<< <i>dealer - if they are common dates and poor condition, about 3c each or $4 total. If they are rare dates they could be worth $100s for each coin or more, even $1000s. I charge $100/hr too appraise coins and this would take me about 1/2 hr tops or $50. You could also buy a Red Book for $10 and look yourself, it's not that hard. What do you want to do?
LOL, that exchange is quite amusing, more so if you were actually serious..
Here's a novel notion: If you are going to sell coins or bullion, it's YOUR responsibility to the do your homework and find out the value of what you have. Don't expect someone else to enlighten you. >>
"Do the homework" you say! You mean like buy a Redbook as the poster you ridiculed had suggested?
<< dealer - if they are common dates and poor condition, about 3c each or $4 total. If they are rare dates they could be worth $100s for each coin or more, even $1000s. I charge $100/hr too appraise coins and this would take me about 1/2 hr tops or $50. You could also buy a Red Book for $10 and look yourself, it's not that hard. What do you want to do?
LOL, that exchange is quite amusing, more so if you were actually serious..
Here's a novel notion: If you are going to sell coins or bullion, it's YOUR responsibility to the do your homework and find out the value of what you have. Don't expect someone else to enlighten you. >>
"Do the homework" you say! You mean like buy a Redbook as the poster you ridiculed had suggested?
My amusement was over the far-fetched likelihood of that exchange taking place between a buyer and a seller, not at buying a Red Book...sheesh!
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
<< <i>< I have a question: how did the buyer "dupe" the sellers when he didn't even look at the wheat cents till the next day? For all he knew, the bag consisted of a bunch of 50s cents..
I also hope that anyone who takes the OP to task would go back to a store after receiving silver in change and offer to at least pay spot price. >>
There's a big difference between telling a couple their coins are worth $4 and inadvertently getting a silver coin in change.
No, there isn't. >>
Well, that settles that.
Wow, that's pretty witty, you got me there, LOL.. >>
You can all thank my terrible sleeping habits for this post.
I read through the latter part of this thread again and a few people are missing the point. The OP did nothing at all wrong or unethical when he acquired the coins. He was presented with a small bag of unsorted wheat cents, he gave his usual buying price for unsorted wheat cents, and then it was on the seller to decide whether or not to accept it (or in this case, to decide that they weren't worth selling and giving them away). It's not like the OP knew what the bag actually contained and low-balled the seller to acquire them.
Futhermore, the OP is under no legal or professional obligation to further compensate the sellers once he searched the coins and discovered their actual worth. To me this is no different than pulling key dates out of bulk silver - you can just trade bags or you can take the time to search and maybe come up with added value. Again, nothing about how the OP obtained or discovered the actual value of these coins was in any way unethical.
So to me, the issue of whether, once discovering the value of the gifted coins, the OP should offer any additional compensation isn't about business ethics but character, though I could also argue that doing the "right thing" morally would also have a positive effect on his business. If I were in his situation, I would send a small check to the seller with a note explaining that once I'd looked over the coins they were not generic unsearched wheat cents as I'd assumed when I quoted a price, but were in fact a partial date set that included some better dates. I truly believe that the positive word-of-mouth that such a gesture would generate would bring in enough referral business to more than compensate for the extra money I'd paid for the coins.
Sean Reynolds
Incomplete planchets wanted, especially Lincoln Cents & type coins.
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
This is form a story Charmy just related in her Portland thread. I thought the dynamic was interesting and everybody handled themselves admiraliby and wanted to do the "right thing". MJ
The story as told by Charmy-----
Now the good thing. On Saturday, an elderly couple who have been my customers for quite a while, were looking at some coins in my case when a dealer came over to speak with them. After the dealer left, the couple told me that they had just bought a beautiful 1916-D Mercury dime in PCGS AU58FB from this dealer for over $5,000, and that the dealer came over to tell them that he had made a mistake. Apparently, the dealer also had a 1916-D Mercury dime in PCGS XF45 and when he looked at his price list, he quoted the couple the price for the XF45 rather than the AU58 (for which he had paid over $10,000).
