Low Balling...

I posted a thread similar to this one on another forum and was amazed at some of the comments. Let's see what happens here...
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(scenario) A fellow who is a member of a speciality (let's say IHCs) coin forum has a new 'so-so' 1864-L which appears to be in VF-35 or so condition, but looks different from others like it. The coin actually was found in a jar full of old Lincoln and Indian Head Cents which belonged to his late grandmother. Proudly, the new owner begins a thread asking for other member's opinions on the coin. Many IHCs like it have been discussed and the coin owner simply wants to proudly show off their latest acquisition.

Nothing now to do but wait for others to take a look, right? The only problem is the normally chatty forum members have clammed up. The thread begins to sink and eventually can only be seen on the 2nd page. What should have been a very long/interesting thread only gets a couple of (nice coin) responses. What is the problem, while the thread starter might have been new to the forum they appeared to be liked by the regular members, hmmm...

Then the first private e-mail arrives asking if the holder of the coin would like to part with it for a little cash, then the 2nd, the 3rd... What is the deal, nobody's saying anything. Then an anonymous PM arrives explaining that the coin is an R-7 coin and a never before seen sub variety. This information came from a layman poster and there are experts, even authors about the coin series who frequent the forum.

What do you do now???

 

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I'd go back and let them know I am leaving and why. That I don't like to associate with people that try to cheat me. Then I'd read the responses and if nothing really prompts me to want to stay, I'd leave and go somewhere else. But oh, I would be ticked. To think to almost be cheated out of a rare variety. So when do I get this coin I almost got cheated out of Bone? j/k But that is what I would do. Did this really happen?

Phoenix

 

I would estimate that probably 75% of the time that I have inquired about buying or selling a coin, the party on the other side has offered a price that is more than generous to them, not me. I think that's just the nature of the business/hobby. Nearly everyone is looking to separate someone else from their coins or money at a bargain price. That's life.

 

Exactly why someone in thier all mighty wisdom placed a DELETE key on the keyboard.

 

Not a surprising response. What I learned very early with this hobby is that everyone is only looking out for themselves. Sure there are plenty of knowledgable folks who are willing to offer advice and comments on forum posts. Everyone plays nice online in public but what it really come down to is whats in it for me.

Public forums are like the ocean and some members are often wolves in sheeps clothing. They will give you the attaboys, nice pick up, and pats on the back like everyone else but in reality, they are sizing up the others. Who is a newbie that I can take advantage of?..they lay in wait until the moment comes. A moment like you described when they saw an opportunity to snag a valuable coin at a bargain basement price ...and they take it...never tipping their hand. The only problem is that online, you can't tell who your friends are. The wolves are out there ....I've been bitten myself.

 

Sounds like a conspiracy theory to me.

I find it a little odd that all of these people that frequent the site would work in collusion to cheat this unsuspecting person. When someone new posts something on this site (with a good picture) there are half a dozen responses within 6 hours telling them almost anything they could think to ask. It's not all always accurate - and when it's not someone is always along to correct it - but there is always feedback.

I can believe that there are a large percentage of members that would not know the variety but if the forum has enough participation I would find it odd that no one shared their knowledge in a post.

I am sure there are people that would try to take advantage of the situation. A good forum (like I feel this one is) should be a place to come to gain knowledge to at least be able to understand what it is you have (that includes condition, value, and rarity).

Okay - so if this really happened and the person was upset enough about it, then why not post that information in the original tread and call out all of the people that tried to buy without posting the information they supossedly had. If you know they were trying to low ball you - call them out. Just put the facts on the table and let everyone that participates on the forum know what happened. That should generate some interesting chat if the forum is big enough. I am not saying that you call them thief's - just the facts.

 

I think I would leave a post saying "thanks for trying to screw me," sever ties with that forum and look for one with a little higher caliber membership.
You can read the posts on any forum and see just what the people are like. You don't like what you see, move on, there are plenty of coin forums and you are bound to find one decent one.

 

It happens over and over again, in forums, at dealers and at shows. The only way to avoid it is to do the research, that and never sell a piece of your collection, not ever! Okay, maybe sometimes, but only after having done the research.

