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What would you do? What I did Posted
TireKicker
Posts: 870 ✭✭
Recently I was at a show. Found a coin I liked and asked for a price. Dealer quoted me a price that was way below what the coin was selling for. I knew he had made an error...what would you do?
Ok, full disclosure (And I am going to keep this factual, not going to add my opinion regarding the dealers mannerisms or behavior since those truly are an opinion, just what was said...and this was everything that was said):
The coin in question was a PCGS MS64 1885-CC Morgan. I walked up, asked to see it, she handed it to me and I examined the coin, then asked for a price (turned out, the dealers wife was assisting me). She took the coin over to him and asked what the price was. The dealers initial comment was "This isn't my coin." His wife said "Well, it was in the case?" The dealer was working with another client at the time she walked up and asked for a price. He then looked at the Greysheet and quoted his wife a price that was about a 1/3 of the sheet, then went back to his other client.
She walked over to me and quoted me that price. I looked back at her and said "I would really like to buy this coin at that price but are you sure you want to sell it at that price." She went back to her husband, and said something about the price not seeming correct (I can't remember exactly how she said it)? He took the coin, looked at the sheet and said "Oh I thought this was an 84-CC?" Then he quoted me a price 10% over Greysheet. I said "thank you for showing me the coin" and walked away with a clear conscious.
Ok, full disclosure (And I am going to keep this factual, not going to add my opinion regarding the dealers mannerisms or behavior since those truly are an opinion, just what was said...and this was everything that was said):
The coin in question was a PCGS MS64 1885-CC Morgan. I walked up, asked to see it, she handed it to me and I examined the coin, then asked for a price (turned out, the dealers wife was assisting me). She took the coin over to him and asked what the price was. The dealers initial comment was "This isn't my coin." His wife said "Well, it was in the case?" The dealer was working with another client at the time she walked up and asked for a price. He then looked at the Greysheet and quoted his wife a price that was about a 1/3 of the sheet, then went back to his other client.
She walked over to me and quoted me that price. I looked back at her and said "I would really like to buy this coin at that price but are you sure you want to sell it at that price." She went back to her husband, and said something about the price not seeming correct (I can't remember exactly how she said it)? He took the coin, looked at the sheet and said "Oh I thought this was an 84-CC?" Then he quoted me a price 10% over Greysheet. I said "thank you for showing me the coin" and walked away with a clear conscious.
All the best,
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
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Recently I was at a show. Found a coin I liked and asked for a price. Dealer quoted me a price that was way below what the coin was selling for. I knew he had made an error...what would you do?
Pay his price and avoid walking past his table at the show a second time?
I did not vote.
I have heard that the coin market is slow at the time, and this coin may have been in his showcase for too long and wants to move it along.
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bob
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
Now if it's a variety that is not attributed, or I think the coin is significantly under graded, then that would be considered a cherrypick. If he happens to look at the wrong column or row on his grey sheet, then that is a mistake and I would refer back to the first statement above.
Cheers
Bob
If someone offers me a good deal and knows that it's a good deal, well, then I will just say thank you and hand them the cash.
She said she was glad for me to have it at her price, so I bought it. They're happy to have a regular customer, I'm happy to get good deals pretty consistently.
https://www.omnicoin.com/collection/colind?page=1&sort=sort&sale=1&country=0
Similar things, (though not exactly the same) have happened to me, and I felt embarrassed both times.
- Reached agreement on a price, I paid, and was handed some change. I didn't count the change, put it in my pocket, and walked away. Dealer catches me at the end of the aisle, "Hey! I gave you too much change!" Sure enough, he did. Not MY fault, but I was embarrassed that he may have THOUGHT I intentionally walked away with "his money" in my pocket. It probably looked that way...
