I got the BUY of a lifetime

1957joe · August 31, 2005 12:46AM

A co-worker was involved in an auction to raise money for their daughter's high school band. He knew I collected coins so he informed me that they had some to auction.
I ended up getting a 3 coin proof and a 3 coin unc Statue of Liberty set in a cherry wood box for..........$30.
Needless to say, I'm pretty happy.

Let me be the FIRST to say....................I suck!

dthigpen · August 31, 2005 12:48AM

I'm guessing they didn't know how much it was worth, Bullion value alone.

tmot99 · August 31, 2005 12:54AM

So basically you ended up ripping off a band charity just to save a buck. Poor little Jimmy. Always wanted to play the trumpet but couldn't afford it so the school band was going to have an auction to raise money. But alas, they came so close to reaching their goal, but fell just a tad bit short. Jimmy will have to stick to playing spoons.

michael · August 31, 2005 12:59AM

tmot99
Collector

Posts: 1517
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Wednesday August 31, 2005 10:54 AM (NEW!)

So basically you ended up ripping off a band charity just to save a buck. Poor little Jimmy. Always wanted to play the trumpet but couldn't afford it so the school band was going to have an auction to raise money. But alas, they came so close to reaching their goal, but fell just a tad bit short. Jimmy will have to stick to playing spoons.

1957joe · August 31, 2005 1:00AM

There was only one other person there bidding on the coins. There is no way anybody knew what it was.

Poor, poor Jimmy! I really do feel sort of bad about it......................... OK I'm over feeling bad.

dthigpen · August 31, 2005 1:01AM

Oh well.

Wolf359 · August 31, 2005 1:11AM

Quite a rip. I have no problem doing that to a dealer, who should know better being in the business...but a
co-workers daughters band fund raiser...hmm. Joe, only you can decide what's ethically correct here.

PerryHall · August 31, 2005 1:14AM

1957Joe---You remind me of a dealer who cheated an old lady out of her late husband's coin collection and then bragged about it.

1957joe · August 31, 2005 1:17AM

WHAT should I have done.......... said NO THANKYOU. I'd rather give you $300?????????? GET REAL!
ALL of the items were donated.

Jcarney · August 31, 2005 1:20AM

<< Let me be the FIRST to say....................I suck! >>

Yeah, you suck alright. Enjoy your coins.

WANNABEDEALER · August 31, 2005 1:28AM

No, you should give a special donation to the fund even if it is half the value of the set. To rip something for charity and brag about is in poor form.

billboat · August 31, 2005 1:29AM

<< WHAT should I have done.......... said NO THANKYOU. I'd rather give you $300?????????? GET REAL!
ALL of the items were donated. >>

So make a donation now--doesn't have to be $300! You really ought to step up on this one.

Coinhusker1 · August 31, 2005 1:31AM

<< WHAT should I have done.......... said NO THANKYOU. I'd rather give you $300?????????? GET REAL!
ALL of the items were donated. >>

Greysheet bid is $245. Are you obligated to give them anything extra? No. Is that the ethical ("right") think to do, given a charity was auctioning this off? Probably not. If it were me, i would have written them a check for at least $200, possibly more if my co-worker was a good friend.

In our town, we frequently have "silent auctions" which benefit school activities. Many items sell for way over fair value because of spirited bidding, but because it is for a charitable cause, no one cares.

michael · August 31, 2005 1:34AM

Greysheet bid is $245. Are you obligated to give them anything extra? No. Is that the ethical ("right") think to do, given a charity was auctioning this off? Probably not. If it were me, i would have written them a check for at least $200, possibly more if my co-worker was a good friend.

gemini12398 · August 31, 2005 1:34AM

I know what to do! Sell them to me for 75 bucks and give the profit to the charity, fair?

LOL

chabot510 · August 31, 2005 1:35AM

cool.....................................

grip · August 31, 2005 1:37AM

<< 

<< Let me be the FIRST to say....................I suck! >>

Yeah, you suck alright. Enjoy your coins. >>

..And you should make it right with a donation..
Al

billboat · August 31, 2005 1:43AM

<< No, you should give a special donation to the fund even if it is half the value of the set. To rip something for charity and brag about is in poor form. >>

You may have gotten quite a buy at the auction but you appear to have really stepped in it here. I have a feeling this thread will be around for a while--your "buy of a lifetime" really hits home with me, and I suspect others who buy candy and what not from every band, orchestra, pep squad etc. kid on our block and volunteer at school carnivals, etc.

poorguy · August 31, 2005 1:44AM

So basically you ended up ripping off a band charity just to save a buck. Poor little Jimmy. Always wanted to play the trumpet but couldn't afford it so the school band was going to have an auction to raise money. But alas, they came so close to reaching their goal, but fell just a tad bit short. Jimmy will have to stick to playing spoons.

Oh man, that was funny.

FRNAllStar · August 31, 2005 1:46AM

KARMA!

