A discussion about "on approval"

gecko109 · September 22, 2008 1:17AM

Lets say I saw a nice coin I wanted on ebay. Lets also say their BIN was $180. Lets also assume I contacted the dealer and offered $125 for the coin. The dealer "accepted" the offer by replying that this would be fine as they had another coin just like the one listed. Now lets assume I wanted the ACTUAL coin listed, so I balked and bought a different ($45) coin from them through ebay. Now the dealer asks if im still interested in the other coin at $125. I respond by telling them to ship it on approval with the other coin I bought and if I like the coin in hand, i'll ship a money order promptly. But if I dont like it I would ship the coin back at my expense. Lets also assume that I directed the dealer to check out my ebay history...more than 3 years...plenty of recent activity....500+ positives with 100% feedback...and several $1,000+ transactions (both buy and sell). If YOU were the dealer, would you send the coin to me on approval? Did I break any rules of coin ettiquette by even asking them for this courtesy?

mike92694 · September 22, 2008 1:18AM

The usual way of getting approval is having done previous business with that specific dealer.

Broadstruck · September 22, 2008 1:20AM

Too many hypothetical Lets to follow what your talking about... but 31% off is a pretty lowball offer!

rgCoinGuy · September 22, 2008 1:21AM

I don't think you broke any ettiquette by asking, but I also think whatever the dealer decides is their perogative.

The problem is buyers are now so much in control on ebay, as a seller, I would probably feel uncomfortable shipping something out if I didn't personally know you, without being paid up front. I would offer you a refund if you didn't like the coin if you paid up front though.

RYK · September 22, 2008 1:24AM

You did not break any rules by asking, but the dealer is under no obligation to agree to your terms. Some would, others would not.

Ebay is a funny place. I bought a $15 non-coin item from someone over the weekend. He asked for a money order for payment, and I asked if I could send a personal check, as he would get it sooner, and it would save me a trip to the post office. He said fine, but he would have to hold my check for 10 days prior to shipping the item. I said fine. If the roles were reversed, I would have sent the item on receipt of the check. Everyone has different comfort levels and difference experiences which shape them.

gecko109 · September 22, 2008 1:32AM

<< You did not break any rules by asking, but the dealer is under no obligation to agree to your terms. Some would, others would not.

Ebay is a funny place. I bought a $15 non-coin item from someone over the weekend. He asked for a money order for payment, and I asked if I could send a personal check, as he would get it sooner, and it would save me a trip to the post office. He said fine, but he would have to hold my check for 10 days prior to shipping the item. I said fine. If the roles were reversed, I would have sent the item on receipt of the check. Everyone has different comfort levels and difference experiences which shape them. >>

Excellent point. And I do understand that the dealer, or anyone else has differing comfort levels. I once sent a $1,500 coin to MrHalfDime and despite his impeccable reputation here, I didnt know him from Adam. What is slightly strange however is that this coin happens to be a "you know what", and most of my recent activity in my feedback transactions have been with "you know what" types of coins. Additionally, this particular dealer specializes in those coins, and I emphasized that im building a collection of "you know whats". So although I dont feel slighted, nor upset, it strikes me as odd that a dealer wouldnt take a $125 chance to possibly make thousands from a die hard collector of "you know what".

TwoSides2aCoin · September 22, 2008 1:37AM

It's all good. I wish more people could make sense of "you know what", but you know what ?
I sure can't. It's still fun collecting with you around here.

The world is a better place with people who communicate.

gecko109 · September 22, 2008 1:38AM

<< Too many hypothetical Lets to follow what your talking about... but 31% off is a pretty lowball offer!

>>

His $180 BIN ask price was actually 31% above fair market value.

RYK · September 22, 2008 1:44AM

<< 

<< You did not break any rules by asking, but the dealer is under no obligation to agree to your terms. Some would, others would not.

