It is good karma to pay MORE to the dealer for the right coin than the dealer asked for their coin!

oreville · February 21, 2012 5:51AM

A large and well respected dealer posted this coin on their inventory for $225.00.

At 2am in the morning over the weekend, I immediately bought it at the asking price realizing that it was worth MORE than their asking price. However, I did not want to "cherrypick" the dealer.

I informed the dealer about the variety of this quarter who reluctantly accepted the higher price, but I insisted.

It is good business to be honest with the dealer and not always cherrypick them. I truly believe in what goes around comes around.

PCGS MS-67 Washington quarter. Not yet attributed to the type b reverse. When it does get attributed, it will be a pop 10/0 coin.

RYK · February 21, 2012 5:56AM

I have recently done it, but I do not make a habit of it.

wondercoin · February 21, 2012 6:00AM

I just did it last week. A four figure thank you bonus on a modern lot priced too low. Wondercoin.

oreville · February 21, 2012 6:09AM

wondercoin, I really believe you did that. You have been dead-on honest in all our dealings.

erickso1 · February 21, 2012 6:29AM

Sometimes the almost expensive education is the one that sticks longest and has a bigger positive impact. Like losing your wallet with money in it and getting it back whole.

Unknown · February 21, 2012 6:33AM

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RB1026 · February 21, 2012 6:36AM

Doing what you believe to be the "right" thing is never a bad move, imho. Good for you!

dollarsandcents · February 21, 2012 6:39AM

I don't believe in karma, so I don't think you made a very intelligent decision.

oreville · February 21, 2012 6:44AM

<< Yes it is good Kharma, and when the coins are relatively cheap I see that ias a great deed indeed but if that coin was priced ar $5k but you knew it had to be worth double I don't think I would have wanted to give him double. i think I woul dhave quietly accepted the asking price and slithered off with the cherry, sorry I am just being honest...or am I really ! >>

Hmm, I would have probably told the dealer what I thought the coin was worth and offered to split the difference with him. I would rather the dealer knew I did this then find out afterwards he had been cherrypicked. I want the dealer to remember me in a positive way.

Sometimes the good karma gets me the coins I want later on, sometimes it is good karma for its own sake.

Some people don't believe in karma so an alternative term would be "pay it forward." or "do unto others......"

NotSure · February 21, 2012 7:23AM

Your always having people's best interest (which is quite an honorable thing, but we've seen it alot from you, especially as of late...I think most know what I mean)......your karma level must be 'topped off', if not overflowing. Nice coin for a good man!

And it doesn't surprise me that Mitch would do the same....another of the 'good ones' here.

You can never do enough 'right'. Sad thing is, more people should be that way...alot don't, unless forced to (but that really doesn't count towards the 'karma level'). I believe I've seen more of it here, on these forums, than I have in my day-to-day. Shows the class of members we have here.

oreville · February 21, 2012 7:30AM

Well, one of the reasons I started doing this was the long ago comment here about dealers sometimes ripping off their customers.

Then when some long gone posters bragged about their big time cherrypicks, it got me thinking.

Now in an auction, cherrypicks are fair game to me.

Wingsrule · February 21, 2012 8:14AM

I sold some stuff to a dealer at a show about a year ago, and as I glanced at the check as I moved away from the table, I noticed he had made it for $1,000 too much. I pointed it out to him, he hastily wrote me a new one for the correct (lower) amount, and proceeded to give me a great deal on some of his other stuff I was looking at.

crypto79 · February 21, 2012 8:22AM

The feel good answer would be to say yes but to be honest I feel that if you have a long term relationship with the dealer and its a couple of % points low it will all come out in the wash as you will pay a couple of points high from time to time. I don't believe in ripping people but I don't think I always have to come out on the "hold out hope for appreciation" end either.

GoldenEyeNumismatics · February 21, 2012 8:31AM

I've paid dealers' sticker-ask, as opposed to their "real price." But it's been out of appreciation for the dealer, the desire the get better prices in the future, or the desire to get first shot in the future as opposed to karma.

