For those of you who own a store front

QuarterCollector · February 11, 2011 5:19AM

Someone walks in selling a group of 50 Morgan dollars. After briefly looking through the group and realizing that there mostly worth spot you ask him wants for them. The seller quotes you $5.00 a piece. Do you quickly pay the seller? Or do you educate him/her and offer a fairer price?

I only ask this because this scenario played out today at a local B&M when I was there. The seller was just a bit slow. Not special but slow if you know what I mean.

thecoinlook · February 11, 2011 5:20AM

I say educate and offer a fair price. I couldn't for $5 for a silver dollar and sleep well at night.

PTVETTER · February 11, 2011 5:31AM

I had someting like that happen here.

If you want to stay in business you let them know $5.00 is too low and make the same offer you would make to anyone else that walks in the door.

Makes things simple and I need simple thing.

penny4yourthoughts · February 11, 2011 5:35AM

MikeInFL · February 11, 2011 5:39AM

<< Word gets around. The tougher deal is the folks who think the common Morgans are worth AT LEAST $30....because they are RARE. >>

Considering spot price of silver is hovering around $30, I'd say they have good argument based on bullion value if not rarity.

As for the question posed by the OP, I do not own a store front, but I could not imagine taking advantage of a person by paying 1/6 spot.

PTVETTER · February 11, 2011 5:40AM

That's funny
that happened yesterday
A lady came in the store with a 1945 WHL well worn (good 4) and said she saw them on TV for 40 to 50 dollars each.
Now I know she thinks I am trying to put one over on her because I will not pay close to the 40 dollars each but I can not win no matter what I do in this case.
I just move on to the next deal.

QuarterCollector · February 11, 2011 5:49AM

Its good to know that there are some honest people out there.

Broadstruck · February 11, 2011 5:50AM

The seller was just a bit slow. Not special but slow if you know what I mean.

QuarterCollector, Your special to me... So how much did you end up getting

guitarwes · February 11, 2011 5:52AM

<< That's funny
that happened yesterday
A lady came in the store with a 1945 WHL well worn (good 4) and said she saw them on TV for 40 to 50 dollars each.
Now I know she thinks I am trying to put one over on her because I will not pay close to the 40 dollars each but I can not win no matter what I do in this case.
I just move on to the next deal. >>

Not trying to hijack the OP's thread, but since this came up, what do you folks who own a storefront do in this situation?

In regards to the OP, I would explain to the seller that the current market of these are $xx.xx and offer him my buy price on them.

ScarsdaleCoin · February 11, 2011 5:54AM

I am willing to bet lunch that the BM owner gave him the $5 each.... and I would gather that 9 out of 10 BM owners would do exactly that....

penny4yourthoughts · February 11, 2011 5:56AM

guitarwes · February 11, 2011 6:00AM

<< I am willing to bet lunch that the BM owner gave him the $5 each.... and I would gather that 9 out of 10 BM owners would do exactly that.... >>

I would hope not. This also may depend on if anyone else is in the shop when the seller walks in. I know my local B&M guy offers a good bit more if someone he knows is in the shop when someone wants to sell something vs. if he's there by himself with just the seller.

illini420 · February 11, 2011 6:02AM

I also think many B&M dealers would quickly pay the price quoted... they would be paying 100% of the asking price, even if that price is way below the market rate. But yeah, do you really think any B&M dealers are going to step up and openly admit that on a public coin collecting forum???

QuarterCollector · February 11, 2011 6:06AM

<< The seller was just a bit slow. Not special but slow if you know what I mean.

QuarterCollector, Your special to me... So how much did you end up getting

>>

Thanks buddy, it's nice to know Im well liked

Not me.....but I almost fell out of my chair when I saw what he got for them. He also had several rolls of circulated IHC and a few mixed notes (blue and red seal). I felt dirty afterwords and I wasnt even involved.

fc · February 11, 2011 6:11AM

<< 

<< Word gets around. The tougher deal is the folks who think the common Morgans are worth AT LEAST $30....because they are RARE. >>

Considering spot price of silver is hovering around $30, I'd say they have good argument based on bullion value if not rarity.

