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Dealers who say they will travel to you
Gazes
Posts: 2,315 ✭✭✭✭✭
I see ads or websites where dealers say they will travel to you to purchase a collection. Assuming the dealer needs to fly, what type of value do you think triggers such an offer? I understand it on huge collections but what about 20 coins worth over 6 figures?
I have sold many coins to dealers via insured mail (some for large dollar amounts). However, the idea of not having to package the coins, making sure they are sent exactly right for insurance purposes, waiting that nerve racking time for your coins to arrive (again nerve racking to send big $ off into the wild) and finally waiting to be paid makes the idea of a dealer coming to me very enticing.
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You pay what you get for
Say what?
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I guess that won’t become a thing around here like “smoe” did
You’re going to pay for what you get. i.e. that airline ticket is coming from your pocket
I believe that the expenses incurred would be lumped into the offer for the collection being viewed. If a deal was not to be had, the expenses incurred would be presented to the seller.
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I wouldn't have anybody come to my house to look at coins. I had a dealer come to me to look at my collection of American Indian artifacts, but not at my home. He made the trip of around 2,000 miles. I met him personally at a convention center in Indianapolis, Indiana. And I never gave him my home address, phone number, or email etc. When we came to an agreement on some items he pulled out a checkbook. No thanks. Off to the bank for cash. He was not happy. I didn't care. He got want he wanted and I got what I wanted. CAUTION MY FRIENDS.
Details regarding payment terms should be brought up, discussed and agreed upon in advance.
Mark Feld* of Heritage Auctions*Unless otherwise noted, my posts here represent my personal opinions.
Good point. Looking back, my mistake...... and his. What seems obvious to one may be not so to another. Thank you very much for the advise.
And if that paying for that plane ticket nets you a bigger amount than any of your other options...
A friend of mine got taken by one of these guys. He should have known better.
With that big of a transaction, I'd sit there and wait for a bank wire to go through.
I’ve flown to buy a fair number of collections over the years, that’s certainly not the way I’ve done it, and I doubt that I’m the exception to the rule.
When I consider making a house call, whether locally or on the other side of the world, there are really only three considerations: the likelihood that I can close the deal, the expected profit, and the time and expense involved in making the visit. And if I go, travel expenses are irrelevant when calculating an offer, because that’s what it takes to be competitive. In that sense, no different than traveling to coin shows, where you’ll find that many of the most competitive dealers have traveled long distances to attend.
BTW, for a laugh, consider the response you might get from a coin show dealer if you insist on a discount to help cover your hotel bill. Well, that cuts both ways.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Dealers have been known to write bad checks. A dealer friend got a bad check from another dealer. At the next coin show where he set up, he put the check in his display case with "BAD" printed across the face of the check with a red magic marker. It didn't take long before the dealer who wrote the bad check to run up to his table with a fist full of cash to buy his check back. LOL.
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
Terms and conditions for such deals (large or high value collections) should be discussed and agreed upon prior to the visit as @MFeld indicated. Surprises do not make for a good business deal. Cheers, RickO