Coin shop problem I had today
Darkwaverave
Posts: 111 ✭✭
I had a couple of bad issues with a coin shop today that left a bad taste in my mouth. I wanted to see what you guys thought.
I went to one of the local coin shops today in Salt Lake City and was selling them a bunch of 90% silver, Morgan’s, and (24) various dated Double Eagles. This shop has a big LCD screen on the wall that tells the coin shops buy and sell prices for a large assortment of different coins and bullion, including Double Eagles in VF, XF, AU, and CU. When you go to sell your coins to them, they create a new invoice and “lock” you in on the price for everything on the screen that shows up on a smaller LCD at the counter.
So I walked up to the counter, had them lock me in and had them start counting up my coins. The prices on the Double Eagles “buy” price had been about $1400 - $1425+ or so for XF or AU St. Gaudens, and Libs. The prices had been roughly the same for at least a week for these types of coins. The guy at the counter gives my Double Eagles to the guy in the back to look at and grade so the counter guy can know what to add to my invoice and pay me. So after about 10 minutes I get the coins back and they say that they are going to now have to change the prices downward and unlock my “locked in” prices, as prices have dropped dramatically for these gold coins I had. Keep in mind that gold was actually up, and not down.
So I waited 5 minutes and they “adjusted their prices”, they dropped about $80 or so in all grades just for the coin types I had, no other prices changed on any of the other 50+ items they have on their LCD monitors. That was almost $2000 difference! I tried to ask about the dramatic drop and was told it was just for those coin types. It was still too early for the other local shops to open and I did not have a Spectrum Bid/Ask sheet in front of me to see what they were paying. I went ahead and sold them (22) of the (24) Doubles Eagles for the adjusted prices as I trusted them on that info, but was still highly irritated that they can negate a “locked” price, but they did not adjust the “locked” price on the silver I was in the process of selling them that went up 15 cents in the time I waited.
I have sold them well over $100,000 in gold and silver the past month or 2 and they have been usually really fair.
The real kicker is that an hour or so later, I called the other shops and they were still paying $1400 or higher for XF/AU Double Eagles and the BID/ASK Sheet for Spectrum today is $1410 for Libs, and $1420 for Saints in only JEWERY/Problem Grades!! Nothing about a dramatic drop in price, I felt that I was deceived by the coin shops “info” and should not have sold.
I know I didn’t have to sell, but I trusted the judgment of this shop that prices had dropped dramatically for Double Eagles. I also don’t understand how they can “lock” and unlock” coin prices to better themselves, but would never let a customer “unlock” and “re-lock” if prices went up.
Sorry for the rant, any comments?
I went to one of the local coin shops today in Salt Lake City and was selling them a bunch of 90% silver, Morgan’s, and (24) various dated Double Eagles. This shop has a big LCD screen on the wall that tells the coin shops buy and sell prices for a large assortment of different coins and bullion, including Double Eagles in VF, XF, AU, and CU. When you go to sell your coins to them, they create a new invoice and “lock” you in on the price for everything on the screen that shows up on a smaller LCD at the counter.
So I walked up to the counter, had them lock me in and had them start counting up my coins. The prices on the Double Eagles “buy” price had been about $1400 - $1425+ or so for XF or AU St. Gaudens, and Libs. The prices had been roughly the same for at least a week for these types of coins. The guy at the counter gives my Double Eagles to the guy in the back to look at and grade so the counter guy can know what to add to my invoice and pay me. So after about 10 minutes I get the coins back and they say that they are going to now have to change the prices downward and unlock my “locked in” prices, as prices have dropped dramatically for these gold coins I had. Keep in mind that gold was actually up, and not down.
So I waited 5 minutes and they “adjusted their prices”, they dropped about $80 or so in all grades just for the coin types I had, no other prices changed on any of the other 50+ items they have on their LCD monitors. That was almost $2000 difference! I tried to ask about the dramatic drop and was told it was just for those coin types. It was still too early for the other local shops to open and I did not have a Spectrum Bid/Ask sheet in front of me to see what they were paying. I went ahead and sold them (22) of the (24) Doubles Eagles for the adjusted prices as I trusted them on that info, but was still highly irritated that they can negate a “locked” price, but they did not adjust the “locked” price on the silver I was in the process of selling them that went up 15 cents in the time I waited.
I have sold them well over $100,000 in gold and silver the past month or 2 and they have been usually really fair.