Ebay is a funny place. I bought a $15 non-coin item from someone over the weekend. He asked for a money order for payment, and I asked if I could send a personal check, as he would get it sooner, and it would save me a trip to the post office. He said fine, but he would have to hold my check for 10 days prior to shipping the item. I said fine. If the roles were reversed, I would have sent the item on receipt of the check. Everyone has different comfort levels and difference experiences which shape them. >>

Excellent point. And I do understand that the dealer, or anyone else has differing comfort levels. I once sent a $1,500 coin to MrHalfDime and despite his impeccable reputation here, I didnt know him from Adam. What is slightly strange however is that this coin happens to be a "you know what", and most of my recent activity in my feedback transactions have been with "you know what" types of coins. Additionally, this particular dealer specializes in those coins, and I emphasized that im building a collection of "you know whats". So although I dont feel slighted, nor upset, it strikes me as odd that a dealer wouldnt take a $125 chance to possibly make thousands from a die hard collector of "you know what". >>

I have sent multiple coins to fellow forum members on approval, but this is quite different. The more established people here, while maybe not known to you personally, are known to others here personally, and the transitive property applies. It is a whole lot different from the ebay environment, which is akin to the wild west of commerce.

jgrinz · September 22, 2008 2:13AM

<< Lets say I saw a nice coin I wanted on ebay. Lets also say their BIN was $180. Lets also assume I contacted the dealer and offered $125 for the coin. The dealer "accepted" the offer by replying that this would be fine as they had another coin just like the one listed. Now lets assume I wanted the ACTUAL coin listed, so I balked and bought a different ($45) coin from them through ebay. Now the dealer asks if im still interested in the other coin at $125. I respond by telling them to ship it on approval with the other coin I bought and if I like the coin in hand, i'll ship a money order promptly. But if I dont like it I would ship the coin back at my expense. Lets also assume that I directed the dealer to check out my ebay history...more than 3 years...plenty of recent activity....500+ positives with 100% feedback...and several $1,000+ transactions (both buy and sell). If YOU were the dealer, would you send the coin to me on approval? Did I break any rules of coin ettiquette by even asking them for this courtesy? >>

If I have not dealt with the person before I would take a monitary commitment from him first ($125) - then let him look at it - You are basically offering him a NO questions asked return policy ...
If not happy with the coin and is returned I return his money.

Longacre · September 22, 2008 4:31AM

<< If the roles were reversed, I would have sent the item on receipt of the check. Everyone has different comfort levels and difference experiences which shape them. >>

I agree, only if the other party is a member of the Circle™.

MikeInFL · September 22, 2008 6:28AM

<< If YOU were the dealer, would you send the coin to me on approval? Did I break any rules of coin ettiquette by even asking them for this courtesy? >>

Yes, I would send it to you on approval (with or without Circle™ membership

).

No, you didn't break any rules, but as others have said in response to your post, the dealer is in no way required to accept your on-approval terms.

All IMHO....Mike

pennyannie · September 22, 2008 12:08PM

I will send you anything on approval after you pay for it in full. We can haggle later but i am holding your cash in the mean time.

Personally i would not send any one a coin on approval. I do not even like to send coins to DLRC that we have already agreed on. Never regular mail, always insured and registered. This has less to do with end user trust and more with what happens from the time it leaves point A until it arrives on the actual desk at point B.

You can do this 1000 times and NEVER have a issue, all it takes is 1 to sour the whole thing.

ArizonaJack · September 22, 2008 4:35PM

I would not send a coin on approval thru Ebay unless I had a long history with the buyer.

CaptHenway · September 22, 2008 4:36PM

Was the item in question bullion related, where your decision to keep and pay for it, or not, could be influenced by what gold (or whatever) did between the time it was sent and the time you received it? These are wild and crazy days in the metals markets.
TD

BlackBeard · September 22, 2008 7:28PM

I wouldn't send a coin on approval to an ebay member unless there had been several prior successful transactions. If I were to decide to at that point, it would only be on coins of the same value level as the previous purchases.

gecko109 · September 22, 2008 8:09PM

<< Was the item in question bullion related, where your decision to keep and pay for it, or not, could be influenced by what gold (or whatever) did between the time it was sent and the time you received it? These are wild and crazy days in the metals markets.
TD >>

The coin's intrinsic value is about $13.47 . Its fair market value is around $125 Tom.

gecko109 · September 22, 2008 8:10PM

<< I would not send a coin on approval thru Ebay unless I had a long history with the buyer. >>

Even if that ebay member has had consistant activity and a "perfect" ebay record?

