At the least, the seller should amend their website.
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko.
It's definitely dismaying to learn that a dealer will not even make an offer on a coin they sold to you. It happened to me recently for the first time and really gave me pause. I will not stop buying from them necessarily, but I will be MUCH more careful in the future about WHAT I buy, and won't splash out on this dealer's coins like I used to unless I have good knowledge of them. Now I know if I buy a coin from them, I'm on my own. It was a learning experience for sure.
I would recommend that dealers pay a lot of attention when their coins are offered back. Offer an explanation on why you cannot buy it at the offered price, and make a counteroffer, even if it's low. Help your customer understand what has changed in the time they owned the piece. And most of all, be just as responsive as you'd normally be if you were the one selling. One line answers (or no answer at all) will leave your customer wondering "what just happened?"
Everyone has lost money on coins that they've bought or sold at some point. It comes with the territory and most people understand that the market can change. However, if a dealer's response ends up feeling like a personal slight, my experience is that collectors have some of the longest memories of anyone around!
I understand that a dealer would want first crack at coins that he or she sold to a collector, but I think that one has to be careful how to ask for it. There is an implied liquidity and price floor with such website declarations, and there is no question that in the mind of the collector, it makes it easier to justify buying a coin. Over time, this sort of buyback policy is bound to make some retail customers into ex-customers.
Threads like this irk me; everyone's suddenly an expert about what needs to be done, even though no one knows who the dealer is, much less what their policy actually happens to be. We don't know the specifics of the deal when the coin was first sold nor do we know the specifics of the dealer's listed policies if any.
Don't create a thread like this unless you are willing to name names; otherwise it's a waste of time creating useless threads that do nothing but generate idle conjecture, maybes and what-ifs. JMHO
<< <i>If I had bought form this dealer and he refused to even give an offer I would never buy from them again. I would also out them on this forum as a liar to warn the rest of us and hopefully cost them a lot of business. If it was a valuable enough coin I would consider a lawsuit or at least small claims court.
Unless the amount of the buyback offer was fixed in advance, there would be no damages, because the amount of the offer could theoretically have been face value, or even less.
I'm not sure everyone reading this thread gets that. When a dealer says he would like to buy your coins back one day, or that he promises to make an offer to buy your coins back, he isn't guarantying that you'll get all of your money back. The buyback price remains to be determined. >>
Face value !!
I manage money. I earn money. I save money . I give away money. I collect money. I don’t love money . I do love the Lord God.
There are dealers who wish to cultivate relationships with their clients. Mark Feld was one of them before he went to work for Heritage. Then there are others who will say or do whatever it takes to unload a coin. This guy should have let you know why he chose not to offer to buy back your coin. The terse one liner tells you to not do business with the guy again.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
I would forget about it and move on, sell it somewhere else. I am not sure their buyback claim on their website would be even considered a valid contract (outside of the return period). Perhaps they have phased that material out, glad to be rid of it, run out of money, etc.
I would never put a 100% buyback claim on my website. The past is history, today is a gift, and tomorrow is a mystery. Cash flow, inventory needs, market conditions change. The only 100% liquidation assurance I know of (or would believe) is simply start it in an ebay auction at 99c.
I have experienced the same thing and been given various reasons (some straight forward, polite, some not) why they could not buy back including laughter. Then I just moved on to the next table in the bourse room..... Eventually I started taking tables at show, got an ebay store, etc so their buyback no longer a concern.
When I buy a coin. I never look to see if they have a buy back policy. I just think that if I fall out of love with it I'll just take it to another dealer if he does not want it. But if they do have a buy back policy and I cant use it I would not buy from them again it tells me how the dealer is.
<< <i>Some lessons in this thread. 1. Don't do business with that dealer again. You should have received some kind of explanation. If that coin was a consignment coin, to which the buy-back did not apply, the dealer should have disclosed this at the time of sale. 2. Even if a dealer honors his buy-back assertion, you may not like the offer. Markets change, so do the finances of dealers. 3. When thinking about buying a coin, make an effort to understand how liquid it is. >>
Sage advice, especially #3.
"to you, a hero is some kind of weird sandwich..."
Not sure if it has been mentioned, but claiming that you would 'love' to buy back something and claiming that you 'will' buy back something, to me are two very different things...
A 6 month-old thread, and the dealer was never outed. Why not? If you're going to advertise a buy-back policy, you shouldn't be able to just blow it off without being called out.
Otherwise, it makes no sense to waste people's time by bringing the thread back.
Q: Are You Printing Money? Bernanke: Not Literally
I think I agree with those who are on the fence here. For me, the question is how much has the value of the coin changed over time. What we do not know is how long the dealer sat on that coin before selling it to you. There is a bit of capital involved, particularly if it cannot be easily turned over again. Then there is the liquidity of the dealer, which may have changed since either the sale or the website edit. Many people have websites set up and then infrequently update the verbiage, even if things have changed.
Retired United States Mint guy, now working on an Everyman Type Set.
<< <i>Not enough information here, but I will say two things:
1. There is a dealer who professes to buy back coins sold to retail customers with great enthusiasm. When I once tried to take him up on it, and he resisted, I never looked at his coins again.
