What do you do when a dealer won't give you a serious price on a coin for sale?

RYK · January 17, 2012 1:04PM

A well-respected dealer, who happens to occasionally post here, dangles a dirty gold coin for sale. He tells you about it, you affirm that you are interested, and he tells you that he will ship it to you.

You inquire on the price, and the dealer says "How about one million dollars? The great collectors are willing to stretch for a nice coin." You know the coin is valued less than $1000, and the dealer ships the coin.

Well, the coin arrives, and it is exactly what the dealer tells you it would be, if not better. The coin comes with an invoice, the description of the coin, and the dollar amount is blank.

What do you do? Is the coin a gift? Are you obligated to pay $1,000,000 to keep the coin? Since the invoice has no price, does the dealer lose the ability to require payment for it?

USMoneylover · January 17, 2012 1:05PM

Send him a blank check?

AnkurJ · January 17, 2012 1:07PM

Since he is so unsure, send him melt value.

mrpotatoheadd · January 17, 2012 1:12PM

How much would you like the dealer to keep shipping you the kinds of coins you're interested in?

Coinosaurus · January 17, 2012 1:15PM

It sounds like a PQ coin. Pay up the PQ money and be glad the dealer is routing the nice ones to you instead putting them on the CRO website

Lakesammman · January 17, 2012 1:18PM

Oh, for Pete's sake....... are you on call again??

curly · January 17, 2012 1:20PM

Send the dealer a box of candy.

RYK · January 17, 2012 1:20PM

<< Oh, for Pete's sake....... are you on call again??

>>

Yes...and no.

RYK · January 17, 2012 1:23PM

<< Send the dealer a box of candy. >>

Actually, it would be more appropriate to send him and his partner some DOG treats.

Justacommeman · January 17, 2012 1:30PM

Man they are stealing my move! MJ

Cam40 · January 17, 2012 1:30PM

Maybe hes quirky that way but, I`d either return the whole thing or I
check out price guides and figure roughly what he would otherwise sell it for
and fill it the amount and sent that and see what he says?

TwoSides2aCoin · January 17, 2012 1:35PM

Send coin to one of the auction houses. After it sells, refer the guy who sent it to you to the thread "If you buy a stolen coin at auction"....
After you get the money, buy a nicer coin and still have enough money left over for "DOG" treats.
I never got a job writing advice columns, but I never let that stop me from giving lousy advice, either.

ebaybuyer · January 17, 2012 1:36PM

you just contact the guy and ask what the amount should be on the check, i agree he may be a bit quirky, but im guessing its not a coin that you could buy off the greysheet any day of the week

MrEureka · January 17, 2012 1:36PM

I would think a 10% courtesy discount would be in order, as long as it's not a credit card deal. Send him a suitcase with 900K in cash. And if there's room in the suitcase, toss in a box of Milk Bones.

pursuitofliberty · January 17, 2012 1:41PM

LOL ... that's a tough one if the story is true. Actually pretty tough.

Seriously ...

You don't want to send him too little, and depending, you probably don't want to send him too much.

I might be tempted to call, praise the coin (since you obviously like it), and the fact he sent it out to you, and then lightheartedly say something like ...

"I was starting to write the check, but really can not afford the 1,000,000. we discussed for this one."

<pause for effect> and long enough for possible retort from said dealer

If I got nothing there ... then

"And since the invoice was blank, I was thinking maybe you wanted a blank check"

This will probably get something, if not at least one heck of a chuckle.

After that I'm sure the lines of communication about price will be open, and you probably know what it's worth and what the "experience" is worth, and I would think you can firm up a price at that point.

stman · January 17, 2012 1:43PM

I've had this happen. And from a well known respected guy that I like. Seller had what I asked for, I asked for price and no price. He ships it. While in transit I ask the price. It gets here without an invoice and no price at all. I PM the guy ask once again. Now, it was a bit unusual, and I was willing to pay strong. Finally got the price and I'm serious I spit my coffee on my monitor and got it outta here very quickly.

I knew I didn't like the way it was going and won't do something like that again. I'm sure your experience will be fine though and it's all in fun. Of course I thought my experience was too!!!

RYK · January 17, 2012 1:44PM

Well, it looks like just starting a thread about it knocked the price down by $100k. This guy is a pushover. Let's see if I can get it down a wee bit lower. PCGS price guide for the coin is $380.

habaraca · January 17, 2012 1:46PM

Have you purchased from this dealer before??

what were the number and percentages compared to retail price guides on those purchases?

