Have you ever had a local coin shop

pragmaticgoat · April 28, 2006 1:05AM

set aside coins for you until you returned with the funds, only to have them change their mind about the value originally agreed upon?

Happened to me yesterday at my local coin shop. After looking through several certified $20 gold liberties, I had the owner set two common date liberties aside that he wanted $640/each for. When I returned an hour later with the funds, he hesitated to complete the transaction. He went to pcgs price guide and told me these coins were worth $800 to $1000 each and are going straight up in value. I voiced my disappointment over his business practices and left with my funds.

LanLord · April 28, 2006 1:12AM

How long was he holding them for?

If it was just a short time, I'd do what you did and never return. If it was a long time, say more than 6 months with no contact, I'd say you can't expect someone to finance you.

MadMarty · April 28, 2006 1:12AM

That sucks!! If he gave you a price he should stick to it! I could see if you put them aside 6 months ago, but to run to the bank and return the same day. Well, that is just WRONG!!!

MadMarty · April 28, 2006 1:13AM

<< How long was he holding them for?

If it was just a short time, I'd do what you did and never return. If it was a long time, say more than 6 months with no contact, I'd say you can't expect someone to finance you. >>

When I returned an hour later with the funds,

Cladiator · April 28, 2006 1:14AM

Sounds familiar. Were you in the North Bay?

pragmaticgoat · April 28, 2006 1:17AM

Sacramento area

pragmaticgoat · April 28, 2006 1:19AM

The holding period was only about one hour.

There are other shops in town that I will give my business to, this one just happened to be the closest to home.

jdcheers · April 28, 2006 1:28AM

It's hard to say without being there, but I'm wondering if you knew those coins were worth $800 and the only reason you agreed to purchase them was b/c you were certain of getting a below-market price. By giving him time, the dealer realized his pricing mistake. What he should have done is said to you, "Hey man, I'm really sorry, but I made a mistake when pricing those coins to you. While I am unable to sell them to you at the price quoted, I would be willing to part with these coins for ???, which is much less than you would be able to purchase a similar example in today's market."

Ofcourse this is all easy for me to say as I didn't go though this experience. Otherwise I'm sure I'd feel the same way you do!

Wasn't there a scene similar to this in The Grapes of Wrath?

Barndog · April 28, 2006 1:33AM

One less coin shop to visit, that's all.

BlindedByEgo · April 28, 2006 1:42AM

If you can't trust a coin dealer at that level, why would you want to risk doing any big dollar business with him?

IMO, not reflective of good business practices. However, since you had no bill of sale or other documentation of the agreement, it was in his (dubious) ability to reneg on the transaction.

Move on, I say. Forget that you ever even knew he existed.

pharmer · April 28, 2006 1:48AM

On the bright side, the dealer didn't make a financial mistake that could have negatively impacted his family, heirs, and other assigns.

PerryHall · April 28, 2006 2:05AM

What was the name of this dealer? I'd let all my coin collector friends know what happened to you. This dealer does not deserve to have a good reputation for his unethical behavior assuming that he even has a good reputation.

Coxe · April 28, 2006 2:18AM

If he gave you a price and agreed to hold them for you for a period of time while you went for the funds, you both had an oral bilateral contract I believe. I think he would also have a claim against you if you failed to return with the money if you agreed to his terms and said you would get the money, not try to get it. Coins or any business, what he did was wrong. I am not suggesting you sue him as without witnesses and with the possibility of lying there isn't a lot to pin him on. I wouldn't do business with him again.

291fifth · April 28, 2006 2:35AM

You need to find another dealer.

construct · April 28, 2006 3:33AM

A dealer in a shop was willing to sell certified double eagles for $640 ea. yesterday?!! I'd say that's a pretty serious pricing mistake (unless they were VF/EF or ANACS net graded or something), but it's not quite bad enough to shock my conscience.

xphobe · April 28, 2006 3:43AM

I met a dealer at a show, told him I was interested in a Bust dollar he had, but didn't have on me the $600 he was asking. We agreed I would bring the cash the next day at his shop. So I went there, and he said "Let's see, that was $700 wasn't it?" I said "No, you told me $600 at the show." He paused, then said "OK I can do that", like he was doing me some big favor. He knew damn well what he had told me the day before; he was just trying to squeeze another hundred out of me, hoping I would just shrug and pay it.