The real kicker is that an hour or so later, I called the other shops and they were still paying $1400 or higher for XF/AU Double Eagles and the BID/ASK Sheet for Spectrum today is $1410 for Libs, and $1420 for Saints in only JEWERY/Problem Grades!! Nothing about a dramatic drop in price, I felt that I was deceived by the coin shops “info” and should not have sold.
I know I didn’t have to sell, but I trusted the judgment of this shop that prices had dropped dramatically for Double Eagles. I also don’t understand how they can “lock” and unlock” coin prices to better themselves, but would never let a customer “unlock” and “re-lock” if prices went up.
Sorry for the rant, any comments?
0
Comments
peacockcoins
Plus locked in means locked in,
Time to find another shop.
Sounds like some high-tech smoke and mirrors... Sorry you didn't walk with your Eagles.
I too reside in your area and can only presume from the description you went to one shop (which I have not been to in over 3 years). They specialize in bullion as opposed to rare coins (unless you possess the 'keys to the city' and they let you downstairs). I got sick of their re-pricing collector coins and the unique way they UPPED the listed price on a coin AFTER I had selected it. But I don't do the bullion thing and you do, so my experience is irrelevant.
Were you treated unfairly . . . I would say yes.
Am I sick of the big-timing the Glocks on the hip . . . yes. (Numismatics is the "hobby of Kings" . . . not the purview of police-wannabes. Who uses a weak 9mm anyway??? Be a man and shoot a .45.)
Are they a bit gunshy after the kidnap fiasco of a month ago . . . yes.
Sorry about your mistreatment. I would chalk it up to "they want to maximize their profit" and leave it at that.
Go to Rust. I just left there and Josh is now handing out the Christmas gifts to the regulars . . SWEET !!!!
Drunner
(Oh . .and come see me at the January show. I'm the non-nerdy guy.)
I feel for you. Last time my local dealer ripped me off $30 dollar per coin (I sold them 2) and I regret selling to them after I went back home.
<< <i>Why don't you out them so others won't be cheated in the same way you were? >>
It was Monarch Coin Corporation. I guess that is last time I set foot in their shop.
I figured they were giving me a wise heads up and helping me with that info. I have no reason to think otherwise as they have been extremely competitive in every category of coins.
Once I verified that there was not any dramatic drop, I felt blindsided. As a side note the Coin Club Christmas Party is tonight, I will not be attending.
If anyone doubts my story feel free to call them tomorrow and ask them what they pay for XF/AU Double Eagles and why they dropped so much recently. Maybe they will have a dramatic sudden price increase since I sold
1) Before you walk in, mentally prepare yourself to MAYBE have to defend yourself. What I mean by that is, make sure you are treated fairly, whether your buying or selling. In other words, always have your guard up.
2) PCGS BST!
<< <i>
<< <i>Why don't you out them so others won't be cheated in the same way you were? >>
It was Monarch Coin Corporation. I guess that is last time I set foot in their shop.
I figured they were giving me a wise heads up and helping me with that info. I have no reason to think otherwise as they have been extremely competitive in every category of coins.
Once I verified that there was not any dramatic drop, I felt blindsided. As a side note the Coin Club Christmas Party is tonight, I will not be attending.
If anyone doubts my story feel free to call them tomorrow and ask them what they pay for XF/AU Double Eagles and why they dropped so much recently. Maybe they will have a dramatic sudden price increase since I sold
Call them and let them know that your business with them and tell them why. "Obviously my business is not good enough for you to treat me fairly. Thanks.." That's terrible considering how much business you've brought their way recently.
TD
<< <i>Was the owner present and aware of what transpired? If not, you might try calling him and letting him know, as well as telling him how you feel abut the way you were (mis)treated. >>
The Coin shop owner was the one who told the guy at the counter about the dramatic drop. I am sure this will get back to him and I hope it does. I have already mentioned this too several others that I wholesale lots of coins to.
Even if there was a dramatic drop, you should still honor the prices that you locked with the customer. There sell prices were still much higher then the old buy prices so they would have still made good money on the coins while honoring the locked in price. I have been in several reputable shops like Rust Rare coins, who will say, "Ok, the prices have dropped big, we will honor all prices for everyone in the shop, and will change them after."
I guess The Christmas bonuses for the shop are going to be helped out.