However, the dealer didn’t ask the couple for the coin back, nor any more money, he just wanted to make sure the couple knew that the 1916-D dime they bought was worth a lot more in case they intended to resell it.
So after the dealer left, the couple told me the story and asked what I thought they should do. I said if it were me, I wouldn’t feel comfortable keeping the coin under those circumstances, and that I would probably go back to the dealer and try to work something out that was more fair to both parties. The couple said they felt the same way. So when they were finished with our transaction, the couple went back over to the dealer and offered to “undo” the deal, either giving him more money or returning the coin. However, they were even more surprised when the dealer refused both and said it was his mistake and that he wanted the couple to keep the coin, and didn’t want any additional money either. Of course, the couple was quite surprised – and told me that, even though the dealer refused to take any additional money for the coin, they still intended to send him more money when they got home.
When the couple told me this, I too was very surprised because losing more than $5,000 on a deal due to a simple mistake would cause any dealer severe heart palpitations. So when I thought about including this story in my show report, I went over to the dealer to ask if he minded me using his name. I told him it was a very heartwarming story, and that it would really show the coin community that there are truly some honest and honorable dealers amongst us. However, the dealer said he really didn’t want any notoriety, and that yes, it was a “costly” mistake, but it was his mistake and he felt good about handling it this way.
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>This is form a story Charmy just related in her Portland thread. I thought the dynamic was interesting and everybody handled themselves admiraliby and wanted to do the "right thing". MJ
The story as told by Charmy-----
Now the good thing. On Saturday, an elderly couple who have been my customers for quite a while, were looking at some coins in my case when a dealer came over to speak with them. After the dealer left, the couple told me that they had just bought a beautiful 1916-D Mercury dime in PCGS AU58FB from this dealer for over $5,000, and that the dealer came over to tell them that he had made a mistake. Apparently, the dealer also had a 1916-D Mercury dime in PCGS XF45 and when he looked at his price list, he quoted the couple the price for the XF45 rather than the AU58 (for which he had paid over $10,000).
However, the dealer didn’t ask the couple for the coin back, nor any more money, he just wanted to make sure the couple knew that the 1916-D dime they bought was worth a lot more in case they intended to resell it.
So after the dealer left, the couple told me the story and asked what I thought they should do. I said if it were me, I wouldn’t feel comfortable keeping the coin under those circumstances, and that I would probably go back to the dealer and try to work something out that was more fair to both parties. The couple said they felt the same way. So when they were finished with our transaction, the couple went back over to the dealer and offered to “undo” the deal, either giving him more money or returning the coin. However, they were even more surprised when the dealer refused both and said it was his mistake and that he wanted the couple to keep the coin, and didn’t want any additional money either. Of course, the couple was quite surprised – and told me that, even though the dealer refused to take any additional money for the coin, they still intended to send him more money when they got home.
When the couple told me this, I too was very surprised because losing more than $5,000 on a deal due to a simple mistake would cause any dealer severe heart palpitations. So when I thought about including this story in my show report, I went over to the dealer to ask if he minded me using his name. I told him it was a very heartwarming story, and that it would really show the coin community that there are truly some honest and honorable dealers amongst us. However, the dealer said he really didn’t want any notoriety, and that yes, it was a “costly” mistake, but it was his mistake and he felt good about handling it this way. >>
<< <i>You should have hung around and waited till they fell asleep, you could have scored the gold out of their teeth. Missed opportunity. >>
Good line! >>
It may be a good line if it didn't seem to address the OP's circumstance. So much of this thread is over the top for the incident and was not warranted. I see and here as we all do of hundreds of incidents weekly that this line would probably apply to, but to me its a shame the way some of the members on this board try to devour one another. They speak of putting on a good front for the newbys, well let them read this thread and they will probably just shake their head in quite disbelief.
