Coin Show scenario

BigD5 · May 2, 2004 12:40PM

Picture this. Dealer A and "customer" are at dealer A's table discussing coin "stuff". Dealer B approaches both, knowing both parties interests in toned coins, and mentions that there is a Dealer (Dealer C) at the far corner of the room, who has a couple of attractively toned coins that may interest Dealer A, and "customer". Both gentleman walk over to the general area of Dealer C, not knowing "exactly" where he is situated. Dealer A is a bit more familiar with the faces in the room, and after both he and "customer" stop at the first table, Dealer A quickly realizes that this isn't the correct table. Dealer A turns and finds Dealer C, and starts to look at the coins that Dealer B had mentioned previously. "Customer" approaches Dealer C's table a short time later, and inquires about the coins to Dealer A, who already has them in hand, and is in the process of purchasing them. Dealer A proceeds to purchase the coins.

Does Dealer A have an obligation to show/sell the coins to "customer"?

Should the "customer" be upset that Dealer A purchased the coins?

I heard this happened at today's Westford Ma. coin show. I'll let you in on the "outcome" later on, but would be curious as to opinions on the "scenario".

ms70 · May 2, 2004 12:44PM

I don't know..... First come/first serve I guess.

fountainheadgold · May 2, 2004 12:45PM

wow give me a break, after he bought them he should have offered them to customer at what ever profit he desired but hes not obligated to

JrGMan2004 · May 2, 2004 12:46PM

Hmm... if I was Dealer A, I certainly wouldn't feel obligated to offer them to him... but I would still give him first shot, me thinks... unless I had a buyer looking for that specific thing already...

From the viewpoint of the customer... I'd be pretty pissed if Dealer A didn't give me a shot...

dlimb2 · May 2, 2004 12:48PM

I feel at that point each is a customer...and does not have an obligation to either party.

dollardude · May 2, 2004 12:55PM

Wow, this is good!

LEGALLY AND TECHNICALLY, since Dealer A struck a deal with Dealer C to buy the coins, it's up to Dealer A to decide what he/she wants to do. Dealer A can keep the coins, offer them for sale to a different customer, resell them to the customer at the same price, or resell them to the customer at a profit.

This is a unique situation. I think common sense should prevail here. As I've said before, I'm a guy who likes to keep everything simple. From a practical standpoint, I think that, since both were on their way to look at Dealer C at the advice of Dealer B, the customer should have the same chance to purchase the coins as Dealer A. Dealer A should not have acted so quickly. Dealer A and the customer need to talk it through and, if the customer wants it, he/she should have it at whatever price they decide (hopefully at the same price).

Chrysta · May 2, 2004 1:13PM

Well, I wonder if Dealer A was offered a different price to buy them from Dealer C than the customer would have been offered had he gotten to Dealer C first...don't dealer to dealer transactions often have a different pricing scheme than dealer to collector? Not being a dealer I don't really know, but think I've heard this before. Anyway, unless Dealer A wanted them for his very own personal collection, isn't he buying them to resell? Unless, as noted earlier, he had a customer already waiting to buy them, why wouldn't he want to offer them to the customer in the scenario?

Unless he was aware the customer knew how much he paid and he felt like a jerk asking for a lot more than he just paid, and he knew he'd be able to sell them to someone unconnected to the deal at a larger profit.

I hope that wasn't as incoherent and confusing as I fear it may be...the migraine cometh.

dlimb2 · May 2, 2004 1:14PM

Hey Dude, you work for NASA at Huntsville....great place...Lots of things happend in Huntsville thanks to Van Braun and General Gaven....

mgoodm3 · May 2, 2004 1:17PM

They're both customers at the point of looking at C's coins. If dealer A wants to keep "customer" as a customer in the future it may be a good business decision to let customer in on the deal, though he's under no obligation to do that.

Shamika · May 2, 2004 1:18PM

If Dealer B intended for both Dealer A and Customer to know about Dealer C, then Dealer A has no obligations to Customer. First come, first served.

If, however, Dealer A overheard Dealer B telling Customer about Dealer C, then Dealer A is an A-HOLE!

