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Hypothetical: The returned problem coin

RYKRYK Posts: 35,800 ✭✭✭✭✭
in U.S. Coin Forum
Let's say, hypothetically image , you purchase a coin from a national dealer. Lo and behold, you learn that the coin is obviously AT, from a known grouping of AT coins, despite residing in a first tier TPG holder. You explain the situation to the dealer, who acknowledges the problem and promptly returns your money. At this point, what is the responsibility of the dealer? What should he do with the coin? Can he re-sell it from his website? How about it dumping it in an auction? Should he take it up with the person from whom he purchased it? Should he return it to the TPG? Does it depend on the value of the coin? Does it matter if the dealer is an ANA or PNG member?
My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132

Comments

  • garsmithgarsmith Posts: 5,894 ✭✭
    If they are in the business for profit they but the coin back up for sale; if they are in the business for love of coins they send the coin back to the TPG
  • carzzycarzzy Posts: 94
    The dealers around me would argue that they don't believe that the coin is AT by the fact that the coin was certified by a major TPG. However, I would get my money back if it was in the window of their refund policy. I doubt that they would send the coin back to the TPG ...they would just try and resell it.
  • PlacidPlacid Posts: 11,299 ✭✭✭
    Resell it as the buyer was wrong and the dealer took the coin back just to keep them happy.
  • notwilightnotwilight Posts: 12,864 ✭✭✭
    Depending on how much faith I had in the buyer's claim, I might try to resell it with a disclaimer that some believe it to be AT. I've seen many coins that were believed to be AT just because they were "too nice to be true". Then when posted here the opinions are split with no decision although the opinions that I trust (and I know who they are) likely say NT. --jerry
  • stmanstman Posts: 11,352 ✭✭✭✭✭
    How bout hypothetically hold it for a few years than dump it in auction?image Is the dealer a "nice" guy? That's what's important these days I hear.
    Please... Save The Stories, Just Answer My Questions, And Tell Me How Much!!!!!
  • 291fifth291fifth Posts: 24,710 ✭✭✭✭✭
    This is the type of coin that ends up as a dealer consignment in an auction. He will probably put a low reserve on it and hope it sells, never to be seen again (by him.)
    All glory is fleeting.
  • notwilightnotwilight Posts: 12,864 ✭✭✭


    << <i>How bout hypothetically hold it for a few years than dump it in auction?image >>



    Hold for a few year cost you 50% of the value of the coin in interest. --Jerry
  • QuarterCollectorQuarterCollector Posts: 1,384 ✭
    This situation happened to me. I posted the same question last week and got blasted by some forum members for even considering returning the coin. That being said, I feel it is the dealers responsibility "being an expert" to take the coin back and return it to the TPG.
  • LeeGLeeG Posts: 12,162 ✭
    Why doesn't the collector send it in to PCGS under the guarantee? I've done this in the past and PCGS has been more than fair in their reimbursement. Let's take some ownership on our own as collectors. No one else will.
  • FatManFatMan Posts: 8,977 ✭
    In the world of plastic, the coin is market acceptable. In the case you hypothetically mention the TPG has never acknowledged their error. I doubt the dealer would do anything other than dump the coin by either wholesaling it to another dealer or consigning to an auction. Trying to re-retail damaged goods can only backfire on the dealer.

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