- Was looking at a seated quarter, at a reasonable price, and considering buying. But another in his case caught my eye, (different date), and I asked to see it. I liked it better, and he quoted me the same price. Without checking the limited price guides I travel with, I bought it. Only when I got home did I realize it "booked" for significantly more than the price paid. I was embarrassed to think he may have made a mistake, and mixed up the two coins and/or prices. But it was too late at that point, and I doubt I could find the same guy again if I tried.....
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You don't know what he paid or his motivations for selling it.
If it's a coin that "normally" sells for $20 and he's asking $10, then $10 is what he wants.
If it's "normally" a $500 coin and he's asking $10 then I'd exclaim "TEN DOLLARS - are you sure???" mostly from disbelief.
- Was looking at a seated quarter, at a reasonable price, and considering buying. But another in his case caught my eye, (different date), and I asked to see it. I liked it better, and he quoted me the same price. Without checking the limited price guides I travel with, I bought it. Only when I got home did I realize it "booked" for significantly more than the price paid. I was embarrassed to think he may have made a mistake, and mixed up the two coins and/or prices. But it was too late at that point, and I doubt I could find the same guy again if I tried.....
Or maybe he bought them as a lot and all seated quarters in his case were the same price? Who knows.
Just another reason why putting price stickers on coins is good for both the buyer and the seller.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
An honest mistake is worth bringing to the attention of the dealer. I have to admit that I had one instance involving an 1857 Seated Dollar years ago that I later regretted based on the way that dealer treated me. Needless to say, I don't acknowledge the existence of that dealer- their loss not mine. Mistakes happen- And we learn and need to get over it and move on.
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Now, as far as people that don't like my comments on this board I couldn't care less about an "online reputation." I calls them as I sees them.
Many Baltimore shows ago before Whitman ran it, I was looking for a High Relief Saint. There was a very high grade one in one dealer's showcase. The dealer was away from the table; just his wife was there. I asked her how much it was and she looked at the code and quoted me $3600. I had that much in cash in my pocket but it wasn't the right thing to do. I told her she might want to check that as it couldn't be right. Looking longer she figured it out that she had left a zero off the code.
I think you may have saved her life or at least her marriage.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Many Baltimore shows ago before Whitman ran it, I was looking for a High Relief Saint. There was a very high grade one in one dealer's showcase. The dealer was away from the table; just his wife was there. I asked her how much it was and she looked at the code and quoted me $3600. I had that much in cash in my pocket but it wasn't the right thing to do. I told her she might want to check that as it couldn't be right. Looking longer she figured it out that she had left a zero off the code.
'Honor' is what you do when no one is looking.
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I still buy and sell coins from that guy and his table is the first one I stop at when attending a show. The only transactions I want to be involved with are the ones where both parties are fully satisfied by the terms.
Cherry picking is a different question.
An honest mistake is worth bringing to the attention of the dealer.
Yes. This is the ethical thing to do.
Lance.
DPOTD-3
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Don
Maybe the guys thinking "Man, if only I had $10 I could gets me a couple of hot dogs.
I wanna change my answer to this, except at San Diego we have homemade authentic tacos which blow away any restaurant in San Diego.
As I speciality Dealer, sales can be slow at small shows and 10 bucks will get you the best Mexican food anywhere.
He checked his records and said that was the price. So I feel better buying after I told him that.
works for both.
On the other hand a customer told me I had a coin worth more than I had it priced. We worked out a deal that worked for both.
Paid the price and later I got some of his extras in trade. His call.
I wanna change my answer to this, except at San Diego we have homemade authentic tacos which blow away any restaurant in San Diego.
As I speciality Dealer, sales can be slow at small shows and 10 bucks will get you the best Mexican food anywhere.
Better than El Indio?
The next time I saw the dealer I pulled $30 out of my pocket and said "IOU this" He said "you don't owe me anything as I recall". I pulled the coin up on my phone, showed him it's actual worth and said "now I feel right about the penny".
Needless to say I've earned the trust of someone who might just offer expert advice some time when he has the facts and I'm out of the loop.