If the deals have been consistant to the percentage use that as a price if you want to coin.

stman · January 17, 2012 1:50PM

Forgot to mention...... 5 years later we spoke again about the deal. Gave me a price I was fine with and finished the deal.

RYK · January 17, 2012 1:52PM

<< Forgot to mention...... 5 years later we spoke again about the deal. Gave me a price I was fine with and finished the deal. >>

5 years to complete the deal? You have the patience of Job.

stman · January 17, 2012 1:55PM

<< 

<< Forgot to mention...... 5 years later we spoke again about the deal. Gave me a price I was fine with and finished the deal. >>

5 years to complete the deal? You have the patience of Job.

>>

He wasn't in a rush to sell it. And apparently I wasn't in a rush to buy. Even 5 years later it was tough for me to get him to commit to a price before shipping. Yeah, I'm a patent kinda guy.

Unknown · January 17, 2012 1:56PM

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jayPem · January 17, 2012 2:26PM

<< I would think a 10% courtesy discount would be in order, as long as it's not a credit card deal. Send him a suitcase with 900K in cash. And if there's room in the suitcase, toss in a box of Milk Bones. >>

This dealer is outed !
$380 pcgs price guide ? Gotta be a one dollar....?

stealer · January 17, 2012 2:50PM

Maybe he forgot to write the price

MikeInFL · January 17, 2012 4:14PM

<< A well-respected dealer, who happens to occasionally post here, dangles a dirty gold coin for sale. He tells you about it, you affirm that you are interested, and he tells you that he will ship it to you.

You inquire on the price, and the dealer says "How about one million dollars? The great collectors are willing to stretch for a nice coin." You know the coin is valued less than $1000, and the dealer ships the coin.

Well, the coin arrives, and it is exactly what the dealer tells you it would be, if not better. The coin comes with an invoice, the description of the coin, and the dollar amount is blank.

What do you do? Is the coin a gift? Are you obligated to pay $1,000,000 to keep the coin? Since the invoice has no price, does the dealer lose the ability to require payment for it?

>>

The same way I typically respond when sent a coin on approval and like the coin....regardless of what is or is not said on the invoice..."how much should I make the check out for?".

291fifth · January 17, 2012 5:46PM

The dealer needs to quote you his price. Don't allow him to play games with you.

It's business.

ColonialCoinUnion · January 17, 2012 8:43PM

<< be glad the dealer is routing the nice ones to you instead putting them on the CRO website

>>

Not us.

ricko · January 17, 2012 9:12PM

I would send it back. No comments, and wait for his call. Then explain that without a stated price, you did not want to insult him with an offer that would likely be too low. Always insist on their price first. Cheers, RickO

abitofthisabitofthat · January 17, 2012 9:13PM

Post a picture of the coin here, with a poll asking what the price you should pay. Results would be binding. After the polling is open for a few days, send a check for the most voted-for amount. Easy. As the dealer is also a forumite, I am sure that he and his furry little partner will agree to be bound by the results.

PerryHall · January 17, 2012 10:23PM

<< The dealer needs to quote you his price. Don't allow him to play games with you.

It's business. >>

Agree---I hate playing games with a dealer---give me your best price and I'll play or pass. In RYK's case, I get the feeling this dealer is a friend and doesn't know how to price his coin and is hoping RYK will just pay him a fair price.

291fifth · January 17, 2012 10:31PM

<< 

<< The dealer needs to quote you his price. Don't allow him to play games with you.

It's business. >>

Agree---I hate playing games with a dealer---give me your best price and I'll play or pass. In RYK's case, I get the feeling this dealer is a friend and doesn't know how to price his coin and is hoping RYK will just pay him a fair price. >>

Since RYK may be "the market" I suspect the dealer is hoping he will overpay.

AngryTurtle · January 17, 2012 10:33PM

<< Send him a blank check?

>>

jmski52 · January 17, 2012 10:36PM

I'm split between two scenarios. Either he really is playing games (which is not good), or he knows you well enough to be soliciting a bid and expects that you will be judicious in your offer.

He may not have intended it this way, but he's creating extra work for both of you. I'd just offer a price that reflects what you think it's worth to you at this moment.

Windycity · January 17, 2012 10:48PM

Send him a check for what you think it's worth and a note saying the check is payment in full. If he cashes it, it's yours, if not, ask him to return the check and then you return the coin.

RYK · January 17, 2012 11:50PM

Some of you guys (and I won't mention any names (RealonePerryHall291fifth) ) take this stuff way too seriously.

