It would help if you had the amounts of money involved - his price and say TPG or CW Trends value. How much are you talking about here?
Sadly, this kinds of mistakes happen. If your offering coins at a show be careful how you read dates when coins are upside down to you from the guy across the table so you do not give better date for common date money like in instance where there are multiple coins your showing the customer.
A guy in coin club told me where dealers wife (large firm) had prices mixed up on MS64 $20 Saints and MS64 $20 Libs. Another member in the club, Rip bought a couple of the $20 Libs (MS64 20 Libs at MS 64 Saint price ) obviously and she said "these are going fast, do you want the last one?" Rip took it and made a beeline for the show exit before that dealer wb getting back to his table. Hence, this was how Rip got his nickname.
For me personally I would point out the error, not in this to rip them.
This situation just happened to me just hours ago. I was visiting a pawn shop that I go to usually once or week or so. Ive gotten to know the owner pretty well. He had a key date Morgan labeled in the case at $275. I informed him he had it priced wrong. He went over to the computer to look it up and sure enough he goofed. He gave it to me for the asking price anyway. I told him I was willing to pay more but he was happy getting what he did. As a thank you I bought a role of silver eagles on top of it. Oh and the price of the eagles were only $19.50 each
I practice the golden rule.......even with coin dealers. If it's an obvious mistake, I tell them. It's hard for me to enjoy a coin that I ripped off.
If you paid his asking quoted/price, you didn't rip him off. Ripping off implies a measure of deceit or gaining an advantage on the part of the ripper. If the guy was like some of the horse's patoots that are sometimes mentioned here, I'd have me some ponderin to do.
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.
Hindsight being 20/20 as it mostly is, I'd be asking myself later WTF was I thinking paying $2,000 for something that's going to sit in a gun safe and that I can probably get for a lot less if I just wait awhile.
Would you feel different if you knew the dealer bought the coin from a widow for 1/10 its value?
That's the kind of dealer that you should be trying to put out of business, not helping out by buying at regular price. I'd venture that guys like that DON'T make pricing mistakes like that.
I had a consignor mark his coins way to low. A vest pocket came up and said so what is the real price? I raised the price just a little but kept it way below sheet. I like dealing with him, I know he is always fair.
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.
Is the price $30 instead of $60? Or is it $1500 instead of $3000? Or is it $200 instead of $2000? How about $2000 instead of $8000?
Any way you look at it, if you know it's wrong, it's wrong to take advantage.
The poll results are discouraging.
If you point out an obvious discrepancy to a dealer, and he says something such as, "I'm trying to unload it," or, "I've had it too long," then fine.
If you had something marked as $1000 at a show, and the last 0 was somehow obscured, and it was busy, and you were harried, is it OK if somebody hands you $100 and heads out with your $1000 coin? I know, I know--it would never happen. Until it does.
I'm not saying you have to tell the dealer what he has. It is his responsibility to know his inventory. But if some sticker landed on the wrong coin...don't you think it's at least worth asking about?
Is the price $30 instead of $60? Or is it $1500 instead of $3000? Or is it $200 instead of $2000? How about $2000 instead of $8000?
Any way you look at it, if you know it's wrong, it's wrong to take advantage.
The poll results are discouraging.
If you point out an obvious discrepancy to a dealer, and he says something such as, "I'm trying to unload it," or, "I've had it too long," then fine.
If you had something marked as $1000 at a show, and the last 0 was somehow obscured, and it was busy, and you were harried, is it OK if somebody hands you $100 and heads out with your $1000 coin? I know, I know--it would never happen. Until it does.
I'm not saying you have to tell the dealer what he has. It is his responsibility to know his inventory. But if some sticker landed on the wrong coin...don't you think it's at least worth asking about?
I didn't vote and I didn't opine. In most cases I would probably give the dealer a chance to correct his mistake, but I can't guarantee I would do it in every instance.
