U MUST LOOK $10 for a ounce of gold

indiananationals · January 23, 2011 5:55AM

ok i went to my local coin show that my coin club puts on every year an was looking thru some club tokens today and happen to find this ......

yes it is .999 1 ounce of gold we have SILVERTOWNE produce these my club took orders for these back in 2007 and only sold 3 of them made of gold as they were like $700 at the time ...they made 500 out of copper aswell and 50 out of silver ...
well anyway i was looking thru a box and came across this pure gold one i almost craped my pants so i was trying to be calm asked the dealer what he had to have for it .......he looked at it and said oh would u give me 10 bucks ......well i was more than happy to ....i went over to silvertownes table and he told me he would give me 1320.00 for it right now i declined ......just wondering anyone ever bought a ounce of gold for 10 bucks cause now i can say i have

zrlevin · January 23, 2011 5:57AM

That seems like an inherently dishonest thing to do.

indiananationals · January 23, 2011 6:02AM

<< That seems like an inherently dishonest thing to do. >>

what does ....pay the price a dealer was asking for a item...............the way i look at it if u are a dealer u shouldnt need your customers to tell you what ur items are worth ...if you do u sure shouldnt be a dealer .....

DrBuster · January 23, 2011 6:02AM

Looks silver on my laptop..bad pics??

keepdachange · January 23, 2011 6:03AM

does it say .999 anywhere on the coin?

indiananationals · January 23, 2011 6:10AM

no ...yes the pics are making it look silver but i asure u its gold

and no it is not marked .999 .....it is marked 24kt. i know its real as SILVERTOWNE made them for my club ...and offered to buy it from me today

Zubie · January 23, 2011 6:17AM

Being completely dishonest and snaking a deal is pretty bad....and then post it on the board...seriously???

tydye · January 23, 2011 6:19AM

Karma is going to bite you in the a$$

indiananationals · January 23, 2011 6:23AM

<< Karma is going to bite you in the a$$ >>

lol well the last show i was at a dealer handed me a 1/2 oz krug. and told me give him $400
so what ever it is im going to stick with it ....

anyone who says the would not have bought it is nuts .....obviously he had noting in it so he ripped someone off who had no clue what they had so why would u point it out and not just buy it ........
honestly who would not have bought it hes a dealer if he dosent know any better he shouldnt be one ...and with deals like that he may not be for long

Justacommeman · January 23, 2011 6:23AM

I guess it wasn't once in a lifetime afterall

Your other choice was to tell the person exactly what he had. MJ

indiananationals · January 23, 2011 6:26AM

i know i have been having some amazing luck when i go to coin shows lately......when im offered these deals im kinda dumbfounded and is disbelief....

DrBuster · January 23, 2011 6:27AM

For balancing your karma I'll quintuple your money on it and give you $100 delivered.

indiananationals · January 23, 2011 6:32AM

careful now if u paid me 100 for it some peolpe would say u were a crook....as u should pay me full value .....

kidding but anyway i wanted to share my find with some fellow board members ...he also had the silver version he sold me for 17.00 how strange is that ...i paid more fore the silver than the gold ......

OPA · January 23, 2011 6:41AM

If it says 24k ... and no finess (.999)...It would be suspect in my opinion. Most likely it's plated & not solid gold. My guess, copper core with gold plating. I could be wrong, but I would never purchase such an item unless it's assayed.

AgBlox · January 23, 2011 6:45AM

BFD, Half the people here would have done the same including me, they just don't have the minerals to say it. He obviously didn't pay anything for it. If you tell him of his oversight it's not like he's going back to the person he bought it from to make it right. Nice score! Now donate some cash to your fav charity.

keepdachange · January 23, 2011 6:51AM

If I live in a 700k house and ask 100K for it why is the guy who bought for 100K the bad guy? The dealer obviously paid less than $10 for it and probably doubled his money so I see it as a win win. Nice score!

indiananationals · January 23, 2011 6:53AM

<< If it says 24k ... and no finess (.999)...It would be suspect in my opinion. Most likely it's plated & not solid gold. My guess, copper core with gold plating. I could be wrong, but I would never purchase such an item unless it's assayed. >>

i would normally agree but i know that SILVERTOWNE made them and they are pure......

thanks also agblox as i feel that most people would do the same the may just keep quit ....i cant i have to tell anyone i can when something this amazing happens .....

indiananationals · January 23, 2011 6:54AM

<< If I live in a 700k house and ask 100K for it why is the guy who bought for 100K the bad guy? The dealer obviously paid less than $10 for it and probably doubled his money so I see it as a win win. Nice score! >>

thanks......

