I Think I Made A Bad Decision Selling Silver To A Dealer

This might sound crazy but I sold silver to a dealer yesterday, I've been to his shop a few times and I've sold before. I sold (12) BU morgans yesterday 7 at $28 each and 5 at $31 each. Now that I've sold them I wish I hadn't. Whats the likelihood of him selling them back to me, would he charge me more for what he paid me?

 

Log in or Sign up to hide this ad.

If you are a good enough customer, he may understand that you changed your mind. But I would expect that he will charge a small premium.

 

They are probably long gone by now. Even so, unless you have some relationship with the dealer, it is highly unlikely he would sell them back to you without making any profit. Sellers remorse stinks. Chalk it up to lesson learned and move forward. You will score some more Morgans...plenty to go around. :smile TC

 

If you had put them up on the BST you could have asked for more.

 

I listed them more than once and no one was interested.
I put them on ebay and no one even offered on them.

 

I know when junk silver was at $24 for a dollar face a dealer I went to sold Morgans at $28. I think that condition has everything to do with it. You also have to consider you got cash right away rather than waiting for the auction to end and paid through Paypal. I must have missed though that you were selling BU Morgans.

 

Should have just pulled the trigger and sent them all to ANACS

 

He wants $5 on every coin I sold him so $60 over what he paid me.

I offered him $400 which is $4.08 a coin and he said no.

 

You made a fair offer. Perhaps time to take your business elsewhere...

 

With all due respect, Zach, live, learn, and move on. In other threads you have spoken of searching ebay for deals to make extra money, so if you want to play the game, chalk this up as a learning experience. If you go back to the dealer hoping he will sell back at cost, especially if you've told him of your money making efforts, he likely will not take you seriously again, and this includes both buying from you and/or selling to you at discounts in the future (why would he if you cannot make a deal without having after-the-fact second thoughts?).

Now all you can do is either pay his premium or move on. The connection may well be worth a lot more than the few dollar difference in the long run.

For how long and at how much? Not everything is an instant flip in this business...sometimes you need to plug away to make sales.

 

After paying the $60 premium I'm only stuck for $23 a coin so I'm just going to pay it an probably submit the coins since I like them.


I would never tell the dealer I buy coins to resell because like you said e wouldn't offer me the same or probably deal with me.

 

These are the same coins you wanted me to pay $50 each for,and now you're crying because you sold them to someone else for much less. :rollling:

 

You asked to buy one coin and when you asked payment I said PayPal and you said no.

 

Actually, that is not what I said.

Why do you think he ("probably") wouldn't deal with you and/or offer the same if he knew you are trying to resell? While I (of course) cannot speak for every dealer, it is just as likely that he will treat you no different, or possibly better after knowing your purposes. Overall, if you're buying to resell, I highly advise you make friends with dealers, but be sure to understand that one hand washes the other.

As for the point I was trying to make in the previous post, it was only that this dealer may not take you seriously in the future if you expect to buy back at cost. Just as you are doing this to make extra money, this is the dealer's business. How would you like it if you bought X Morgans from some guy (for profit) and he turned around a day later wanting to buy them back, no less at the same price? Really, this is money out of your pocket, and I highly doubt you would be willing to buy from him again, at least without hesitation.

If this is true, why not cut Zach some slack... he is in the learning process and therefore will make questionable moves at times.

If what crazyhorses said is true, let this be another learning experience... dont air your business on a public forum.

 

If i wanted $50 and someone offered me $50 I would have taken the offer.
I've sold countless items on this site and bought/sold almost 200 on ebay.
I make it very clear the way I receive payments for my items and thats through PayPal.
Crazyhorse offered to buy coin #1 since the coins were labeled #1-12.
I don't post messages but if I have to I will, don't tell me you offered $50 for each when you never did. I know how to conduct a sale and if I'm offered my asking price I sell.


This thread was a simple thread about me selling my coins and regretting that I did, I'm sure others have done the same thing and when I spoke with the gentleman today at the coin store he told me countless times he wished he never sold off his coins but if that was the case he'd never sell anything.

My other question was wether or not it was common for a buyer to sell back the coins and if they did how much would they charge, in this case he told me $5 per coin so like any other deal I've ever been a part of I made a counteroffer which he declined and said his $5 was firm.

I appreciate the suggestions to list my coins and thank you for pointing out my finds on ebay. The problem here was yes I purchased these coins at a great price *$18 each* and was expecting to flip them for more. I'm sure if I'm more patient this wont be a problem, I'm still young to coins *23* and obviously I'll be asking heaps of questions and making mistakes along the way. Buying and selling coins makes me very happy as both my hobby and another way to help pay my school tuition.

Sorry if I went on a full length rant but I had to get that off my chest, I never take anything to heart but sometimes things do get to me and I must fully explain/defend myself to an extent I find acceptable.

The good news is I got the coins back after paying the $5 per coin fee. My last question is this, I want to make my first submission to either ANACS or NGC. I see NGC charges $3 more per submission and most of the coins I already have are housed in NGC slabs, should I just spend the extra $36 to have all 12 graded by them? Is the submission process easy, I'll be looking into it a bit more later today in regards to what I have to do to send them.


**I'm going to be submitting 5 coins not 12**

 

Excellent advice!

Most people probably realize that the internet archiving websites, retain information "forever", or what passes for that for digital material.

Three times this week I have seen requests to delete some badly thought out posts members have made. One was even being threatened with a legal action. Even if this is done, that doesn't remove it from these way-back machine websites and so such threats could still be carried out.

Please re-read any possible post several times and edit rigorously or just do not send. Look at Prince Harry, or perhaps not, and even with his political and personal strength, his photo will be available as long as the internet freely exists.

Buying/Selling experiences are among the most flammable, and yet people wonder why they are being legally threatened at times.

Use caution.

Jim

 

Ask yourself this question... will being in NGC plastic give a better return when (if?) selling? $3ea is likely a wise investment.

 

That's too bad but some dealers don't see you as a friend at all. In fact they see you as their competitor. Well as you said, you may have made a bad sale. All you can do at this point is one of two things. You can buy them back but I wouldn't give him the satisfaction and I wouldn't go back to him either. The other choice is to move onward, there will be more that will come into your life and you will know how to better deal with the situation at that point. Chalk it up to a lesson learned. :thumb:

The fact that he's willing to let you have them back for like $5 over, says to me that you did alright by selling them. If I was you I would just chalk it up.

 

I chalked up the money

 

Welp. There's a lesson. Coin dealers are more expensive than SDBs for temporary coin storage