MrEureka · May 2, 2004 1:26PM

Dealer C had the coins on consignment from Dealer B. My guess is that they were AT'd by Dealer D.

nOoBiEeE · May 2, 2004 1:29PM

By your story, Dealer A reached the table, looked over coins, made decision on what to buy, got prices, talked to Dealer C, payed monies AND then, customer came to Dealer C's table. This takes more then, "a short time later".

Customer has no right to be upset nor does Dealer A have any obligation to sell coins. Dealer A should say to customer, "Where were you "customer", you really missed out on some nice coins". Customer should then be mad at themselves for dilly dallying(sp?) and ask Dealer A to see what he/she bought. If Customer likes a certain coin, they should ask if Dealer A would like to sell the respective coin.

BigD5 · May 2, 2004 8:06PM

Mr. Eureka, unfortunately, the "game" wasn't that involved, although that's a good point and a possiblility in some cases.

nOoBiEeE, It did happen fast. Dealer A asked to see the coins, and put them in his hands. Flopped them on Dealer C's case, and asked "How much?"........45 seconds?

The subject coins should be worth substantially more than what Dealer C was quoting. SHOULD, being the key word.

Dealer A and "customer" went back to Dealer A's table, looked over the coins, and Dealer A offered to "split" the deal with "customer". The coins will be heading off to a grading service. Dealer A didn't want to leave said "customer" out of the loop, but didn't want to miss out on the coins either (There was another customer at Dealer C's table).

LucyBop · May 2, 2004 8:17PM

<< <i>Picture this. Dealer A and "customer" are at dealer A's table discussing coin "stuff". Dealer B approaches both, knowing both parties interests in toned coins, and mentions that there is a Dealer (Dealer C) at the far corner of the room, who has a couple of attractively toned coins that may interest Dealer A, and "customer". Both gentleman walk over to the general area of Dealer C, not knowing "exactly" where he is situated. Dealer A is a bit more familiar with the faces in the room, and after both he and "customer" stop at the first table, Dealer A quickly realizes that this isn't the correct table. Dealer A turns and finds Dealer C, and starts to look at the coins that Dealer B had mentioned previously. "Customer" approaches Dealer C's table a short time later, and inquires about the coins to Dealer A, who already has them in hand, and is in the process of purchasing them. Dealer A proceeds to purchase the coins.

Does Dealer A have an obligation to show/sell the coins to "customer"?

Should the "customer" be upset that Dealer A purchased the coins?

I heard this happened at today's Westford Ma. coin show. I'll let you in on the "outcome" later on, but would be curious as to opinions on the "scenario". >>

I'm all mixed up with this scenario...... Thats why all those dealers get out of my way, and I'll buy all those pretty toners!

Dealer A, Dealer B and Dealer C, GET LOST!

tsacch · May 2, 2004 8:26PM

A nice seller A would have said, "oh here is the table(C)" and stayed with the buyer, rather than diss him and start buying before they both got there. But thats the barbie and ken doll world and not everyone plays nice.

LucyBop · May 2, 2004 8:29PM

<< <i>A nice seller A would have said, "oh here is the table(C)" and stayed with the buyer, rather than diss him and start buying before they both got there. But thats the barbie and ken doll world and not everyone plays nice. >>

If it comes to Toner Frankies, there is no playing nice!

Get out of the way or....

POW!!!!! Right in the Frankies!!!

BAJJERFAN · May 2, 2004 9:33PM

So even had they both arrived at dealer C's table simultaneously and at the same time together who should get the coins? The one who grabs them first? Pee on dealer B for pitting them against each other!

BigGreek · May 3, 2004 1:21AM

I'm no dealer but it would seem to me that dealer A's actions were unethical.
In general dealers should refer one another without getting in between the
deal once it reaches the show. Dealer A shouldn't have left his coins and gotten
involved once the referral happened. By getting in between the deal between
dealer C and the customer, he (potentially) took a piece of dealer C's profit.

ConstellatioCollector · May 3, 2004 1:24AM

You snooze you lose! I don't see that the dealer needs to share.

Conder101 · May 3, 2004 4:54AM

<< <i>By getting in between the deal between dealer C and the customer, he (potentially) took a piece of dealer C's profit. >>

Except for the fact that at the time Dealer A got involved there WAS no deal between Dealer C and Customer because Customer had never even been to Dealer C's table.

