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Rent-a-coin
Danye West
Posts: 193 ✭✭✭
Do you ever buy a coin, and sell it back to the person you bought it from for a slight deficit?
I could make a birth year registry set out of pocket change.
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I feel that we are the possessors of our coins for a little while...
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Things come up and circumstances change.
Nothing wrong with it, other than losing some money (but, people really should be using discretionary funds, right?)
Now, if one PURPOSEFULLY goes in with the intention to buy and sell it back at a deficit, then I question their rationale and am thinking they need to be checked out by a good psychiatrist......
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
As far as the OP's scenario, I've done it a few times, sometimes when discovering something about the coin I didn't like and sometimes when an even better coin unexpectedly appeared. Usually it's a money-losing proposition, but once or twice it worked in my favor.
RYK and I have traded the same 1845-D $5 back and forth a few times, basically for the same price less the friction of shipping
I have sold a coin to a dealer, who has sold it to a collector, who lists it on eBay, where I purchase it for less than I originally paid.
I have sold a coin to a collector to fund another purchase, only to then later try and repurchase my sold coin, sometimes at the original sales price, sometimes more.
Latin American Collection
(Besides, when has anybody ever known me to have big-money coins in the first place, right? LOL)
I don't want any of my customers to be stuck with a purchase that they later regret.
I generally don't publicize this as a policy but will usually honor such a request.
Occasionally, I have refunded full price to a buyer who decided that he didn't want the item after the return period. I never offer less.
I don't want any of my customers to be stuck with a purchase that they later regret.
I generally don't publicize this as a policy but will usually honor such a request.
If nothing else I think that is smart business for future business
Yep...bought a coin for $4700...sold it to a dealer for $6000...decided I liked it and thought it was worth closer to 8k so I bought it back for $6100. Lol
So you only increased your cost to $4800.
And learned a lesson well worth a hunnert bucks.
Financially and lifewise.
AND you like the coin.
win win win
I prefer to do it the other way around. I sold an awesome toned Morgan on eBay for a small fortune. 3 months later I bought a "poorly lit images" coin that looked like it had potential. Once it arrived, I finally figured out it was the coin I used to own and bought it for 1/2 of what I sold it for. Listed it with the original pictures of mine and sold it again for even more than the first time.
The exception, not the rule here of course.
If you loss is say 40% of what you paid I would say your living in the high rent district.
I wonder how often dealers feel badly about selling coins to people when they know darn well they're just fueling a compulsive spending/collecting disorder.
As far as the OP's scenario, I've done it a few times, sometimes when discovering something about the coin I didn't like and sometimes when an even better coin unexpectedly appeared. Usually it's a money-losing proposition, but once or twice it worked in my favor.
Sadly your scenario does happen and it puts you in an awkward spot. On one hand a customer can do what they want but at some point you are not helping them out yourself by selling to them. We had a guy who bought a few stabbed coins in the store totalling like 600. Comes back 3 days later saying he shouldn't have done it so we have him his full money back no problem. 2 months later he does the same thing. Again 2 months later he comes in and this time I tell him I can't take returns like it again and he signs the receipt all sales final. He comes in the next week begging us to take them back. At that point I do minus 10% and suggest he take a year, get his life straight before coming back. A year later the same thing happens. Maybe I was too cruel or too nice but I asked him to no longer come in.
Do you ever buy a coin, and sell it back to the person you bought it from for a slight deficit?
Many times and occasionally for a large loss.