Anyone have a dealer pay them later on for an incidental cherry-pick?
Proofmorgan
Posts: 815 ✭✭✭✭✭
There have been recent posts about dealers finding they have been cherry-picked before shipping a coin on a closed deal, only to make the coin disappear and refund the purchase.
On the flip side:
Has anyone had a dealer finding out they paid you for a coin that was worth significantly more and come back to you and share the wealth? Would love to hear some feel good stories to off set recent ones.
Collector of Original Early Gold with beginnings in Proof Morgan collecting.
2
Comments
This might be a short thread....
I am not a dealer but I have bought stuff sight unseen then found something awesome and went back and paid the seller more.
I have never had a dealer double back and pay me more for something I sold... nor would I really expect that. It is on me, as a seller, to do my homework.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
This did happen with some of the dealers in the BST for the 2019 ERP as I remember at least that is what they said they were doing and no reason not to believe them based on the money they were shelling out
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Not quite what the OP asked, but in 1987 I was working for a certain person in Chicago and was scheduled to work the ANA convention in Atlanta by myself. As I was leaving for the airport, with my suitcase literally already in the cab out front (somebody was waiting with it) and the case of coins I was taking in my hands, the owner hands me a single row box of large cents in envelopes and says "Here, take these along." Lot of time to research and attribute, right? I put them in the case, fly to Atlanta and head over to setup. While there I see an old friend from EAC who says "Anything new?" I hand him the box, explain the circumstances, he goes through it and picks out two pieces and asks for prices. I price them as types, he pays and I continue setup.
Next ANA (by which time I was working for myself) he comes over and hands me an envelope with $500 in it and says "This is for the first look at the box in Atlanta." Third known of some obscure Newcomb variety that he made a lot of money on. My old boss really knew how to do business, right?
No
Had them steal a VAM cherry once, but it was bid up so much and sure to be Details.
Probably better he was buried in the coin than me.
I purchased about 300 autographed baseball cards at a yardsale for $40.
She said she was raising money for her kids Christmas gifts.
Except a couple Nelson Cruz autos, everyone of them were prospects 1990's that flopped.
Sold them to a fleamarket guy for $200.
I kept a few interesting cards but went back and gave her $60.
I might have netted an extra $100 in the end, but felt it was fair to her.
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no, not here. a retired dealer i know brought silver off a dealer one time. silver took off and the dealer came bavk wanting the difference. he got told merry christmas
Brian Greer came back with additional on a purchase from a friend of mine after he did better than he thought he would.
Brian is that kind of dealer. Highly recommended!!!
This isn't the same as what you wanted, but I have two items I can share. They both involve my business and both involve PCGS board members who were kind enough to consign coins to me.
In one instance a collector shipped to me a fairly decent quantity of high end Morgan and Peace dollars. Many of the coins were very nicely toned. He knew the market and knew what he wanted for the coins and included a sheet for prices. I thought the prices were fair, given the market at the time, but was concerned that with relatively so many of these coins that I might not sell enough for him. Over the course of a couple shows I believe nearly everything sold, save for my favorite coin in the group. It was priced aggressively and had terrific toning, but was otherwise a generic coin. I wrote to the client to tell him I would be returning the few coins that didn't sell along with any funds that hadn't already been sent and made a casual comment that my favorite coin in the group did not sell. He asked me what it was and then told me to keep the coin since I had moved more coins than he expected and had done it quickly, without hassle and at his price. Needless to say, I was stunned and very grateful.
The second instance involved another board member who met up with me to transfer another relatively large (for me) consignment of coins and this group spanned many different types. He also provided required net values back to him on the sale of the coins and at first glance I thought some of the net values were a bit too high to actually make the sale of the particular coin. I took the group and then quickly found out that some pieces just wouldn't move at the listed net prices, but that on others I made a little more than expected. This allowed me to sell some coins at below my client's stated net and then to take the incremental extra money I made on other coins and use those extra funds to cover the difference between the consignor's net and the actual sales price. In real-time this meant the consignor was able to liquidate more coins and do so more quickly while my overall profit went down slightly. I didn't tell the consignor what I was doing and thought the reduced profit was a trivial matter.
In honor of the memory of Cpl. Michael E. Thompson