Are you SURE the price he quoted was an error? Sometimes I throw up crazy high prices on unique coins on ebay. People sometimes offer far less (like, half price). Sometimes my buy it now price was so stinking high that even half price makes me a nice profit. I accept, and they probably feel like they stole the coin
Originally posted by: jwitten Are you SURE the price he quoted was an error? Sometimes I throw up crazy high prices on unique coins on ebay. People sometimes offer far less (like, half price). Sometimes my buy it now price was so stinking high that even half price makes me a nice profit. I accept, and they probably feel like they stole the coin
Good question, the coin was a PCGS MS64 1885-CC Morgan that he quoted me at 30% of Greysheet bid. It was obvious he made an error.
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 walked away with a clear conscious. 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.
I had a lady call for an offer on gold coins. I offered more than my competition who she complained was her own nephew and didn't treat her as nicely as I did. Felt better than a YOU SUCK around here.
Originally posted by: USMarine6 This situation just happened to me just hours ago. I was visiting a pawn shop that I go to usually once or week or so. Ive gotten to know the owner pretty well. He had a key date Morgan labeled in the case at $275. I informed him he had it priced wrong. He went over to the computer to look it up and sure enough he goofed. He gave it to me for the asking price anyway. I told him I was willing to pay more but he was happy getting what he did. As a thank you I bought a role of silver eagles on top of it. Oh and the price of the eagles were only $19.50 each
I have had that happen at a coin show in the PNW.... I pointed it out - said I thought it was worth more.... the dealer checked and thanked me. Offered me the coin at an excellent price (more than marked, but a real bargain). I would not feel good doing it any other way. Just an old softy when it comes to things like that....Cheers, RickO
Any time it appears to me that a mistake has occurred, I tell the seller. In this case you are dealing with a spouse and a distracted dealer, so the chance for a mistake is magnified.
However, when neither of these is involved, and I am buying multiple coins, I tend to go with the quoted price and move on. When you are asking for a price on 50 to 100 pieces that you have selected from a dealer's inventory, anything more than "yea" or "nay" just takes too long. On those rare occasions where I have been the recipient of a "rip" I usually make it up to the dealer on the next go-round.
Here is a good example of " the dealer knows what he is doing". Today, I was at the Central States Show In Schaumburg Il. I went to the guy's table and checked out a NGC coin of his. I was looking for a certain variety in that coin. He priced it at $250. I said, no thanks. Later, I went back to check that same coin out once again, Didn't know for sure it was my variety search? So, I took a further look and it was not. I said, thanks for showing me. He then said, I got to check if this is a variety. Then I checked another table and found the same coin, same slab, same grade and year. This guy wanted $450. I told him, no thanks. So, finally, I went back to the original guy with the first coin I checked out. I asked him, can I still get the coin I checked out? He said, sure. So, I bought it at that $250 price. It was listed at the price of the second guy, $450. Now, this dealer certainly had time enough to know that his coin was listed at the $450 sheet price. But he sold it to me for the $250! Maybe, he just wanted to dump the coin out of his inventory? Whatever the reason, he was happy and so was I. Sometimes you can't underestimate some dealers, most of them know what their doing!
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.
Comments
Sadly, this kinds of mistakes happen. If your offering coins at a show be careful how you read dates when coins are upside down to you from the guy across the table so you do not give better date for common date money like in instance where there are multiple coins your showing the customer.
A guy in coin club told me where dealers wife (large firm) had prices mixed up on MS64 $20 Saints and MS64 $20 Libs. Another member in the club, Rip bought a couple of the $20 Libs (MS64 20 Libs at MS 64 Saint price ) obviously and she said "these are going fast, do you want the last one?" Rip took it and made a beeline for the show exit before that dealer wb getting back to his table. Hence, this was how Rip got his nickname.
For me personally I would point out the error, not in this to rip them.
It depends on the price.
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.
Exactly. It would help to know how much below what you think it is worth the dealer was quoting, which I why I did not vote either.