BaseballAbs · February 21, 2012 8:32AM

Yes of coarse it is. Not a bad idea to build a good relationship with your dealer either.

Walkerfan · February 21, 2012 9:03AM

When you help others, you help yourself.

I hope that it is reciprocated, if not by this dealer, then I am sure it will come back to you from some other source.

PerryHall · February 21, 2012 9:36AM

<< I don't believe in karma, so I don't think you made a very intelligent decision. >>

Agree. I can't believe people buy into this superstitious nonsense.

PerryHall · February 21, 2012 9:39AM

If you're not careful, the dealer may think you have more money than sense and price your future purchases accordingly.

fly2k · February 21, 2012 9:46AM

Wait- what's the quarter really "worth?"
"25 cents!"
What are people willing to pay for it? More than asking price I see-
Question- what is it worth to you (you said more than 225$- a 100,000% mark-up already!)

So- if a 100,000% markup is too low, then I'm guessing inflation from 1957 has really gone up...

FullStrike · February 21, 2012 9:52AM

I think it might be better Karma to offer less for the Coin. After all, they are trying to sell the Coin for much more than they paid for it already.

wondercoin · February 21, 2012 10:00AM

"wondercoin, I really believe you did that. You have been dead-on honest in all our dealings."

Thanks Oreville. You have been great to work with as well. And, for those out there that think Oreville is a"classic coin" guy, didn't you tell me recently that you may have lost count on exactly how much $$$$$$$$$ you have made with moderns over the years

Probably funded that entire plastic cent collection!!

Wondercoin

yellowjacket · February 21, 2012 10:16AM

I had a well-known dealer pay me more than I asked for a coin. Now, that's a switch!

Garrow

mrpotatoheadd · February 21, 2012 10:29AM

I pointed out an unidentified variety to a dealer once, worth several hundred dollars more than the ordinary issue and offered to pay the difference as I wanted the coin. I'm sure that has nothing at all to with the fact that this dealer has since offered me plenty of other coins for exceptionally good prices.

And the original coin? He sold it to me at the marked (lower) price saying "It would be wrong to charge you extra for telling me about the variety when the next guy could very well have bought it at the marked price without saying anything to me about it."

Billet7 · February 21, 2012 10:43AM

Karma or not, it's a very stand-up thing to do, that's the kind of thing I hope to instill in my kids.

pennyannie · February 21, 2012 10:58AM

If the price is listed as 225 i will not be paying more.

Oreville- I got some renters that are having a hard time paying the rent, you want to bail them out for me. LOL

mr1931S · February 21, 2012 11:34AM

Belief in karma makes as much sense,if not more,than most of that other belief that is out there.

BTW:Many years ago,I lost my wallet with all the money I had in the world.A complete stranger found it and gave it to police who returned it to me.Not a dollar was missing.

I made a promise to the karma record keeper that if I ever found anyone's wallet they will get it back and I will have removed not a thing from it.

So,good for you Oreville.Sometimes it isn't all about the money.

thecoinlook · February 21, 2012 11:37AM

I actually did it today. We had a set price, but upon further research, I realized that I had plenty of room, and gave more than the set price. But that's with somebody I deal with on a weekly basis.

Normally with just some dealer on the bourse, if I find a great deal, I don't try to beat them down and will pay full sticker, but I don't mention that they don't know what they have. Cuz chances are they didn't pay for the "good", so why should they charge for it if they don't see it.

mrpotatoheadd · February 21, 2012 11:43AM

<< Cuz chances are they didn't pay for the "good", so why should they charge for it if they don't see it. >>

That would be reasonable to assume if you are willing to ignore the possibility that the coin was properly paid for but labeled in error, I guess.

Weiss · February 21, 2012 11:57AM

I don't call it Karma, I don't believe in superstition. But I do have a strong moral compass, and I would much rather be happy and honest than miserable as most dishonest people I've encountered seem to be.

A year ago last week, I stopped by my B&M. My dealer told me he had something for me:

I love the Cortez stuff, and had just bought a small JM bar with the Cortez logo on the back from my dealer a week earlier. So I asked him how much, and he quoted me the 1/4 ounce price at the time. I paid him and left with a cool new piece to add to the stack. Of course the problem is obvious when you're looking for it: It's the size of a quarter ounce, but it's 10 grams--roughly 1/3 of an ounce. The difference was about $100 IIRC.

