How to handle a Collector-Transaction

mrearlygold

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

LonerAnger

No problem.



<< <i>Hey, Coin Guy – >>



The letter is addressed to Mark Feld.

mrearlygold

<< <i>No problem.



<< <i>Hey, Coin Guy – >>



The letter is addressed to Mark Feld.

>>



I wish

LonerAnger

This sounds like a problem that EVOLVED. Being that ...he... is the "collector" and thus assumed to be innocent, preyed upon, ignorant, and a PITA, it is incumbent upon YOU to have stopped the "free" work much earlier.
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.

RedTiger

What would I do? Wait until the temper subsides, make a plan, decide and act on it. It is business, not a friendship, not a family relationship, not a marriage. There is rarely a right or wrong answer.

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).

IrishMike

I'd apologize for not being to meet his expectations, send his stuff back and wish him well finding someone who can. Whatever you don't recommend someone else to him, unless you dislike the guy.

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.

mrearlygold

Excellent thoughts on this. Thank you

coinlieutenant

You've been in this biz long enough to know how to handle this one.

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

bennybravo

STOP engaging him, and tell him his coins are on the way back.It sounds like he needs an education on the coin market that can only be acheived by losing his shorts. He'll appreciate your position only after trying to unload a fistful of those ICG coins himself at any kind of decent price.

ricko

Excellent advice from RedTiger, as well as coinlieutenant and bennybravo. Get out now, gracefully. Cheers, RickO

jmski52

I'd send him an invoice for the $200/hr, since he believes that that is your going rate.

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.

Bochiman

Direct answers already given.....I want to know who the seller of the ICG slabs was......

nencoin

Send the coins back ASAP and be done. Sounds like no money will be made, and some probably lost, if you continue trying to work with him. As soon as you know the coins are safely back in his possession, cease any further communication with him. Sounds like you've gone above and beyond to be helpful, and some people simply aren't worth the hassle (and especially not worth getting angry over). Too much other business to be done out there with reasonable people. Good luck.

RYK

I would definitely send the coins back, along with a polite letter thanking him for his past business and apologizing that you could not continue working with him. (No reason to get nasty and lower yourself to his level, IMO)

slipgate

He sounds lonely and was looking for a friend. Not your problem. Send him back the coins and have no further communications with him. BTW: How did the ebay ICG coins fair?

Bajajim

Sounds like a good time to move on. No need to give the guy any of you time and, although it would be difficult in light of his last comment, I would not stoop to his level with a similar response. I think you have enough reinforcement from the forum here that you did the right thing and this is simply someone who was wasting your time.

mrearlygold

<< <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

LonerAnger

<< <i>You've been in this biz long enough to know how to handle this one. >>



But isn't that...illegal?