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Fool me once, shame on you... fool me twice... not happening this time
pcgs69
Posts: 4,397 ✭✭✭✭
I recently bought a silver dollar from one of the contributers of the Jules Reiver silver dollar book. Paid extremely strong, and probably stupid money for it, but I liked it since it had "the look." I purchased another dollar I liked better elsewhere and tried selling his back to him... he refused to buy it back and said he didn't want it (I gathered that meant I paid too much he was glad to be rid of it).
But... he said I could trade it in for a certain dollar amount from his other coins... where everything else was 15-20% overpriced as well. No way in hell am I going to continue losing money with this seller by trading in this one coin. I will not be fooled again by him.
I wasn't really fooled into buying the coin from him... just paid too much and got burnt. I know he doesn't have to buy it back, but I would have even accepted 80% or even 70%. Oh well, just wanted to vent a little.
But... he said I could trade it in for a certain dollar amount from his other coins... where everything else was 15-20% overpriced as well. No way in hell am I going to continue losing money with this seller by trading in this one coin. I will not be fooled again by him.
I wasn't really fooled into buying the coin from him... just paid too much and got burnt. I know he doesn't have to buy it back, but I would have even accepted 80% or even 70%. Oh well, just wanted to vent a little.
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Brother, it does seem unusual that he didn't want it back. What were you offered for trade in value?
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
How was the buyer burned?
Joe.
The buyer was burned because ANY dealer should be
in the position to accept returns on any coin sold.
Seems to me the seller way overhyped the coin
to begin with and this is why he does not want it
back at any level.
We have a different definition of "burned".
As much as we know at this point, the seller IMO did nothing "wrong". While you might like and/or even expect a seller to do business on your terms, it is not mandatory unless those terms were agreed to upfront.
How many threads have we seen on eBay purchases where the buyer is accusing the seller of all kinds of things because the buyer did not clarify the details (especially return policy).
Joe.
<< <i>The buyer was burned because ANY dealer should be
in the position to accept returns on any coin sold. >>
Being willing to accept a return because a buyer doesn't like a coin once he has a chance to look it over not the same thing as accepting a return because a buyer later finds another coin he likes better, which is what the situation appears to be here...
<< <i>Paid extremely strong, and probably stupid money for it, but I liked it since it had "the look." I purchased another dollar I liked better elsewhere... >>
who was it?
As with many forum threads, I'm sure the dealer/collector that sold the coin, could post their side of the story, and many folks criticizing the seller might have a different opinion.
<< <i>I know he doesn't have to buy it back, but I would have even accepted 80% or even 70%. Oh well, just wanted to vent a little. >>
Which is probably more than he bought it for the first time (before he sold it to you), and why he didn't want to buy it back.
How long did you have the coin in-hand before deciding to return it to the seller?.
Most sellers do have a return policy but in a certain timeframe.
<< <i>I recently bought a silver dollar from one of the contributers of the Jules Reiver silver dollar book. Paid extremely strong, and probably stupid money for it, but I liked it since it had "the look." I purchased another dollar I liked better elsewhere and tried selling his back to him... he refused to buy it back and said he didn't want it (I gathered that meant I paid too much he was glad to be rid of it).
But... he said I could trade it in for a certain dollar amount from his other coins... where everything else was 15-20% overpriced as well. No way in hell am I going to continue losing money with this seller by trading in this one coin. I will not be fooled again by him.
I wasn't really fooled into buying the coin from him... just paid too much and got burnt. I know he doesn't have to buy it back, but I would have even accepted 80% or even 70%. Oh well, just wanted to vent a little. >>
If your request was beyond the normal return period for a coin such as the 14-day period stated by the ANA then I see nothing wrong with what the dealer offered. Obviously, you are not happy and there is nothing wrong with that, either.
In honor of the memory of Cpl. Michael E. Thompson
Sellers do not want most of the coins back they sell. This includes a number of the top retailers. Most B&M shops would rather work
on 50-100% buying off the newbie public than paying 70-80-90% from seasoned collectors. This is the real world. To survive, one has to buy as close to wholesale as possible (0-10% if possible).
When I went to sell back coins to my B&M shops in my formative years, they wanted nothing to do with what they had sold me.
roadrunner
<< <i>I don't see the problem. Plenty of dealers make a "one-way" market, charging premium prices, and then decline to buy back the coins
Sounds just like the moderns market. >>
There are plenty of classics dealers who won't buy back coins. The vast majority, in fact.
Russ, NCNE
<< <i>Again, I ask. Is the seller a collector or dealer? Has anyone besides me bothered to look at a list of the book's contributors that you have dragged into this conversation? >>
Nope...I haven't
I would guess, but this is reading between the lines, that the coin was trumpeted as "PQ" and "hard to find in this condition and look", etc etc etc, with a few "I wrote the book and this is a once in a lifetime coin so I have to ask extra $$$ for it" type of thing.
Buyer bit. Seller danced.
Buyer finds better coin, wants to sell, can't sell at price paid, seller doesn't want to buy it back for whatever reasons (ie....wouldn't likely be able to quickly sell it for same, or higher price), and says "thanks, but no thanks, hands are washed of it".
If seller is pure collector, then it would be, imho, ask once, politely walk away if they aren't interested and realize, since it isn't getting any bites, that ya probably got ripped.
If it were a dealer, then I would realize that they sell and don't want to buy back unless they feel guaranteed to make some quick flipping money and I likely wouldn't buy from them again unless the coin was a great value (ie...not an inflated "PQ" price).
Just my thoughts on this.
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
It's not just moderns.
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
Can somebody post that list, so we can go through them one by one?
<< <i>Russ & James - Please don't send us on a tangent. If you would like to talk about the liquidity of classics vs moderns, start another thread. I'd be happy to play. >>
You're the one who decided to use this thread to slam moderns. We simply responded.
Russ, NCNE
I had the coin almost two months, which would have been much longer than any return privilege. He said if I had come sooner we could have worked something out. He certainly doesn't have an obligation to take his coin back... the part I was frustrated on was he said I could trade it for a coin(s) in his inventory (which I asked if that was a possibility since he didn't wish to purchase it back) and to me, seemed all his other coins were overpriced, and not PQ in my opinion. And of course I was hoping he'd want to buy it back. He doesn't have a website and I believe he told me when I bought the dollar that this was more of a part-time venture for him... he had some higher caliber coins like a 1795 dollar with silver plug PCGS graded and 1794 half NGC in VF.
When I purchased the coin, it was actually a partial trade... his coin for an OGH 1796 DB VF20 dollar (in my opinion undergraded) and some cash. My original request was if we could just undo our original transaction. I looked for my coin in his case but it wasn't there :-(.