NumbersUsa, FairUs, Alipac, CapsWeb, and TeamAmericaPac
What I found in $4 worth of wheat cents.......read it again
What I found in $4 worth of wheat cents......again
What I found in $4 worth of wheat cents......see it yet?
These were never worth only $4.
The obvious dilemma is that HE told the couple they only had $4 worth of wheat cents. He set the value at $4. They obviously were worth a lot more. Had the couple known they were worth several hundreds of dollars they would never of just given them to him. A phone call or check is most certainly in order. It's the right to do. It's fair.
The couple thought they were giving the OP a $4 gift because the OP told them it was worth $4. I guess at this point everybody that has participated it this thread has there own slant or mind made up that jousting this further is pointless. To each is own and to thine own self be true and all that jazz.
WJ- the gold teeth line is priceless
MJ
Walker Proof Digital Album Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
This reminds me of a currency deal I had done years ago. A large lot of blue seal $5s i paid XF grade with the rule if they were nicer Id pay the difference. Sure enough the notes were UNC. 97 of them in a row. I got into an arguement with the guy about giving him the extra money but he said dont worry about it and if i made more of a fuss i couldnt buy his green seals. I paid full retail on the green UNCs via picture ( not in hand like the blues). I still feel guilty BUT in the end he was ok with it and I made the effort. Effort lets me sleep better.
Founder of the NDCCA. *WAM Count : 025. *NDCCA Database Count : 2,610. *You suck 6/24/10. In memory of Tiggar 5/21/1994 - 5/28/2010
My only question that I don't think was covered: If someone has a bag of wheats to sell and they say there are 141 pieces, wouldn't you open the bag to make sure they were wheat cents and also count them?
"If someone has a bag of wheats to sell and they say there are 141 pieces, wouldn't you open the bag to make sure they were wheat cents and also count them?"
I dunno. I mean, how long would it take to realize they are not generic mix wheat pennies while doing that? When I handle a box of 50 or 100 "new" 35mm 1939 NYWF slides it does not take long to get a feel for what I will be seeing. Same for a b/w album.
<< <i>"If someone has a bag of wheats to sell and they say there are 141 pieces, wouldn't you open the bag to make sure they were wheat cents and also count them?"
I dunno. I mean, how long would it take to realize they are not generic mix wheat pennies while doing that? When I handle a box of 50 or 100 "new" 35mm 1939 NYWF slides it does not take long to get a feel for what I will be seeing. Same for a b/w album.
Comments
<< <i>dealer - if they are common dates and poor condition, about 3c each or $4 total. If they are rare dates they could be worth $100s for each coin or more, even $1000s. I charge $100/hr too appraise coins and this would take me about 1/2 hr tops or $50. You could also buy a Red Book for $10 and look yourself, it's not that hard. What do you want to do?
LOL, that exchange is quite amusing, more so if you were actually serious..
Here's a novel notion: If you are going to sell coins or bullion, it's YOUR responsibility to the do your homework and find out the value of what you have. Don't expect someone else to enlighten you. >>
"Do the homework" you say! You mean like buy a Redbook as the poster you ridiculed had suggested?
LOL, that exchange is quite amusing, more so if you were actually serious..
Here's a novel notion: If you are going to sell coins or bullion, it's YOUR responsibility to the do your homework and find out the value of what you have. Don't expect someone else to enlighten you. >>
"Do the homework" you say! You mean like buy a Redbook as the poster you ridiculed had suggested?
My amusement was over the far-fetched likelihood of that exchange taking place between a buyer and a seller, not at buying a Red Book...sheesh!
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
<< <i>< I have a question: how did the buyer "dupe" the sellers when he didn't even look at the wheat cents till the next day? For all he knew, the bag consisted of a bunch of 50s cents..
I also hope that anyone who takes the OP to task would go back to a store after receiving silver in change and offer to at least pay spot price. >>
There's a big difference between telling a couple their coins are worth $4 and inadvertently getting a silver coin in change.