As for the question posed by the OP, I do not own a store front, but I could not imagine taking advantage of a person by paying 1/6 spot. >>

for an average morgan that has no numismatic value melt would be $23.25.
maybe if they thought a morgan dollar had a troy ounce of silver in it but it does
not.

so i can see how that would be tough to deal with them when a deal offers at least
7 dollars less then they expected.

mrpotatoheadd · February 11, 2011 6:12AM

I am willing to bet lunch that at least some of the people who'd criticize a dealer who bought the coins for the offered price of $5 would themselves buy the coins for $5 each if the seller offered them at that price at a garage sale.

Broadstruck · February 11, 2011 6:17AM

<< Thanks buddy, it's nice to know Im well liked

Not me.....but I almost fell out of my chair when I saw what he got for them. He also had several rolls of circulated IHC and a few mixed notes (blue and red seal). I felt dirty afterwords and I wasn't even involved. >>

QuarterCollector, I'm numb to B&M offer episodes as I can tell you some stories that will make your head spin.

Unfortunately unlike on the browse floor of a show you can not interfere in a Dealer's store during their negotiations with another customer no matter how unethical you personally feel their business practices are.

You can however make some discouraging eye signals as long as your not caught!

coindeuce · February 11, 2011 6:19AM

<< I am willing to bet lunch that the BM owner gave him the $5 each.... and I would gather that 9 out of 10 BM owners would do exactly that.... >>

John, being that you are from the neighborhood near N.Y. city, I can understand your cynical opinion.

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fc · February 11, 2011 6:25AM

<< I am willing to bet lunch that at least some of the people who'd criticize a dealer who bought the coins for the offered price of $5 would themselves buy the coins for $5 each if the seller offered them at that price at a garage sale. >>

i felt no remorse when buying rolls of war nickels at 30 dollars a roll at an antique
store last week.

i would buy every 5 dollar morgan they had and maybe even ask if they would let
them all go for 4 bucks each.

finding rips is the ONLY reason I go looking through old crap. it is the whole point
to the adventure.

what is the difference? i did not set myself up in the community as a so called
place to go to buy/sell bullion and rare coins where you might get treated in
a fashion that is considered fair in the industry.

LindeDad · February 11, 2011 6:30AM

Was this in Port Angeles, WA?

mrearlygold · February 11, 2011 6:34AM

<< Was this in Port Angeles, WA? >>

QuarterCollector · February 11, 2011 6:38AM

I have spoken to the B&M owner several times in regard to this type of situation. His stance is and will always be morally wrong IMHO. His excuses are that he has overhead costs rent, electric, insurance etc. or he gives them what their ask for. There is always an excuse yet people including repeat sellers come to him.
Last year a woman brought him a zip lock bag of walkers. He went through them and offer her a few % back spot. Not too bad until she left and he pulled out several early dates in XF and the kicker 1921 in VF. Which brings up another question.

Is it ok for a dealer to cherry coins from the unknowing public?

LindeDad · February 11, 2011 6:59AM

I don't want to seem too harsh but your local shop owner is very close to what I would call a thief.

PerryHall · February 11, 2011 7:02AM

<< I don't want to seem too harsh but your local shop owner is very close to what I would call a thief. >>

garrynot · February 11, 2011 7:02AM

<< I am willing to bet lunch that the BM owner gave him the $5 each.... and I would gather that 9 out of 10 BM owners would do exactly that.... >>

I think your generalization is an unprovoked insult to alot of people here.

kurtdog · February 11, 2011 7:05AM

<< Someone walks in selling a group of 50 Morgan dollars. After briefly looking through the group and realizing that there mostly worth spot you ask him wants for them. The seller quotes you $5.00 a piece. Do you quickly pay the seller? Or do you educate him/her and offer a fairer price?

I only ask this because this scenario played out today at my local B&M when I was there. The seller was just a bit slow. Not special but slow if you know what I mean. >>

Perhaps a better way to ask the question is, "Do you want a rock through your window when he finds out?" If you know what I mean...

Seriously, think of your business' reputation in the community, think long-term over short-term gain, and I'm sure you'll arrive at the right answer without any help from us.

llafoe · February 11, 2011 7:13AM

Even slow people have friends and family, children and grandchildren. Customer Service will earn you more money than an occassional rip.

jessewvu · February 11, 2011 7:57AM

I think I'd call the police and let them know I have a guy selling stolen coins.

