What is the protocol when a junior buyer walks the floor, and sees a coin outside of his purchasing

Longacre · June 28, 2008 3:05AM

I know that most coin firms are one or two person operations, and this question probably does not apply to them. But let's take Heritage, for instance, who travels to shows with what seems like a 40-50 person entourage.

Let's say that one of Heritage's junior buyers is walking the bourse, and has a spending limit of $10,000 without prior approval from a senior buyer. Let's further assume that the junior buyer sees a spectacular coin, fully original, at a decent price, that Heritage can flip for an obscene profit, literally within seconds. Let's also assume that another buyer (non-Heritage), is on the heels of the junior Heritage buyer, and has a $30,000 spending limit. The coin being sold is offered to the junior Heritage buyer at $25,000.

Will the selling dealer hold the coin for the junior Heritage buyer, until the senior Heritage buyer can come along, view the coin, and possibly make the purchase? Or will the selling dealer, seeing the other non-Heritage buyer with an approved limit (let's assume the seller knows the non-Heritage person is authorized to buy whatever he wants), tell the junior Heritage buyer to pound sand, and just sell to the non-Heritage buyer.

Does anyone know?

roadrunner · June 28, 2008 3:27AM

I see you have taken up the Keets challenge.

roadrunner

Longacre · June 28, 2008 3:28AM

<< <i>I see you have taken up the Keets challenge.

roadrunner >>

The gauntlet has been thrown down by the honorable Mr. Keets.

RYK · June 28, 2008 3:29AM

<< <i>

<< <i>I see you have taken up the Keets challenge.

roadrunner >>

The gauntlet has been thrown down by the honorable Mr. Keets.

>>

I think you are forcing it a bit.

jfoot13 · June 28, 2008 3:31AM

well if he can't think on his feet and handle the situation I would say he's reached the pinacle of his career and is destined to be a junior buyer for the rest of his life...

Julian · June 28, 2008 3:56AM

I would give the first person to ask about it a few minutes to decide if he wished to purchase the coin and that includes bring over a consultant within a reasonable amount of time.

stockwiz · June 28, 2008 3:56AM

<< <i>well if he can't think on his feet and handle the situation I would say he's reached the pinacle of his career and is destined to be a junior buyer for the rest of his life... >>

droopyd · June 28, 2008 4:13AM

first come first served.

SkyMan · June 28, 2008 6:39AM

Jeez, haven't you heard of cell phones?

Arizonadesertrat · June 28, 2008 6:51AM

Perhaps the 'junior buyer' should ask the 'senior buyer' (aka WIFE) to keep her cell phone within reach for any purchase authorization requests.

ColonialCoinUnion · June 28, 2008 7:13AM

Ignoring the protocal on the buyer side for a moment, I've found that 98% of dealers are quite understanding in this scenario, and will give the junior buyer (or anyone else) time to bring someone over for a look, etc.

But then there are the other 2%, who are (unkind word removed), and will insist on an answer immediately accompanied by snide remarks and threats to sell it to someone else (which often means they will stick it in the back case and pretend it's sold).

bidask · June 28, 2008 7:38AM

I think the dealer should sell to the first full offer.

Forget about waiting for a coin dealer to bring another coin dealer over to view the coin. What if the second buyer overhears a 'pass' from the senior buyer who was brought over and then passes himself?

WinPitcher · June 28, 2008 7:52AM

Why is the junior buyer even looking at coins outside of his limit?

Steve

DaveG · June 28, 2008 8:13AM

My understanding is that all of Heritage's junior buyers are instructed to keep an eye out for Longacre and if they find him standing in front of a dealer's table in a frenzy of indecision (that is, with a coin in his hand, mumbling "umm, umm"), they are to knock him to the ground, take the coin from him, buy it and then kick sand in his face.

coinkat · June 28, 2008 8:18AM

Good question... he should buy it for his own collection. If and when the thrill is gone, he can then consign it to Heritage

What is the protocol when a junior buyer walks the floor, and sees a coin outside of his purchasing

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