Ciccio · January 23, 2011 6:55AM

I am always torn when trying to comment something like this.
For sure the seller have had some similar situations and he didn't choose to be fair.
I would have probably done the same, not sure though.
I think it's just part of the game. One time I fool a seller, the next time a seller fools me and the karma is balanced.

Zubie · January 23, 2011 7:21AM

Would have been a great story if you told him he tried to offer you $10 for 1 oz of Au and you corrected him.
That is what you post, not, hey guys, I just ripped off this dude cause he's a moron didn't know and ounce of gold from a token.

Just do the right thing next time since you are so "lucky".

PerryHall · January 23, 2011 7:21AM

Ripping off someone is bad. Bragging about it on the CU coin forum is stupid.

goingbroke · January 23, 2011 7:44AM

<< BFD, Half the people here would have done the same including me, they just don't have the minerals to say it. He obviously didn't pay anything for it. If you tell him of his oversight it's not like he's going back to the person he bought it from to make it right. Nice score! Now donate some cash to your fav charity. >>

I would hate to believe this statment!

Weiss · January 23, 2011 8:21AM

I'm kinda torn about this one.

He didn't try to deceive anyone, he allowed the dealer to name his price and he took it.

indianationals had knowledge and he used it. In that light, it's the same as someone with knowledge about a rare die marriage or a vam. Technically, then, it's a cherrypick and it's all good.

Would I have made this kind of deal? No. I wouldn't be comfortable with it. My conscience isn't cheap. But is it "wrong"? I don't think so.

That said, I'd figure out a way to balance out some karma.

That group of nine 2.5 pesos I bought recently? My dealer named the price for twos. I bought a slew of stuff at the same time so I didn't catch the error until I posted them here. That's about a $20 per coin difference x 9 coins. The next day I stopped back in and told him. He thought about it for a second, realized I was right, then shrugged and thanked me for my honesty.

19Lyds · January 23, 2011 8:55AM

Hmmm.

How many folks here would buy a desirable VAM from an unknowing dealer for $30 or $40, knowing they could flip it for $1000?

How many have cherry picked Type 2 IKE's for a couple of bucks only to resell them for $300, $400?

How many cruise eBay looking for those "bidding bargains"?

To me, this was simply a knowledge thing that most CherryPickers employ for their collections.

Question: If it's 1 ounce of pure Gold, wouldn't the weight have tipped someone off?

Bayard1908 · January 23, 2011 9:08AM

<< Ripping off someone is bad. Bragging about it on the CU coin forum is stupid. >>

OP did nothing wrong.

meluaufeet · January 23, 2011 10:14AM

I'd like to see that round hooked up to a GXL24 - Pro.

and only sold 3 ...

Zubie · January 23, 2011 10:18AM

So, when you guys go through the drive thru and hand the cashier a $10 and she gives you back your food and $15 in change you guys drive off too.
People make mistakes, and if you point them out, they are usally pretty humble and I'm sure the dealer would have given you a great deal.
I sleep pretty good at night knowing that I didn't screw someone out of $1300...still not too late to contact the dealer....

taxmad · January 23, 2011 10:25AM

<< So, when you guys go through the drive thru and hand the cashier a $10 and she gives you back your food and $15 in change you guys drive off too.
People make mistakes, and if you point them out, they are usally pretty humble and I'm sure the dealer would have given you a great deal.
I sleep pretty good at night knowing that I didn't screw someone out of $1300...still not too late to contact the dealer.... >>

Totally different scenario. The cashier made a math error and it is not her money to give away. The dealer offered to sell his item for a price. The buyer accepted. If the OP had said it was an ounce of gold, would the dealer have gone back to the seller and give him $1200? No

The best analogy is the cherrypick one. Can you honestly say you have never bought anything knowing it was under-priced?

Weiss · January 23, 2011 10:29AM

<< So, when you guys go through the drive thru and hand the cashier a $10 and she gives you back your food and $15 in change you guys drive off too.
People make mistakes, and if you point them out, they are usally pretty humble and I'm sure the dealer would have given you a great deal.
I sleep pretty good at night knowing that I didn't screw someone out of $1300...still not too late to contact the dealer.... >>

But that's not even close to what happened. In this case, it wasn't a cashier but the owner. And the owner saw the "food", thought about it, and named a price. There wasn't a mistake in the computer, the cash register, the quantity, the cash tendered or the change given.

johnny54321 · January 23, 2011 10:50AM

I have doubts as to whether or not that coin is actually 1 oz. of 24 kt gold as it seems weird to me they would hide it under a "Coin and Stamp Club" token look-a-like, but assuming that it is solid gold; I agree with Weiss.

