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To tell or not to tell (Sorry, I meant to post this on the US Coin Forum...rln)

rln_14rln_14 Posts: 686 ✭✭✭✭
edited March 19, 2018 7:33AM in Precious Metals

Please let me know if this topic has come up in the past. In many threads, I have seen where a buyer purchases a stabbed coin, knowing that it was a "variety" coin that was not attributed. Buyer than resubmits to a TPG and gets the coin attributed with the variety, now the coin is more valuable. Question: What is the acceptable protocol call here? The seller should have known it was a "variety" coin and the buyer has no obligation to tell the seller what he has? Or, should the buyer be totally honest and let the seller know what he has? From what I have read on these threads and my opinion, if the seller is a professional dealer, no obligation to tell. If the seller is not a dealer and just wants to sell a coin or two, they should be informed of what they have before the transaction occurs. Any comments are welcome and appreciated...Thanks rln.

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    PerryHallPerryHall Posts: 45,405 ✭✭✭✭✭

    This is a great topic. Many collectors feel that they've worked very hard for many hours to gain their knowledge and feel they should be under no obligation to give it away for free to others. Personally, if I were buying a rare variety from an inexperienced coin seller I'd let them know and pay a fair price. I can't enjoy owning a coin that I know that I ripped off from an inexperienced seller.

    Worry is the interest you pay on a debt you may not owe.

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    PerryHallPerryHall Posts: 45,405 ✭✭✭✭✭

    This is a great topic that should be in the U S Coin Forum since we're talking about rare coin varieties rather than just precious metals. Also, you'll get far more responses over there.

    Worry is the interest you pay on a debt you may not owe.

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    LEMONHEAD_PENNYLEMONHEAD_PENNY Posts: 119 ✭✭

    its a cherry pick any way you look at it. I dont spoil my kids, why would i spoil a grown man or woman? I think adults who want to spend there hard earned money on anything, should do there homework. i would not buy a car on the salesman's word, i would do my due diligence and research the purchase. A fool and his money soon split. Also i think a lot of collectors have that story when starting in the hobby of being took. Paying to much for a coin, ect. I know i did, and i learned and moved on.Exceptions to the rule, i would not pick a kid or senior! CHEERS!

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    derrybderryb Posts: 36,192 ✭✭✭✭✭
    edited March 19, 2018 8:23AM

    He got a cherry, and yes there is nothing wrong with getting them. Seller is responsible to know the true value of what he is selling whether it be coins, cars or houses.

    "Buy low, sell high" is a business model, not a slogan.

    Keep an open mind, or get financially repressed -Zoltan Pozsar

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    piecesofmepiecesofme Posts: 6,669 ✭✭✭
    edited March 19, 2018 6:56AM

    If the buyer has a conscience they should know what to do, otherwise word like that spreads and suddenly sellers wont sell to that buyer anymore.
    Sellers have lost almost all of their protection but they at least have the choice of who they want to sell to as long as it's not on eBay. Even if you block a user the buyer can use/create another account.

    To forgive is to free a prisoner, and to discover that prisoner was you.
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    tneigtneig Posts: 1,505 ✭✭✭

    My level of trust for the PM and coin industry is low.

    COA
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    rln_14rln_14 Posts: 686 ✭✭✭✭

    thanks for your comments. yes, i meant to post this on the US Coin Forum. going to do that now..thanks rln

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    rickoricko Posts: 98,724 ✭✭✭✭✭

    I saw this on the coin forum and commented there.... I would not cherry pick someone I knew to be inexperienced - senior citizen, new collector.... however, dealers are fair game...and on the internet, one really does not know who is who... Cheers, RickO

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