Would you send a check for a large amount to an unknown collector?

AnkurJ · July 25, 2011 12:08AM

I had been trying to work a deal with another collector, who had a coin I was very interested in. The coin was listed raw on ebay, but was recently graded by PCGS. The seller has minimal selling history, and has not been active in the coin industry for over 2 years. He told me to mail him a check for the coin. I told him I would like to see the coin in hand first, and offered a long list of numismatic references of dealers and auction companies who have sent me coins on approval in the past. He refused saying he must have money in hand before sending the coin.

At this point, I offered to pay via paypal, and would cover the fees. However, there must be a return policy if I do not like the coin in hand. He declined, and said that slabbed coins are traded regularly sight unseen, and he cant offer a return policy. I asked if we can use a dealer as a middle man, but that did not work either. Needless to say, I passed at this point.

My questions to board members is this. Would you send a check for a substantial amount to an unknown collector without seeing the coin in hand? And if they offered no return policy? Im talking about a five figure coin, so it was a pretty big deal. I would love to own the coin, but I just cant chance such a substantial amount.

AJ

Wingsrule · July 25, 2011 12:11AM

For a 5-figure coin, would a plane ticket be in order for a face-to-face meeting?

Tiny · July 25, 2011 12:17AM

Not No but HELL NO!! would I send that person dime.

keyman64 · July 25, 2011 12:19AM

Geez, you certainly tried harder than I would have probably. Definitely walk away...

To answer your question, no. I do not think I even know where my checkbook is...I probably have not used a check in 5-10 years.

RRich2004 · July 25, 2011 12:20AM

<< I had been trying to work a deal with another collector, who had a coin I was very interested in. The coin was listed raw on ebay, but was recently graded by PCGS. The seller has minimal selling history, and has not been active in the coin industry for over 2 years. He told me to mail him a check for the coin. I told him I would like to see the coin in hand first, and offered a long list of numismatic references of dealers and auction companies who have sent me coins on approval in the past. He refused saying he must have money in hand before sending the coin.

At this point, I offered to pay via paypal, and would cover the fees. However, there must be a return policy if I do not like the coin in hand. He declined, and said that slabbed coins are traded regularly sight unseen, and he cant offer a return policy. I asked if we can use a dealer as a middle man, but that did not work either. Needless to say, I passed at this point.

My questions to board members is this. Would you send a check for a substantial amount to an unknown collector without seeing the coin in hand? And if they offered no return policy? Im talking about a five figure coin, so it was a pretty big deal. I would love to own the coin, but I just cant chance such a substantial amount.

AJ >>

I agree with Wingsrule. If you have that kind of money to spend on a coin, certainly you could afford a plane ticket to go see the coin in hand.

If the mountain won't come to Mohammad, Mohammad must go to the mountain!

AnkurJ · July 25, 2011 12:29AM

True about flying there. But between work and family, I just dont have the time.

Sonorandesertrat · July 25, 2011 12:33AM

He said no returns. Even if you saw the coin in hand, are you sure enough of your coin evaluation skills yet?
This is a recipe for a mess. And the seller seems to be looking for a yob who doesn't know what he is doing.
If that coin was really enticing, why was it put up on Ebay, and not sold via another venue?

MrEureka · July 25, 2011 12:36AM

I might. It would depend on the price, among other things.

In this case, even if you can't go look at the coin yourself, you should be able to find someone (local to the seller) that can handle it for you, for a fee. PM me if you need a suggestion for someone in the area.

Banemorth · July 25, 2011 12:36AM

A seller who won't stand behind what he sells is a seller that I don't want to do business with.

MrEureka · July 25, 2011 12:38AM

A seller who won't stand behind what he sells is a seller that I don't want to do business with.

Fair enough. But most of us would deal with the Devil himself if he had the right coin at the right price.

SaorAlba · July 25, 2011 12:39AM

Yeah AnkurJ, I would send YOUR cheque, but not mine.

En otros palabras, no way Jose!

Banemorth · July 25, 2011 12:40AM

<< A seller who won't stand behind what he sells is a seller that I don't want to do business with.

Fair enough. But most of us would deal with the Devil himself if he had the right coin at the right price. >>

Truer words were never spoken but one thing I've learned the HARD way was that if a deal sounds too good to be true then it probably is.

crypto79 · July 25, 2011 12:44AM

You had a bad feeling about the seller, trust your gut. He had a bad feeling about the buyer and trusted his. Both should move on and I suspect you will find something else that catches your eye any min now.