By the way, after cleaning up the slab, the coin displayed eyepopping rainbow colors.
There has to be honor among thieves.
I wanna change my answer to this, except at San Diego we have homemade authentic tacos which blow away any restaurant in San Diego.
As I speciality Dealer, sales can be slow at small shows and 10 bucks will get you the best Mexican food anywhere.
Better than El Indio?
Go to the coin show, buy the tacos and let me know. At the very least, probably the best coin show food on earth.
Tough crowd!
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Well, let's put it this way. I once asked for a price on a toned '61 Lincoln Proof in an old scratched up NGC slab. Dealer said $15. I gave him $35. When he protested, I told him it was priced wrong. I sold the coin on E-Bay for $150.
The next time I saw the dealer I pulled $30 out of my pocket and said "IOU this" He said "you don't owe me anything as I recall". I pulled the coin up on my phone, showed him it's actual worth and said "now I feel right about the penny".
Needless to say I've earned the trust of someone who might just offer expert advice some time when he has the facts and I'm out of the loop.
By the way, after cleaning up the slab, the coin displayed eyepopping rainbow colors.
There has to be honor among thieves.
If you would have lost money would you expect a refund? I am not going to work that hard for 50 bucks.
I was set up at a gun show the week after sandy hook, it was crazy to say the least. I had Ar15's priced 650 to start, moved them to 1000 and then 2000 and they were throwing money on the table. I had my wife bring me another 50 from home, marked them 1500 and sold out by 4pm. I could have sold them for more or I could have sold them for less. I had other dealers buying them from me. I had already secured 100 more at 425 each and was not to concerned. I kind of felt bad selling them for 2000 each.
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Actually, let me recount a couple of instances of my honesty, Last year, at a rather large yard sale I had forgotten to handover a $100 bill after she made change for my purchases. Regularly I'll empty my pockets to hanger my trousers and put my money and things in a drawer. That's when I realized I still had the $100. It was dark by then when I arrived back to the area. They were still there packing things up. She was just stunned that I had returned with her money. But in turn, I asked her what she wanted on an item she had and I wanted. She didn't offer a discount nor did I ask. She might of thought she should had after I left. Oh well.
Recently, when acquiring two tires for my truck, the counter guy said, that will be $40. I responded, 'well, that guy in the shop worked pretty hard and the guy responded, 'oh, did he switch the rims for you? And I smiled and he thanked me for my honesty and paid the $50. Here again, generosity did not come my way for my honesty.
But I do remember my coin dealings with others, like I totally forgot I hadn't received a $400 refund for a return after 3 months. I called the guy and he was honest, "yeah, I still have it. He tried selling me another coin but I returned it as well. It was the best struck 1949 FS JN I'd ever seen but for the two rather severe cheek rub marks.....
And there was another coin I wanted but for reasons unknown, it never materialized. He said he had my back, all was taken care of but no coin. I have sat and thought about it many times from day one. I would rather forget such people than having to relate to them.
Leo
The more qualities observed in a coin, the more desirable that coin becomes!
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Would you feel different if you knew the dealer bought the coin from a widow for 1/10 its value?
No. Two wrongs don't make a right.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
If the coin is labeled correctly and the price quoted is significantly below what I was expecting, I'd ask him if he was sure about the price. If he confirms it, then I'd pay him.
This. I might even ask him to confirm it twice. Basically I'll give the guy every opportunity to correct his mistake, but I am not doing his job for him.
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
Repeat the price back to him (reflective listening) and if he says yes, you are good-to-go! Pay-da-man, but not too quickly or eagerly, make it appear that you are "kicking around" the price. Be sure to ask for his business card and thank him for the opportunity to expand you collection or "fill a hole" in your collection.
I have heard that the coin market is slow at the time, and this coin may have been in his showcase for too long and wants to move it along.
Very true!
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Maybe the guys thinking "Man, if only I had $10 I could gets me a couple of hot dogs.
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