Options
How to handle a Collector-Transaction

I have a question I'd like to ask all of you to get an idea of how you would handle a transaction and customer. I received a contact form from this person about 2 1/2 months ago ( very rough estimate ) inquiring about selling some of his coins. We emailed back and forth and after he agreed there was no way I could give him a proper estimate without examining his coins on premises, he asked me for shipping instructions so as to express mail me his coins. I routinely cover insurance costs for people and did in this case as well. He thanked me as it saved him on insurance and he shipped me his coins.
Part of the collection is a bunch of ICG slabbed coppers which he was sold by a guy who is well known here. He apparently was convinced to trade some of his gold for this stuff which realistically has minimal value and requires maximum work to sell them. Other coins are graded by ANACS and 1 by NGC. I liquidated the NGC coin for him at a price he agreed was probably better than what he would have gotten from selling at a major auction although he did chisel me 50 bucks on my commission which didn't sit well with me, but OK fine, it's done. The Anacs coins are awaiting the verdict from a fellow I am showing them to who is not adverse to Anacs coins. The other ICG stuff, in an effort to help him, we agreed to list a few samples on ebay and see what happens. We both agreed and he seemed happy. He mentioned and sent me a list of other coins that he has and he'd like for me to possibly help liquidate as well.
Part of the deal also consisted of bullion coins which I merely offered to my bullion guy. I email the customer the offer less 5% for my commission. This guy actually starts an email campaign of "negotiations" asking me my opinions as to why premiums were higher back when he bought them etc etc . I almost forgot to mention, he bought some of his coins not only from the guy I mentioned earlier, but also from an infamous telemarketer who is apparently facing some pretty stiff legal problems nowadays. Meanwhile he calls me we strike up a conversation on the phone and he seems like a nice guy and I'd like to help him. I receive numerous emails and try to respond to every one of them. So numerous that it totals in the dozens now. I don't want to be rude and not answer them but I'm getting full page emails that require a good deal of time to read , reflect on and answer. And there are MANY of them. In the middle of email barrage, apparently I forgot to quote him on 2 tenth oz platinum coins he sent and he sends me another email showing "concern" over where they are. I email him back and explain I forgot to mention them and they're worth a couple percent back of spot, TO ME. He then negotiates that with me ( whew! ) over literally a couple of dollars. I make no money at this point at all. I finally tell him what my normal hourly rates are and that this "transaction" is now way beyond what I can do for him and that I'll just send his coins back and I apologize that I cannot be more accomodating. If he would like help to liquidate his other coins, then I'll speak with an associate of mine after Long Beach and if he's interested I'll give my associate this fellows telephone number.
I get this from him this morning along with yet another full page letter which I won't publish.
Hey, Coin Guy –
On further reflection, I am reminded that one of God’s key messages is “You first give, only then can you receive.”
As it appears important to you to make your $200/hour, I offer you the 2005 $10 Plat. MS-70 . . . with my blessing. (Perhaps a jeweler could start with it and make a very fine ring for your deserving, devoted Asian bride.) Warmly, So and So ( I added so and so)
What would you all do? How would you handle this? I am angry.
Thank you for letting me vent
Part of the collection is a bunch of ICG slabbed coppers which he was sold by a guy who is well known here. He apparently was convinced to trade some of his gold for this stuff which realistically has minimal value and requires maximum work to sell them. Other coins are graded by ANACS and 1 by NGC. I liquidated the NGC coin for him at a price he agreed was probably better than what he would have gotten from selling at a major auction although he did chisel me 50 bucks on my commission which didn't sit well with me, but OK fine, it's done. The Anacs coins are awaiting the verdict from a fellow I am showing them to who is not adverse to Anacs coins. The other ICG stuff, in an effort to help him, we agreed to list a few samples on ebay and see what happens. We both agreed and he seemed happy. He mentioned and sent me a list of other coins that he has and he'd like for me to possibly help liquidate as well.
