>

<< <i>Well Coinguy.....? When do i get my coin on approval?? >>

Dragon, when I think you are no longer able to tell a natural coin from an AT one.

<<I had to pay up front when I bought my coin within the last year>>

Ron, didn't that 1955 DDO go out to you on open acount? If not, it could have, as you're in the circle, even if you're a little but square. >>



It did Mark, that's why I wasn't quoting your post....I was quoting Adrian

FatMan

We need more details...was that the inner circle, or the outer circle? Inquiring minds want to know.

Myqqy

I like hearing about trust among numismatists........

AgMe

<< <i>There is a First Time for Everything----Jenna Jamison >>



"She told me the same thing" --- AgMe

USCGCraig

The Barber Half group has a really decent circle of trust. All great people to work with.

UncleJoe

even if you're a little but square

I don't want anything to do with "that" circle.

Joe.

agentjim007

Have yet to lose a coin.

Anaconda don't make me laugh. Your circle of trust is Brandon and yourself.

Mark doesn't surprise me, he's one of the best here to deal with.

Longacre

I only deal with members of the Circle of Trust, and respond to PMs only from members of that elite society. Long live the Circle.

RYK

Actually, you guys have corrupted the original RYK concept of the Circle of Trust™. In its purest form, the Circle™ exists between like-minded collectors who trust one another to send coins (and/or money) with complete confidence that thes fellow collector will honor the trust. Examples would be: FatMan wanting to borrow a coin to look at or mgoodm3 wanting to borrow a coin to photograph or Longacre wanting to show one of my coins to Consuela, or DaveG wanting to buy a coin "on approval", ... In all of these and similar circumstances, I would without hesitation send or lend the coin to the other party.

Dealer-collector transactions are not part of this. Dealers have their own trust issue which is part of their livelihood and which makes it a different animal than collector-collector interactions.

Edit: butchered diction

coinguy1

<< <i>Actually, you guys have corrupted the original RYK concept of the Circle of Trust™. In its purest form, the Circle™ is a between exists that includes like-minded collectors who trust one another to send coins (and/or money) with complete trust that thes fellow collector will honor the trust. Examples would be: FatMan wanting to borrow a coin to look at or mgoodm3 wanting to borrow a coin to photograph or Longacre wanting to show one of my coins to Consuela, or DaveG wanting to buy a coin "on approval", ... In all of these and similar circumstances, I would without hesitation send or lend the coin to the other party.

Dealer-collector transactions are not part of this. Dealers have their own trust issue which is part of their livelihood and which makes it a different animal than collector-collector interactions. >>

Robert, my apologies for corrupting the Circle of Trust™ concept. I should have written "Circle of Trust, dealer's version™"

MFH

<< <i>The Barber Half group has a really decent circle of trust. All great people to work with. >>



Only when we're not bidding against each other.....

jmj3esq

I just completed a similar high dollar transaction with a man I have never met this week. He is a memebr here. It went well.

BigE

Approvals should be illegal, it's like abandoning a baby on some rich families doorstep-----------------BigE

Cherwood

Just curious.....when you have one of these "circle of trust" transactions, do you have a set time agreed upon in which to return or pay for the coin?

RYK

<< <i>Just curious.....when you have one of these "circle of trust" transactions, do you have a set time agreed upon in which to return or pay for the coin? >>



Yes, the official time is "whenever".

coinguy1

Update - I didn't get stiffed