Hypothetical coin club auction scenario....what would YOU do?

ambro51 · July 18, 2012 2:02AM

Typical uninteresting spread of foreign junk, proof sets, little bags of 10 Roosevelt dimes, cleaned large cents, kid whitmans..............then~~~you pick up one of the whitmans and holy scheet that's a 69S DDo in there. On ths sly you pull out your loupe and...yup.... It's a DDo in about AU55 with some red. ::::: this YN member is selling it. His Dad is a life member and big in the club. Starting bid on this partially filled Whitman with the DDo is $3. Ok, Folks.....WHOs Dream do you make come true? How do you deal with the next 45 minutes as others mill around and look at the auction lots. What do YOU do????

AUandAG · July 18, 2012 2:04AM

Stop the auction and inform the YN and his Dad. Period.

bob

edited: Is this really a hypothetical? Hope it has a great ending!

ModCrewman · July 18, 2012 2:06AM

Uh...I think I talk to the kid/Dad.

Good scenario however...and one that would cause incredible inner turmoil for the inner cherrypicker in all of us.

michiganboy · July 18, 2012 2:10AM

<< Stop the auction and inform the YN and his Dad. Period.

bob

edited: Is this really a hypothetical? Hope it has a great ending! >>

HCumberdale · July 18, 2012 2:11AM

Without question talk to the dad/kid and let them know.

If the seller was a dealer on the other hand, I'd jump on it and say nothing.

Lakesammman · July 18, 2012 2:15AM

Uh oh - I'm getting heartburn.....

RB1026 · July 18, 2012 2:15AM

<< Without question talk to the dad/kid and let them know.

If the seller was a dealer on the other hand, I'd jump on it and say nothing. >>

+1

guitarwes · July 18, 2012 2:16AM

<< Without question talk to the dad/kid and let them know.

If the seller was a dealer on the other hand, I'd jump on it and say nothing. >>

+2

ambro51 · July 18, 2012 2:22AM

Total daydream,,,,,,,you guys give away 75k pretty easy........let's put two scenarios into play/////say the person selling it is NOT the kid but Larry, a club vp and a coin dealer and bullion buyer/seller. This Whitman is part of some estate sale buy he made, along with a bunch of other stuff. He always sells (or offers) a large number of generic low value stuff.

Buzzybest · July 18, 2012 2:32AM

I'm planning on being a great philanthropist in my next lifetime......but not this one! I would,however try to find a constructive and fair way to make it a great learning experience.

Zoins · July 18, 2012 2:39AM

<< Without question talk to the dad/kid and let them know.

If the seller was a dealer on the other hand, I'd jump on it and say nothing. >>

+3

ambro51 · July 18, 2012 2:54AM

Possibly the most mind wrenching thing is its not yours yet...regardless...there's 45 minutes to go....and thirty five other people who may see/buy/steal.....this coin.

Rollerman · July 18, 2012 2:55AM

I would definately point this out to the kid and his father. If it was a dealer I respected, I'd do the same. If he was a stinker, I'd bid away! LOL
Pete

tightbudget · July 18, 2012 3:21AM

You probably don't need to use a loupe to see the doubling on a real 69-S DDO; it's very obvious.

I would probably tell the dad and his kid what they really have and see if they can withdraw the lot. If not that, then win the lot and hand the DDO over to the kid.

TwoKopeiki · July 18, 2012 3:46AM

I would say nothing, win the coin, get it slabbed at PCGS, sell it at Heritage and give half of the net proceeds to the father / kid. That should teach them a valuable lesson about knowing their own coins, ensure you're a part of the reward for finding it, and cover your butt in case you're mistaken and it doesn't get attributed as a DDO at PCGS.

My 2 cents.

Buzzybest · July 18, 2012 3:52AM

<< I would say nothing, win the coin, get it slabbed at PCGS, sell it at Heritage and give half of the net proceeds to the father / kid. That should teach them a valuable lesson about knowing their own coins, ensure you're a part of the reward for finding it, and cover your butt in case you're mistaken and it doesn't get attributed as a DDO at PCGS.

My 2 cents. >>

Perfect! And I would like to be adopted immediately by the poster above you!

airplanenut · July 18, 2012 3:52AM

Talk to the dad/kid and find out what they think the set is worth before telling them about the cherrypick. Then point out that some of the coins have minor damage and aren't really in great shape, and offer to buy the set at 60% of their estimate, just to be nice. At the next meeting, give a presentation on the awesome DDO dime you bought.

telephoto1 · July 18, 2012 4:38AM

If it's before the auction starts I go to kid and Dad and tell them. If they pull it, fine, and I've done my good deed for the day, plus who knows, they might allow me to broker it for them. If they don't believe me and choose not to pull it, then it's fair game imo.

