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Dealer refuses to make a buyback offer on a coin they sold even thought website says otherwise
BWCoin
Posts: 92
I bought a coin from a MAJOR coin dealer (top 10% in terms of volume likely) a few years ago. The website has all along said they would love to buyback any coins they sold to you are wholesale market levels. I thought I would offer the coin (a PCGS/CAC coin) to that dealer and just simply asked what he would be willing to buy the coin back for in terms of $$$. I received a one line email in return saying they were not interested in the coin they sold me. Any thought on this type of situation?
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Great transactions with oih82w8, JasonGaming, Moose1913.
Lots of details are lost via email as there's no human interaction...
Prior to getting upset and smearing a dealers reputation following up with a phone call to really find out why might be the best route to take.
Why post it here?
<< <i>
<< <i>and it says very clearly on the website they will make an offer on any coin they sold. Even after i pointed this out they refused to make an offer saying they weren't interested in the coin they sold me. >>
what if they make you an offer as your requested and it was a low ball offer? >>
Than at least they would be honoring their word
Simple as that.
They can't have it both ways and remain reputable in my eyes.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Not the kind of people I want to do business with, and if you tell me who it is I will avoid them.
In honor of the memory of Cpl. Michael E. Thompson
To add; Since it's CAC'ed, sell it to that crowd or JA.
The more qualities observed in a coin, the more desirable that coin becomes!
My Jefferson Nickel Collection
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My thought is to state who the dealer is so folks can go to their website and see for themselves whether the dealer involved has acted in any way inconsistent with the terms of their website. In other words, I would like to read the express statements of the website. Your own words regarding what the website says are confusing "they would love to buyback any coins they sold to you are wholesale market levels".
Wondercoin
<< <i>Not so sure they are required to buy back coins consigned to them, only coins they own and sell directly. Perhaps that is the issue. >>
Not sure you can ever force someone to buy something... unless you're the government and you want to force your citizens to buy health insurance
It seems that if a dealer has some sort of a buyback policy/offer on their site, all they would need to do is offer a low price if they really didn't want to buy it back. Seems odd that they would just refuse to make an offer.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
1. There is a dealer who professes to buy back coins sold to retail customers with great enthusiasm. When I once tried to take him up on it, and he resisted, I never looked at his coins again.
2. If I ever sell a coin, the reason is that I no longer want it for my collection, which is usually not a knock on the coin since I once did include it in my collection.
Why do you think they don't want to buy it back?
<< <i>I have had this happen to me as well, my solution never buy from that dealer again. >>
Agree. Sounds like they may have overcharged you for a coin and didn't want you to find out by offering you what it's really worth. Please PM me the name of this dealer.
Worry is the interest you pay on a debt you may not owe.
I have a feeling I know which dealer it may be, and that coin is not part of his normal offerings of coins. If it is the dealer I think it is, he does state on his site that there is no price guarantee with his buyback.
Move on, and get what you can for the coin if you don't want it anymore.
Worry is the interest you pay on a debt you may not owe.
Even without a stated policy about wanting to buyback coins previously sold, I would expect that most good dealers would welcome the opportunity to get some of their coins back. Those situations seem to work out well for all involved as the dealer can help out an existing customer and it's a coin the dealer should be very familiar with and would already have images and description of it ready to go for resale.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 448
That´s the most likely scenario, but there are many other possibilities. For example, what if the dealer didn´t have any money to spend? Or what if he knows you well enough to know that nothing good can come of any offer he makes? FWIW, I´ve been in all of these situations before, as have most dealers.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
This dealer's one line response would ensure that he wouldn't see any more of my business.
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It's not having what you want, it's wanting what you've got.
For me , that is a clear option to A) Let it go to who wants it more. To take the driver's seat. C) To suck it up D) to take heart not "take it TO heart".
Most of us want to BUY BACK our coins. A few of us do "regret" selling many of the coins we deal. And some we are just darn glad to be rid of.
Those of us who don't (or won't buy back), probably don't like what we are doing , aren't likely to be doing it successfully with a losing formula for long. And the bottom line is MONEY for many. The business is a product, and the hobby is made up by the sum of all it's parts. It's just "business". Let it go, bro.
As a caring man (hobbyist) I do empathize, as I share from my own experiences (on the other side of the counter) .
My advice: Just move along. It's a big pond.