No, there isn't. >>
Well, that settles that.
Wow, that's pretty witty, you got me there, LOL.. >>
Glad you liked it.
I read through the latter part of this thread again and a few people are missing the point. The OP did nothing at all wrong or unethical when he acquired the coins. He was presented with a small bag of unsorted wheat cents, he gave his usual buying price for unsorted wheat cents, and then it was on the seller to decide whether or not to accept it (or in this case, to decide that they weren't worth selling and giving them away). It's not like the OP knew what the bag actually contained and low-balled the seller to acquire them.
Futhermore, the OP is under no legal or professional obligation to further compensate the sellers once he searched the coins and discovered their actual worth. To me this is no different than pulling key dates out of bulk silver - you can just trade bags or you can take the time to search and maybe come up with added value. Again, nothing about how the OP obtained or discovered the actual value of these coins was in any way unethical.
So to me, the issue of whether, once discovering the value of the gifted coins, the OP should offer any additional compensation isn't about business ethics but character, though I could also argue that doing the "right thing" morally would also have a positive effect on his business. If I were in his situation, I would send a small check to the seller with a note explaining that once I'd looked over the coins they were not generic unsearched wheat cents as I'd assumed when I quoted a price, but were in fact a partial date set that included some better dates. I truly believe that the positive word-of-mouth that such a gesture would generate would bring in enough referral business to more than compensate for the extra money I'd paid for the coins.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
The story as told by Charmy-----
Now the good thing. On Saturday, an elderly couple who have been my customers for quite a while, were looking at some coins in my case when a dealer came over to speak with them. After the dealer left, the couple told me that they had just bought a beautiful 1916-D Mercury dime in PCGS AU58FB from this dealer for over $5,000, and that the dealer came over to tell them that he had made a mistake. Apparently, the dealer also had a 1916-D Mercury dime in PCGS XF45 and when he looked at his price list, he quoted the couple the price for the XF45 rather than the AU58 (for which he had paid over $10,000).
However, the dealer didn’t ask the couple for the coin back, nor any more money, he just wanted to make sure the couple knew that the 1916-D dime they bought was worth a lot more in case they intended to resell it.
So after the dealer left, the couple told me the story and asked what I thought they should do. I said if it were me, I wouldn’t feel comfortable keeping the coin under those circumstances, and that I would probably go back to the dealer and try to work something out that was more fair to both parties. The couple said they felt the same way. So when they were finished with our transaction, the couple went back over to the dealer and offered to “undo” the deal, either giving him more money or returning the coin. However, they were even more surprised when the dealer refused both and said it was his mistake and that he wanted the couple to keep the coin, and didn’t want any additional money either. Of course, the couple was quite surprised – and told me that, even though the dealer refused to take any additional money for the coin, they still intended to send him more money when they got home.
When the couple told me this, I too was very surprised because losing more than $5,000 on a deal due to a simple mistake would cause any dealer severe heart palpitations. So when I thought about including this story in my show report, I went over to the dealer to ask if he minded me using his name. I told him it was a very heartwarming story, and that it would really show the coin community that there are truly some honest and honorable dealers amongst us. However, the dealer said he really didn’t want any notoriety, and that yes, it was a “costly” mistake, but it was his mistake and he felt good about handling it this way.
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i>Seanq sums it up rather nicely, imo.. >>
I agree.
<< <i>This is form a story Charmy just related in her Portland thread. I thought the dynamic was interesting and everybody handled themselves admiraliby and wanted to do the "right thing". MJ
The story as told by Charmy-----
Now the good thing. On Saturday, an elderly couple who have been my customers for quite a while, were looking at some coins in my case when a dealer came over to speak with them. After the dealer left, the couple told me that they had just bought a beautiful 1916-D Mercury dime in PCGS AU58FB from this dealer for over $5,000, and that the dealer came over to tell them that he had made a mistake. Apparently, the dealer also had a 1916-D Mercury dime in PCGS XF45 and when he looked at his price list, he quoted the couple the price for the XF45 rather than the AU58 (for which he had paid over $10,000).