BryceM · July 18, 2012 5:01AM

I already know and you should too. Anyone who suggests even the slightest twist to informing them immediately is a person I wouldn't want to do business with.

These sorts of threads make me a little crazy. It's pretty obvious that many people conduct themselves with honesty and integrity only up to a certain price. Once they hit that level, decency goes out the window.

Maybe I'm just nostalgic or naive, but it would be nice to live in a world where a handshake was as good as a contract and people looked out for each other. Maybe the YN and his dad will throw you a part of the windfall, maybe they won't. Either way the right thing to do doesn't change.

TwoSides2aCoin · July 18, 2012 5:04AM

I would take a picture and post it here and it would be a fantastic photo. Everyone would say "wow, great photo"

PerryHall · July 18, 2012 5:08AM

<< Talk to the dad/kid and find out what they think the set is worth before telling them about the cherrypick. Then point out that some of the coins have minor damage and aren't really in great shape, and offer to buy the set at 60% of their estimate, just to be nice. At the next meeting, give a presentation on the awesome DDO dime you bought. >>

I think he is talking about a cent when he is refering to a 1969-S DDO.

gonzer · July 18, 2012 5:18AM

<< Stop the auction and inform the YN and his Dad. Period.

bob

>>

Damn straight!

<< cover your butt in case you're mistaken and it doesn't get attributed as a DDO at PCGS. >>

With THE big '69-S there is no mistaking the doubling, loupe or not.

19Lyds · July 18, 2012 5:22AM

Hypothetically?

Let the seller know. Especially if it involves a YN.

ColonelJessup · July 18, 2012 5:39AM

<< 

<< I would say nothing, win the coin, get it slabbed at PCGS, sell it at Heritage and give half of the net proceeds to the father / kid. That should teach them a valuable lesson about knowing their own coins, ensure you're a part of the reward for finding it, and cover your butt in case you're mistaken and it doesn't get attributed as a DDO at PCGS.

My 2 cents. >>

Perfect! And I would like to be adopted immediately by the poster above you! >>

ideal as long as the dad is a club member ansd not a dealer. I would do it with the dad only. Otherwise it will make him seem smaller in his son's eyes.

stman · July 18, 2012 6:06AM

Tell the owner of the coin if they didn't know what they had and what it is worth. Make a "fair" offer, and if they tell me they want to get a couple more offers first...... I'd promptly come on this forum and start a thread how "greedy" they are.

Buzzybest · July 18, 2012 6:52AM

Please call me immediately if anybody sees this same situation again,and is in a moral quandary what to do!

Hotfootspin · July 18, 2012 11:05AM

Isn't the whole purpose of a coin club meeting to be an educational experience instead of
feeding the vultures?

If it were any other venue, maybe see what you can get away with. At a club with YN's,
be forthright.

Mark

Buzzybest · July 18, 2012 11:40AM

YEH!

roadrunner · July 18, 2012 12:58PM

<< I would say nothing, win the coin, get it slabbed at PCGS, sell it at Heritage and give half of the net proceeds to the father / kid. That should teach them a valuable lesson about knowing their own coins, ensure you're a part of the reward for finding it, and cover your butt in case you're mistaken and it doesn't get attributed as a DDO at PCGS.
My 2 cents. >>

But if these guys were related to "Millie" from the other day's post....they'd probably be suing you for the other 40-50%, after doing their "due diligence."

TwoSides2aCoin · July 18, 2012 1:47PM

<< 

<< I would say nothing, win the coin, get it slabbed at PCGS, sell it at Heritage and give half of the net proceeds to the father / kid. That should teach them a valuable lesson about knowing their own coins, ensure you're a part of the reward for finding it, and cover your butt in case you're mistaken and it doesn't get attributed as a DDO at PCGS.
My 2 cents. >>

But if these guys were related to "Millie" from the other day's post....they'd probably be suing your for the other 40-50%, after doing their "due diligence."

>>

Cool, we get to add relatives to this hypothetical

Who's the auctioneer ?

chumley · July 18, 2012 1:58PM

what a bunch of goodie two shoes......you scoff the coin and don,t say a word to the kid......as that mite be considered cruel

commoncents05 · July 18, 2012 2:04PM

<< Total daydream,,,,,,,you guys give away 75k pretty easy........let's put two scenarios into play/////say the person selling it is NOT the kid but Larry, a club vp and a coin dealer and bullion buyer/seller. This Whitman is part of some estate sale buy he made, along with a bunch of other stuff. He always sells (or offers) a large number of generic low value stuff. >>

Not sure where you're getting the $75,000 figure from, but $20,000 is much closer to what it would bring, and even that is probably a little optimistic. Anyone who was raised right is going to alert the dad and let him know.

-Paul

Hypothetical coin club auction scenario....what would YOU do?

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