Next day I took it back to him, showed him what happened. He was pretty stunned I think. Since I'd had a limited budget that week I opted to get a refund rather than pay the difference (and he quoted a very modest difference). Honestly, if he sold it to me as a quarter he probably bought it as a quarter, too. But that doesn't matter. He made an honest mistake and had always treated me fairly in the 30 years I've known him. If I'd kept the piece, it would have been with full knowledge. Deceit might be too strong a word, but it's the first word that comes to mind.

So kudos, oreville. I hope he gave you a good deal, and I'm sure you'll get returns on the effort.

dlmtorts · February 21, 2012 12:07PM

Karma or not, I don't think you can ever go wrong doing what you think is right and being straight with people. I have done this a couple of times too. I actually offered to pay more to a forum member after winning an auction of his on ebay. I thought the coin went too cheaply and emailed him offering more. He politely declined. I would definitely do business with him again.

stman · February 21, 2012 12:29PM

If it makes you feel good that's really all that matters. I think you're a good egg. Seems like they bought the coin and had a profit built in. So you gave them a little extra I guess. I guess I grew up different as many folks do good things and just keep it to themselves. I see many people act like they are doing a good thing but in reality (and they even say so) they are expecting something in return, or feel a need to boast about it. Not saying you are, just saying.

pennyannie · February 21, 2012 12:41PM

Is this a coin that you planned to keep or to resell?

I see a new trend coming, on payday people are going to start giving back part of their checks for the unproductive time they spend surfing the net, texting and running errors.

I am immune since i am self employeed, i only get paid for my productive time.

lordmarcovan · February 21, 2012 12:45PM

I just asked somebody 43 bucks for a medal (my cost plus a buck, after shipping) and he said he'd send me the 50 bucks I was originally asking on BST. Several people have done this with me lately and I agree that it's good karma. I usually try to slip a freebie in their package when I ship their stuff, and if a time should ever come that I'm offering something else and they want a small discount, I'd give it to them whenever possible.

PS- that quarter's a beauty, oreville.

TwoSides2aCoin · February 21, 2012 12:47PM

So this gentleman walks in with dark glasses on. He exclaims boldly, "the lady who answers the phone says you pay 20 times face for silver". I um, uh... er, ahem, um, I sorta stammered and stuttered before finally realizing I'm not going to beat this guy out of a dime. So my response is like " Ooooohkay, well I don't want to argue with the lady, so you win".
He pulled out five silver half dollars, to which I inquisitively responded , "Fifty dollars ? " Then he pulled out another one and I said " Sixty dollars ". He smiled and said, 'you're a good businessman".

So I took the required information off his driver's license, put it in the book, and paid him.
He left. I looked over the coins and then scratched my head and thought ' there's no lady who answers my phone'.

Lady Karma saved me 20%. It's like a Geico commercial, huh ?

dragon · February 21, 2012 1:04PM

When I think of karma and being generous or feeling good about doing something or donating or anything along those lines, I would much rather give funds to a local no-kill animal shelter or the humane society or to help disabled / hungry children or give to any entity or person who REALLY needs and appreciates it.......NOT a coin dealer who already makes a very comfortable living.

In fact, to me, good karma would be donating the funds to the humane society that I made by cherry picking the living snot out of some flippin' coin dealer :-)

mrpotatoheadd · February 21, 2012 1:10PM

<< In fact, to me, good karma would be donating the funds to the humane society that I made by cherry picking the living snot out of some flippin' coin dealer :-) >>

Would you be happy about the good karma involved if the dealer was doing the same thing with the cherrypicks he got from you?

TwoSides2aCoin · February 21, 2012 1:13PM

<< When I think of karma and being generous or feeling good about doing something or donating or anything along those lines, I would much rather give funds to a local no-kill animal shelter or the humane society or to help disabled / hungry children or give to any entity or person who REALLY needs and appreciates it.......NOT a coin dealer who already makes a very comfortable living.

