Odd 3 way transaction

RYK

I will start by saying that I have had hundreds of coin transactions with scores of forum members with nary a problem.

Upon the solicitation of a forum member, I have agreed to a trade whereby I will be trading something away that is very rare for something less rare, with both items being of nearly equal value, as a favor to the forum member, who needs the coin for a registry set. (Overall, neither item is of excessively high value.)

When it comes time to swap goods, I am told to send the coin to a third party, someone I do not know and who is, to my knowledge anyway, not a member of this forum, but instead a partner in the collection.

The forum member who I am trading with has been on the forum for a long time, and while he does not post much, appears to have a good reputation. It strikes me as somewhat odd that I am the one essentially doing the favor, yet am in the vulnerable position of sending the goods to a complete stranger.

I am considering politely asking the forum member to have the third party contact me by either email or phone, to confirm the arrangement, or by sending the trade coin to me, before I send my coin to the third party. Does this seem like a reasonable approach?

savoyspecial

if the member you have been talking to is a trusted member as you say (Circle of Trust?) then i would just go ahead and ship the coin

lkeigwin

Insist on shipping the coin to the member you are dealing with. He can forward it.

This smells a little.
Lance.

coinnut

It seems like a very reasonable approach to me. As a landlord, one thing I have learned when dealing with people I don't know is to trust your gut feelings.

ColonialCoinUnion

<< <i>I am considering politely asking the forum member to have the third party contact me by either email or phone, to confirm the arrangement, or by sending the trade coin to me, before I send my coin to the third party. Does this seem like a reasonable approach? >>



You should receive the trade coin first.

AMRC

Etiquette dictates that in this case the person in who instigates the transaction should bear the risk. He must send you the 2 coins in trade (or cash, or whatever) and when you are satisfied with what you have received, you ship your coin.

GrumpyEd

<< <i> Insist on shipping the coin to the member you are dealing with. He can forward it. >>





Keeps it simpler, you don't want the person you're dealing with to say Mr X said he never got it or something like that.

stman

You're doing this guy a favor, and he calls the shots?

I don't need to comment further as I'm sure you know what my reply would be. Well, I'll just say OY VEY for now.

yellowkid

I wouldn't do that without getting the other pieces first. And is there a player to be named later?

19Lyds

Thanks for the reminder.

I was solicited to purchase one (or two) of a dozen coins from a registry participant. I asked for and received pictures, obv and rev, of each coin. I selected the only coin I was interested in and sent paypal payment to the requested address. 3 days later, I received the wrong coin.

An email conversation followed:

-------------------------------

"I will be returning this to you and expect that you will forward coin 3 to me asap. BTW, coin 7 is totally ungradeable due to the scratches on the obverse and most notably the reverse which is why I did not choose it in the first place.

If you have already sold coin 3 , then just refund my money.

Lee"

--------------------------------

"Was the package labeled coin three? I checked and I do not have that package. I did ship out two type 2 coins. Is the coin in the picture the one I sent u or the one u wanted? I am so sorry. Ship the coin back to me and I will reimburse u and find the correct coin.

Seller"

--------------------------------

"The package was labeled with a big 7 and it is not the one I wanted.

I wanted 3.

If you do not have #3 then refund the price and email me a return address."

--------------------------------

"I sent u 7 and the other person 3 by accident. I will fix the problem. I will contact the person who I must have sent your coin to and have them ship you that coin. I will get his address and have you ship the coin you got to him. I will repay u for shipping. I am really sorry. I shipped a lot of coins that day and I must have mixed up your packages.


Seller"

-------------------------------

"For all practical purposes, this sounds like a good idea BUT, too many things could go wrong.

For example, you have no control over if the buyer that you sent the #3 coin to sends me a different coin and no way to prove that the buyer sent me the correct coin. Your liability in insuring that I get the correct coin gets absolved when a third person gets involved.

My preference is not to deal with a third person but to return the coin you sent, directly back to you. That way, it’s kept just between you and me.

Is this address:

Seller at J3-67340
Blah Blah Company
Blah Blah Plaza South
Bloomington, IL 61791-001


Good for the return?

Lee

-----------------------------------

"My address is Blah Blah ct
Bloomington il 61704

Send the coin back to me and I will make sure u get paid for shipping. Sorry for the hassle. I tried to get everything out befoe the blizzard hit. I know who got the number three coin

Seller"

-----------------------------------

"Buyer has responded to my email and was supposed to call me yesterday to discuss sending coin three to me so I can send it to u. I will email him again today.

Seller"

-----------------------------------

"Coin 3 is on it's way back to me. As soon as I get it I will ship to u with ur shipping refund

Seller"

---------------------------------


The last email I received was on 2/10/2011. I just sent a reminder.