The coin is an outstanding 1849-O gold dollar, as original as the Ravens offense is terrible, with huge die cracks on the obverse. It is in a PCGS AU-53 holder, and I have been looking for one for almost one year. It is not an uncommon coin, but it is hard to find a nice circulated one that has not been cleaned/dipped.

The dealer is MrEureka (aka Andy Lustig) who was clearly joking around with me, as I was with him, and the transaction was as enjoyable as any I have had. Andy has a great sense of humor, and I actually laughed out loud with one of the text messages and again with with one of the PMs. (I will share the latter exchange with you if he permits it.)

I finally did get him to break down and quote a price, to which I added a little bit more because I thought the coin warranted a premium (and I want to make sure that Aki dines on filet mignon). Andy has provided me some excellent coins over the last couple years, and I appreciate that he thinks of me when he sees something that he thinks I like.

The hobby can be fun or it can be miserable and tedious. It is really up to the collector to decide which way it breaks for him/her.

SeattleSlammer · January 18, 2012 12:11AM

Great story.....indeed transactions with friends can be fun. Post a pic when you can!

FredWeinberg · January 18, 2012 12:40AM

I'm surprised no one has figured
out who the dealer is yet.

Unknown · January 18, 2012 12:43AM

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RYK · January 18, 2012 12:49AM

and I thought I was joking, so if I neglect to add an icon does that always make a comment serious no matter how it is written...........weird

Calling me "tight" in your diatribe did not go without notice.

TwoSides2aCoin · January 18, 2012 12:52AM

If I had known it was Andy, I would have suggested "dog piling" him.

Speedie · January 18, 2012 12:57AM

If your math is up to it, send a check like this for an amount of your choosing:

PerryHall · January 18, 2012 12:58AM

<< I'm surprised no one has figured
out who the dealer is yet. >>

RYK already said who it was. Also, when he started to talk about dog food it became obvious who the seller was.

copperhunter · January 18, 2012 1:12AM

Speedie - I would be careful with that check, i has not been defined. If i=1, it is still approximately $24.14.

FredWeinberg · January 18, 2012 1:14AM

My post was sent before Andy was 'outed'
by the two posts before mine.

It wasn't a inquiry - I figured it out as soon
as I read Andy's first post.

MrEureka · January 18, 2012 10:41AM

Well, now I'm the one in suspense. Hopefully, RYK's bank doesn't notice that I signed his unsigned check for 900K.

Coinosaurus · January 18, 2012 11:25AM

<< Speedie - I would be careful with that check, i has not been defined. If i=1, it is still approximately $24.14. >>

Where I came from, i was always (-1)^0.5.

RYK · January 18, 2012 12:53PM

With MrE's permission, here is how the negotiation went down:

MrE: Did I quote you a price yet for the 49-O?

RYK: No quote.

MrE: How about a million bucks? Many dealers say it is okay to stretch for a nice coin.

(lol)

(A couple days later, after the coin arrives...)

RYK: I received the 49-O $1. The invoice came without a price on it. Did you intend for me to pay what I think it is worth?

MrE: As we discussed, the price is $1 million. But if you must chisel, I could come down to $330. Just don't chisel unless you have to. Thanks.

(lol)

RYK: I am going to chisel. $350 is my final offer!

MrE: If you're trying to get me to counter your counter at $300, it is not going to work. I was not born yesterday.

(lol)

pursuitofliberty · January 18, 2012 12:59PM

With MrE's permission, here is how the negotiation went down:

MrE: Did I quote you a price yet for the 49-O?

RYK: No quote.

MrE: How about a million bucks? Many dealers say it is okay to stretch for a nice coin.

(lol)

(A couple days later, after the coin arrives...)

RYK: I received the 49-O $1. The invoice came without a price on it. Did you intend for me to pay what I think it is worth?

MrE: As we discussed, the price is $1 million. But if you must chisel, I could come down to $330. Just don't chisel unless you have to. Thanks.

(lol)

RYK: I am going to chisel. $350 is my final offer!

MrE: If you're trying to get me to counter your counter at $300, it is not going to work. I was not born yesterday.

(lol)

Priceless!

pennyannie · January 18, 2012 1:05PM

He quoted me 250 for the coin, i told him not to waste the postage sending it.

RYK · January 19, 2012 4:00AM

Post a picture here...

Okay, here is a scan of the actual invoice:

Coinosaurus · January 19, 2012 4:16AM

Wow, your legal name really is RYK! I had no idea

Edited to add, this invoice reveals that RYK is indeed homeless, just as we all suspected

What do you do when a dealer won't give you a serious price on a coin for sale?

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