Part of the deal also consisted of bullion coins which I merely offered to my bullion guy. I email the customer the offer less 5% for my commission. This guy actually starts an email campaign of "negotiations" asking me my opinions as to why premiums were higher back when he bought them etc etc . I almost forgot to mention, he bought some of his coins not only from the guy I mentioned earlier, but also from an infamous telemarketer who is apparently facing some pretty stiff legal problems nowadays. Meanwhile he calls me we strike up a conversation on the phone and he seems like a nice guy and I'd like to help him. I receive numerous emails and try to respond to every one of them. So numerous that it totals in the dozens now. I don't want to be rude and not answer them but I'm getting full page emails that require a good deal of time to read , reflect on and answer. And there are MANY of them. In the middle of email barrage, apparently I forgot to quote him on 2 tenth oz platinum coins he sent and he sends me another email showing "concern" over where they are. I email him back and explain I forgot to mention them and they're worth a couple percent back of spot, TO ME. He then negotiates that with me ( whew! ) over literally a couple of dollars. I make no money at this point at all. I finally tell him what my normal hourly rates are and that this "transaction" is now way beyond what I can do for him and that I'll just send his coins back and I apologize that I cannot be more accomodating. If he would like help to liquidate his other coins, then I'll speak with an associate of mine after Long Beach and if he's interested I'll give my associate this fellows telephone number.
I get this from him this morning along with yet another full page letter which I won't publish.
Hey, Coin Guy –
On further reflection, I am reminded that one of God’s key messages is “You first give, only then can you receive.”
As it appears important to you to make your $200/hour, I offer you the 2005 $10 Plat. MS-70 . . . with my blessing. (Perhaps a jeweler could start with it and make a very fine ring for your deserving, devoted Asian bride.) Warmly, So and So ( I added so and so)
What would you all do? How would you handle this? I am angry.
Thank you for letting me vent
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
0
Comments
<< <i>Hey, Coin Guy – >>
The letter is addressed to Mark Feld.
<< <i>No problem.
<< <i>Hey, Coin Guy – >>
The letter is addressed to Mark Feld.
I wish
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
I would always work with a customer until it became obvious that I was....PROBABLY... doing a free appraisal for a competitor or a relative who was offering "whatever the dealer says."
Long ago you should have advised your full hourly fee, the extent of your continuing free advice, and remained professionally available should he desire to use you.
Ya gotta set the rules early or they'll walk on ya.
Sounds like this person got fast-talked by another dealer/collector and is trying to take it out on you. The level of trust is probably pretty low at this point. It is average for a person that has already been burned once, to fear being burned again.
Damage control is probably the only thing possible at this point. Limit the damage, give the person some reasonable options (it seems like you already have), then let him/her go and wish them well. No need to get personal or take things personally, when the other person is mad. The other person's feelings probably don't have that much to do with you, and more to do with prior deals.
The question to ask is what would a classy person do? What would you suggest to a friend in a similar situation? Then do the opposite (just kidding).
Edited to add: I worked along side a guy whose motto was to find a way to do every deal. He exhausted every avenue every time and it got so bad our vendors cringed when he called. Its a fact of life that every deal isn't worth doing and knowing which ones to pursue and which ones to discharge is the real key.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Send the stuff back, dont answer any more emails excepting of the one that explains your disinterest in the deal and dont worry about it again.
Some people cannot be pleased.
J
siliconvalleycoins.com
https://www.ebay.com/mys/active
Seriously, he dug his own hole with his lack of expertise in making his own purchases, and it's not your responsibility to help him dig out. You sent him back the coins and salvaged your dignity by backing away as soon as you feasibly could.
Be satisfied that he will have a tough enough time wherever he goes to "market" his coins. Nobody will give him what he wants for the coins, they will get tired of him quickly, and his own inflated ego will have to process all of that. He is his own punishment.
And frankly, when he or anyone else starts making personal comments, he is on my "do not do business with" list. You are justified in being angry.
I knew it would happen.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>Direct answers already given.....I want to know who the seller of the ICG slabs was......
I agree with the "taking it out on me what others did to him". I would guess that's part of it. There's a lot of people out there who have been screwed by these types of sellers. For some unknown reason, I've been the "clean-up" guy over the years. Remember the "Heathrow Collection" of Three Dollar gold? That guy was ripped off in a BIG way from a lowlife telemarketer yet he disliked ME! What did I do? I helped him with some of his coins and helped get him consigned to an ANR sale because he just wanted out. So they're out there!
Excellent advice and responses on this case. Strange as it may sound, the fellow has chosen to email me yet again, despite my telling him that any further correspondence or activity of any kind would be billed to him at my hourly rate and deducted from the sale of the coin I already liquidated but have not been paid on yet. I did not agree to buy the coin from him as this type of coin is outside my realm of interest. Hence I brokered it to another dealer and am awaiting payment.
Whew
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>You've been in this biz long enough to know how to handle this one. >>
But isn't that...illegal?