I practice the golden rule.......even with coin dealers. If it's an obvious mistake, I tell them. It's hard for me to enjoy a coin that I ripped off.
If you paid his asking quoted/price, you didn't rip him off. Ripping off implies a measure of deceit or gaining an advantage on the part of the ripper. If the guy was like some of the horse's patoots that are sometimes mentioned here, I'd have me some ponderin to do.
I find myself asking the dealers at the few shows I attend if they are sure about the price. It is usually twice as high as it should be.
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.
Hindsight being 20/20 as it mostly is, I'd be asking myself later WTF was I thinking paying $2,000 for something that's going to sit in a gun safe and that I can probably get for a lot less if I just wait awhile.
Would you feel different if you knew the dealer bought the coin from a widow for 1/10 its value?
That's the kind of dealer that you should be trying to put out of business, not helping out by buying at regular price. I'd venture that guys like that DON'T make pricing mistakes like that.
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
I agrre with this.
Any way you look at it, if you know it's wrong, it's wrong to take advantage.
The poll results are discouraging.
If you point out an obvious discrepancy to a dealer, and he says something such as, "I'm trying to unload it," or, "I've had it too long," then fine.
If you had something marked as $1000 at a show, and the last 0 was somehow obscured, and it was busy, and you were harried, is it OK if somebody hands you $100 and heads out with your $1000 coin? I know, I know--it would never happen. Until it does.
I'm not saying you have to tell the dealer what he has. It is his responsibility to know his inventory. But if some sticker landed on the wrong coin...don't you think it's at least worth asking about?
Is the price $30 instead of $60? Or is it $1500 instead of $3000? Or is it $200 instead of $2000? How about $2000 instead of $8000?
Any way you look at it, if you know it's wrong, it's wrong to take advantage.
The poll results are discouraging.
If you point out an obvious discrepancy to a dealer, and he says something such as, "I'm trying to unload it," or, "I've had it too long," then fine.
If you had something marked as $1000 at a show, and the last 0 was somehow obscured, and it was busy, and you were harried, is it OK if somebody hands you $100 and heads out with your $1000 coin? I know, I know--it would never happen. Until it does.
I'm not saying you have to tell the dealer what he has. It is his responsibility to know his inventory. But if some sticker landed on the wrong coin...don't you think it's at least worth asking about?
I didn't vote and I didn't opine. In most cases I would probably give the dealer a chance to correct his mistake, but I can't guarantee I would do it in every instance.
Are you SURE the price he quoted was an error? Sometimes I throw up crazy high prices on unique coins on ebay. People sometimes offer far less (like, half price). Sometimes my buy it now price was so stinking high that even half price makes me a nice profit. I accept, and they probably feel like they stole the coin
Good question, the coin was a PCGS MS64 1885-CC Morgan that he quoted me at 30% of Greysheet bid. It was obvious he made an error.
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
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 walked away with a clear conscious. 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.
Rob
Successful Trades with: Coincast, MICHAELDIXON
Successful Purchases from: Manorcourtman, Meltdown
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.``https://ebay.us/m/KxolR5
This situation just happened to me just hours ago. I was visiting a pawn shop that I go to usually once or week or so. Ive gotten to know the owner pretty well. He had a key date Morgan labeled in the case at $275. I informed him he had it priced wrong. He went over to the computer to look it up and sure enough he goofed. He gave it to me for the asking price anyway. I told him I was willing to pay more but he was happy getting what he did. As a thank you I bought a role of silver eagles on top of it. Oh and the price of the eagles were only $19.50 each
Sounds like a good place to do business.
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However, when neither of these is involved, and I am buying multiple coins, I tend to go with the quoted price and move on. When you are asking for a price on 50 to 100 pieces that you have selected from a dealer's inventory, anything more than "yea" or "nay" just takes too long. On those rare occasions where I have been the recipient of a "rip" I usually make it up to the dealer on the next go-round.
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.