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Why Coin COLLECTORS Drink Part CCLXXVI
BarberFanatic
Posts: 671 ✭✭✭✭
Went to a local B&M place that does both coins and stamps. Had eight coins worth about $6,000 PCGS Price Guide value and asked the guy if he was interested in making an offer on any of them.
Guy says he doesn't have the time to look at them right now but if I'll leave them with him he'll get back to me with a price "after the holidays". So I ask him what kind of paperwork do I need to fill out. He asks, "Paperwork?" I say, "The paperwork that says that these are my coins and that you're responsible for them while they're in your possession". He looks at me with a funny look on his face and say, "We don't really do that here."
So I shake my head, take my coins and leave. Oh, and the guy was busy reading a Sports Illustrated magazine while we were talking. Apparently that's why he was too busy to look at my eight coins and give me a price.
Guy says he doesn't have the time to look at them right now but if I'll leave them with him he'll get back to me with a price "after the holidays". So I ask him what kind of paperwork do I need to fill out. He asks, "Paperwork?" I say, "The paperwork that says that these are my coins and that you're responsible for them while they're in your possession". He looks at me with a funny look on his face and say, "We don't really do that here."
So I shake my head, take my coins and leave. Oh, and the guy was busy reading a Sports Illustrated magazine while we were talking. Apparently that's why he was too busy to look at my eight coins and give me a price.
My current coin collecting interests are: (1) British coins 1838-1970 in XF-AU-UNC, (2) silver type coins in XF-AU with that classic medium gray coloration and exceptional eye appeal.
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Comments
I prefer coin shows where cash changes hands right on the spot
I knew it would happen.
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
<< <i> He looks at me with a funny look on his face and say, "We don't really do that here." >>
Yikes!
The context of what the coins were, exactly, may be relevant, as maybe they are more or less esoteric/liquid vs. less liquid/how rare or common the undergrades/how is the eye appeal, etc etc.
Some extreme examples, we'll assume they're all in PCGS holders, would be a group of 8 pre-1808 US coins, versus a group of modern clad proofs, versus a group of foreign coins spanning 500 years of date.
If he had been really interested in the items, he would have made time to look at them then and there, is all I'm saying
Liberty: Parent of Science & Industry
Coin Rarities Online
RAD#306
<< <i>I'll buy you a beer for that one. >>
Me too. That guy has no business being in the business.
<< <i>He says" Ok well thats ok, and hang up. REALLY?! >>
Yikes again!
bob
No ethical dealer should have an aversion to a paper trail. Find someone else to deal with.
Authorized dealer for PCGS, PCGS Currency, NGC, NCS, PMG, CAC. Member of the PNG, ANA. Member dealer of CoinPlex and CCE/FACTS as "CH5"
This
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
<< <i>He says , well, I need an extra 3% for fees or you can gift it. >>
A discount for cash is okay. But it's illegal to charge more for purchasing by credit card.
Lance.
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<< <i>He says , well, I need an extra 3% for fees or you can gift it. >>
A discount for cash is okay. But it's illegal to charge more for purchasing by credit card.
Lance. >>
Never been a "Paypal "gift it" fan, though I know that it is quite popular.
<< <i>The dealers that I trust enough to send or leave $6000 worth of coins with.....I don't need any paper from. >>
What if the dealer died or went bankrupt or, heaven forbid, get shot and killed during a robbery? You'd be SOL.
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
<< <i>
<< <i>The dealers that I trust enough to send or leave $6000 worth of coins with.....I don't need any paper from. >>
What if the dealer died or went bankrupt or, heaven forbid, get shot and killed during a robbery? You'd be SOL. >>
Yep. I could handle the loss though. I have done many such deals on a handshake and have not been burned yet.
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<< <i>The dealers that I trust enough to send or leave $6000 worth of coins with.....I don't need any paper from. >>
What if the dealer died or went bankrupt or, heaven forbid, get shot and killed during a robbery? You'd be SOL. >>
Yep. I could handle the loss though. I have done many such deals on a handshake and have not been burned yet. >>
I could also easily handle the loss but why should I? Don't you insure your coins when you mail them? A simple receipt won't cost you or the dealer anything and an ethical dealer will have no problem giving you one. When one dealer gives another dealer some coins "on memo" to show to a fresh set of eyes, there is a receipt or memo exchanged for the coins like an IOU.
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
<< <i>
<< <i>He says , well, I need an extra 3% for fees or you can gift it. >>
A discount for cash is okay. But it's illegal to charge more for purchasing by credit card.
Lance. >>
Illegal is a bit strong of a word. It is against the credit card companies terms of service and could result in their dropping you as a client. Heck, even local governments sometimes add a 3% "service fee" or "processing fee" for credit card payments.
Still, it's a curious attitude. I've always looked at buying new material as one of the two key components to running a coin business.