Frankcoins · September 23, 2008 12:07AM

Auctions, by definition, are not approval sales.

garsmith · September 23, 2008 12:15AM

I would be worried about a scam if I didn't know you well.

coindeuce · September 23, 2008 12:26AM

Asking for approval service without offering references, regardless of the circumstance, is like asking a bank for a home mortgage without having any credit history.

MikeInFL · September 23, 2008 2:14AM

<< Auctions, by definition, are not approval sales. >>

And what would you call a BIN on an auction site (eBay)?

lathmach · September 23, 2008 2:16AM

<< Asking for approval service without offering references, regardless of the circumstance, is like asking a bank for a home mortgage without having any credit history. >>

Well now, it seems that's exactly what happened regarding the banks.
As for sending Gecko109 any coins on approval...................................
Hey!
My momma didn't raise no fools.

Ray

nencoin · September 23, 2008 4:06AM

No, I would not send it on approval. EBay history counts very little in my book. However, if dealer references were provided (other dealers who had sent you coins on approval), that would be different.

Chris

ColonialCoinUnion · September 23, 2008 5:12AM

<< No, I would not send it on approval. EBay history counts very little in my book. However, if dealer references were provided (other dealers who had sent you coins on approval), that would be different.

Chris >>

I agree.

CaptHenway · September 23, 2008 5:25AM

<< 

<< Was the item in question bullion related, where your decision to keep and pay for it, or not, could be influenced by what gold (or whatever) did between the time it was sent and the time you received it? These are wild and crazy days in the metals markets.
TD >>

The coin's intrinsic value is about $13.47 . Its fair market value is around $125 Tom. >>

OK. That was not evident in the original post.
TD

DJCoinz · September 23, 2008 5:41AM

If I did not know personally or dealt multiple times with someone before I would not send anything on approval. Just my take.

coindeuce · September 23, 2008 8:26AM

I recently requested two coins ($1725 market value) on approval from a national dealer. Never had any prior transactions with said dealer. I offered two dealer references. The coins were in my hands next day. Mind you though, they were paid for PDQ. This is what a truly free market is all about.

JCMhouston · September 23, 2008 9:37AM

Not a chance, don't know you from Adam so why would I send a coin "on approval"?

RYK · September 23, 2008 9:46AM

<< Not a chance, don't know you from Adam so why would I send a coin "on approval"? >>

Well, to answer the question, I think that approval sales are a seller's best friend. It makes it very easy to get a coin to the collector, and, I firmly believe, reduces the threshold for ordering a coin. Once a coin is in the hands of an eager collector, it tends to be rather sticky.

gecko109 · September 23, 2008 10:51PM

<< 

<< Not a chance, don't know you from Adam so why would I send a coin "on approval"? >>

Well, to answer the question, I think that approval sales are a seller's best friend. It makes it very easy to get a coin to the collector, and, I firmly believe, reduces the threshold for ordering a coin. Once a coin is in the hands of an eager collector, it tends to be rather sticky. >>

Agree strongly.

However, taking that "first step" for the dealer is the tricky part. Now I know that $125 is not a tiny loss, however it is a relatively insignificant amount of risk considering the potential gain. Dealers will spend perhaps $125 per week (or much more) on "blind" advertising to attract customers. Why not use that $125 coin as an advertising tool of sorts with a guy like myself who has NUMEROUS high value PANDA transactions on ebay for much of the past year? Especially if you are a dealer who SPECIALIZES in those coins? Im not a dealer, but if I were, and I had a fairly decent cash flow, the $125 "risk" of losing that coin to a possible deadbeat is by far outweighed by having the potential of grabbing a very active collector's attention who collects the same coins that I deal with.

RYK · September 23, 2008 11:20PM

<< 

<< 

<< Not a chance, don't know you from Adam so why would I send a coin "on approval"? >>

Well, to answer the question, I think that approval sales are a seller's best friend. It makes it very easy to get a coin to the collector, and, I firmly believe, reduces the threshold for ordering a coin. Once a coin is in the hands of an eager collector, it tends to be rather sticky. >>

Agree strongly. >>

Wow, Gecko and I agree on something. This could mean the end is near.

A discussion about "on approval"

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A discussion about &quot;on approval&quot;

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A discussion about "on approval"