UtahCoin · February 11, 2011 7:58AM

I rarely ask what they want for them (and often times they don't know what they want), I just appraise it, and tell what I will pay for it.

AMRC · February 11, 2011 8:10AM

<< I am willing to bet lunch that at least some of the people who'd criticize a dealer who bought the coins for the offered price of $5 would themselves buy the coins for $5 each if the seller offered them at that price at a garage sale. >>

Exactly.

PerryHall · February 11, 2011 8:46AM

<< I think I'd call the police and let them know I have a guy selling stolen coins. >>

I had that thought---good chance they were stolen.

PinkFloyd · February 11, 2011 9:16AM

I don't own a store front---but if I did, I'd give the guy a better deal. What comes around....

MaineJim · February 11, 2011 9:50AM

Myself I would have a hard time looking in the mirror if I took advantage of someone like this. I would guess that this guy has done this many times and probably happens on a weekly basis. I bet the people walking in often just don't care and look at it as free money as they are likely cashing in Dad's old collection and anything more than face value makes them happy.

Maine_Jim

QuarterCollector · February 11, 2011 10:09AM

<< I rarely ask what they want for them (and often times they don't know what they want), I just appraise it, and tell what I will pay for it. >>

Your one of the rare ones. Every B&M that I have attempted to sell or have sold to always asks me first.. "What do you want for it".

Coinosaurus · February 11, 2011 10:17AM

<< A lady came in the store with a 1945 WHL well worn (good 4) and said she saw them on TV for 40 to 50 dollars each.
Now I know she thinks I am trying to put one over on her because I will not pay close to the 40 dollars each but I can not win no matter what I do in this case.
I just move on to the next deal. >>

Maybe the best thing to do in this case is to not make an offer at all.

coindeuce · February 11, 2011 10:32AM

Apparently QuarterCollector's local B & M dealer isn't concerned with the possibility existing of one of his selling customers relating the details of their recent or prior transactions to a more numismatically informed acquaintance or colleague. In this business, word travels like lightning, be it positive or negative in context. Give it time. That dealer's reward will come to bear. Lightning can strike anywhere.

BST transactions: ao39,Bajjerfan,Barndog,Batman23,Blackhawk,
Braddick,brokezorro,cohodk,CoinsAreNeat,Coinlearner,cucamongacoin,dizzyfoxx,DoubleEagle59,dpvilla,
dsessom,Ducky1100,EvilEmpire,eyoung429,greencopper,grip,jakeblue,JonathanB,Kalshacon,
Keets,kryptonitecomics,KSteelheader,LasVegasTeddy,LeeG,
LucyBop,mach19,MisterTicToc,
Nocerino18,Numisma,oldwestgold,oreville,PreTurb,
Rob41281,Robb,robkool,RPMHunter,RTS,
SeaEagleCoins,steelielee,Stone,sToner,smittys,tydye,Walkerguy21D

golden · February 11, 2011 11:49AM

How do you sleep paying $5?

avenue7 · February 11, 2011 11:57AM

Would this kind of stuff be considered good ethics? Nope.

Sadly though, this happens all the time with dealers wanting to make maximum profit margin

Geoman · February 11, 2011 12:53PM

Didn't have that happen with Morgan Dollars, but I had someone bring in a collection a few months ago. He told me he needed money and was hoping to get $350 for everything. There were many better date coins, and I ended up paying him $3,100 for it. He couldn't believe it, was jumping up and down, etc. While I could have bought it cheaper, I think it paid off already as he must have told a few of his friends, and they have come in to sell items, telling me about how they had heard of me through him. Karma!

onthelake · February 11, 2011 9:35PM

Most of our business comes from Word of Mouth advertising. If this happened and it does happen on a frequent basis we choose never to miss an opprortunity to pay fair market value and pick up some good Word of Mouth advertising. For those of you who believe or know that most B&M dealers would do something else. Those dealers must not be paying for advertising or aren't using thier heads. It is far less expensive to have just paid full price for the dollars!

shottaker · February 13, 2011 10:58AM

Having bought a "few" deals in my life I have encountered this at times. Only asking what someone wants for deals when they have 5k+ coins I always just appraise what they have and thats it.
I have had a few slower customers blurt out "so and so offered me x" (x being a similarly ridiculous price per coin). My solution is not to tell them Im paying y per coin. Instead I just give them a total based on y. They usually grin like they just got one over on me as I must have misadded my total. Interesting that very few ever ask if im paying too much. If you tell them youre paying y per coin they get spooked and think its worth even more then that...........