AnkurJ · July 25, 2011 12:48AM

<< You had a bad feeling about the seller, trust your gut. He had a bad feeling about the buyer and trusted his. Both should move on and I suspect you will find something else that catches your eye any min now. >>

Already have

RB1026 · July 25, 2011 1:10AM

I wouldn't have sent the check either. Too much risk there considering the amount of $$ that was in play.

stevek · July 25, 2011 1:11AM

<<< Would you send a check for a substantial amount to an unknown collector without seeing the coin in hand? >>>

The correct answer is "No" unless anyone wishes to be a glutton for punishment.

RYK · July 25, 2011 1:19AM

No matter what anyone else says, if it does not feel right, don't do it.

In your scenario, I would have passed and moved on much earlier in the negotiation process.

Then again, I may have missed an outstanding opportunity, but I am willing to live with it.

MikeInFL · July 25, 2011 1:28AM

<< I had been trying to work a deal with another collector, who had a coin I was very interested in. The coin was listed raw on ebay, but was recently graded by PCGS. The seller has minimal selling history, and has not been active in the coin industry for over 2 years. He told me to mail him a check for the coin. I told him I would like to see the coin in hand first, and offered a long list of numismatic references of dealers and auction companies who have sent me coins on approval in the past. He refused saying he must have money in hand before sending the coin.

At this point, I offered to pay via paypal, and would cover the fees. However, there must be a return policy if I do not like the coin in hand. He declined, and said that slabbed coins are traded regularly sight unseen, and he cant offer a return policy. I asked if we can use a dealer as a middle man, but that did not work either. Needless to say, I passed at this point.

My questions to board members is this. Would you send a check for a substantial amount to an unknown collector without seeing the coin in hand? And if they offered no return policy? Im talking about a five figure coin, so it was a pretty big deal. I would love to own the coin, but I just cant chance such a substantial amount.

AJ >>

Short answer: No.

A bit longer answer: I tried to conssumate a deal similar to the one you describe on the BST. I would not send money up front, they would not send coins up front. The deal fell apart. The seller was Marz.

Unknown · July 25, 2011 1:29AM

This content has been removed.

AnkurJ · July 25, 2011 1:34AM

<< 
Short answer: No.

A bit longer answer: I tried to conssumate a deal similar to the one you describe on the BST. I would not send money up front, they would not send coins up front. The deal fell apart. The seller was Marz. >>

I think you saved yourself a major headache!

Andy was kind enough to give me his thoughts on the coin. There are too many nice coins coming up for sale at the ANA, that it would be unwise for me to tie up money in a sub-par coin.

Mowgli · July 25, 2011 1:37AM

I must be missing something - How many novice sellers would send a coin to someone without getting the check first?
The "no returns" policy is a killer regardless but no collector has ever sent me a coin without me paying him first.

roadrunner · July 25, 2011 1:38AM

You made the right move. Do not look back. You did all the due diligence you could to get the deal done. Way too many red flags even if this were a dealer that could provide some
references.

Don't be surprised if weeks or months from now the same guy approaches you because they haven't been able to sell the coin.

roadrunner

renomedphys · July 25, 2011 1:42AM

If you really want the coin, then a $500 ticket and a day out isn't that big a deal.

Maybe he'll lower his price by that amount once he figures out that this is the only way the deal is gonna happen.

MikeInFL · July 25, 2011 1:44AM

<< 

<< 
Short answer: No.

A bit longer answer: I tried to conssumate a deal similar to the one you describe on the BST. I would not send money up front, they would not send coins up front. The deal fell apart. The seller was Marz. >>

I think you saved yourself a major headache! >>

You are not the first to suggest that.

Coins911 · July 25, 2011 1:46AM

A plane ticket is less than covering the paypal fees on a 5 figure coin

PerryHall · July 25, 2011 1:52AM

<< Not No but HELL NO!! would I send that person dime. >>

If you were the owner of that very expensive coin, would you send it to a complete stranger without first getting payment?

RYK · July 25, 2011 1:56AM

<< 

<< Not No but HELL NO!! would I send that person dime. >>

If you were the owner of that very expensive coin, would you send it to a complete stranger without first getting payment? >>

I think that there are significant impediments that preclude complete strangers from doing deals for expensive coins. The greater the amount of the transaction, the more wary each party will likely be. To his credit, AnkurJ offered some suggestions that would mitigate the risk for both parties, but they were declined.

Perhaps the seller is better suited to sell the coin in person (at a shop, at a show, to a major national dealer, via auction, etc.)

barrytrot · July 25, 2011 1:56AM

If it's a "no time" issue the OP may want to consider buying the seller a plane ticket instead.

AnkurJ · July 25, 2011 1:58AM

<< 

<< Not No but HELL NO!! would I send that person dime. >>

If you were the owner of that very expensive coin, would you send it to a complete stranger without first getting payment? >>

If he provided stellar references, yes. Of course I would check with the referenced first.
Many dealers have sent me pricey coins on approval. I also offered for someone to be a middle man. But with no return policy, it was too risky even with a middle man.

