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What's proper etiquette for compensating a dealer for a lead?
Weiss
Posts: 9,942 ✭✭✭✭✭
A dealer I work with passed on a lot recently because the seller wanted what the dealer thought was close to retail. But the dealer knew I was interested in this type of material, so they took down the seller's name and number and told them I'd be calling.
I did, and the deal worked out: Substantially more than the dealer would have paid, but way less than retail based on my experience. Seller's happy, I'm happy.
Now I buy consistently from this dealer ($5k to $10k per year for several years). But on this deal, the dealer is uncompensated.
Should the dealer get anything other than my thanks and continued patronage?
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
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Well, if it's a lead counterfeit, I'd smack him upside the head!
All comments reflect the opinion of the author, even when irrefutably accurate.
On a more serious note, I routinely compensate my local guy with 10% for lead if I purchase. I always ASK when I take the name what he wants out of it. He usually says 10%. One time, he said $1000 which ended up being 5%. But I always ASK upfront because I don't want any hard feelings later.
All comments reflect the opinion of the author, even when irrefutably accurate.
I’d say it’s up to you. Spending money consistently with a dealer should make them happy and helping you (even if not compensated on one occasion) increases the likelihood that you will keep purchasing from this dealer.
Consider buying a few extra items from their inventory as an extra sign of appreciation.
Thank him and continue being a good customer. That should be thanks enough.
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
...and be sure to drop his/her name for other collectors looking to buy/sell.
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If he is giving a lead on lead I'd get it verbally just to make sure you know what the heck is being discussed.
I'm always a fan of good whiskey from customers.
Or, maybe send him a customer in return?
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Since the OP is a regular customer of the dealer, a "Thank You" and maybe a bottle of good wine should be sufficient. However, if there is only an occasional relationship, then I'd recommend 5% of the value. You are getting either a monetary profit or a collection benefit,and you want the dealer to recall you favorably in future.
Bottle of Scotch, and keep being a customer.
Also let others know that this dealer is someone you can do business with.
Good bottle of whiskey or maybe some decent cigars based on what he likes.
I would likely gift the dealer with a bottle of his favorite libation (i.e. Scotch, Wine etc.)....Always helps to show appreciation for good information. Cheers, RickO
Judgement call, first thought was 5% or whatever you would pay him for auction representation. Nice liquor is not a bad idea (if he drinks). If he doesn't drink, show him a Henway thread.
I'd rather give it to charity unless there is a clear contract and be a good customer in the future.
The OP certainly has no obligation to do anything. However, the dealer helped him out, despite the lack of a “clear contract”. Why should one have been required in order that the act be reciprocated?
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Suppose you were the dealer, and passed the lot on to someone else. How do you imagine that should play out?
More evidence contraindicating the disutility of a disagree button
Simple answer--ask the dealer what they think is proper. Cheap out and that my be your last lead.
Just thank the dealer for being a 'good guy.' I send customers to some of my favorite dealers and I don't expect a gratuity. It's just part of being a good numismatic neighbor.
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
One asks “What’s a Henway?”
The other answers, “About two pounds”.
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Even though I specialize in one area of coins, I often get offered all different types of material and usually refer them to other dealers I know who are fair and honest. All I hope for in return is that they will refer their penny customers back to me. However, a nice bottle of wine wouldn't hurt either!
The Penny Lady®
Dinner and drinks would be a nice gesture.
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
You know the dealer better than any of us, so you're the one best qualified to figure out what sort of token of your appreciation is appropriate.
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
Make sure to get extra mustard too.
I vote bottle of scotch, bottle of wine, maybe with a gift card to a good restaurant....sometimes making the gesture /thanks, is more important than the actual value of the item.
Thank the dealer for the lead.
Tell him you made a deal with the seller (not a killer deal but one you both were happy with)
Thank him again and ask him if he wants something for the lead.
When a person asks another person “if he wants something for the lead”, that gives a message that you really don’t want to give anything, and it makes the person being asked uncomfortable about then having to say “Yes, I’d like ...........”.
My collecting “Pride & Joy” is my PCGS Registry Dansco 7070 Set:
https://www.pcgs.com/setregistry/type-sets/design-type-sets/complete-dansco-7070-modified-type-set-1796-date/publishedset/213996
Agreed. It can put the person on the spot - not something you want to do, especially under those circumstances.😉
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
What does the person who sold the coin to Weiss owe the dealer who put them together thus allowing him to sell the coin?
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
For this specific transaction,
I vote for a verbal "thank you" only.
Your monetary "thank you" is the fact that you spend $5-10K a year at his place.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Most folks kick back deals to each other for things like you described. If after the deal happens you have to ask what else the. The deals not done. Everyone should understand the trade off upfront so it’s not and open question as it is here.
Most will set aside an item of interest and offer it to you at no gain to make it even.
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One bourbon, one scotch and one beer.