1997- Present (26 years of marriage)
2003-present (21 years as a coin dealer and collector)
I would find some new dealers.
Sounds like the dealer is in a no win situation with you.
Where does this "CAC will automatically buy your coins if it has a sticker" come from? They could not possibly buy every single CAC coin if it came down to it.
<< <i>Where does this "CAC will automatically buy your coins if it has a sticker" come from? They could not possibly buy every single CAC coin if it came down to it. >>
What about Eagleeye - don't they have a similar buy back plan? Maybe they just hope it doesn't happen - like if we all flush the toilets at the same time, it
could cause major problems too
The value went down. Joe can't get the dealer to buy it for more than he paid for it, but a local dealer will take it at a reduced price. (ooops, I mean: I screwed myself on that one)
Is it best to sell it to someone who can make more with it than me, or toss it in the junk box and get back to the drawing board, by only buying from the U.S. Mint ? Or would Joe be better off only buying coins that he likes, and wanted to keep away from the world… but sell them for a much higher price and not be willing to buy it back at that price because someone really wanted it more than me , a long time ago ?
Don't mind me. I come online every day to think out loud and ponder life's journey….. and to discuss how easy it is ( in a hobby), in comparison to other places around the globe and with all the drama that tends to permeate our society. Seems emotions run higher here than on the "FRONT" where our soldiers /police, etc., are every day.
The only thing I ever regretted about serving, was seeing how spoiled people are.
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The only thing I regret about coming here is trying to put myself in other people's place and giving useless opinions about WHY it's the great CAVEAT.
When will WE (collectively) learn. Buy what you like so much you wouldn't want to take it back.
If, as a collector, I had a dealer blow me off like what the OP describes, I would simply never do business with that dealer again and move on.
TD
<< <i>Tell them you will create a report on ripoffreport. Get a screen grab of their website buyback offer and show them what you will place there. It may change their mind. If not, anyone googling that dealer in the future will see that report at the top of the list. >>
Wow....I hope that was posted in jest.
Life is short. The OP has attractive options for selling his coin, if that is truly his intent. Why the angst and venom?
<< <i>
<< <i>Tell them you will create a report on ripoffreport. Get a screen grab of their website buyback offer and show them what you will place there. It may change their mind. If not, anyone googling that dealer in the future will see that report at the top of the list. >>
Wow....I hope that was posted in jest.
Life is short. The OP has attractive options for selling his coin, if that is truly his intent. Why the angst and venom? >>
+1
Don't feed the Monsters....
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
1. Don't do business with that dealer again. You should have received some kind of explanation. If that coin was a consignment coin, to which the buy-back did not apply, the dealer should have disclosed this at the time of sale.
2. Even if a dealer honors his buy-back assertion, you may not like the offer. Markets change, so do the finances of dealers.
3. When thinking about buying a coin, make an effort to understand how liquid it is.
RMR: 'Wer, wenn ich schriee, hörte mich denn aus der Engel Ordnungen?'
CJ: 'No one!' [Ain't no angels in the coin biz]
Latin American Collection
I would consider that statement as part of the contract of my buying it in the first place. He promised that you had a liquid asset and now he is making it less so. If I had to sell somewhere else for less than market wholesale he would be completely liable for the difference. The more I think about it the more I would want to sue.
Richard
my car art & My Ebay stuff
It's always easier to buy a coin than to sell a coin.
Unless the amount of the buyback offer was fixed in advance, there would be no damages, because the amount of the offer could theoretically have been face value, or even less.
I'm not sure everyone reading this thread gets that. When a dealer says he would like to buy your coins back one day, or that he promises to make an offer to buy your coins back, he isn't guarantying that you'll get all of your money back. The buyback price remains to be determined.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Here are some reasons I think are legitimate, including some mentioned above.
1. The dealer is out of capital right now, has changed his business model to other types of coins, or has personal health issues or a variety of other problems that are none of your business.
2. He remembers you specifically as being a real problem person to deal with and wouldn't buy back any coin from you because you are a big pain in the rump. The fact that you are airing this case in this rather public forum would make me inclined to think you are a person who can be difficult to work with.
3. The market has softened for the coin and the only realistic price he can offer you right now is so low he would feel his offer would be off the charts unacceptable, and even insulting.
4. Something else, or a combination of above factors.