This philosophy is correct even with some of the supposed average and above intelligence ones that come in. A LOT of the time if one guy offers 5 then you offer 20 they start thinking its worth 1,000.....
Let them think you messed up, pay them right, then watch them believe theyre screwing you.......
Amazing that the VAST majority think its ok to screw the b&m dealer.

I run 2 B&M shops and its interesting to see the sentiment of many posters here. My expenses are cheap for the size of stores I run and this by no means covers everything but a fair number including employees, rent and advert + every local charity that wants a donation, works out to $500 a day give or take. Thats really lean for the industry and size of shops I run.

Both my stores are in smaller towns with larger towns nearby. Small towns talk and word of mouth is important. Bad press works way more effective so pay right and stay in business. Oh and I see where a lot of guys would be tempted to tke the free payday. 90% of what we buy we make 10% on and can turn right away (numbers arent exact but close). The other 10% sticks around till we find a bulk buyer, so a lot of times it seems like you are a home for wayward buffalo and v nickels etc. Retail is horrible up here due to the economy and no its not our business philosophy as I built someone elses store into the largest retail store in the state years ago when I had to work for other people. I'm comfortable and scrap gold/wholesale is what pays for gas and pizza for me these days, but I can see where some guys would need to do some of the reprehensible things in these times. Some are scumbags and some are just trying to stay afloat. Never fear though harder times are on teh horizon for the coin industry and then it will be the quick and the dead. The crooked usually get sifted out as well.

Mercfan · February 13, 2011 11:49AM

<< I am willing to bet lunch that the BM owner gave him the $5 each.... and I would gather that 9 out of 10 BM owners would do exactly that.... >>

I really respect and appreciate your candor, not just in this repy, but in many that you've offered in the past. If I'm ever in Scarsdale during business hours on a business day, I'm going to stop in and make a purchase.

Julian · February 13, 2011 12:32PM

<< I am willing to bet lunch that the BM owner gave him the $5 each.... and I would gather that 9 out of 10 BM owners would do exactly that.... >>

Not this BM dealer, Jon, and I have had the opportunity many times. I would pay him the same as anyone else that brought the coins in.

Kaelasdad · February 13, 2011 1:43PM

I volunteer at a B&M and we have had folks come up and demand payment --sometimes wayyyyyy under what buy is, and we educate them. We want them happy, we want them to leave good feedback online and we want to be the shop in town where folks feel comfortable selling, and buying. We also get the calls from folks saying if someone bought a 1943 cent for 1 million, how much is their much older 1935 cent worth. We educate them as well.

BaseballAbs · February 13, 2011 2:11PM

Hey, I'm special and slow!

Unknown · February 13, 2011 2:32PM

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melvin289 · February 13, 2011 4:13PM

These dealers are like white belted car salesmen. I went onto a car lot to ask about a car I had seen on their lot. I asked what they wanted for the car. The salesman came right back with, "what will you give for it?" I left.

Ron

jdimmick · February 13, 2011 4:59PM

Believe it or not this actually happens more than you think, and I always re-counter with a more fair offer. Now, if I am at a show and another dealer has something too cheap, I would be less likely to divuldge only becuase I would expect them to know better since there in the business, unless of course it were a specialty item.

I had a guy come in last week with a 100 oz bar of silver looking for 1700.00 , I informed him that did he realize silver is now close to 30 an oz, and offered him 2750.

sumnom · February 13, 2011 6:33PM

<< 

<< I rarely ask what they want for them (and often times they don't know what they want), I just appraise it, and tell what I will pay for it. >>

Your one of the rare ones. Every B&M that I have attempted to sell or have sold to always asks me first.. "What do you want for it". >>

When I get that question I reply, "$400 million."

Mission16 · February 14, 2011 12:57AM

<< I am willing to bet lunch that the BM owner gave him the $5 each.... and I would gather that 9 out of 10 BM owners would do exactly that.... >>

And probably go on their respective forums and say they had done just the opposite.

Sonorandesertrat · February 14, 2011 2:09AM

<< Was this in Port Angeles, WA? >>

One could hope so.

For those of you who own a store front

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