I could say I'll never do business with that type of person again, but that would be spiting myself. Much better to continue dealing with them, knowing what kind of person they are and being on guard against them. You remember them, they probably don't remember you, so you have Hand. Maybe you can use it to your advantage.

lkenefic · April 28, 2006 3:47AM

<< A dealer in a shop was willing to sell certified double eagles for $640 ea. yesterday?!! I'd say that's a pretty serious pricing mistake (unless they were VF/EF or ANACS net graded or something), but it's not quite bad enough to shock my conscience. >>

ABSOLUTELY!! I'd have hocked other parts of my coin collection...my dog.... whatever ...knowing I could instantaneously flip them for a serious profit. Perhaps this dealer realized this just after you left the shop. This is when plastic certainly comes in handy!!

Leo

IndianHeadMan · April 28, 2006 3:51AM

Was this a pawn shop guy?

Coxe · April 28, 2006 3:52AM

What? You didn't have a pocket knife on you?

TwoSides2aCoin · April 28, 2006 4:05AM

NEVER go into a place of business without some money. It only makes you the LOSER. Why educate someone who is selling below market value ?

Best if you would have seen the items you wanted, then, politely say : " I'll take them two".... Smile and shake his hand. Once that is complete you reach in your wallet and pay.

If you only have twenty bucks you sheepishly excuse yourself and say " grrrr, I left my money at home and my credit card is with my wife" , or whatever. GIVE the vendor some cash and a handshake. THEN ... you are locked in.

NEVER go without money if you are shopping.

There is a saying :

"Opportunity knocks !"

Sieze it next time, don't b..tch about missing it the last time.

as a case in point , I could say:
If Mr Hall would have posted values of the Wisconsin 'leaf' Quarters sooner on his website, I could have made an extra grand or two.
But I still made money and I still siezed opportunity. I am not angry that I had no price guide, I am happy for the opportunity to promote numismatics and that someone else got a three thousand dollar coin (POP24 at the time) for $900. (Pop 55 now)

Do not burn a bridge if the vendor has more of what you may want later. Just be smarter next time

KeithinMD · April 28, 2006 4:20AM

Just bad business IMO. Just give your business to the other shops in your area.

TwoSides2aCoin · April 28, 2006 4:34AM

<< Just bad business IMO. Just give your business to the other shops in your area. >>

While I can agree with you Keith... it made the owner or manager or whoever it was look awfully stupid and inconsiderate.

On the same token, I have, as a business man given estimates in the tens of thousands of dollars. There have been occasions where I may have left something out of my bid. It hurts to swallow my pride and tell someone I made a mistake and there is additional material or cost not factored in. And yes, I have had more than one person look at me like I am bad and never do business with me again. But guess what ? I admit I make mistakes. It is the the other party's choice to forgive if a mistake was made. The dealer was afforded the opportunity to find out why someone was licking their chops looking at his "STUFF"....

there are two sides to each story, IMO. This story may have more than that. Maybe the sales clerk informed the owner , or maybe the owner realized his pricing was out of whack. Like I said : "OPPORTUNITY KNOCKS"... Trust me,

I've lost money on deals.... while making money on others..... usually without burning a bridge.

I understand the writer's disappointment and empathize. That doesn't necessarily make the dealer a "BAD" person with a "BAD" business. How about ignorant ? Or maybe STUPID ?... maybe even a "RETARD"... but BAD ? that is a bit strong, I think.

gyocomgd · April 28, 2006 4:35AM

He should have at least compromised--say, $750. You still get a great deal and his damage is ameliorated.
Makes me wonder what he bought them for, if he agrees to $640. He probably snared them for $500 or lower.

TwoSides2aCoin · April 28, 2006 4:39AM

<< He should have at least compromised--say, $750. You still get a great deal and his damage is ameliorated.
Makes me wonder what he bought them for, if he agrees to $640. He probably snared them for $500 or lower. >>

that is true too, a compromise would have been the best thing. And also, if the certified coins are PCGS certified, it also makes a huge difference. Or, maybe the coins don't make the grade at all ? There are sooooooo many variables here. Hard to make a rational judgement.