This has happened to me a couple of times. Once by my local shop that I used for 8 years buying many coins from them. And another was one of the leading dealers in the US who not only didn't want to make an offer on a coin they had sold me (contrary to what they state), but they laughed at the coin. Clearly it wasn't something they wanted back. So scratch 2 dealers off the list. There are plenty of others out there who honor their words. I've always figured that for most B&M dealers, and the majority of their coins that they sell at full retail, they just can't afford to buy them back and at any "fair" price. They would much rather use that money to buy fresh coins from the public at much lower rates (than giving you 75-85% of retail). There's no time limit with ethic s and integrity.
One time a dealer made me promise to give them first shot at a monster coin they had sold me. When I went out of my way to specifically offer them first shot on coins they ignored me. That's all I needed to know.
Allstate Coin had a stated 90% of purchase price buy back guarantee during the boom years of 1988-1990 (and somewhat beyond). But in reality, no one can guarantee their financial condition or market conditions in order to fulfill such a requirement long term.
Comments
It was a learning experience for sure.
I would recommend that dealers pay a lot of attention when their coins are offered back. Offer an explanation on why you cannot buy it at the offered price, and make a counteroffer, even if it's low. Help your customer understand what has changed in the time they owned the piece. And most of all, be just as responsive as you'd normally be if you were the one selling. One line answers (or no answer at all) will leave your customer wondering "what just happened?"
Everyone has lost money on coins that they've bought or sold at some point. It comes with the territory and most people understand that the market can change. However, if a dealer's response ends up feeling like a personal slight, my experience is that collectors have some of the longest memories of anyone around!
We don't know the specifics of the deal when the coin was first sold nor do we know the specifics of the dealer's listed policies if any.
Don't create a thread like this unless you are willing to name names; otherwise it's a waste of time creating useless threads that do nothing but generate idle conjecture, maybes and what-ifs. JMHO
RIP Mom- 1932-2012
I've used it. The Skrabalaks know how to take care of customers.
Lance.
<< <i>If I had bought form this dealer and he refused to even give an offer I would never buy from them again. I would also out them on this forum as a liar to warn the rest of us and hopefully cost them a lot of business. If it was a valuable enough coin I would consider a lawsuit or at least small claims court.
Unless the amount of the buyback offer was fixed in advance, there would be no damages, because the amount of the offer could theoretically have been face value, or even less.
I'm not sure everyone reading this thread gets that. When a dealer says he would like to buy your coins back one day, or that he promises to make an offer to buy your coins back, he isn't guarantying that you'll get all of your money back. The buyback price remains to be determined. >>
Face value !!
I give away money. I collect money.
I don’t love money . I do love the Lord God.
"Seu cabra da peste,
"Sou Mangueira......."
I would never put a 100% buyback claim on my website. The past is history, today is a gift, and tomorrow is a mystery. Cash flow, inventory needs, market conditions change. The only 100% liquidation assurance I know of (or would believe) is simply start it in an ebay auction at 99c.
I have experienced the same thing and been given various reasons (some straight forward, polite, some not) why they could not buy back including laughter. Then I just moved on to the next table in the bourse room..... Eventually I started taking tables at show, got an ebay store, etc so their buyback no longer a concern.
Hoard the keys.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947)
https://www.ngccoin.com/registry/competitive-sets/16292/
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
<< <i>Some lessons in this thread.
1. Don't do business with that dealer again. You should have received some kind of explanation. If that coin was a consignment coin, to which the buy-back did not apply, the dealer should have disclosed this at the time of sale.
2. Even if a dealer honors his buy-back assertion, you may not like the offer. Markets change, so do the finances of dealers.
3. When thinking about buying a coin, make an effort to understand how liquid it is. >>
Sage advice, especially #3.
something and claiming that you 'will' buy back something, to me are two
very different things...
<< <i>Why did you feel the need to bring up this 6mo old thead cougar1978?
Yes, why do posters reply to old posts and comment like it just happened yesterday?
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>
<< <i>Why did you feel the need to bring up this 6mo old thead cougar1978?
Yes, why do posters reply to old posts and comment like it just happened yesterday? >>
Admittedly, I was duped. I didn't notice the thread's origin date.
unless you have some sort of legal paper saying he will buy the coin back then there is nothing one can do
Coins for sale at link below
https://photos.app.goo.gl/TyJbuBJf37WZ2KT19
Otherwise, it makes no sense to waste people's time by bringing the thread back.
I knew it would happen.
<< <i>Not enough information here, but I will say two things:
1. There is a dealer who professes to buy back coins sold to retail customers with great enthusiasm. When I once tried to take him up on it, and he resisted, I never looked at his coins again.
This has happened to me a couple of times. Once by my local shop that I used for 8 years buying many coins from them. And another was one of the leading dealers in the US who not only didn't want to make an offer on a coin they had sold me (contrary to what they state), but they laughed at the coin. Clearly it wasn't something they wanted back. So scratch 2 dealers off the list. There are plenty of others out there who honor their words. I've always figured that for most B&M dealers, and the majority of their coins that they sell at full retail, they just can't afford to buy them back and at any "fair" price. They would much rather use that money to buy fresh coins from the public at much lower rates (than giving you 75-85% of retail). There's no time limit with ethic s and integrity.
One time a dealer made me promise to give them first shot at a monster coin they had sold me. When I went out of my way to specifically offer them first shot on coins they ignored me. That's all I needed to know.
Allstate Coin had a stated 90% of purchase price buy back guarantee during the boom years of 1988-1990 (and somewhat beyond). But in reality, no one can guarantee their financial condition or market conditions in order to fulfill such a requirement long term.