How to handle coins I bought from a dealer & unhappy with

MrOrganic · December 8, 2009 9:38AM

I bought some $20 libs sight unseen & went just on the dealers online desc. i received them an they are NOT "VF some XF" like he described. He said no damage but IMO they have scratches on every one an all over them. Not light polish scratches or bag marks but heavy hits/scratches ..one even has a BIG hit on the rim. These are jewelry grade/TPG would say "genuine"...worst of the worst

I bought this thru a dealer 2 dealer network an I am assuming he will take them back BUt I am looking for advice on how to approach him/handle it.

thanx

.......of AAALLLL teh coins i bought these past 2 years this has never happened to me. BTW wasnt from the BST

savoyspecial · December 8, 2009 9:40AM

Just wondering: were these priced for their bullion content or were they priced numismatically?

mrearlygold · December 8, 2009 9:48AM

How much did you pay for them ?

MrOrganic · December 8, 2009 9:50AM

<< Just wondering: were these priced for their bullion content or were they priced numismatically? >>

$1375 /numismatically

RYK · December 8, 2009 9:50AM

My guess is that if you bought sight-unseen via a dealer-dealer network, they are yours. I highly doubt that there is a return privilege under those circumstances. In fact, that's what sight-unseen means.

RYK · December 8, 2009 9:52AM

<< 

<< Just wondering: were these priced for their bullion content or were they priced numismatically? >>

$1375 /numismatically >>

That's essentially the going rate for "junk gold" (per the Heritage indications).

mrearlygold · December 8, 2009 9:53AM

What was spot or what was the date you bought them? ( forget about the return crap for now, let's figure out where you stand on your purchase ok? )

I'm home now though and my Wife just put out potted chicken so................

MrEureka · December 8, 2009 9:54AM

With gold much lower in the past few days, don't expect a full refund. The best you can reasonably hope for is replacement coins, or a (small) partial refund.

And as others have suggested, a key consideration for any resolution should be if you got fair value for your money.

RYK · December 8, 2009 9:55AM

<< What was spot or what was the date you bought them? ( forget about the return crap for now, let's figure out where you stand on your purchase ok? )

I'm home now though and my Wife just put out potted chicken so................ >>

291fifth · December 8, 2009 10:01AM

With the recent drop in the price of gold I expect your request will be turned down.

MrOrganic · December 8, 2009 10:25AM

I am concerned with the drop in gold he is going to think that is my reasoning. Thats why I am seeking advice. I wish just to get replacement.

Never hurts to ask/try

TO BE CONT....

MrEureka · December 8, 2009 10:30AM

I am concerned with the drop in gold he is going to think that is my reasoning. ... I wish just to get replacement.

My advice is to tell that to the seller. Telling us doesn't help any.

MrEureka · December 8, 2009 10:32AM

BTW, it's also possible that your expectations with respect to the quality of the coins were unrealistic. For a reality check, you might want to post images of the coins and get our feedback.

SilverEagles92 · December 8, 2009 10:32AM

I agree with Andy.

If your intent is to get replacement coins and not a refund, make that known from the start.

mrpotatoheadd · December 8, 2009 10:38AM

<< $1375 /numismatically >>

APMEX is currently selling cleaned/polished $20 Saint Gaudens for $1396.95, with gold at $1132 (+/-), so I'd guess the coins you bought weren't priced numismatically.

astrorat · December 8, 2009 10:51AM

<< BTW, it's also possible that your expectations with respect to the quality of the coins were unrealistic. For a reality check, you might want to post images of the coins and get our feedback. >>

Excellent advice...

Lane

RYK · December 8, 2009 10:55AM

In a recent blog, Doug Winter wrote that common date $20 Libs that look like they have been run over by a truck are selling for $1500. It sounds like you got a good deal.

percyb · December 8, 2009 10:57AM

roadrunner · December 8, 2009 11:00AM

Don't get too caught up with the posted prices by Heritage or anyone else for problem $20's or even better grade circs. Those prices are not for unlimited quantities and varies depending on what just came through the door. The prices are more a courtesy than a firm offer to buy "the world." While the big boyz have posted sells of nearly $1400+ on their jewelry $20's I know some gold wholesalers who were actively buying/flipping them for $1200-$1300....a far cry from $1400+. It there were a real offer out there for quantities at $1400+ the wholesalers would be selling to those guys rather than trying to dump them on me (lol). While solid XF/AU coins were trading in that $1400-$1500 range recently, the real schlock of circ $20's was far away from those levels. That's one reason those guys don't post an actual "buy" number for jewelry coins....just the sell price.

There are many $20's in AU58 to MS62 holders that looked like they got run over with a truck....and were bringing $1500+ per DW. But the $20's that were acid dipped, scrubbed with brasso, burnt in a fire, and then used for table hockey were not fetching $1500, $1400, and probably not $1300.

roadrunner

TwoSides2aCoin · December 8, 2009 11:00AM

These coins are a commodity and can be used as cash. They're authentic and sound generic, so the dealer probably has no issues taking them back. I think your happiness is greatly dependent on your ability to effectively keep your composure when communicating these issues and asking for concessions, and that's key to having and keeping a relationship with the dealer.

joebb21 · December 8, 2009 11:35AM

specifically state trade in.