No Dealer A was acting ethically but it would be nice (but not manditory) if he could flip some items of interest to Customer at a little lower mark up than what he would normally have because of the very quick turnaround time.

kranky · May 3, 2004 5:25AM

Does Dealer A have an obligation to show/sell the coins to "customer"?
Not an obligation, but I can't imagine why he wouldn't. From the story it seems that Dealer A and the customer were already acquainted.

Should the "customer" be upset that Dealer A purchased the coins?
No. Although it was a bit awkward that they were both told at the same time about the coins at Dealer C's table, it has to be first-come, first-served.

Now that I think about it, I'm agonizing that I see things differently depending on whether "customer" is a collector or another dealer. If the customer is a collector, I would expect Dealer A to offer some of the coins to him for a modest markup since they had just been bought. If the customer is a dealer, I suppose "splitting the deal" would make him happy since it was probably only about the money anyway.

TONEDDOLLARS · May 3, 2004 5:49AM

And I would like to thank dealer A for including me in this deal. Your right when you say you snooze you lose. Thank God some people put friendship above the almighty (toned) dollar

TONEDDOLLARS · May 3, 2004 9:50AM

To the top for Dealer A to see.

ScarsdaleCoin · May 3, 2004 10:07AM

I think it would be nice if dealer A offers them to customer....but typical coin story...whats the outcome???? now I will read the rest of the thread...

jimtre · May 3, 2004 1:28PM

Somehow I see a problem with Dealer B even bringing it up in front of the customer.

It seems to me it is like someone in a coin shop kinda stepping in when a dealer is offering to buy coins.

I kinda have a problem with Dealer B.

ChrisL · May 3, 2004 1:37PM

The correct answer is: D) who cares!

Ernie · May 3, 2004 2:24PM

I think if Dealer A and "Customer" make some serious cash, they should flip Dealer B some $$$ as a tip for turning them on to it early in the show before some other dealer (D?) got to it.

DCAMFranklin · May 3, 2004 2:37PM

Sounds like fat*ss customer should start spending some time at the gym. He needs some serious improvement in his speed.

RNCHSN · May 3, 2004 3:21PM

Hi Darin,

Here's my take on this situation;

Dealer "A" and customer didn't go searching together as a "joint venture." They were obviously both interested in buying the coins.

Title changed hands when dealer "A" bought the coins. They are now his to do with as he chooses.

Depending on how good a customer the "customer" is I might have let him in on the purchase, or I may not have. It also would depend on my purpose in buying the coins, a quick flip vs. coins for my private collection vs. coins for a specific buyer in mind.

It would have been polite to offer them to the "customer" at a minimal mark-up, or even cost. It depends upon the customer and the intended use for the coins.

I had a similar, but not QUITE the same, occurance happen at this same show a few months ago, with one of your coins. I bought a nicely toned Pilgrim from you and happened to show it to a mutual friend who confided that he had intended to buy it from you as soon as he could raise the cash by selling some coins he brought along for liquidation purposes.
I gave it to him and told me to send the money (my cost) when he got home, knowing he was good for it and figuring on saving the shipping costs.

I almost went this weekend, but wasn't feeling well and chose to stay home in bed on Sunday.

SarasotaFrank · May 3, 2004 3:30PM

actually, I think dealer c should be the one a little torqued in this deal.

Dealer A stealthly (perhaps) makes his way to "C"s table to by the coins on a dealer-to-dealer (lower cost) basis, and makes sure he is quick to do so before a fish swims in the stream in question. A little slinky on "A"s part, but once he made the deal he had no obligation to customer, particularly if he was buying them for his own collection. He he was buying them for resale, still no obligation, just seems a bit stinky to me.

"Hmmm - toned coins for sale, let me get there first and beat this customer to them - after all - God forbid a sale should be made that I don't have my grimmy fingers in."

Conder101 · May 3, 2004 11:50PM

Under that theory no dealer should ever sell to another dealer because they might then sell to a collector and make a profit that the first dealer didn't get.

Dog97 · May 4, 2004 11:43AM

I'd like to bash the coin dealing weasel butt.... first come first serve. "Customer" should have been making the rounds checking out the goods for himself instead of loitering around somebody's table talking about "stuff."
Soon as I get to a show I make the rounds checking the goods first and THEN I go hang around my dealer buddies table & socialize & shoot the bull.
u snooze u looze

Coin Show scenario

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