 

I know this isn't my thread, but two comments to the posts above.

1. I don't believe the owner of the coin was trying to sell it, they were only asking for feedback/opinions.

2. Isn't part of doing research asking others for help in evaluating coins that you have found?

These forums should be open sources of information, not a place to be leary of (like ebay). At least that is the type of atmosphere I came here for.

 

Not having seen the post asking for help, I really couldn't say much about it. Maybe the pics were bad and the person id'ing the variety was using some secondary diagnostic. Maybe they were just wrong. Don't know.

I find it disheartening that so many have posted that it's always a "dog eat dog" world out there. Frankly on the forums that I frequent, I've found folks to be very honest and fair.

 

Bone,

Great topic and Thread! I see a lot of great Threads about coins, get buried by a lot of newer incoming Threads and due to the lack of interest! If it doesn't seem that interesting, then why make a post! I am not trying to give excuses but in my case and I am sure there are many other Coin Talk Members that don't have the time to check out every coin on every Forum and make a post. It is sad to think or know that there are folks on here or any other Coin Forum that would take advantage of an unsuspecting new member. Sniping is for eBay, Flea Markets and Coin Shows (which is not unlike CherryPicking) but not on a Coin Forum where someone is asking for help or just sharing their' new aquisition or new find!


Frank

 

Ben:
Thanks for the interesting post.
It must have been an amazingly clear picture for the responses that the poster received.

However, it does make great food for thought.

 

Same here.

 

I wont bump the thread but some person listed a bunch of coins and asked how much people would buy the coins for (he listed the coin and condition) and most people quoted the most ridiculously low balled prices...I then broke down the list and posted that the lot of coins, book price, was 10 - 20 times higher than what people were offering...most had one reason or another why they low balled. This was a hypothetical question in the first place but people said things like 'the grades quoted were probably off' ...but in the end...almost every person who posted to that thread here said they would buy the lot for close to a 10th of what it would be worth if everything posted was correct info...thats what most people do...they have no problem taking someone's coins for far far less than they are worth...

Just the other day I posted a medal that I knew nothing about asking for information (not on this forum, people here had no clue what it was)...before offering any info a guy offered to buy it for 400 USD....a tell him I might sell but I just want to know a little more about the medal...so he gives me just a bit of info...with that bit of info I was able to find more info...enough to know that 2 other medals just like it sold for 1500 USD....

I would say that a large amount of people would have no problem trying to get a coin for far less than its worth...I know there are flippers here...and thats the art of the flip right? buy low sell high....only way to buy low is to find a sucker....

Sadly...watch your back...regardless of who it is and where you are...

 

^^^ Dru, sorry to see you part with that medal if it's the one I'm thinking of...

Take Care
Ben

 

If people are going to act like that on eBay, coin shows, flea markets, etc...
What would make you think they would behave differently on a coin forum?
It is great that people here are willing to help with questions and opinions, I try to help when I can also, but remember, these are people you do not know well. In most cases, you will never meet them. To trust them 100% with anything would be ridiculous.

 

I didnt part with it...I just told him that I was open to selling because he knew what the medal was and I wanted the information...afraid if I told him I wasnt selling, he would break off contact Two can play the game, I now know what the medal is...which is all I wanted to know.

 

Ah, good idea. You're always one step ahead of me...

 

agreed, just because you know them from a forum doesnt make them honest. IMO its not dishonest to low ball what you are willing to pay (often times I offer less because thats all I can afford to pay), its less honest if you are low balling an estimated worth to a person. I can say with all honesty that when I offer an estimate of worth to a person here, I offer book (and if there is no book, previous sale prices) as an estimate of worth. In threads like: 'what is this and what is it worth'.

I will say that I have bought from people I know from forums and have had almost all good experiences, but then again I havent had very bad experiences most places I have bought like ebay or online coin shops.

 

Just low-balling in general isn't neccessarily dishonest. Say someone offers to sell you a coin via open section, or PM. I would probably offer them considerably less than what the coin is worth because that is how much I'm willing to pay outta my pocket for a coin I don't get to view in-hand before buying it. The person can take it or leave it. There is nothing scandalous about that. Bone's original scenario was a little different than that though.