Joe
edit to add,
One thing you could have said to the owner is : " well they ain't worth nothin' if ya ain't got a buyer, dummy"... then walk out !

Jcarney · April 28, 2006 4:39AM

<< Just give your business to the other shops in your area. >>

Oh, I don't know....sounds like the guy is ripe for a plucking at some point in the future. I'd make sure I always went there with cash.

ddbird · April 28, 2006 4:47AM

Isnt that breech of verbal contract?

Im sure there was a whitness. Essentially, you could technically take him to court

but Id just assume not go there anymore

Gator5220 · April 28, 2006 5:28AM

<< Isnt that breech of verbal contract?

Im sure there was a whitness. Essentially, you could technically take him to court

but Id just assume not go there anymore >>

pragmaticgoat · April 28, 2006 5:32AM

Thanks everyone for the replies. I should have had the cash in hand the first time.
The clerk is the owner and thats who I was dealing with. The coins have been in the inventory for awhile and I'm pretty certain he purchased them for a lot less than $600/each. Don't dealers try to make so much percentage between buy and sell prices or do they try to capture as much profit as possible. Even if it means having coins sit in inventory for a long while?
Joe

Myqqy · April 28, 2006 5:40AM

That qualifies as a complete wanker move, and I would find another place to buy coins. Lots of places to buy coins nowadays!

RR · April 28, 2006 5:49AM

So who was it?

RR

Shamika · April 28, 2006 8:54AM

<< I'd do what you did and never return. >>

Agreed!

michael · April 28, 2006 8:59AM

Have you ever had a local coin shop??

happens all of the time

of course i would go back why would i cut off my nose to spite my face??

i would go back and only buy something if i can get a good rip or something really good that i want and the price is right

_________________________________________________________________

next time before you play make sure you got the cash up front to pay RIGHT NOW

pharmer · April 28, 2006 9:08AM

<< Thanks everyone for the replies. I should have had the cash in hand the first time.
The clerk is the owner and thats who I was dealing with. The coins have been in the inventory for awhile and I'm pretty certain he purchased them for a lot less than $600/each. Don't dealers try to make so much percentage between buy and sell prices or do they try to capture as much profit as possible. Even if it means having coins sit in inventory for a long while?
Joe >>

You never know, maybe he supports orphans, who need operations or something?

SamByrd · April 28, 2006 12:39PM

The dealer is one to not do bussiness with, a stand-up dealer would stick to the deal he made and hope to make it up on your other buys and referials, this guy is not worthy of your bussiness to back out on a one hour hold thats pathetic to say the least.

rec78 · April 28, 2006 1:25PM

A deal is a deal in my book. Price and terms agreed upon. Terms accepted by both parties. If you would have bought them the first time in- he would have sold them. So what if they are now worth $10,000 or $40 ? I just dont understand how dealer's that do this sort of thing stay in business. But having said that what if you went home and found out that they were worth less than the agreed upon price? Would you have returned right away with the money and bought them, or would you not have went back at all ?

TheRaven · April 28, 2006 1:34PM

Never had this problem.....

Always just went and got the cash and things where all set.....

I would say stay away for awhile.....

DMWJR · April 28, 2006 1:38PM

Only an hour? That is hilarious!!!!!

If it was just common date stuff, you have a great opportunity to tell him to KMA. You can get common date stuff anywhere.

mozin · April 28, 2006 3:52PM

Since the dealer had the gold coins in stock for some time, I would guess he bought them for a LOT less, like maybe $400 from some little old widow. At least you can have a good time spreading the word about this dealer.

I would not go back to that dealer no matter what he has to sell.

majorbigtime · April 29, 2006 3:04AM

<< 

<< Isnt that breech of verbal contract?

Im sure there was a whitness. Essentially, you could technically take him to court

but Id just assume not go there anymore >>

>>

That's why the courthouse is there--sue his arse in small claims court!

Have you ever had a local coin shop

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