FatMan · August 31, 2005 1:46AM

Your rip of a charitable event is disgusting. You have the knowlegde, so you should have used it to benefit those kids.

You should be ashamed of yourself. It is a**holes like you that give this hobby a bad name. Now gain back my respect and go write that organization a check that brings the price up to $200 or more. If you don't want it for that price I'm sure there are several on the forum that would take it off your hands at $200, thus keeping you whole and allowing the kids will get what is deserved.

CPM · August 31, 2005 1:47AM

pharmer · August 31, 2005 1:51AM

<< A co-worker was involved in an auction to raise money for their daughter's high school band. He knew I collected coins so he informed me that they had some to auction.
I ended up getting a 3 coin proof and a 3 coin unc Statue of Liberty set in a cherry wood box for..........$30.
Needless to say, I'm pretty happy.

Let me be the FIRST to say....................I suck! >>

I agree that people tend to overpay for stuff in these circumstances, knowing it's essentially a donation.

coinlieutenant · August 31, 2005 1:55AM

It would be interesting to see what all you stone throwers would have done in his position...

Why is 200$ for a 400$ set ethical but 30$ isnt? It was an auction right? Would 150$ have been ethical? Where is the "ethical" line?
I am not saying it was right or wrong, I am merely going to cast no stones.

joefro · August 31, 2005 1:58AM

<< 
ALL of the items were donated. >>

That's what makes it the worst.

Whoever donated them probably had some idea of what they might be worth. Either way, you did.. can I ask you a question?

When they sold them to you for $30, did you keep a poker face and run away knowing you ripped a charity school auction, or did you tell your co-worker about the great deal you got? What would he/she think of your "Buy of a lifetime"? I think the right thing to do in that situation would have been to either give them a fair price, or tell them what they are really worth so they can sell them on eBay and buy Jimmy his trumpet. It's about time for a new first-chair spoonman anyways.

robertpr · August 31, 2005 2:00AM

Why not just go on down to New Orleans and join in with the rest of the looters?

ms70 · August 31, 2005 2:01AM

Is this the Liberty Set that was offered by the mint back in the late 1990's? If I remember correctly that went for $1500 right from the mint!

dthigpen · August 31, 2005 2:02AM

<< Is this the Liberty Set that was offered by the mint back in the late 1990's? If I remember correctly that went for $1500 right from the mint! >>

No, it would be the 1986 Statue of Liberty commemorative wood box set. 2 Commem Dollars (Proof & Unc), 2 1/4oz Commem Gold Coins (Proof & Unc), and 2 Commem Half Dollars (Proof & Unc).

Coinhusker1 · August 31, 2005 2:03AM

<< It would be interesting to see what all you stone throwers would have done in his position...

Why is 200$ for a 400$ set ethical but 30$ isnt? It was an auction right? Would 150$ have been ethical? Where is the "ethical" line?
I am not saying it was right or wrong, I am merely going to cast no stones. >>

$200 is about right, which is approximately 20% back of bid, which is approximately what an "ethical" coin shop would offer.

PerryHall · August 31, 2005 2:04AM

Ripping off a charity is bad.
Coming onto this forum to brag about it is very, very bad.

JadeRareCoin · August 31, 2005 2:04AM

Wait just a minute. This was an AUCTION. If 1957joe had not placed a bid, then the underbidder would have bought the set for $20 or whatever the increment was. Would we lynch that guy?? I think that the critisism here is a bit harsh.

However, a nice compromise would be to donate some extra money to the cause, just to share in your good fortune. I do believe in karma and it will come back to you.

Coinhusker1 · August 31, 2005 2:04AM

<< Why not just go on down to New Orleans and join in with the rest of the looters? >>

ms70 · August 31, 2005 2:06AM

If they were concerned about the price then they should've had a reserve. Obviously they didn't care. I'll bet most of the stone throwers here would've done the EXACT same thing but just not tell anyone.

PhillyJoe · August 31, 2005 2:08AM

If I pay $30 for a $300 set from a dealer, that's the buy of a lifetime.

I realize you were high bidder at $30, but I might have bid on something else or simply written a bigger check. I'm sure the person donating the set thought it would generate a major donation.

Seems like 4 or 5 times a year, I pay $5 for a $1 candy bar or $10 for a "decorative tin" filled with $2 of M&Ms, or $20 for holiday wrap I never use. How 'bout Girl Scout cookies for $3.50/bx.? Last week, I gave $5 to fireman collecting for Jerry's Kids and got a nice sticker. It's not always about what you get; the hope is you're helping a worthy cause.

Joe

ttown · August 31, 2005 2:14AM

It was an auction and he bid nothing wrong with that. Knowledge is what gives a person a edge on any hobby. I go to garage sales and antique shops to try to find deals. Has anyone seen the deals some get on antiques road show? Joe doesn't have any ethics issues here their was no minimum bid.