Sorry you had the negative experience. I suppose I should also attend the meeting tonight . .but I haven't paid my dues in about 2 years!! I should go just to give them the $10.
Good group though . .
Drunner
<< <i>Can you still get to talk with the owner of the shop (not any employee) and explain in precise detail what happened, and suggest he make good on the difference? >>
Agreed. And on what was well over a $30,000 transaction, I don't think I'd deal with anyone but the owner in the first place.
Locked in is locked in. No if's, and's, or but's. Learn how to walk away.
And yeah, TRY THE BST ON HERE NEXT TIME!!!!!!!!!
Too many positive BST transactions with too many members to list.
<< Even if there was a dramatic drop, you should still honor the prices that you locked with the customer. >>
I agree. When they "unlocked" the deal, that gave you an out. Should have took it.
They should find a compromise for you.
If not, then I wouldn't return to that store again and let them know it!!
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>If you have sold that much to them recently, then tomorrow I would speak to the owner/manager and tell him what happened.
They should find a compromise for you.
If not, then I wouldn't return to that store again and let them know it!! >>
It sounds as if you missed this part of one of the OP's replies: "The Coin shop owner was the one who told the guy at the counter about the dramatic drop".
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
Recipient of the coveted "You Suck" award, April 2009 for cherrypicking a 1833 CBHD LM-5, and April 2022 for a 1835 LM-12, and again in Aug 2012 for picking off a 1952 FS-902.
I tend to like the quick transactions that I don't have to send coins in the mail. I trusted what the coin shop said about a dramatic drop in price just for those coins, it is my own fault. I usually call around to several of the shops, get the best prices and go from there on large volumes of coins. I was too early when I was selling and running late for work at my daytime job, the other shops were not open yet. As one coin friend said tonight, "Sounds like they are playing dirty pool."
They did overcharge me a bit in retrospect for the last Morgan I bought there, but I was mesmerized by the toning.... it was an un-researched off the hip purchase, so I take responsibility for that mishap.
--- Jack Handy
Positive BST transactions with members - Tander123, Twincam, UtahCoin, ianrussell
<< <i>my iphone gets current prices via the Kitco app. >>
Thanks for the suggestion, just downloaded it!
--- Jack Handy
Positive BST transactions with members - Tander123, Twincam, UtahCoin, ianrussell
<< <i>my iphone gets current prices via the Kitco app. >>
My WindowsMobile7 phone does as well
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'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>my iphone gets current prices via the Kitco app. >>
Monarch displays Kitco right on their website, too.
Hope they get a lot of nasty phone calls tomorrow.
<< <i>I know I didn’t have to sell, but I trusted the judgment of this shop that prices had dropped dramatically for Double Eagles.
...
Sorry for the rant, any comments? >>
The cynic in me would respond: Yeah, you shouldn't trust anyone's words until the money's in your hands.
In truth, I think that's a shady way to do business, and if you're going to post prices, then you should live by those prices.
you did much better than at cash4gold
they made offer and you ? accepted it ?
their 'lock-in' price must be for limited quantities
very similar to = if I would have only waited 6 months, I would have gotten 40% more
<< <i>
very similar to = if I would have only waited 6 months, I would have gotten 40% more >>
It's not similar to that at all. That being said you're right, he could have very easily not accepted their offer and gone out the door. Doesn't make it any less crap of a way to do business.
I have had a similar thing happen except I was buying
and the coin had a clearly marked price tag.
When I went to pay for it the salesman pulls out
his bid ask price sheet and reprices the coin +$35.
He told me that gold has been bouncing around so much that he gave up on repricing everyday. I do not think he was being dishonest but it is a poor way to do business.
It sounds like your guys are not dishonest but
they are poor at conducting there business.
<< <i>wheres the problem? you did much better than at cash4gold they made offer and you ? accepted it ? their 'lock-in' price must be for limited quantities very similar to = if I would have only waited 6 months, I would have gotten 40% more >>
Not even remotley close. First off I don't think the the OP was shopping these against cash4gold prices. Just a guess but I pretty sure I am right. Second, it is not anything like oh I should have held on for another 6 months as I could have made another 40%. He was locked which means he had his price of set. Then Monarch backed out of the lock and readjusted just the prices on the double eagles and relocked him. I feel like I am explaining this to my kid, but your response was so far of base I feel like I have to.
Just sayin' mate.
<< <i> I would have simply declined to sell and left >>
If for nothing more but the simple principal of it