IGWT · December 8, 2009 11:46AM

How to handle coins I bought from a dealer & unhappy with

By the edges.

magikbilly · December 8, 2009 4:00PM

Hi there,

<<And as others have suggested, a key consideration for any resolution should be if you got fair value for your money.>> - Andy Lustig

Another consideration/suggestion would be to ask more questions before you buy - like clarifying the return policy, if any. Especially sight unseen. HI ANDY!

I see you are "doggedly" collecting coins from the Republic. I can point you to some truly rare items with sterling provenance other than coins from her that might interst you if you like. I also have some original photographs of her and her sister Adriatic. The Adriatic photo (handcolored with 5 colors and well done) is not for sale though as it is dedicated and signed to me personally by Miss Millvina Dean, the last survivor of the Titanic disaster, who returned with her mother and brother aboard this ship. I was fortunate enough to have some correspondence with her. A lovely lady. For a good laugh, read what the Captain of this vessel said when he brought her over on her mv in 1907. He would later be Captain of the Titanic...

<<Never hurts to ask/try>> - Mr. Organic

Especially before you make that purchase. And "VF some XF" just makes me nervous. That kind of grading might indicate the "actual" condition to me.

Best and good luck,
Eric

MrOrganic · December 8, 2009 7:01PM

<< Don't get too caught up with the posted prices by Heritage or anyone else for problem $20's or even better grade circs. Those prices are not for unlimited quantities and varies depending on what just came through the door. The prices are more a courtesy than a firm offer to buy "the world." While the big boyz have posted sells of nearly $1400+ on their jewelry $20's I know some gold wholesalers who were actively buying/flipping them for $1200-$1300....a far cry from $1400+. It there were a real offer out there for quantities at $1400+ the wholesalers would be selling to those guys rather than trying to dump them on me (lol). While solid XF/AU coins were trading in that $1400-$1500 range recently, the real schlock of circ $20's was far away from those levels. That's one reason those guys don't post an actual "buy" number for jewelry coins....just the sell price.

There are many $20's in AU58 to MS62 holders that looked like they got run over with a truck....and were bringing $1500+ per DW. But the $20's that were acid dipped, scrubbed with brasso, burnt in a fire, and then used for table hockey were not fetching $1500, $1400, and probably not $1300.

roadrunner >>

Exactly RR

I too see them being bought @ around $1250

Unknown · December 8, 2009 9:42PM

This content has been removed.

sinin1 · December 8, 2009 11:46PM

dealer 2 dealer network?

Surely the network has some rules on conduct - what are they? You probably pay money to be a member of that network - ask the administrators - call/email the seller and tell them they are crap and you are sending them back (not sure how to handle the $100 drop in gold price)

CaptHenway · December 8, 2009 11:56PM

<< I bought some $20 libs sight unseen & went just on the dealers online desc. i received them an they are NOT "VF some XF" like he described. He said no damage but IMO they have scratches on every one an all over them. Not light polish scratches or bag marks but heavy hits/scratches ..one even has a BIG hit on the rim. These are jewelry grade/TPG would say "genuine"...worst of the worst

I bought this thru a dealer 2 dealer network an I am assuming he will take them back BUt I am looking for advice on how to approach him/handle it.

thanx

.......of AAALLLL teh coins i bought these past 2 years this has never happened to me. BTW wasnt from the BST

>>

Two thoughts:

If you bought them as a dealer on a dealer to dealer network, you should be addressing the question as a dealer on said network, not on a collectors' forum.

What was the spot price of gold at the moment you made the purchase? Heritage buys problem $20 Libs at +10%, and sells them for roughly +20 to 22% depending on supply and demand. If you bought in when gold was $1225 you should not expect much for $1375. You don't always get what you pay for, but you seldom get more than you pay for.

MOO

TD

Longacre · December 9, 2009 12:18AM

I think you paid a decent price for junk gold. Given that it was sight unseen and dealer to dealer, I think you own the coins now.

skeeterhawk · December 9, 2009 12:19AM

As stated previously.......sight unseeen means that they are yours..............IMHO

mrpotatoheadd · December 9, 2009 12:22AM

<< I bought this thru a dealer 2 dealer network... >>

Does the network have any rules regarding sight unseen deals?

MrOrganic · December 9, 2009 6:09AM

WOW!

some of the responses on here?????

UPDATE.

He refunded $500 off the total

I am satisfied with this resolution.

Thank you to all who gave positive & helpful tips.

How to handle coins I bought from a dealer & unhappy with

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How to handle coins I bought from a dealer &amp; unhappy with

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How to handle coins I bought from a dealer & unhappy with