Whether or not he "ripped off the dealer" is the crux of the issue imo, and that depends what the dealer actually paid for the coin. Although it's possible, I sincerely doubt that the dealer actually paid anything substantial for it and then accidentally mixed it in with $10 tokens. He most likely paid less than $10 for it, so how could the dealer have gotten ripped off? In the cash register scenario, the clerk who made a mistake is held responsible for the missing $1300, while the dealer in this case most likely is out nothing.

It definitely would have been more noble for the OP to have informed the dealer, but saying that it is wrong that he didn't is kind of a stretch imho. A dealer should know the value of the coins he is selling.

taxmad · January 23, 2011 10:56AM

<< A dealer should know the value of the coins he is selling. >>

Says a man who cherrypicked 3 1916 SLQ's...

CaptHenway · January 23, 2011 10:57AM

When all else fails, try this rule:
.
"Do unto others as you would have others do unto you."
.
No saint here. Just another sinner.

OPA · January 23, 2011 11:36AM

<< I have doubts as to whether or not that coin is actually 1 oz. of 24 kt gold as it seems weird to me they would hide it under a "Coin and Stamp Club" token look-a-like >>

I agree. Furthermore, not having the makers hallmark on the piece puzzles me. (Maybe, I just can't spot it on the scans)

"In the United States it is against the FTC's regulations for a refinery to hallmark gold rounds or bars unless it is accompanied by a maker's mark."

MaineJim · January 23, 2011 11:51AM

I'm gonna have to call this a cherry pick. The dealer probably paid about $1 for it and made a fair profit. I feel bad for the poor soul who sold it to the dealer a few hours before you bought it. I wonder what else they gave away that day?

Maine_Jim

Justacommeman · January 23, 2011 11:55AM

In Jankowskiville the the coin is real gold, the OP sells the coin to Silvertowne and walks back down to the dealer and hands him $500.

If the OP has no trouble sleeping at night then good on him I guess. Bully for him. He obviously feels ok about this and his 1/2 oz score because rejoiced about them in front of his faceless cyber peers. In the law of the jungle and in any court of law he did not do no wrong. However, it's not a lesson I would personally like to teach my children. JMHO. MJ

secondrepublic · January 23, 2011 12:09PM

Yawn...

I think a lot of people would do the same thing as the OP. That doesn't make it exemplary moral behavior.

morgantype · January 23, 2011 1:48PM

No big deal - cherrypick or not, do you think the dealer would find the person he bought it from and pay him the actual value?

I think not!

Jinx86 · January 23, 2011 2:14PM

Ive done "the right thing" before and told a dealer what he had. A 1928 Peace Dollar in XF in the junk silver, what did I get out of it? Nadda. Would I do it again...hard to say.

Justacommeman · January 23, 2011 2:19PM

<< No big deal - cherrypick or not, do you think the dealer would find the person he bought it from and pay him the actual value?

I think not! >>

So how much exactly did the dealer pay for that coin? Anybody? MJ

PerryHall · January 23, 2011 6:39PM

What if a B&M coin dealer paid someone $10 for that medal? I bet there would be a lynch mob formed here on the forums.

indiananationals · January 23, 2011 8:06PM

<< I have doubts as to whether or not that coin is actually 1 oz. of 24 kt gold as it seems weird to me they would hide it under a "Coin and Stamp Club" token look-a-like, but assuming that it is solid gold; I agree with Weiss.

Whether or not he "ripped off the dealer" is the crux of the issue imo, and that depends what the dealer actually paid for the coin. Although it's possible, I sincerely doubt that the dealer actually paid anything substantial for it and then accidentally mixed it in with $10 tokens. He most likely paid less than $10 for it, so how could the dealer have gotten ripped off? In the cash register scenario, the clerk who made a mistake is held responsible for the missing $1300, while the dealer in this case most likely is out nothing.