Good point Barry! But knowing him, he would want nothing less than first class!

crypto79 · July 25, 2011 2:41AM

It might not have been that he thought your money wasn't good, he might have thought you were just a window shopper and didn't want the hassle and risk of moving a big money coin.

yellowkid · July 25, 2011 2:51AM

<< A seller who won't stand behind what he sells is a seller that I don't want to do business with. >>

mozin · July 25, 2011 2:52AM

The only way I would send the check before having the coin in hand is if the seller provided references I knew, respected, and the seller checked out with all the references. For me, a no return policy would mean I paid a lot less for the coin than if I had the return option.

TomB · July 25, 2011 2:56AM

The way you have written this makes it appear that he was not very cooperative or understanding with respect to your concerns. As such, I see no reason to do business with him given the exposure you would be taking, lack of prior in-hand inspection and the reluctance that you obviously had going into the deal.

telephoto1 · July 25, 2011 3:14AM

I guess I can see both sides of this. I think OP did the right thing to protect himself, but I can also understand the seller not wanting to be used as a free approval service on a 5-digit coin. However if you own something of that caliber and aren't confident enough in its quality to do a Paypal deal with the buyer offering to pay the fees, then that speaks to either the seller or the coin-or both. I think OP made the right call.

Bear · July 25, 2011 3:29AM

Let me be absolutely blunt......HELL NO!

All of the red flags are flying. Do not under

any circumstances get involved with this person,

you would probably regret it.

zas107 · July 25, 2011 3:37AM

Was this coin a standing liberty quarter by chance (I'm not the seller of the coin I am referencing, just wondering is all. )

joebb21 · July 25, 2011 3:53AM

If one party is "unknown" to another it tends to become some type of crapshoot.

Recently I saw a coin listed on ebay I was interested in and emailed the seller to pull it (I had done a deal with him some time ago).

We agreed on a price (5k) and I asked him to send the coin and I will send a check.

No matter how many references I offered that my check would be good, he still would not ship until the check was in hand and cashed.

Point of the story- was buyers dont want to have to wait till a check gets there and clears (7 days) while sellers want the money upfront so they dont feel like their being taken.

End of the story was that I send a paypal payment of $5150 (cover his fees by paypal and Im protected) and 2-3 days later I got the coin.

I was happy with the purchase but also was slightly annoyed that $150 had to be wasted to get it.

Longacre · July 25, 2011 3:54AM

Find a dealer as a middle man.

However, based on your description, the seller seems flaky, so you should walk away.

09sVDB · July 25, 2011 7:02AM

Absolutely not

Chump4Change · July 25, 2011 7:16AM

No...

MrEureka · July 25, 2011 8:25AM

Find a dealer as a middle man.

There are many qualified and trustworthy dealers in the region of the seller who would have been glad to take the ride and get the deal done, for a modest fee.

Frankly, I'm surprised how quick you guys would give up. If you want a coin badly enough that you would pay for it, it should be worth some effort as well.

seateddime · July 25, 2011 8:26AM

nope

thisnamztaken · July 25, 2011 9:00AM

Pass!!

PerryHall · July 25, 2011 9:03AM

<< Find a dealer as a middle man.

There are many qualified and trustworthy dealers in the region of the seller who would have been glad to take the ride and get the deal done, for a modest fee.

Frankly, I'm surprised how quick you guys would give up. If you want a coin badly enough that you would pay for it, it should be worth some effort as well. >>

No returns = No deal.

MrEureka · July 25, 2011 9:14AM

No returns = No deal.

That would rule out most auction purchases, for starters.

TonedCommem · July 25, 2011 10:04AM

I would never buy a coin for more than $3000 without me seeing the coin in hand first.

PerryHall · July 25, 2011 10:09AM

<< No returns = No deal.

That would rule out most auction purchases, for starters. >>

Not the same situation as being discussed here since you have an opportunity to examine the auction lots before you bid.

golden · July 25, 2011 11:25AM

Danger,danger Will Robinson!

SoCalBigMark · July 25, 2011 11:35AM

Sometimes you just got to roll the dice...

khayse · July 25, 2011 11:56AM

You've offered him plenty of options...he just doesn't seem to want to make a deal very much. Or he really just wants to be done with the coin and doesn't want to be bothered with a return policy. Either way, it's time to fish or cut bait.

I am surprised there's no one in the numismatic community he trusts to hold the coin and the money though.

-Keith

morgansforever · July 25, 2011 12:45PM

<<Let me be absolutely blunt......HELL NO!>>

What Bear said, you offered the seller reasonable options, he declined, walk.
Glad to see you went with your gut, good job.

Would you send a check for a large amount to an unknown collector?

Comments

Leave a Comment