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<< <i>The dealers that I trust enough to send or leave $6000 worth of coins with.....I don't need any paper from. >>
What if the dealer died or went bankrupt or, heaven forbid, get shot and killed during a robbery? You'd be SOL. >>
Yep. I could handle the loss though. I have done many such deals on a handshake and have not been burned yet. >>
I could also easily handle the loss but why should I? Don't you insure your coins when you mail them? A simple receipt won't cost you or the dealer anything and an ethical dealer will have no problem giving you one. When one dealer gives another dealer some coins "on memo" to show to a fresh set of eyes, there is a receipt or memo exchanged for the coins like an IOU. >>
have you ever sent a consignment into an auction house. The paperwork does not come back to you until the coins are received. How would you handle that?
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<< <i>
<< <i>The dealers that I trust enough to send or leave $6000 worth of coins with.....I don't need any paper from. >>
What if the dealer died or went bankrupt or, heaven forbid, get shot and killed during a robbery? You'd be SOL. >>
Yep. I could handle the loss though. I have done many such deals on a handshake and have not been burned yet. >>
The operative word is "yet".
Coin Rarities Online
<< <i>The operative word is "yet". >>
Very true. I could also be rolled in the parking lot before I enter the B&M. Lots of risks in this world.
No businessman can avoid risk, just assess and manage it.
Its difficult for me to have an opinion if there is not a detailed description of your material? Perhaps he was broke or not interested in spending his money on your material (lack of perceived customer interest).
No, I would not leave my coins with someone who would not even bother to look at them and make an offer. I would only leave my coins if they were sold and I had the cash in my hand.
You say your coins have a market value of $6000 - on the Bay because I am looking to retail the material my maximum bid might be 70% of CU price guide and this is really on the high end for me. So if he had offered $4200, would you have been a seller?
I have people offer me material at shows all the time but many of them are not for real in taking an offer that is half way decent enough to work for me. I have to wonder why they even bother shopping it around.
Who would leave their coins in that situation?
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<< <i>He says , well, I need an extra 3% for fees or you can gift it. >>
A discount for cash is okay. But it's illegal to charge more for purchasing by credit card.
Lance. >>
Illegal is a bit strong of a word. It is against the credit card companies terms of service and could result in their dropping you as a client. Heck, even local governments sometimes add a 3% "service fee" or "processing fee" for credit card payments. >>
Fair enough...I should have said it is illegal in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, and Texas.
Lance.
<< <i>Went to a local B&M place that does both coins and stamps. Had eight coins worth about $6,000 PCGS Price Guide value and asked the guy if he was interested in making an offer on any of them.
Guy says he doesn't have the time to look at them right now but if I'll leave them with him he'll get back to me with a price "after the holidays". So I ask him what kind of paperwork do I need to fill out. He asks, "Paperwork?" I say, "The paperwork that says that these are my coins and that you're responsible for them while they're in your possession". He looks at me with a funny look on his face and say, "We don't really do that here."
So I shake my head, take my coins and leave. Oh, and the guy was busy reading a Sports Illustrated magazine while we were talking. Apparently that's why he was too busy to look at my eight coins and give me a price. >>
Hey! SI Swinsuit Edition TRUMPS EVERYTHING!
The name is LEE!
<< <i>Think of all the fun collectors and dealers could have with all the $$$ lost on coin anxiety.... >>
Huh? Can you elaborate?
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
But for a first time deal, paperwork is definitely required.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
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<< <i>The dealers that I trust enough to send or leave $6000 worth of coins with.....I don't need any paper from. >>
What if the dealer died or went bankrupt or, heaven forbid, get shot and killed during a robbery? You'd be SOL. >>
Yep. I could handle the loss though. I have done many such deals on a handshake and have not been burned yet. >>
I could also easily handle the loss but why should I? Don't you insure your coins when you mail them? A simple receipt won't cost you or the dealer anything and an ethical dealer will have no problem giving you one. When one dealer gives another dealer some coins "on memo" to show to a fresh set of eyes, there is a receipt or memo exchanged for the coins like an IOU. >>
have you ever sent a consignment into an auction house. The paperwork does not come back to you until the coins are received. How would you handle that? >>
There's a big difference between giving a group of expensive coins to a small one man coin shop and a major auction house like Heritage. If someone dies at Heritage the company will go on and your coins will be auctioned and you will be paid.
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
<< <i>There's a big difference between giving a group of expensive coins to a small one man coin shop and a major auction house like Heritage. If someone dies at Heritage the company will go on and your coins will be auctioned and you will be paid. >>
... a decade ago when I was entering the business, one of the large auction houses sent me my low 5 figure auction win before I had made the payment. I was shocked and surprised at the same time. They really did not know me well.
I have bought and consigned many multiples of that first order with the same auction house. They will remain my go to source. Sometimes showing trust in business pays large dividends. Of course sometimes it fails.
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That said, when I was working in coin shops and anybody wanted to submit something to a TPG, I always did a well-detailed receipt just to leave a paper trail, no matter how well I knew the person. It's just safer that way. Stuff happens. For the dealer to refuse to give a receipt is unconsionable.