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Updated 10-7: RYK's "circle of trust" in action in a real life situation...
coinguy1
Posts: 13,484 ✭✭✭
If all goes according to plan, I will be shipping a coin worth several thousand dollars on approval to someone next week. I have never met him in person, but we have PM'd each other from time to time.
Equally importantly to me, I "met" him through another forum member and have been told that he has done business with at least a couple of dealers I know. I will not even be checking references in this case and am completely comfortable in the thought that I will not get stiffed. After all, this person is in "the circle of trust".
Equally importantly to me, I "met" him through another forum member and have been told that he has done business with at least a couple of dealers I know. I will not even be checking references in this case and am completely comfortable in the thought that I will not get stiffed. After all, this person is in "the circle of trust".
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Comments
<< <i>Have yet to lose a coin. >>
I had to pay up front when I bought my coin within the last year. Hard to lose a coin when you get the money first
Mark.....ummm...I vouch for another guy. Please send him very expensive coins too
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>...I will be shipping a coin worth several thousand dollars... >>
Ahhh, that's not that impressive.
Someone is going to mail me some nickels who has never met me before, and I'm in no-one's circle of trust.
or some other strange backwoods currency. Now if he want's to pay in used scuba gear,
take it! the guy is forever upgrading and has run out of diiving family members.
As far as I know, no, not while self employed. However, about 25 years ago, while working for a large coin firm, with the owner's ok, I sent a package (worth $25,000-$50,000 - I can't remember) out on approval to a guy who had bought from us twice previously. The prior confidence-building transactions had apparently been a set up and he took off with the coins, along with those from one or more other dealers he had also set up. To my knowledge, he was never caught.
Edited to add:
Whoops, I misread Adrian's post and see I answered a question which he didn't even ask.
<< <i>Well Coinguy.....? When do i get my coin on approval?? >>
Dragon, when I think you are no longer able to tell a natural coin from an AT one.
<<I had to pay up front when I bought my coin within the last year>>
Ron, didn't that 1955 DDO go out to you on open acount?
I got held up for $35K a few years ago by selling on approval. Took several months and a personal visit to get paid.
<< <i>What does it mean to be "held up" or "held hostage" in this context? >>
Figuratively speaking. I sent a few coins to a guy and he never paid, but he somehow thought that he owned the coins. Terrible position to be in.
<< <i>What does it mean to be "held up" or "held hostage" in this context? >>
I meant that we didn't get paid or get the coin back, despite suggesting that one or the other was adviseable.
It could also be used to mean that someone holds your coin, doesn't pay for it and doesn't return it while they negotiate for price discounts. I personally consider that to be numismatic blackmail.
<< <i>
<< <i>Well Coinguy.....? When do i get my coin on approval?? >>
Dragon, when I think you are no longer able to tell a natural coin from an AT one.
<<I had to pay up front when I bought my coin within the last year>>
Ron, didn't that 1955 DDO go out to you on open acount?
It did Mark, that's why I wasn't quoting your post....I was quoting Adrian
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
<< <i>There is a First Time for Everything----Jenna Jamison >>
"She told me the same thing" --- AgMe
I'd give you the world, just because...
Speak to me of loved ones, favorite places and things, loves lost and gained, tears shed for joy and sorrow, of when I see the sparkle in your eye ...
and the blackness when the dream dies, of lovers, fools, adventurers and kings while I sip my wine and contemplate the Chi.
Looking for Denmark 1874 20-Kroner. Please offer.
I don't want anything to do with "that" circle.
Joe.
Anaconda don't make me laugh. Your circle of trust is Brandon and yourself.
Mark doesn't surprise me, he's one of the best here to deal with.
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)
Dealer-collector transactions are not part of this. Dealers have their own trust issue which is part of their livelihood and which makes it a different animal than collector-collector interactions.
Edit: butchered diction
<< <i>Actually, you guys have corrupted the original RYK concept of the Circle of Trust™. In its purest form, the Circle™ is a between exists that includes like-minded collectors who trust one another to send coins (and/or money) with complete trust that thes fellow collector will honor the trust. Examples would be: FatMan wanting to borrow a coin to look at or mgoodm3 wanting to borrow a coin to photograph or Longacre wanting to show one of my coins to Consuela, or DaveG wanting to buy a coin "on approval", ... In all of these and similar circumstances, I would without hesitation send or lend the coin to the other party.
Dealer-collector transactions are not part of this. Dealers have their own trust issue which is part of their livelihood and which makes it a different animal than collector-collector interactions. >>
Robert, my apologies for corrupting the Circle of Trust™ concept. I should have written "Circle of Trust, dealer's version™"
<< <i>The Barber Half group has a really decent circle of trust. All great people to work with. >>
Only when we're not bidding against each other.....
~~~~~~~~~~~~
Coin collecting is not a hobby, it's an obsession !
New Barber Purchases
Cher-Wood Forest Aviary
POTD - May 26, 2005
<< <i>Just curious.....when you have one of these "circle of trust" transactions, do you have a set time agreed upon in which to return or pay for the coin? >>
Yes, the official time is "whenever".