However, the dealer didn’t ask the couple for the coin back, nor any more money, he just wanted to make sure the couple knew that the 1916-D dime they bought was worth a lot more in case they intended to resell it.
So after the dealer left, the couple told me the story and asked what I thought they should do. I said if it were me, I wouldn’t feel comfortable keeping the coin under those circumstances, and that I would probably go back to the dealer and try to work something out that was more fair to both parties. The couple said they felt the same way. So when they were finished with our transaction, the couple went back over to the dealer and offered to “undo” the deal, either giving him more money or returning the coin. However, they were even more surprised when the dealer refused both and said it was his mistake and that he wanted the couple to keep the coin, and didn’t want any additional money either. Of course, the couple was quite surprised – and told me that, even though the dealer refused to take any additional money for the coin, they still intended to send him more money when they got home.
When the couple told me this, I too was very surprised because losing more than $5,000 on a deal due to a simple mistake would cause any dealer severe heart palpitations. So when I thought about including this story in my show report, I went over to the dealer to ask if he minded me using his name. I told him it was a very heartwarming story, and that it would really show the coin community that there are truly some honest and honorable dealers amongst us. However, the dealer said he really didn’t want any notoriety, and that yes, it was a “costly” mistake, but it was his mistake and he felt good about handling it this way. >>
Right! And dad was waiting for him to return home
"Keep your malarkey filter in good operating order" -Walter Breen
<< <i>You should have hung around and waited till they fell asleep, you could have scored the gold out of their teeth. Missed opportunity. >>
rofl
Successful card BST transactions with cbcnow, brogurt, gstarling, Bravesfan 007, and rajah 424.
<< <i>You should have hung around and waited till they fell asleep, you could have scored the gold out of their teeth. Missed opportunity. >>
Good line!
<< <i>
<< <i>You should have hung around and waited till they fell asleep, you could have scored the gold out of their teeth. Missed opportunity. >>
Good line! >>
It may be a good line if it didn't seem to address the OP's circumstance. So much of this thread is over the top for the incident and was not warranted.
I see and here as we all do of hundreds of incidents weekly that this line would probably apply to, but to me its a shame the way some of the members on this board
try to devour one another. They speak of putting on a good front for the newbys, well let them read this thread and they will probably just shake their head in
quite disbelief.
What I found in $4 worth of wheat cents.......read it again
What I found in $4 worth of wheat cents......again
What I found in $4 worth of wheat cents......see it yet?
These were never worth only $4.
The obvious dilemma is that HE told the couple they only had $4 worth of wheat cents. He set the value at $4. They obviously were worth a lot more. Had the couple known they were worth several hundreds of dollars they would never of just given them to him. A phone call or check is most certainly in order. It's the right to do. It's fair.
The couple thought they were giving the OP a $4 gift because the OP told them it was worth $4. I guess at this point everybody that has participated it this thread has there own slant or mind made up that jousting this further is pointless. To each is own and to thine own self be true and all that jazz.
WJ- the gold teeth line is priceless
MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
What do you think the 22 Plain will grade?
I dunno. I mean, how long would it take to realize they are not generic mix wheat pennies while doing that? When I handle a box of 50 or 100 "new" 35mm 1939 NYWF slides it does not take long to get a feel for what I will be seeing. Same for a b/w album.
Eric
edited for spelling.
<< <i>"If someone has a bag of wheats to sell and they say there are 141 pieces, wouldn't you open the bag to make sure they were wheat cents and also count them?"
I dunno. I mean, how long would it take to realize they are not generic mix wheat pennies while doing that? When I handle a box of 50 or 100 "new" 35mm 1939 NYWF slides it does not take long to get a feel for what I will be seeing. Same for a b/w album.
Eric
edited for spelling. >>
Exactly.
"What I found in $4 worth of wheat cents was worth melting, too bad it's illegal "