A dealer ripping the unwary? Or a good deal.....
tincup
Posts: 5,425 ✭✭✭✭✭
.... or..... How to rip the public at a coin show.
There have been many discussions on this board on how dealers take advantage of the unknowing public, at coin shows and in the brick and mortar coin shops. If any of you subscribe to Coins Magazine, there was an interesting letter in the coin finds section of the June 2007 issue. Sounds like the writer probably got ripped pretty good....
The writer described how they happened to come across various coins through the year. However, they did not appear to have a lot of knowledge on values, etc. The writer happened to receive some coins from a 90 year old lady... which were more or less given to the writer. One of the coins happened to be a 1796 quarter; and the writer acknowleged that he did not know the value of this.
Some years later, (maybe around the 1980 to 1990 time frame), the writer decided to attend a coin show in Cleveland, where approximately 200 dealers were in attendance. He brought along a small bag of coins, in which was also the 1796 quarter. The rest of the story is best described in his words:
"As I went in the door with the bag, a coin dealer grabbed the bag out of my hand, turned around, and emptied it on a table behind his counter. I think he went crazy. He wouldn't give my quarter back and asked me what I wanted in trade. He gave me five or six coins I needed to complete my collections. He said, "Is that all?" And I agreed."
Later the dealer caught the guy before he left the show, thanked him for the quarter, and then proceeded to tell him how it paid for his entire week in Cleveland. The dealer mentioned he was a dealer on Long Island, and had a client that would give him $12,000 for the quarter. The dealer thanked him again and again.......
So not only did the guy probably get ripped.... the dealer then had to rub salt in the wounds by telling the guy how much it was going to get him?? OUch.....
Very brave of the guy to write the letter telling about this, and kind of gives one a sinking feeling... Perhaps he got a good deal on the trades... but I really doubt it.
Oh well, easy come, easy go. The guy got it for a quarter from the 90 year old gal years before... and so it goes. Anyways, I thought a very interesting letter.
There have been many discussions on this board on how dealers take advantage of the unknowing public, at coin shows and in the brick and mortar coin shops. If any of you subscribe to Coins Magazine, there was an interesting letter in the coin finds section of the June 2007 issue. Sounds like the writer probably got ripped pretty good....
The writer described how they happened to come across various coins through the year. However, they did not appear to have a lot of knowledge on values, etc. The writer happened to receive some coins from a 90 year old lady... which were more or less given to the writer. One of the coins happened to be a 1796 quarter; and the writer acknowleged that he did not know the value of this.
Some years later, (maybe around the 1980 to 1990 time frame), the writer decided to attend a coin show in Cleveland, where approximately 200 dealers were in attendance. He brought along a small bag of coins, in which was also the 1796 quarter. The rest of the story is best described in his words:
"As I went in the door with the bag, a coin dealer grabbed the bag out of my hand, turned around, and emptied it on a table behind his counter. I think he went crazy. He wouldn't give my quarter back and asked me what I wanted in trade. He gave me five or six coins I needed to complete my collections. He said, "Is that all?" And I agreed."
Later the dealer caught the guy before he left the show, thanked him for the quarter, and then proceeded to tell him how it paid for his entire week in Cleveland. The dealer mentioned he was a dealer on Long Island, and had a client that would give him $12,000 for the quarter. The dealer thanked him again and again.......
So not only did the guy probably get ripped.... the dealer then had to rub salt in the wounds by telling the guy how much it was going to get him?? OUch.....
Very brave of the guy to write the letter telling about this, and kind of gives one a sinking feeling... Perhaps he got a good deal on the trades... but I really doubt it.
Oh well, easy come, easy go. The guy got it for a quarter from the 90 year old gal years before... and so it goes. Anyways, I thought a very interesting letter. ----- kj
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Comments
Not a good deal, but outright stealing.
roadrunner
The guy selling the coins probably felt he had no choice but to accept whatever he could get from the dealer... was probably thinking he wasn't going to get his coin back anyways.
I wouldn't allow myself to get taken like that- I would have called security over and had that dealer wanker arrested...
You are kidding right?
Steve
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Russ, NCNE
<< <i>"grabbed the bag out of his hand" ??????????????
You are kidding right?
Steve >>
I'm with you. Calling major b.s. on this guy's letter.
Apropos of the coin posse/aka caca: "The longer he spoke of his honor, the tighter I held to my purse."
<< <i>"grabbed the bag out of his hand" ??????????????
You are kidding right?
Steve >>
Those were the words written in his letter.
" You guys do realize that letters to the editor aren't verified as to veracity, right?"
Good point Russ. This is a letter written to Coins Magazine, and I'm sure that there are no verifications. So who knows. But... no doubt there are many transactions of this type... we hear quite frequently of the rips that occur at the expense of the unwary. (I guess it can be said the guy 'ripped' the coin from the 90 year old lady.... but according to the letter, he did not know what it was or worth).
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<< <i>"grabbed the bag out of his hand" ??????????????
You are kidding right?
Steve >>
I know one dealer who would be face down on the ground if they tried that.
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hi, i'm tom.
i do not doctor coins like some who post in here.
............that I saw going down the driveway in the back of a fully loaded pickup truck.
<< <i>One of the coins happened to be a 1796 quarter; and the writer acknowleged that he did not know the value of this. >>
So, this guy doesn't know how to find the value of a 1796 quarter?
<< <i>He gave me five or six coins I needed to complete my collections. >>
But now he is a coin collector? I doubt this entire story, and put no stock in it.
It sounds like this is someone who has a vendetta against coin dealers in general.
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<< <i>someone who has a vendetta against coin dealers in general. >>
HERE ??? ........... WHERE ???........... IMPOSSIBLE !!!!!
AL