My advice to RYK. DO NOT SEND YOUR COIN TO A THIRD PARTY. EMAIL ACKNOWLWEDGMENT OR NOT!
Instead send it to whom you made the initial agreement with and let him deal with forwarding it to someone else.

If the original solicitor has a problem with that, then just keep your coin and remain headache free.

MidLifeCrisis

I would not do this transaction.

I would only consider shipping my coin to the person with whom I'm making the deal and I would expect that person to send me the trade coin and complete the deal as agreed. What he does after that is his business and none of my concern.

Unknown

This content has been removed.

ianrussell

Third party transactions like this can sometimes end up very bad. I try to avoid them at all costs. But at the end of the day, if the buyer asks as a favor and I know him and the other party very well, I will do it.

- Ian

coindeuce

TomB

Obviously, you know the situation better than I do, but I would walk away from virtually any trade proposal.

BlindedByEgo

Easy. Just wait until you receive the coin, and make your shipment to the trade partner. Let him take all of the exposure with the third party.

Coinosaurus

Yah, sounds kind of wierd to me. If they initiated the transaction for their registry set, then they should assume any risk involved.

Kind of like when you call a dealer for a coin, who doesn't know you, and waits for your check to clear before shipping.

Ahrensdad

RYK,
If you are still interested in doing this deal, I sense you may have some doubts about that, I would insist on getting the trade coin first before sending my coin to the third party. If that doesn't work with the trade partner then eliminate the third party. If that still isn't acceptable, I'd forget it. As a matter of fact, I'm tired of the whole transaction on your behalf just by typing this.

Andrew

Bochiman

<< <i>

<< <i>I am considering politely asking the forum member to have the third party contact me by either email or phone, to confirm the arrangement, or by sending the trade coin to me, before I send my coin to the third party. Does this seem like a reasonable approach? >>



You should receive the trade coin first. >>






But, if you insist on anything else, just send the coin to a 4th party (me) and we can call it good

291fifth

<< <i>

<< <i>I am considering politely asking the forum member to have the third party contact me by either email or phone, to confirm the arrangement, or by sending the trade coin to me, before I send my coin to the third party. Does this seem like a reasonable approach? >>



You should receive the trade coin first. >>




Yes.

llafoe

RYK - You can trust my ex-wife, just send the coin to her!

PerryHall

<< <i>I would not do this transaction.

I would only consider shipping my coin to the person with whom I'm making the deal and I would expect that person to send me the trade coin and complete the deal as agreed. What he does after that is his business and none of my concern. >>



My thoughts exactly. Ideally, you would all meet at a coin show and do this trade over lunch.

coinguy1

I doubt that there is any hanky panky involved here. BUT, you should still require receipt of the trade coin before you ship yours to either of the other two parties.

You can certainly provide enough references, such that a reasonable person would not have any concerns about shipping to you first.

RichieURich

If this whole deal was proposed by someone that you have never heard of, I would suggest walking away. Too many things can go wrong, that can leave you holding the bag at the end.

If the deal was proposed by someone you know, that is an entirely different story.

earlyAurum

have the trade coin sent to you first. keep it simple and remove any risk.

Barry

<< <i>Easy. Just wait until you receive the coin, and make your shipment to the trade partner. Let him take all of the exposure with the third party. >>


I agree.

RYK

I have sent this note to the forum member:

Hi, XXXXX,

I am not comfortable with the idea of sending the coin to a stranger that I have no contact with or relationship.

Here are the terms that I will accept:

1. The XXXXX is sent to me.

2. Assuming that it is a decent and original, which it appears so from the photos, I will send the XXXX coin to you.

If Mr. XXXXX would like to approach me separately re: a transaction, he is free to do so at ryk@blackandgoldcoins.com.

Sorry for being somewhat difficult, but I really do not even know you and have no contact or relationship with the other party.

Thanks, RYK

jmski52

I vote no on the arrangement.

Sonorandesertrat

<< <i>RYK - You can trust my ex-wife, just send the coin to her! >>



She'd only keep half of it, right?

Kaelasdad

Have both parties send the coins to mark feld, let him examine the packages, and be your third party--mark is the most trusted member of the forum. period

Broadstruck

If it's an item of extreme value there is this thing called next day air that's about $20+

Get the member you know to have the third party send him the item.

You shouldn't have to exit your comfort zone.

Barry

<< <i>Have both parties send the coins to mark feld, let him examine the packages, and be your third party--mark is the most trusted member of the forum. period >>


Oh, another Mark Feld alt...

(just kidding)