In fact, to me, good karma would be donating the funds to the humane society that I made by cherry picking the living snot out of some flippin' coin dealer :-) >>

Come on down to the shop. We can help a few hungry folks that come in for shelter and camaraderie , on occasion. They're better than animals any old day.

habaraca · February 21, 2012 1:15PM

Great all well and good,,,, but now, how many of the dealers will turn around and tell the
customer they bought that coin from,,, Hey I underpaid you for a particular coin so let me give
you some more money....

wondercoin · February 21, 2012 1:21PM

Habaraca: You make a very excellent point. When I added a solid 4 figure sum to the check I wrote to the coin dealer last week for a set of modern coins I purchased at a fabulous price (his publicly posted asking price), I was aware of the likely fact that he had simply paid too little for the coins from his buyer. I pondered whether I should make my bonus amount conditional on him sharing some of it with the party he bought the coins from. I concluded that was not my place to do. He has to decide where his moral compass is as well on his very own.

Wondercoin

TwoSides2aCoin · February 21, 2012 1:49PM

It's good policy to treat people with dignity and respect. It pays dividends

Nap · February 22, 2012 12:01AM

While I think it is good to have honest and amicable business transactions, I prefer to be charitable with those who are truly in need.

So, no, I would not pay a professional coin dealer more than his asking price, and more often than not I'd try to pay less

I hope that is not offensive.

PerryHall · February 22, 2012 12:07AM

<< While I think it is good to have honest and amicable business transactions, I prefer to be charitable with those who are truly in need.

So, no, I would not pay a professional coin dealer more than his asking price, and more often than not I'd try to pay less

I hope that is not offensive. >>

Totally agree and common sense is never offensive. If you pay a dealer extra above his asking price, will he share some of that extra profit with the person he bought the coin from? I sure doubt it.

oreville · February 22, 2012 2:07AM

Good discussion is never offensive.

By the way, the dealer i dealt with was Kathleen and Matt of Pinnacle Rarities. This coin was atypical of their usual inventory.

So as someone earlier stated "seeking lady karma" so that must be "lady Kathleen?"

I will admit that I pushed Matt around, not Kathleen into the higher price.

But keep in mind that the coin is still worth MORE than what I ultimately paid so I still got a good deal. But at least, the seller will remember this as a pleasant, profitable and humorous transaction.

Pinnacle seems to get their fair share of collectors seeking to sell their coins to them just like the other national dealers. Recently Bruce Scher has consigned many of his different coin collections to them.

I last dealt with them when Todd Imhoff was still with them. Of course Mark Feld used to be with them too.

chocolatebayou · February 22, 2012 2:35AM

I think one should do what makes them feel good. If it's beating a dealer down, good for you. If it's paying a little extra, so be it. It's not about the money, it's about feeling good about your action. Feeling good about one's self is just good mental health

PerryHall · February 22, 2012 3:18AM

<< Good discussion is never offensive.

By the way, the dealer i dealt with was Kathleen and Matt of Pinnacle Rarities. This coin was atypical of their usual inventory.

So as someone earlier stated "seeking lady karma" so that must be "lady Kathleen?"

I will admit that I pushed Matt around, not Kathleen into the higher price.

But keep in mind that the coin is still worth MORE than what I ultimately paid so I still got a good deal. But at least, the seller will remember this as a pleasant, profitable and humorous transaction.

Pinnacle seems to get their fair share of collectors seeking to sell their coins to them just like the other national dealers. Recently Bruce Scher has consigned many of his different coin collections to them.

I last dealt with them when Todd Imhoff was still with them. Of course Mark Feld used to be with them too. >>

I am glad to hear you name the dealer that treated you right. The good dealers deserve to be recognized here on the forums and hopefully they will get some new business based on your good experiences with them.

1tommy · February 22, 2012 3:51AM

Just stopping in to say I Love the Coin, its a beautiful B type and you were lucky to come upon it. Enjoy the coin great purchase.....Enjoy

It is good karma to pay MORE to the dealer for the right coin than the dealer asked for their coin!

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