It definitely would have been more noble for the OP to have informed the dealer, but saying that it is wrong that he didn't is kind of a stretch imho. A dealer should know the value of the coins he is selling. >>

this was our clubs 50th anniversery that is the only rason they gave the members a option to buy the coin in gold ,silver or the normal copper one ......and we had silvertowne make them ........if it wasnt real i dont know why they would offer to buy it from me for 1320

so i know it is real that is not even a ? for me ....and yes i see the point i could have told the dealer what he had ...a coin im sure he paid nothing for to the original owner ....but then thats a rip for him ......i feel no differnt about it then the cherrypick scenario.....the dealer has nothing supstantial in the item so why should u reward him for your knowledge .......

if this is the case u should just walk table to table and point out every coin that is to cheap so the can mark them all up .....how much fun would it be to go to a show if u knew everything was going to be overpriced and u couldnt find that buried treasure of a deal

roadrunner · January 23, 2011 10:02PM

This is literally no different than cherrypicking a rare VAM, 1916 25c, R-7 bust half dime variety or anything else from your local shop. Anyone cherrypicking those coins would have been given the high 5's and the "you $uck" award from other forum members. So what if it's an unmarked gold bullion token? It could have just as easily been a rare brass token from the 19th century worth $1300. If the OP has sinned then so has every cherrypicker who didn't go back and cut the selling dealer in for part of the profit. Knowledge is power. If said dealer cannot detect something with the heft of gold, I wonder how many other slip ups they have made over the years, to the detriment of the poor sellers who handed them over?

If the OP had gone back and cut the dealer in for $500, it's very likely the dealer would have felt cheated out of the other $800, possibly holding it against him forever...or at least raising the price on every future purchase because they have "cherrypicker eyes." The only truly "perfect" course of action would have been to go back and find the original seller and give them the bulk of the value with a small finder's fee to the OP.....in a perfect world.

What if a B&M coin dealer paid someone $10 for that medal? I bet there would be a lynch mob formed here on the forums.

And rightly so, especially if the dealer knew it was gold. Big difference here is that the dealer is a professional operating a professional business. The public sees him as an expert, whether they are or not. A much higher standard of business ethics is required of the dealer. Dealers going into other dealer's shops or into their cases on the bourse floor look at finding hidden bargains as part of the business. And whether the buying dealer compensates the selling dealer for a massive score is between them and their own sets of ethics. A collector going into a professional's coin shop or on the bourse floor is totally different. But I would agree that bragging about it here is somewhat questionable. Being a small world, imagine if word got back to that dealer? Kiss that source of cherry picks good bye.

roadrunner

guitarwes · January 23, 2011 10:33PM

I agree with the OP and roadrunner. Nice pick.

"so why should u reward him for your knowledge......."

great thought!

tydye · January 23, 2011 11:38PM

Perhaps I was too harsh in bad karma remark. I am a cherry picker myself but this one just seems boderline to me. Maybe it was the flashbacks to college when I would set up at toy shows for a few extra bucks. People would have something in their hand standing over the $10 bin and ask how much - when actually it was from the $20 bin etc.

57loaded · January 24, 2011 12:53AM

right place right time...
you did ask what he wanted for it. and knew what it was.

i'd be curious what he paid and who sold it.....

Hawgstick · January 24, 2011 8:07AM

Since only three were made for YOUR club you should be able to find out whos medal it was. Cut out the middleman! It was probably a friend of yours family member. Find em and make it right with them, not that your wrong,......BUT.........It would be the right thing to do.

rgCoinGuy · January 25, 2011 12:32AM

Muncie, the original home of Pizza King. I would gladly allow you to ship me a couple of their pizzas if you are looking for where to pick up some good karma.

piecesofme · January 25, 2011 1:21AM

Knowledge is king in this hobby, if you want to call it that.
That's all i'm gonna say about it.

Bear · January 25, 2011 6:46AM

We can all be honorable until we are tempted by the devil whispering in your ear.

It is only at that point in time do you truly know what you would and would not know.

I do not know what even I would do =in such a situation.

Since knowledge is gold, If you do not put that knowledge to work for you, then what is

the use of having it. I am always amazed what a high percentage of folks would always

do the honorable thing. I seriously suspect, that the actual % of do gooders, would be

much lower.

piecesofme · January 25, 2011 12:12PM

Once again, Bear tells it like it is.

goingbroke · January 25, 2011 9:53PM

My only question is why didn't you point out to the dealer that this coin was mixed up with the other tokens? Or why didn't you just ask the dealer how much he wanted for this GOLD coin? At least if you asked him how much for this Gold coin he could have gave you a fair price for the coin. Who knows, he may have still sold it to you for $10.00 and at least you would have giving him a chance to know of his mistake. A honest cherry pick of a coin is ok but paying $10.00 for a 1 ounce gold coin with the dealer not knowing by mistake that it was gold is not a honest deal in my book. Thats like finding someones wallet on the ground and takeing the money for yourself. JMO

U MUST LOOK $10 for a ounce of gold

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