I hope some can survive the judgment the impose on others, I'd say dealers rip people off more than anything you'd run across in your daily life. JMO. I once brought a rare solid gold railroad pocket watch on Ebay that would bring at least 3 grand for a little over a grand.
The seller (an antique store in California) didn't know what they had and gave bad pictures and a poor description. I took the serial number and identified they watch; it was a buy too but I work very hard to find these deals for my collections and limited budget. If your too lazy to research what you've got before selling that's not the buyers fault.

billboat · August 31, 2005 2:18AM

<< It would be interesting to see what all you stone throwers would have done in his position...

Why is 200$ for a 400$ set ethical but 30$ isnt? It was an auction right? Would 150$ have been ethical? Where is the "ethical" line?
I am not saying it was right or wrong, I am merely going to cast no stones. >>

I think it is clear that we are saying, knowing an items real value, that it is wrong to pay 10% of that real value at an auction benefiting school kids. Just curious--what would you have done?

Coinhusker1 · August 31, 2005 2:20AM

<< If they were concerned about the price then they should've had a reserve. Obviously they didn't care. I'll bet most of the stone throwers here would've done the EXACT same thing but just not tell anyone. >>

Egad, I hope not.

Russ · August 31, 2005 2:25AM

Man, you guys are harsh. Maybe $30 was all Joe could afford, and he needs the profits from the sale to buy food and clothing for his naked hungry children.

Russ, NCNE

ms70 · August 31, 2005 2:28AM

coinguy1 · August 31, 2005 2:30AM

I think that several posters are lumping together 1) the ethical behavior (of 1957joe's bidding in the auction) with 2) his attitude about what he "achieved" under the circumstances.

I have no real problem with the former, though I do with the latter.

JadeRareCoin · August 31, 2005 2:32AM

I was at a charity auction for homeless puppies in Washington state last year. Russ was 3 rows in front of me and I witnessed first hand as he ripped an DCAM accented hair Kennedy for $1.50. After he picked up his auction lot (paid for with 6 quarters) I saw him kick one of the homeless puppies.

Russ · August 31, 2005 2:34AM

<< I saw him kick one of the homeless puppies. >>

Nah, I like puppies. Now, if it had been an auction for homeless liberals...

Russ, NCNE

ms70 · August 31, 2005 2:35AM

<< 

<< I saw him kick one of the homeless puppies. >>

Nah, I like puppies. Now, if it had been an auction for homeless liberals...

Russ, NCNE >>

You would've stolen their rusty shopping carts?

TheRaven · August 31, 2005 2:39AM

The auction organizers are a bunch of putz's for not getting some idea on what a set like this would bring.....

If you donate something like that should not you say this set should start with a $XXX minimum bid.....

If they start at $1 and two people are bidding why would you raise the price of the bid up for no reason.....

The charity was probably happy with the $30 and thank nothing of it.....

Somebody said it is people like you that give this hobby a bad name, that in this case is not the case, because if somebody there had a clue on the value of the idea, it would have sold for much more then the $30 price.....

kryptonitecomics · August 31, 2005 2:39AM

That doesn't suprise me about Russ...............but I heard he paid with Food Stamps???

Cladiator · August 31, 2005 2:43AM

such drama

stiffy · August 31, 2005 2:45AM

Geez. Joe, you suck.

It was an auction, you win fair and square. I will give you the 30 bucks for the coins and you can send me the coins and then donate the 30 bucks. That should absolve your conscience.

And, did anyone ever tell you that you and John Carney look like identical twins?

Which one of you is DeVito?

coynclecter · August 31, 2005 2:55AM

<< Wait just a minute. This was an AUCTION. If 1957joe had not placed a bid, then the underbidder would have bought the set for $20 or whatever the increment was. Would we lynch that guy?? I think that the critisism here is a bit harsh.

However, a nice compromise would be to donate some extra money to the cause, just to share in your good fortune. I do believe in karma and it will come back to you.

>>

I agree , you did nothing wrong. There should be no critisism.

However, It's not too late to step up to the plate and make a decent donation.

Craton · August 31, 2005 2:58AM

It was an auction and he was the high bidder ............

IrishMike · August 31, 2005 3:15AM

Ok so he won an auction fair and square. We can debate the ethics forever and many folks won't get it. What I find offensive is the driving need to come here and brag about it. Turns my stomach.

FatMan · August 31, 2005 3:20AM

This was not a business auction, this was a charity auction. We're not talking about knowledgeable people handing this material. We are talking about generous volunteers giving their time trying to raise funds for kids. Those who can't see the difference in this transaction vs a business transaction......well, I feel sorry for you.

As for the under bidder, you have no idea what his/her intentions were. For all we know he was bidding 3 times what he thought these were worth because he was into the charitable theme of the auction. If the set was won under these circumstances, well good for him. He bought them with a big heart, not greed at the expense of children.

I got the BUY of a lifetime

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