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Would you dare (Hypothetical Question)
STONE
Posts: 15,275 ✭
Ok, so say you are browsing a nationally recognized dealers website who deals in raw and slabbed coins. They take pictures of all or most of their coins
so that potential buyers from all around the world have a chance to see what each coin looks like. They don't overprice their coins (exhorbitantly), and are
able to move a lot of coins quite quickly because of this. They are also able to grade their raw coins quite well and provide a very accurate description that
notes any problems the coin(s) may have.
Now, as you browse this site looking for a specific coin, you finally come across an example that fits the series you collect. You know this series quite well,
from grading, value and normal look of the coins, and you have been collecting this series fairly seriously for at least the past four years. When you come
across this hypothetical coin, your immediate reaction is: "Hey, something doesn't look right with the image and the description provided". Your reaction is
that the coin in question was graded several grades below what you would have graded it, and was priced at that lower grade. Your saying to yourself: "Let's
pull the trigger on this one before someone else notices it (with full knowledge of return policy, etc)".
The coin arrives a week later and is in the grade you think it should be, and not near the lower grade suggested by the coin company. The difference in value
of this coin is quite signifigant between the lower and higher grades. You submit the coin to a TPG and it arrives back, some time later, in the grade you thought.
Now, for the Hypothetical Questions:
1) Do you notify the coin company before-hand of their grading mistake?
2) Do you try to flip this coin for a profit, after it comes back slabbed from a TPG, and look for another example in lower grade with your profits?
3) Would you have the guts to try and sell this coin back to the coin company you bought it from after it was slabbed by a TPG at your suggested higher grade?
so that potential buyers from all around the world have a chance to see what each coin looks like. They don't overprice their coins (exhorbitantly), and are
able to move a lot of coins quite quickly because of this. They are also able to grade their raw coins quite well and provide a very accurate description that
notes any problems the coin(s) may have.
Now, as you browse this site looking for a specific coin, you finally come across an example that fits the series you collect. You know this series quite well,
from grading, value and normal look of the coins, and you have been collecting this series fairly seriously for at least the past four years. When you come
across this hypothetical coin, your immediate reaction is: "Hey, something doesn't look right with the image and the description provided". Your reaction is
that the coin in question was graded several grades below what you would have graded it, and was priced at that lower grade. Your saying to yourself: "Let's
pull the trigger on this one before someone else notices it (with full knowledge of return policy, etc)".
The coin arrives a week later and is in the grade you think it should be, and not near the lower grade suggested by the coin company. The difference in value
of this coin is quite signifigant between the lower and higher grades. You submit the coin to a TPG and it arrives back, some time later, in the grade you thought.
Now, for the Hypothetical Questions:
1) Do you notify the coin company before-hand of their grading mistake?
2) Do you try to flip this coin for a profit, after it comes back slabbed from a TPG, and look for another example in lower grade with your profits?
3) Would you have the guts to try and sell this coin back to the coin company you bought it from after it was slabbed by a TPG at your suggested higher grade?
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Comments
What would Russ do ?
``https://ebay.us/m/KxolR5
This hypothetical just came to me as I saw it posted and I feel bad that I don't have the dough for it.
But, I assure you that now, this is just strictly hypothetical.
Edited to add: I won't steer anyone in the direction of the coin either, but if you think you've found it, PM me and I will let you know or not.
Now, you could try to sell it back to them, but that's sorta playing with fire.
Edited to add:
<< <i>I won't steer anyone in the direction of the coin either >>
Why not?
Now that you have the coin graded, if you can easily buy a replacement which better fits your collection with your profits, why not go ahead and flip it. The one thing I would not do is offer it back to the company where you bought it, unless you are willing to jeopardize any relationship you have with them; if they recognize it they might be less inclined to deal with you in the future.
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
If you are right why shouldn't you benefit from your knowledge and keen eye? You wouldn't write to Walmart to tell them they're toasters are too cheap, would you?
K S
-wes
Too many positive BST transactions with too many members to list.
2.- If in my series, I keep the coin and enjoy my good fortune. Otherwise, I sell it in order to fund other purchases.
3.- I would NOT try to sell it back to the same company I bought it from. I would prefer to remain on good terms with a dealer who gave me a good deal on the coin in the 1st place.
-Randy Newman
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
If it is not a coin needed for your collection and you are certain that it is under priced and have an avenue to quickly resell it for a profit, by all means do so.
Do not have any feelings of regret or remorse for the dealer selling it, as they have the same opportunity as any one else to make this profit. They either have not put the effort into knowing the series better or maximizing that knowledge.
If you have no means to purchase it and make the quick profit, please tell me where this coin resides and allow me to bask in those new found profits!
QN
Go to Early United States Coins - to order the New "Early United States Half Dollar Vol. 1 / 1794-1807" book or the 1st new Bust Quarter book!
yup...i'm in this crowd
but in answer...they've made their profit...i'm sure they like to see others make some too...we all survive
i'm still a crying lil baby over an pcgs au50 16-s walker that was a mid to high ms at au50 price and upon them going to ship it...they sent notice it was sold prior
so if you got one by...congrats...now fess up darned it...we want to know
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)
of said coin, the buyer liking it enough to think that it would slab at a TPG, to the time that it takes to slab a coin at a TPG, and then to go back to that coin
company and try to sell it again..... once the cycle was complete they would have forgotten about this coin.
I would say that this hypothetical coin would be considered a mid-level $$$ coin in a series which they handle quite of few examples of the type at any given time.
I do think that I would be best not to go back to the same coin company and try to resell it, just in case they give me a bad look.
As for me pulling the trigger on this coin or not, I'm still not likely to do it even if I have outside funding support. This coin would cost me 7x more than I have
ever previously spent on a coin, and my comfort level isn't for purchasing this coin hasn't reached that level yet.
If I do end up buying the coin, I will let you all know and post it here.
Novice Widow: Inform seller of the error before the sale
Dealer
Coin in question
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
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
They agree on a price and she pays him in cash.
Not only did she pay him in cash the bills stuck together and he ends up with significantly more that what they agreed.
His dilema
Does he tell his partners???
JM2C
<< <i>One other thing to consider: they have the benefit of grading the coin in hand, while you are trying to grade it from pictures. There could be something about the coin that they see in person which makes the coin correctly valued at their offering price, in which case instead of a potential rip & flip you're buried in the coin at a cost far above your usual comfort level.
Sean Reynolds >>
Sean, that's one of the biggest reason that makes me feel that this deal would be too good to be true.
<< <i>This coin would cost me 7x more than I have ever previously spent on a coin >>
Okay, so partner with someone else who knows the series, is more comfortable with coins at that price level, and is willing to send a modest finder's fee your way. Ideally, this should be someone who can view the coin in person, and confirm that the opportunity is as it appears.
If we're talking (or typing, as the case may be) about a high 4-figure amount, the flipping potential may be well worth the effort.