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I helped someone Today.......Ethics question.
Purple73
Posts: 2,016 ✭
Ok guys heres the story. I went to a coin shop( thats all I'm saying about this)
Ok While I was looking through some coins( which will be posted in another post) and an older fellow(62) came in and said he wanted to get some gold coins certified. The dealer said that if they are not rare or high grade then it is not worth slabbing, otherwise you would be throwing you money away.
The older fellow said that he wanted his coins graded because he was selling and had noticed on the internet that graded coins sell easier/better. The dealer pretty much gave him the same response as above and told him to bring them and and if he wants to throw his money away on grading them he would gladly send them. Dealer was basically talking him out of it.
While I was looking at the coins(the older fellow was to the right of me) I had made mention to the dealer about the Money found that was actually stolen and the guys were arrested and that I read the story on the internet. The older fellow started asking me questions while I was in the shop looking at the coins about any internet purchases I had and If I did that sort of thing.
I replied with a few Standard questions trying not to sway either way ( if ya know what I mean) and I told him I have had some Franklin Half Dollars graded.
A little bit of conversation happened and then he left. He was first one out the door and I was just finishing up with my purchases and flagged him down outside the shop. Very Nice fellow too, we chatted for nearly an hour outide the coin shop about different coins and what we collected. I told him about this website and if he any questions come here first and you folks would help him out. I gave him my handle (hopefully he will post it) so we can tell what name he is under.
I also pointed out to him that he should send the coins to PCGS, NGC, ANACS (in that order) because these are the top tier guys. I also stated that he should choose ANACS in case there are any problems with the coin , ANACS will net grade them. The other 2 will bodybag the coins.
The Ethics part about this is the dealer come out of the shop and saw me and this fellow chatting. I was telling him exactly the opposite what the dealer said on what to do with his coins.
I think I helped the guy out ......but I think I might not be allowed back in the coin shop LOL!
What do ya think?
PURPLE!
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Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Russ, NCNE
I would have told the guy to bring his coins - look them over, see if they are worth the price to submit oR offer him a fair price and buy them. I'm doing that this weekend(wife don't know), and I do not feel bad about the deal.
No, I didn't say anything that would interfere possible sale of his gold coins to the dealer. I did say I collected Franklin Half in PCGS slabs.
The dealer did ask me how that was going....and I told him I have half the set so far in MS64FBL. That was it.
PURPLE!
I think the "older fellow" was quite right in wanting to get his gold certified -- assuming he's not a well-known dealer, it's dang tough to get a good price for uncertified gold. $15/coin at ANACS would be a worthy investment, even if they come back net graded. Particularly good ones could be then crossed into PCGS holders. He'd do much better financially than just selling them raw.
<< <i>I might have maneuvered to a coffeeshop rather than in front of the dealer's store >>
The dealer spends quite a bit of money in order to bring in coin business to that location.
If you were trying to buy his coins, that wouldn't be cool. There is no reason to intefere with the dealers business.
But talking and offering advice is allowed in a free society.
My posts viewed
since 8/1/6
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
You may try an explanation or if that goes against your grain, just let it slide.
Let me tell all of you why dealers HATE out-the-door conversations. While many of you have never owned a coin shop, you may not realize the number of outright chiselers who DO try to use the dealer's advertising to their own advantage by hanging around and whipping out when a customer leaves.
The OTHER reason is ................................ STOLEN ............................ coins. (or jewelry, guns, cameras)
This is how it goes down. Seller (any age......you did not get his ID) can be a thief. He can sell coins or jewelry in the parking lot to a buyer who has flagged him down. The deal can be cash.
Soon......MUCH SOONER THAN YOU MIGHT THINK........the REAL owner discovers his property missing and golly, the only one near those items was kindly old Mr. Stickyfinger (maybe his tenant, brother, brother-in-law, handyman.) The police question Mr. Stickyfinger and he caves (oh they do that) and the cops ask WHERE did he SELL the items. Are you ready? Mr. Stickyfinger QUICKLY states (in an effort to divert some blame) that he sold them "right over there on Main St. at Main Street Coins." And he's ....sorta....correct as most leases state that the tenant has control over the parking for his store also.
Then Mr. Policeman goes to the coin shop and questions the dealer. The dealer explains the situation and IF HE HAS A LICK OF SENSE, also tells Mr. Policeman WHO followed thief Stickyfinger out and spoke for an hour.
And that's the REST OF THE STORY.