Coin Etiquette??

This kind of situation rarely has an easy answer. Many people here are right, there is a difference between friends/family and people conducting a business transaction.
There are many people who make a decent living going around and cherrypicking dealers for varieties or potential upgrades and I don't see anything wrong with that. If I as a seller don't do my research on a coin, then it is my fault if someone picks me off. Doesn't mean I would be happy, I would just have to be upset with myself.

On the other hand, if a person, even a dealer that I considered a friend picked my inventory, it would bother me. The problem is that if you go back to him and tell him you now have the risk of either embarrassing him, or flat out making him not want to deal with you. You have to decide if it was a business deal or a personal deal.

I definitely wouldn't go back and tell them in a way that would make them uncomfortable. If you ever sell the coin and reap the benefit of your research(and you still even associate with this person) you could throw them a portion then, or buy them a nice burger.

 

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I would persionally let the dealer know how much they are worth, and give him more money to make him happy but leave enough room so you can still say "i got a really good deal"

 

Frankly if the dealer was a friend of mine I would go back to him. Out in the wilderness it's caveat emptor so the seller should do his homework.

 

If you go back to the dealer and give him more money, will he go back to the person he acquired the item from and adjust what he paid him, and so on and on?
I do remember one dealer I bought a Morgan from that had something interesting on the reverse and the dealer said, "If that turns out to be something valuable I don't want to know about it!". Many do consider cherrypicking to be part of the fun of numismatics, the guy who has educated himself and knows the most wins.....Still.... if you are looking at significant money, and it sounds like you are, if I was the dealer I think I would appreciate your integrity if you came and offered to do a more fair deal, tho' I would probably tell you the deal was done, I missed it, we are square.

 

Then let sleeping dogs lie.

 

In my opinion, this is a classic case of situational ethics. If I cherry-pick a coin from a seller on eBay or any other auction platform, a seller that I don't know, I can't seriously be expected to share my profits with that person. I buy and sell quite a few coins - I have several hundred to deal with at the moment as a matter of fact. Accounting takes long enough without having to make payouts to previous owners, as generous as the gesture may seem. It would bog me down to a snail's pace.

On the other hand, I did win an auction of two very nice coins for 99 cents, because the seller had terrible pics and the auction ended in the middle of a work day, and nobody else bid. I sent that seller $20 and a little advice on how to set up an auction.

On yet another hand, I've bought coins from friends on this forum, coins that sold much better than I expected, and in that case I split the profits with them. Why? Because I like my friends.

 

I know this subject is pretty much exhausted but I just don't understand. What some of you are considering honest or ethical, I call self-flagellation.

He is a coin dealer and he set the price. The OP agreed, paid and then later discovered it was a rare variety. The deal is done. Nothing more needs to occur.

If the OP feels any guilt whatsoever, then the next few times you buy from this guy, don't haggle. Just pay his asking price and give back a little.

Just my 2 cents.

 

Dude ...Many of my best friends are dung beetles.

 

I have bought coins worth $0.10 for $10.00. I've bought coins worth $10.00 worth $0.10. It is the buyers responsibility to understand the value of what he or she is buying and the sellers responsibility to understand the value of the coin that are selling. Thus, I would have no issue with buying a coin worth more than the seller is selling it for. If they ask you the value, you should tell them if you know it. Otherwise, that is unethical.

 

Honesty is always the best avenue. The biggest varieties I've picked are off of a dealer who knows I'm picking. I've lectured him several times about checking his stuff for varieties, but he simply doesn't have the time.

In fact, he is happy when I find a variety in his stuff, because he doesn't care and I do. He gets $$$ and I get a variety perhaps worth 10x or 100x like you say. My last pick was the 1880 OCC-001 in XF45 for $35.

Now, he invites me to come pick him. There is some mutual benefit and respect there. In a way, I keep him in business and he keeps me searching. Isn't that the definition of numismatic harmony?

RULE #1: Be honest.
RULE #2: If you are second guessing a decision, something isn't right. Make it right.