Do dealers provide an implied guarantee for coins that they sell to the retail public?
Longacre
Posts: 16,717 ✭✭✭
I put up another thread about dealers starting a business to provide a guarantee that a coin is not AT, puttied, etc., by putting a special sticker on the slab. In effect, they would be certifying the certification services. I think it is a fabulous idea.
Let's take it a step further. Not getting into the legal-ese of things, but do dealers provide an implicit guarantee of the coins that they sell to the retail public, merely by having the coins listed on their websites? Although I frequently check dealers' sites, I don't recall any dealers providing a disclaimer that the coins that they sell are certified by indepenedent third parties and the selling-dealer does not provide any assurances or warranties (expressed or implied) of authenticity, merchantability, etc., etc.
Given the artificial toning scandal that is currently rocking the numismatic world, should dealers start to provide these express disclaimers? For the retail public, do you believe that a dealer is providing an implied guarantee when he sells you a coin on his website?
Let's take it a step further. Not getting into the legal-ese of things, but do dealers provide an implicit guarantee of the coins that they sell to the retail public, merely by having the coins listed on their websites? Although I frequently check dealers' sites, I don't recall any dealers providing a disclaimer that the coins that they sell are certified by indepenedent third parties and the selling-dealer does not provide any assurances or warranties (expressed or implied) of authenticity, merchantability, etc., etc.
Given the artificial toning scandal that is currently rocking the numismatic world, should dealers start to provide these express disclaimers? For the retail public, do you believe that a dealer is providing an implied guarantee when he sells you a coin on his website?
Always took candy from strangers
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)
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)
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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
Further than that, many dealers only want satisfied customers and will go out of their way to help a dis-satisfied customer.
I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.
eBaystore
<< <i>I put up another thread about dealers starting a business to provide a guarantee that a coin is not AT, puttied, etc., by putting a special sticker on the slab. In effect, they would be certifying the certification services. I think it is a fabulous idea. >>
How could they do that when there is no way to tell if a coin is "AT" if it is well done....????
An authorized PCGS dealer, and a contributor to the Red Book.
I think this policy is pretty standard for the industry. I have never had anyone try to return a coin bought from me at a show. Were this to occur I would tell them that sight seen sales are final and to get the heck away from my table and never come back.
In thirty years of doing shows, I've had that happen only twice. Amazingly, both times were this year. One was a dealer, the other a collector. In both cases, I accepted the returns, but I had no obligation to do so.
BTW, the collector ultimately decided to keep his coin, and the coins I took back from the dealer sold quickly to other dealers.
And to answer the original question, as for an "implied guarantee", I consider it pure fantasy.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Usually, issues like cleaning, damage, repairs, putty and other altered surfaces, suspected AT, and other "matters of appearance" fall under the time-limited return privilege (if you don't like it, send it back within a reasonable time) and depending on the circumstances, the dealer may extend the time period indefinitely, at his discretion. That would be good business, if the merchandise was defective and still in the original holder (if not in the original holder, there are issues of "maybe it happened after I sold it)
On the other hand, scammers and con artists usually state "all sales final" or severely limit the return privilege, such that a return is difficult and costly. The worst would keep the coin and money.
Liberty: Parent of Science & Industry
<< <i>Usually, with reputable sellers, there's a return privilege for a week, ten days, two weeks, 30 days, whatever appropriate time, for "satisfaction" (return for any reason for full refund of purchase price; the most very reputable dealers even refund postage. Less reputable sellers charge "restocking" percentage but will still give you most of your money back) Usually, reputable sellers guarantee authenticity "forever," meaning if it's counterfeit, return for refund, no time limit.
Usually, issues like cleaning, damage, repairs, putty and other altered surfaces, suspected AT, and other "matters of appearance" fall under the time-limited return privilege (if you don't like it, send it back within a reasonable time) and depending on the circumstances, the dealer may extend the time period indefinitely, at his discretion. That would be good business, if the merchandise was defective and still in the original holder (if not in the original holder, there are issues of "maybe it happened after I sold it)
On the other hand, scammers and con artists usually state "all sales final" or severely limit the return privilege, such that a return is difficult and costly. The worst would keep the coin and money. >>
Outstanding post!!!
DEALER ONE
1. All coins are guaranteed genuine. I will replace or issue a refund for any coin found not to be genuine. This is a lifetime guarantee.
2. All attributions are guaranteed correct. Also a lifetime guarantee. I will issue a refund or if available provide a replacement for any coin found to be mis-attributed.
3. A fourteen day return privilege is allowed on all purchases. Returns may be made for any reason, or for no reason. My business depends on attracting repeat customers. It does neither one of us any good for you to keep a coin with which you are not completely satisfied.
DEALER TWO
1. FREE Shipping and Insurance within the United States
2. All coins are guaranteed genuine. Attributions are guaranteed. No time limit.
3. I use EARLY AMERICAN COPPERS numerical grading. Unless otherwise noted, the coin is consistent for the grade and has no "surprises" when you receive it. The SHARPNESS GRADE indicates the amount of wear. The NET GRADE reflects any problems, which are described and are reflected in the price.
4. All coins and books are shipped postpaid by registered or insured mail.
5.You may return any coin within 30 days for a full immediate refund, regardless of the reason.
DEALER THREE
My return policy is as generous as any in the industry: 30 days on raw coins, 10 days on slabs, no reason required. Any raw coin which fails to grade per my description by a 3rd-party grading service is eligible for a full refund, no questions asked, within 30 days of purchase.
Our return policy is pretty simple, when you get the coin you look at it and let us know if you are keeping it- it doesn't take a week, 2weeks, or 30 days to decide if you like a coin- anything that comes up in that time period has everything to do with buyers remorse and nothing to do with the actual coin.
Generally speaking, the only guarantee that the dealer impliedly makes is that the piece is genuine. Good dealers will back up their material, though - buy it back from you later at a reasonable price, etc.